NFT Marketplace Development Cost: Detailed Analysis[2022]

Years ago, if someone told you to invest in NFTs, you probably wouldn’t have given your ears to them. But now, the scenario is completely different, where individuals are rushing to the market to purchase their NFT collections from a wide set of digital creators. Understanding the wide potentials of the NFT market, people are not just investing in buying the NFTs but also planning to make their entry into this lucrative market with a perfect business plan. If you are someone with a similar interest in starting your venture in the NFT market, here is what you should know about the NFT marketplace development.

NFT marketplaces are the best way to generate revenue as you will remain as the gateway for the creators and collectors to trade their NFTs. This is why a huge set of people are marching towards developing a competitive NFT marketplace. For any business idea to take off, planning on the budget is the most important thing. This blog will educate you about the cost of developing your NFT platform.

NFT Marketplace — A Detailed Overview

NFT marketplace is a platform that is established for digital creators and collectors to mint and trade their NFTs. The digital creators can curate their NFTs by uploading the digital collectibles and tokenizing them into non-fungible tokens. The same platform is also responsible for listing and trading the NFTs among individuals. The NFT platform is instrumental in letting the users trade their NFTs peacefully with other investors present in the platform.

The NFT platforms will encourage both the reputed and amateur artists to list their NFT collections for selling and auctioning. So there will be no restriction on the participation of artists in the NFT trading activities. The platform is open for artists from any stream to participate in the NFT drops. Collectors will also be able to scroll through a variety of NFT collections listed on the platform.

Different Genres Of NFT Marketplaces In The Market

NFT marketplaces deal with listing a variety of digital collectibles. All you need to know is the different types of NFT platforms existing in the market. By understanding the categories, you will be able to select your niche and start focusing on that. Here are the different categories of NFT marketplaces you should be aware of,

Utility-based NFT marketplace

Non-fungible tokens are not just meant for providing ownership rights and authenticity. Through utility NFTs, they will be able to attain the standard of getting connected with the real-time world. Utility-driven NFT marketplaces are another growing scenario in the NFT space.

Niche peer-to-peer NFT platforms

Unlike universal NFT marketplaces, they do not list a wide range of NFT collections. They specifically focus on niche and list only those non-fungible tokens for the individuals. For instance, the Nifty Gateway platform is destined to list exclusive NFT collections of digital arts.

Celebrity NFT marketplace

The NFT fever has caught the celebrities also as they are coming up with their huge collections of NFTs. Celebrities like Amitabh Bachchan and Miley Cyrus have also launched their NFTs to fans. Celebrity NFT marketplace will host the NFT collections of artists and reputed personalities.

Universal NFT marketplaces

These are secondary NFT marketplaces where people can list and trade their NFTs of any domain effortlessly. The NFTs will range from digital artworks to music NFT tokens and so on. OpenSea and Rarible are the perfect examples for this kind of NFT marketplace.

Multiverse NFT platforms

Multiverse is a strong hypothesis where people believe in the existence of more than one universe along with the one where they reside. In the blockchain era, the concept of multiverse involves providing an immense experience of owning utility values in the physical world. Multiverse-based NFT games are already ruling the gaming industry in recent days. However, you can also opt to develop one.

How Does An NFT Marketplace Function?

When you launch the NFT platform, make sure that you include all these functions in your NFT solution to provide a zestful experience for your users.

• The users will create an account for themselves and register by providing their user credentials.
• The next step is to create an account with the crypto wallet and integrate them with the NFT platform for storing, trading, and transacting digital collectibles.
• The digital creators can upload their digital files to the platform and tokenize them into NFTs, along with adding a description for the same.
• The creators can either sell or bid on their NFTs. In case they wish to sell their NFTs, they can fix the selling price for the same. Forbidding, they can give the bidding base price for the users.
• The platform will verify the digital collectibles and issue their authentication to proceed further.
• Once approved by the marketplace, the creators can list them on the platform for selling or bidding.
• After the auction gets over, the sellers or the creators will be informed or notified about the same on the platform.
• The NFT platform should support both fiat currencies and Cryptocurrencies for the transactions.

Exceptional features to include in your NFT platform

Let us have a look at the important features to encompass in your NFT platform.

• Storefront

The storefront of the NFT platform remains one of the important features. They act as a dashboard for listing the information about the NFTs, their bids, previews, pricing, details about the owners, etc.

• User profile

The users, be it digital creators or collectors, can create their profiles on the platform. Their profiles should list all the major information about their NFT collections and other details.

• Auctioning option

Auctioning is a popular option for digital artists. They can opt for auctioning their digital collectibles. You can enable your users to auction their NFTs through English auction and Dutch auction methods.

• Search bar

The search option will help the users to search and find out their desired NFTs from an ocean of NFTs. They can also categorize their NFTs into different categories ranging from digital arts, virtual lands, punks, etc.

• Listing of NFTs

The NFT marketplaces should enable the creators to list their NFTs on the platform. The creators will also get to list their NFTs along with their description, file name, tags, fixing the price, etc.

• Crypto wallets

Crypto wallets are very important for storing and trading NFTs. However, you can allow the users to register in the crypto wallets and link them with your NFT platform.

Stages Involved In Developing An NFT Marketplace

• Decide the niche on which you will focus for your NFT marketplace development.
• Focus on the user-friendly features to include in your NFT platform
• Along with your team of developers, you can finalize the blockchain network you will integrate into your NFT platform. As of now, Ethereum and Binance are widely used in the NFT platform development. However, you can choose between the one that will perfectly suit your needs.
• Design separate panels for each section of the users to opt for the services effortlessly. You can design in such a way that the users, creators, and admins will get their own panels on the NFT platform.
• Get done with your documentation, as they are the key to knowing the exact budget for your platform development.
• Choose reliable UX/UI designs for your NFT marketplace that will curate the user experience.
• Implement the token generators for your NFT platform
• The final stage is to test and deploy your solution in the market.

How Long Will It Take To Complete Your NFT Marketplace Development?

When it comes to the cost, there are numerous factors you should consider. These considerations that you include in your NFT marketplace will play a major role in deciding the price of your NFT solution. Along with those factors, the time frame taken to complete them is also mentioned in the below passage,

• The UX/UI development will take you around 42 hours to complete
• The development team will spend approximately 72 hours
• The home page design requires 84 hours to get developed
• The advanced search and filter options require 95 hours to process and develop
• The blockchain technology integrated with the platform will need a time frame of 97 hours
• Integrating the payment features with multiple options will be around 43 hours.
• The product page development will consume you nearly 44 hours.
• Developing an admin panel will take up to 84 hours to complete

What Are The Factors Considered In Decoding The Cost Of The NFT Platform Development?

The NFT marketplace development is the most challenging thing for developers and entrepreneurs. When you opt for building your NFT platform from scratch, it takes you quite a long time. This is because you have to figure out what you need from the base. Right from the technical stacks to the blockchain network integration, you have to focus thoroughly. Here are the set of factors that play a major role in deciding the price for your NFT platform development,

• The functionality of the NFT marketplace
• The level of security
• The choice of blockchain technology in your NFT platform
• Customization manual
• The performance and efficiency of the NFT platform

In addition to all these factors, the level of customization you opt for will also be considered while calculating the overall quotation of your NFT platform. Both the niche of your platform and the business model will have an impact on determining the final cost of developing your NFT marketplace.

In approximate, the total cost of the NFT marketplace development will cost you around $20,000. This is just an estimated quotation as the entire cost will only be determined based on the functionalities and features you opt for.

Wrap Up

Developing an NFT marketplace involves too many complex steps, and you have to cross over those stages to successfully launch the NFT platform. However, there are white-label NFT solutions that offer instant, ready-made solutions so that you can venture into the NFT market shortly.