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jonathan berg
jonathan berg

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NFT marketplace development cost- important factors in 2022

With the increasing popularity of NFT marketplaces, more and more investors, creators, and buyers have been involved in purchasing and selling digital assets. However, like establishing a regular market on the internet, creating an NFT marketplace and developing has a cost. NFT marketplace development cost depends on different factors. This article will discuss different development stages and the cost of development in an NFT marketplace. Finally, we introduce some of the most popular NFT marketplace examples.

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The main factors affect NFT marketplace development cost

Each developing company offers different prices for these factors based on the customizations their clients want. However, in general, a company that specializes in NFT development needs to spend money for different stages, including:

Pre-NFT marketplace costs

One of the essential steps in an NFT marketplace development process is building a tactic in the documentation that covers all the NFT marketplace development details. It is fundamental to the whole project. This step needs time and effort, which causes pre-development costs. These costs can be fixed depending on form, for example, cost per working hour.

Development blockchain platform

The Blockchain platform you select for your NFT marketplace, as well as the NFT marketplace revenue and reach, significantly affects your cost. For example, Ethereum development costs are more than BSC. On the contrary, the popularity of the Ethereum NFT marketplace is more than BSC.
However, it is worth mentioning that if you choose only one platform, you cannot get revenue from other blockchain platforms. The best decision is to choose cross-chain NFT marketplace development to take advantage of every platform’s perks. for developing your marketplace, you’ll need about $100000.

Design

Designing an NFT marketplace is a multilayer method. In the designing step, you can determine your target audience, liquidity, non-interoperability, and Tradability. Your NFT marketplace may have many bugs and glitches if you don't prepare a correct design. Most of the experts participating in the NFT marketplace design and development are UI/UX designers, architects, and blockchain experts. The cost of hiring these professionals varies depending on their capacities and experience. The overall price for design is about $5000.

Testing

The testing marketplace is as important as developing since users can’t tolerate even a small number of bugs. To have a popular NFT marketplace, you should ensure that your marketplace runs seamlessly, without any problem or bug, and provide an excellent user experience. To do so, you should dedicate a specific budget to your NFT marketplace services. The cost you should consider for testing is about $10000.
Despite the factors mentioned above that affect the NFT marketplace development costs, there are other factors you should consider. Some of the most important ones include:

App complexity

One of the most critical factors that affect an NFT marketplace development price is app complexity which means all features you want to have in your application. App complexity also involves the third-party API integration that offers support. Usually, these features represent in the white label NFT marketplace development. Some of the most popular features are as follows:

Fashionable items
Optional search functionality
Live auction specifications
Storefront
Wallet
Bid and buy
Accepting a range of payments
Instant notifications
Providing a 24-hour customer service

Tech stack

Creating an application requires a tech stack, and the NFT marketplace company is no exception. The general tech stacks an NFT marketplace company uses are blockchain platforms, NFT standards, front-end platforms, and storage platforms.

Hiring NFT marketplace developers The cost of hiring developers to build and develop an NFT marketplace is essential to the overall cost of developing a marketplace. Nonetheless, when hiring developers, you should consider the below factors:

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Region:

The geolocation of developers you hire significantly affects your hiring cost. More precisely, hiring developers who live in the united stated would be more expensive than hiring developers from India.

Experience:

Based on developers' experience, their hiring costs can be significantly varied. For example, hiring junior, intermediate, or senior developers have a different cost for you.

Hiring approach:

The hiring approach can also have an impact on hiring costs. Depending on hiring either in-house developers, off-shore developers, or freelance developers, your hiring cost can be varied.

Integration

Based on what features and the number of features you add to your NFT marketplace, you should use a higher possibility of third-party tools. Supporting several third-party APIs for various functionalities is one of the costs you should consider when developing your NFT platform.

Selected niche

The NFT market categories you've chosen as your niche also affect NFT marketplace development services price. For example, if you want to develop your marketplace for collectibles, your app must be more secure than an open market. Four main categories of the NFT marketplace based on cost need are as follows:

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Storage platforms, NFT standards, and minting

The storage platform costs depend on features, types, and categories that you’ve selected for developing your NFT marketplace. To do so, you will require selecting the storage platforms, NFT standards, and NFT minting, including:
storage platforms
IFPS
Filecoin
Pinata

NFT standards
ERC-721
ERC-1155
BEP-721
BEP-1155
FA2
dGoods
TRC-721

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NFT Minting
Minting an NFT means changing digital files into crypto collections or digital assets stored on the blockchain.

Cost breakdown for NFT marketplace development

there is no fixed cost to develop an NFT marketplace since its cost is different from one application to another. However, it can be said that the cost of a clone script of an NFT marketplace would be about 5000 to 500000$. You can use the below table to estimate the average cost and time as a guide:

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Note that this table doesn’t include the costs of:

Infrastructure, which provides for the server itself
Testing and trial to make sure everything works correctly
With normal and validated staging, the customer would be satisfied with the result of the software. To fulfill customer satisfaction, you may need to change the features, a re-discovery phase.
Communication and documentation Considering the points mentioned earlier, you should add from 30 to 50% to the specific cost in the table.

NFT marketplace maintenance cost

A part of NFT marketplace development cost is related to the maintenance of the platform. It is important especially if you are planning to run your application for the long term. The maintenance cost of an NFT marketplace development can be breakdown into the below factors:

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Five most popular NFT marketplaces

Getting familiar with some of the well-known NFT marketplaces helps you in developing your own NFT marketplace. Some of the most famous examples of NFT marketplaces include:

Opensea

This is one of the most popular NFT marketplaces, which offers a wide variety of products and services. Different NFTs, including art, music, sports, and photography, have been bought and sold on this platform. This platform supports more than 150 cryptocurrencies, making it an ideal option for many people who want to trade their digital assets. Another advantage of the open sea is the gas fee which means that users can trade with cryptocurrencies without having to pay a fee.

Nifty gateway

Regarding big money NFT sales, the Nifty gateway can be considered one of the most popular among different NFT marketplace platforms. The notable chrematistics of this platform is its ability to create unlimited editions, which are priced at a base price. Using this feature, it can be ensured that no more NFTs are issued after the first edition has been sold. Another advantage of the Nifty gateway platform is trading NFTs using fiat currency, a government-backed currency.

Binance

The binance is one of the world's largest cryptocurrency exchanges and NFT marketplaces. It benefits from its blockchain, which makes it the most stable and long-term NFT marketplace. With the addition of BNB, this platform allows users to access the platform easily and buy or sell NFTs, and depositing BNB or ETH into the exchange can ease the selling of their NFTs.

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SuperRare

The NFT ecosystem is positioned as an art gallery that is highly selective with NFT submissions and doesn’t accept β€œmeme style” NFTs. This platform's policy is to spend a lot of time reviewing NFTs before they are available for sale. Thereby, their investors can be highly confident about the quality of work. Due to this time-consuming process, SuperRare charges 15% the first time an NFT is sold on the primary market, and also buyers should pay a flat 3% of every transaction. To someone looking for a high-end NFT network with classical-style pieces, the SuperRare NFT marketplace would be a great option.

Rarible

This platform allows users to buy and sell art, collectibles, video games, and NFTs USING Ethereum, Flow, and Tezos. This platform charges a flat 2.5% fee on each transaction plus a gas fee. One advantage of Rarible is that you can buy NFTs using credit cards and allow transactions in fiat currencies. This platform has created its token called RARI, and the holders of the token get to vote on company decisions.

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