This article uncovers factors that influence the final NFT marketplace development cost so that after this blog, you can estimate the development cost of your NFT Marketplace on your own.
Let’s begin.
What do you need to know about NFT marketplace?
As you are accustomed to NFTs and blockchain technology, you know how perfect this opportunity is for artists and content creators to be recognized worldwide and make more money by selling their artworks. Investors also get access to NFTs since they believe bidding and purchasing NFTs is a worthwhile investment. They could expect to raise the price and take advantage of arbitrage opportunities. That’s why we all need NFT Marketplaces, where there is demand and supply of NFTs.
NFT Marketplaces could do an excellent job of bridging the gap between buyers and sellers. And NFT Marketplaces Features allow the buy-and-sell process to be much easier and more time-saving. For example, integrating digital wallets would help users pay for transactions directly on the blockchain platforms without switching to other websites. These platforms have also ensured access to NFTs without any obstacles. Even some NFT Marketplaces these days have the unique feature of creating NFTs to sell within just a few minutes.
There is no wonder the NFT Marketplace has grown dramatically during the past years, and it doesn’t seem to stop soon. According to a report by the web nonfunigble.com and L’Atelier BNP Paribas, a tech-tracking company, the NFT market was worth $250 million in 2020, four times more than $62.9 million in 2019 (Source)
Types of NFT marketplaces
As anything could be a digital asset, NFT Marketplaces are also more diverse than ever. Some NFT Marketplaces would allow users to sell a wide range of digital collectibles without any restrictions; some go for niches, such as art-focused NFT Marketplaces, as they attract the same kind of like-minded people.
Some of the most popular types of NFT Marketplaces include:
- NFT Marketplace focused on digital collectibles
- Gaming NFT Platforms
- Real Estate NFT Marketplace
- Music-focused NFT Marketplace
- NFT Marketplace for Investment
However, there is another way to categorize NFT Marketplaces: Exclusive NFT Marketplace, General NFT Marketplace, and Specific NFT Marketplace.
- Exclusive NFT Marketplace: This kind of platform is created to create, purchase and trade unique NFTS, which are exclusively released in small quantities. Hence it is evident that the value of these NFTs is exceptionally high compared to NFTs sold on other platforms. However, only some users can access and own these special and unique assets due to the low quantities and high prices.
Exclusive NFT Marketplaces you might check out: SuperRare, Foundation, KnownOrigin,…
- General NFT Marketplace:
This NFT Marketplace satisfies the need of the majority of users as NFTs in different styles, quantities, prices, and features could be created and sold on this market. No wonder general NFT marketplaces have the highest trading volume.
Some well-known general NFT Marketplaces are OpenSea, Magic Eden, ImmutableX,…
- Specific NFT Marketplace:
Specific NFT Marketplaces focus on some niches, such as games, music, or art, which make it much easier and more convenient for users to sell and trade assets. A specific NFT Marketplace also has distinct features, such as listing status, which allows users to track market fluctuations and the range of bidding prices and respond more quickly than other marketplaces.
However, before you build a specific NFT Marketplace targeting a particular customer segment, think thoroughly about whether you could enquire a large enough user base to join and trade on the platform. This is a complicated yet very critical question you should ask yourself before taking further steps.
Cost of different types of NFT marketplaces
As you already know a wide range of NFT Marketplaces that you could choose to build, the next step is to define which one would be most fit with your budget.
If you are going for the collectibles, the platform should be more secure than the open one, so you need to invest more money in it for security-related features. NFT Marketplace Cost for Collectibles may range from $60,000 to $250,000. Open and Premium Marketplaces may cost you less, varying from $50,000 to around $150.000.
Yet, remember that this is just approximately medium cost, and it still depends a lot on other factors such as the number of features you want to include, developers’ salary based on experience and regions, tech stack required, etc…
The table below shows the NFT Marketplace Cost based on categories for your reference:
| No. | NFT Marketplace Categories | Price |
|---|---|---|
| 1 | Open & Premium NFT Marketplace | $50,000 – $150,000 |
| 2 | Curated & Non-curated NFT Marketplace | $80,000 – $200,000 |
| 3 | Collectibles NFT Marketplace | $60,000 – $250,000 |
| 4 | Games NFT Marketplace | $100,000 – $250,000 |
Cost of must-have NFT marketplace features
As you may acknowledge, the cost to develop NFT Marketplace might greatly depend on the number of features and level of customization you want. In case you already have a list of features, let’s discover the NFT Marketplace cost per each feature with the table below:
| Functions | Hours | East Europe Rate ($35/hour) | West Europe Rate ($70/hour) | USA Rate ($100/hour) | Synodus Rate ($30/hour) |
|---|---|---|---|---|---|
| UX/UI Development | 42 | $1,470 | $2,940 | $4,200 | $1,260 |
| Log in, Security | 72 | $2,520 | $5,040 | $7,200 | $2,160 |
| User Profiles | 42 | $1,470 | $2,940 | $4,200 | $1,260 |
| Home Page | 84 | $2,940 | $5,880 | $8,400 | $2,520 |
| Search, Categories, Filters | 96 | $3,360 | $6,720 | $9,600 | $2,880 |
| Product Page | 42 | $1,470 | $2,940 | $4,200 | $1,260 |
| Reviews & Ratings | 48 | $1,680 | $3,360 | $3,360 | $1,440 |
| Cart | 48 | $1,680 | $3,360 | $3,360 | $1,440 |
| Payments | 42 | $1,470 | $2,940 | $4,200 | $1,260 |
| Notifications | 32 | $1,120 | $2,240 | $3,200 | $960 |
| Ethereum Integration | 96 | $3,360 | $6,720 | $9,600 | $2,880 |
| NFT Management | 96 | $3,360 | $6,720 | $9,600 | $2,880 |
| Assets Managements | 42 | $1,470 | $2,940 | $4,200 | $1,260 |
| Buyers’ Panel | 64 | $2,240 | $4,480 | $6,400 | $1,920 |
| Sellers’ Panel | 132 | $4,620 | $9,240 | $13,200 | $3,960 |
| Administration Panel | 85 | $2,975 | $5,950 | $8,500 | $2,550 |
| Total | 1063 | $37,205 | $74,410 | $106,300 | $31,890 |
Is there a difference in the cost of NFT marketplace development in different countries?
As outsourcing tech stack to agencies has recently been a growing trend, you definitely have more choices regarding NFT Marketplace Development agencies. Now you could imagine hiring a vendor outside your country’s border, yet still collaborating well and completing the tasks assigned. Now you might ask, “Are there any differences in the NFT Marketplace Development cost in different locations?”. For example, if I hire a company based in Vietnam and a company based in Europe, do the costs vary?
The answer is “It depends”. Fortunately, when we have considered the cost, we have found that the main features used for the NFT marketplace have similar prices in different vendors located in different countries. The cost only fluctuates among companies because of the popularity of the companies (top-notch tech companies charge you more than tech starts-up), the range of developers’ salaries, and their work experience level, etc.
Cost of NFT marketplace’s maintenance
If you want to run your NFT platform for the long term, it is essential that you should pay attention to the maintenance cost. As your priority is always to ensure a smooth customer experience without any errors, you should check regularly your platform’s performance and fix any problems that might arise immediately.
| NFT Marketplace’s Maintenance | Cost ($) |
|---|---|
| Server Costs | $10,000 |
| Third-party Integration | $2,000 |
| Application Updates | $2,000 |
| Bug Fixes | $5,000 |
| Security Patches | $10,000 |
How to estimate NFT marketplace development cost
As the cost of NFT Marketplace Development is provisional in different aspects, it’s not easy to estimate exactly. However, considering thoroughly a list of the following aspects could be a great help:
Team composition
Setting up a team to develop NFT Marketplace is a must if you want to build in-house. The list of experts for NFT Marketplace creation may require: Solution Architect, Project Manager, Business Analysts, UI/UX Designers, Software Developers, Quality Assurance Engineers, etc. You could pay for them based on payroll, or split the tasks into hours and pay accordingly.
| Type Of Work | Minimum Time (h) | Maximum Time (h) | Average Time |
|---|---|---|---|
| Architecture | 900 | 1600 | 1300 |
| UI/UX Design | 180 | 220 | 200 |
| Total | 1080 | 1820 | 1500 |
Tech partner’s rates
In some cases, outsourcing a tech agency is a good idea when you do not have enough resources for this expensive investment. That means you should take tech partners’ rates into very thorough consideration. Rates of different tech partners also vary based on locations, expertise, and years of experience, etc.
The diversity and complexity of features
Most popular NFT Marketplaces have shared must-have features, which make the execution of purchasing and trading more efficient. You could check out these features first, and might then add on others. Please remember that, for a list of essential features, the cost could approximately the same in different vendors, yet the cost for added features might vary.
Tech stack required
The higher level of complexity is, the more complex the tech stack may be required. And for advanced technologies, it is obvious that you would be charged more. For NFT Marketplace, the tech stack required may include Blockchain Platform, Storage Platform, Token Standard, Wallet Integration, and Frontend Framework. Based on this list, you could choose which technology tools you want to opt for, and estimate the development cost correspondingly.
Testing, support, and maintenance cost
As mentioned above, the cost of testing, support, and maintenance is crucial as it keeps your platform in optimal operation conditions, don’t forget to include this expense in your NFT Marketplace Development budget.
Final thoughts
After reading this blog, hopefully you could already answer the question: “How much does it cost to create an NFT Marketplace?”. NFT Marketplace Development Cost is high or low based on your specific requirements, and the number of features you choose. In order to get accurate pricing for developing the NFT trading place, it would be best to approach NFT Marketplace Development Companies, and get the white-label NFT Marketplace customized for you. For that, you could choose a vendor that suits your needs best.
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