NFT Marketplace Development Cost — Estimation for Startups
NFT or Non-Fungible token is no longer a strange topic for everyone. In 2021, NFTs hit their peak and left a lot of traders in awe. Famous musicians like Snoop Dogg invested in NFTs and announced their arrival into the Crypto world in style. In a recent study, Crypto scientists predicted that a similar kind of NFT wave will likely occur in a few years. As a result, NFT Marketplace development should be the Best Business idea for business people looking at the progression rate.
However, most startups have invested much into this business idea without second thoughts and have not come out on the right side for different reasons. One of the primary reasons was not finding the estimated cost of building an NFT Marketplace Platform. Proper estimates and cost breakdowns could have easily helped the business withstand a long time and make a lump sum. Hence, cost analysis before starting a business similar to NFT Marketplace is quite important if you are interested in long-term success.
Considering the significance of cost, I have analyzed various factors that would be helpful for futuristic startups. Also, one frequently asked question revolving around the Crypto circuit has been “What’s the actual cost of NFT Marketplace Development”.
In this blog, I have provided the exact answer to query mentioned above “NFT Marketplace development cost” and the perfect solution to cut down the cost as well.
NFT Marketplace Development Cost — A Review
The Estimated NFT Marketplace development cost ranges from $20,000 to $1,00,000 while the final price depends upon the owner’s requirements.
For example, some startups would look for simple NFT Marketplaces with easy-to-use features while some might prefer a feature-rich one. To attract more users to your platform, I would suggest you have a mixture of both user-friendly and appealing features.
Additionally, the NFT Marketplace development can be grouped into different phases and each phase requires specific capital investment. The expert group of developers has worked on ensuring that you do not have to spend much on development phases. However, to understand price variations and other intelligent options available, you will have to analyze the factors one by one.
Essential Factors affecting NFT Marketplace development Cost
When you start an NFT Marketplace business, certain aspects or factors cannot be left out and are mandatory for a successful outcome. These factors do add up to the NFT Marketplace development cost in the end but serve well in terms of revenue. Here are those factors that affect cost to NFT Marketplace Development.
Number of features Integration
The usual motto of many entrepreneurs is to include many features in their NFT Marketplace. However, this can directly reflect in the NFT Marketplace development cost. More the number of features, the higher will be the cost at the end. It’s important that you pick the priority features first and then choose the rest in order. If you want to add a complex feature to your platform, the cost could easily jump up.
UI/UX Design
Many startups are keen on the design of their NFT Marketplace platform. This can be an appealing factor for your users as design has become part and parcel of life. However, the cost of designing the user interface and user experience is based upon the complexity level. For a simple design, the NFT Marketplace development cost might not exceed $25,000 on average, if you start with the basics of necessary user experience.
Wallet integration
Users who enter your NFT Marketplace platform will need Crypto wallet accessibility to store their Cryptocurrencies and digital assets safely. The Crypto wallet can be accessed in two ways, either build your own Crypto wallet or integrate with an existing Crypto wallet like MetaMask, Trust wallet, etc. You have to plan accordingly from the base and the expenses are subject to the way you choose.
Marketing
Once you develop an NFT Marketplace, people will know more about your platform only if you are involved in marketing techniques. Social media posts, blogging, and other marketing techniques can be held out to increase awareness about your NFT Marketplace platform. It’s necessary to market your service from time to time so that your user count gets increased and the NFT Marketplace development cost should vary accordingly.
Developers team
Hiring a developers team is a crucial part of building your NFT Marketplace. Technical developers who are blockchain experts need to be hired and it can be an expensive process. However, startups also approach a development company instead of a freelancer to ensure the risk factor is neglected. The number of developers working on the NFT Marketplace project multiplied by the hourly rate provides the overall NFT Marketplace development cost.
Geography of the Developing Team
Geographical location can have a huge impact on the NFT Marketplace development cost. This means that if you hire a company in India and one in Georgia, the difference in cost could be large. Choose the right country to hire your development partner and make a big difference in the end.
If you take an estimate of the six factors I mentioned, the cost to develop an NFT Marketplace should come around $80,000 to $1,00,00.
As a new entrant into this NFT Marketplace business, it wouldn’t be affordable and would have made most startups think twice. Instead, you can cut down the NFT Marketplace development cost heavily by opting for a smart route!! By taking this route, you can reduce the individual expense areas and focus on a whole package cost.
How to cut down the Cost of NFT Marketplace Development?
An NFT Marketplace can be developed in several methods and each method has its own cost. The two popular methods that have been followed in the current Crypto market are
- Development from scratch
- Using the NFT Marketplace clone script
Development from scratch is a long process and takes around a year. Each component of the NFT Marketplace is developed from zero and hence, the overall cost can easily cross the $80,000 mark. The affordability factor is a big question mark and most startups have become tired of waiting so long.
Luckily, you can opt for the second choice which would be a fairytale choice for startups.
Using NFT Marketplace clone scripts is a Trademark option since the cost involved is reduced by almost half when compared with development from scratch. Also, you no longer have to wait so long and can start your dream NFT Marketplace business in just seven to ten days. The cost of an NFT Marketplace clone ranges from $15,000 to $30,000 which is budget-friendly.
If you aren’t aware of the White Label NFT Marketplace software, here’s a small introduction to it.
NFT Marketplace clone script is a ready-made software that helps entrepreneurs launch a customized NFT Marketplace within a short period. The ready-made clone script is integrated with features and functionalities of the existing or popular NFT Marketplace. Hence, you can attract a wide range of users by developing an NFT Marketplace identical to a popular one at a relatively reduced NFT Marketplace development cost.
Before picking your ideal NFT Marketplace clone scripts available in the market, take a deep look at the costs of it. Because choosing those scripts also rely on your startup investment or capital of starting an NFT Marketplace Business. So, here is the list of some NFT Marketplace clones and their cost estimation for you…
Popular NFT Marketplace Clone Scripts and their Costs
Each NFT Marketplace clone software has its own cost according to the customizations you need and the features you look to include. Some of the popular NFT Marketplace clone scripts include
OpenSea Clone Script
OpenSea Clone script is one of the best NFT Marketplace clone scripts with an outstanding success rate so far. It is a customized, readily available NFT Marketplace software resembling, the popular OpenSea platform. The features and functionalities are one of the highlighting factors in the OpenSea clone script. It has high demand in the market and the cost ranges from $25,000 to $35,000 approximately.
Rarible Clone Script
Rarible Clone script is another popular NFT Marketplace clone script that has won a lot of hearts in the Crypto industry. As it is identical to the Rarible platform, the features and functionalities remain similar to Rarible, with options to customize. The demand for the Rarible clone script is almost near to the OpenSea clone script and its estimated cost ranges from $22,000 to $32,000.
SuperRare Clone Script
SuperRare clone script is a customized NFT Marketplace software that allows entrepreneurs to develop an NFT Marketplace exactly like SuperRare. The digital marketplace allows users to perform all the actions related to NFTs including buying, selling, trading, minting etc. The SuperRare clone script’s estimated cost ranges from $20,000 to $28,000.
Binance NFT Marketplace Clone Script
You would have known the brand name, Binance, and Binance NFT Marketplace clone script is an outstanding solution to start your business. The clone script resembles the NFT Marketplace that is integrated with the Binance platform. The demand has started to grow already for the Binance NFT Marketplace clone script and it is better to invest in it soon. The NFT Marketplace development cost using a Binance NFT Marketplace clone script ranges from $18,000 to $30,000 on average.
Foundation Clone script
The Foundation clone script allows you to build your own NFT Marketplace similar to the existing Foundation platform. Several entrepreneurs have opted for the Foundation clone script and have made grand success due to the unique features available in the software. Its demand is on the rise alongside the Binance NFT Marketplace clone script and its cost ranges from $16,000 to $28,000 approximately.
Enjin Clone script
Enjin Clone script is a unique and special NFT Marketplace software that allows startups to launch an NFT Marketplace like Enjin in a limited time. This software could be a game-changer as the user base for Enjin is massive and doesn’t require extra marketing. All you need to do is to get the Enjin clone script and start making money through your business without any hassles. Its cost lies in the range between $15,000 to $26,000.
If you want more detailed information on popular NFT Marketplace clone scripts, I found an interesting blog here
Notably, all the above-mentioned White Label NFT Marketplace clone scripts have almost similar revenue-making streams despite the variations in NFT Marketplace Development cost.
Revenue Streams of using NFT Marketplace Clone Scripts
The NFT Marketplace clone software comes with a list of pre-coded features. Hence, the revenue streams that are usually available in a popular NFT Marketplace are all available in the White Label NFT Marketplace as well. Here are the revenue streams in an NFT Marketplace clone.
Listing fee
For each NFT listed on the marketplace, a small percentage of the fee is collected from the trader. This fee acts as a revenue stream for the marketplace owner. The usual percentage charged as a listing fee is 2–2.5 percent of the price and it can vary depending upon the admin.
Minting fee
Minting allows digital collectibles to be tokenized into NFT. The digital collectible can be any unique content in the form of art, music, gaming moment, etc, and a small fee can be collected by the platform owner whenever an NFT is minted.
Initial Account set-up fee
Before an NFT trader buys, sells, or trades NFTs, he/she will need an account in the White Label NFT Marketplace. To set up an account, a fee can be collected by the platform admin.
Transaction fee
For every transfer that takes place in the NFT Marketplace, a small fee is collected by the admin. This is one of the common ways to generate revenue in any Crypto-related business and is available in a White label NFT Marketplace software.
Auction Bidding fee
The NFT Marketplace admin is leveraged with the option to conduct auctions for unique NFTs. A small amount can be collected by the admin from the NFT trader to participate in the auction and bid.
Having seen the revenue part, you would have understood the value of the NFT Marketplace clone script. However, selecting the ideal NFT Marketplace development company is a must to start your business. When you pick the right company for you, the NFT Marketplace development cost should get reduced a bit since each and every company has its own process.
How to pick the ideal NFT Marketplace development Company?
Now, for the business part, picking the ideal NFT Marketplace development company is essential to make sure your project comes out successfully. Ensure that the company can adapt to all your requirements. Sometimes, thinking in a street-smart way could be handy and not all companies tend to be that. As a top NFT Marketplace development company, they should have different options to satisfy your needs in the specific niche.
Additionally, I would look at an NFT Marketplace development company with the number of clients they have worked with. It provides me the much-needed confidence to pick the company and hand over the NFT project. All in all, I have provided you with the NFT Marketplace development cost and how you can reduce the investment cost to start your NFT business. Try out the NFT Marketplace clone script and experience the wonderful business concept of NFT Marketplace development.
