How To Estimate NFT Marketplace Development Cost

Detailed guide on NFT app, website and marketplace costing.

Photo by ThisisEngineering RAEng on Unsplash

NFT marketplaces like OpenSea, Rarible, and Superfarm have become the most popular places to get funding and make a lot of money. According to a report by Statista, the NFT market’s revenue is expected to grow by 27.26% per year from 2022 to 2027, bringing it to an estimated $8,412 million by 2027.

The main people who buy from the NFT marketplace are the platforms that make buying and selling NFTs as easy and safe as possible for users. In this article, we’ll talk briefly about what NFT technology marketplaces are, how they should be built, and how much it costs to build an NFT marketplace.

Types Of NFT Marketplaces

1. Digital collectibles NFT Marketplace
2. Gaming NFT Platforms
3. Real Estate NFT Marketplace
4. Music-focused NFT Marketplace
5. NFT Marketplace for Investment

The Cost Break Down of NFT Marketplace

Without knowing the functionlity required and technical specifications, it is impossible to figure out how much it will cost to build an NFT marketplace.

Everything depends on how much work needs to be done. For example, the cost of making an app will go down if you choose a pre-made option. Without knowing the needs and requirements, it is impossible to know how much it will cost to build an NFT marketplace.

The structure of how the platform works is the same. If you want the enterprise version of the NFT platform, NFT marketplace development will cost you more money.

The cost of developing an NFT app depends on more than just the platform. It also depends on the tools and technology that are used.

Rough estimation on maketplace development cost

• Feature rich NFT marketplace $60,000-$85,000
• Curated and non-curated marketplace $40,000-$70,000
• Collectibles marketplace $40,000-$60,000
• Games NFT marketplace $1,00,000-$5,00,000

NFT platform’s Costing Depends on the Features Listed Below

Storefront

Its the main part of the NFT marketplace where users can find information about an item’s details, owner, bids, price history, and many other things.

Live Auction Feature

The live auction feature can be used to sell a number of tokens that can’t be used to buy other tokens. The feature shows different kinds of information, such as the names of the tokens and the person selling them, the payment methods that can be used, a picture, the price, the number of bids made by other buyers, and the amount of time that is left to make bids.

Search Functionality Option

The NFT marketplace must have a way for users to tag and manage categories, which will make it easier for them to look for items they want to buy on the platform.

Trending Collections

Some non-fungible tokens sell for a high price if they are shown in the “Trending Collections” section in the right way. So, it is very important for the NFT marketplace that is being built to have a special “trending collections” section with very useful information like average price, features or characteristics of the crypto collectible, name of the seller, total supply, and trading volume.

Create Listing Feature

This is a feature of the NFT marketplace that is only for sellers. The platform should be made so that users who are able to can create listings and add information about their NFT.

Auction or Bidding

Any good NFT marketplace must have auction and buying options where users can easily set the amount of their bid, the date it ends, and a watch list that shows all the details of the bids’ status.

Wallet

The marketplace must have a wallet that lets users send, receive, and store both cryptocurrencies and tokens that can’t be used to buy other things. To send, receive, and store NFTs and cryptocurrencies, your users will need to use wallets. The NFT marketplace should either come with its own wallet or be able to work with existing wallets so that users can have a smooth experience.

Multiple Blockchain

In addition to the most popular crypto wallets, a good NFT market should let buyers pay with debit cards, credit cards, wire transfers, and online banking, as well as the most popular crypto wallets.

Instant Notification Feature

The marketplace should have an instant notification feature that sends all the latest information via email and pushes notifications about the launch of collectibles, new non-fungible tokens, upcoming auctions, and many other things.

Customers should be able to get help at any time. The NFT marketplace should have a way for customers to get help, which can go a long way toward keeping more customers.

Few More Calculation That May Help to Determine Development Cost

1. UX/UI Development — $4500
2. Role Management — $5000
3. Authorization & AP & Security — $10000
4. Profile Customization — $4000
5. Perfect Home page — $6000
6. Search and filters — $6500
7. Product Page — $4000
8. Reviews & Ratings Feature — $3500
9. Shopping cart — $4500
10. Payments — $4000
11. Blockchain incorporation — $10,520
12. NFT & Inventory management $9500
13. Buyer panel — $5000
14. Author panel $4000
15. Admin Panel — $6000
16. Panel for Finance or Legal Team — $3000
17. Documentation of the Project — 1000

The total cost of developing an NFT marketplace depends on a number of features that are listed below. Adding more features increase complexity of project.

If you’ve read this blog carefully, you should already know the answer to the question “How much does it cost to make an NFT Marketplace?” The NFT Marketplace Development Cost can be high or low depending on your needs and how many features you want. The best way to find out how much it will cost to build an NFT trading place is to talk to development companies.