Non-fungible tokens are modifying the big cryptocurrency market. These tokens represent unique images and qualities that you can trade in the market. Developing an NFT marketplace is essential as the trade of these digit coins will increase in the future. You must focus on the NFT marketplace development cost and features to generate good revenue from this new trend.
According to statistical data the volume of NFT trading is increasing exponentially from $24,532,783 in 2019 and $82,492,916 in 2020 to $17,694,851,721 in 2021. The number of active wallets has risen up from 55,330 and 89,061 wallets in 2019 and 2020, respectively to 2,574,302 wallets in 2021.
These statistics portray the importance of the development of NFT marketplace development in 2022. Let’s have a look at the definition of the NFT marketplace.
Defining NFT Marketplace
NFT is a unique digital asset that has a combination with a digital certification that can travel back to digital asset ownership. Moreover, unlike traditional currencies, it is not possible to NFTs directly. It would help if you had a common platform known as a marketplace.
Some of the top marketplaces like, OpenSea procure virtual products using cryptocurrencies like Ethereum and BitCoin. The problem with marketplaces is that they are not easily accessible, and you need to pay a separate charge to them.
NFT marketplace development is a new trending topic in the market. It would help if you had the proper tools and team to develop the NFT marketplace. Let’s have a look at the different types of marketplaces.
Types of Marketplace Platforms
When it comes to NFT marketplace development, it has a great scope in the future, and many large companies are investing in this sector. There are primarily two types of NFT marketplaces.
- Niche peer-to-peer marketplaces: These marketplaces aim to offer particular digital assets, i.e., assets belonging to a niche. A great example of a p2p NFT marketplace is valuables.
- Universal non-fungible token websites: In the universal NFT platforms, you can sell any crypto assets. It can be anything from digital art to a domain. Some of the top universal crypto NFT platforms are Raible, Mintable, and OpenSea.
These are two types of NFT marketplaces where people trade their NFTs. You can focus on the development of these two types of NFT marketplaces. Let’s have a look at the top NFT marketplace platforms.
Top NFT Marketplace Platforms
NFT marketplace development is gaining high limelight in today’s digital world. Many new customers will be attracted to NFT in the coming years. The top NFT marketplaces use the likes of the audience and marketplace to update their platforms frequently. Here are the top NFT marketplaces.
- Opens: It is the first and biggest NFT marketplace in the cryptocurrency development world. It has unique features that allow it to be at the top.
- Raible: It is another trendy NFT marketplace. It is a well-established platform that allows digital artists and creators to publish and sell their artwork.
- Super rare: It is a marketplace to store, buy and sell unique, exclusive digital artworks. Each artwork is created and authenticated by an artist in the network.
- Hoard exchange: It is an NFT platform that mainly focuses on revolutionizing the video game industry. Moreover, hoard exchange serves downloadable content.
These are some of the famous types of NFT marketplaces. You can get inspired by these marketplaces to develop a unique platform. Let’s have a look at the features of the NFT marketplace.
Unique Features that you Need to Consider for NFT Marketplace Development
You need to consider multiple features to have efficient NFT marketplace development. These features make these platforms unique and special. Here are some of these efficient features.
- Storefront: It is the dashboard or the landing page of an NFT platform. Moreover, it allows the users the information regarding an asset. The description can include
- Asset details,
- Previous bids,
- Owner of the asset,
- Price history, etc.
- Search functionality: An developing NFT platform can support a category division and management features. It will make it easy for the users to search for collectibles that they are willing to buy.
- Creating list: It is a feature that focuses on the sellers. The platform should provide users with the feasibility to create listings where they can add their details. They can have multiple liabilities on the platform.
- Auction and buy: For the NFT marketplace development services, it is a must-have productive NFT buying system. You can provide the users with the liability of entering the bid, watchlist, and expiration date.
- Wallet: The users need to use wallets to receive, pay and store NFTs and cryptocurrencies. Moreover, you can either add it to your waller or integrate existing wallets inside the application to make the experience hustle accessible.
These are some of the necessary features to keep in mind during NFT marketplace development. The features add extra beauty to your NFT marketplace and provide you with smooth development. Moreover, you can read about the overview of the NFT marketplace: Development, cost, and features.
Let’s see how to build an NFT marketplace.
The Process Involved in NFT Marketplace Development
There are multiple steps that you need to follow for NFT marketplace development. It is easy for you to differentiate the entire product into more miniature stages when you build anything. You need to lay down the product’s goals in the development process, and different professionals focus on their specializations.
Here are some of the steps you need to follow for NFT marketplace development.
- Define niche:
You need to define your niche before taking any of the steps in the NFT marketplace development. It would help if you kept in mind that the users know the current market.
The vertical market is defined as the place where supplies sell a product that satisfies the requirements of a particular target audience. Moreover, a horizontal market focuses on a wide variety of products and services simultaneously.
- Define app panel:
The app panels are defined based on the types of users of an app. There are three types of users in the NFT marketplace.
- Buyers: Users looking at digital artwork and willing to buy them.
- Creators: The artists and the designers creating their unique digital art.
- Administrators: The admin of the NFT marketplace platform runs and manages the platform.
It is a process that starts with the project documentation. The most crucial factor that affects the NFT marketplace development cost is documentation. It is an integral part of the developing application.
The documentation involved is
- Deciding on the user flow,
- Framing the functional and non-functional requirements,
- Quality aspects, etc.
It is an essential process to lay down the architecture of the software by encapsulating the various use cases and the way the app works.
Moreover, the main idea is towards documentation is to frame a solution for all existing requirements and potential problems. Developers cannot remember all the requirements and clients’ expectations.
- App Prototyping:
In the modern digital world, the competition is worldwide. Delivering an efficient product is not enough. Customers now have more choices than ever before. It is becoming more critical for organizations to focus on providing an experience rather than providing services.
Here comes the picture of UI/UX in the play. The most important thing about your app is that it should make the user feel alive. Therefore, prototyping the UIs and screen mockups is essential for marketplace development.
- Development stage:
In the development stage, the owner can decide the type of framework that is relevant to the project. Developers also make sure that the rapid platform operations. Moreover, SDK upgrades dependability and conveys great performance.
Developers start the implementation of the functional requirements of the application. Moreover, the app requirements are also met at this stage of the NFT gaming development.
- Implement token generators:
Token generators create small contracts after getting to the implementation stage. You can wonder what a minor contract is. It is defined as a self-executing contract with a specific set of terms and conditions.
You can mutually agree on these terms and conditions. Moreover, the agreement and the code exist across the distributed and decentralized blockchain network.
- Test and execute:
Now, testing is essential with every app. It is a stage that assists developers in identifying bugs and fixing them quickly. Moreover, software testing makes sure that the ongoing projects meet the requirements of the target.
It is a core aspect of making this step critical and is wholly tested by software providers. They come with security, reliability, and high performance.
These are some of the steps you need to consider before stepping into the NFT marketplace development. You need to have smooth NFT marketplace development to develop a great platform.
Let’s have a look at the cost of NFT marketplace development.
What is the Cost to Build an NFT Marketplace?
Website development for the NFT marketplace is determined by its complexity, features, and the development services offered by the particular development company.
Using the following steps we were able to determine an approximate Cost to Build an NFT Marketplace.
Stage 1. UI/UX Design, Research, and Estimation phases
The purpose of this stage is to analyze your business concept thoroughly to determine what your NFT product needs to be successful. A prototype should be developed at this stage. It includes choosing the development team, defining the essential and optional features, expressing market and customer research, and building the prototype. When you’ve completed the discovery phase, you’ll have a better idea of your core objectives, your target audience, and your scope.
Cost estimate: $11 200
Stage 2. Development
Developers contribute to NFT marketplaces by building architectures, connecting databases to data flow, and more. Additionally, a UX/UI designer creates the user interface of your NFT platform. Additionally, we add cloud synchronization to enhance the user experience. Let’s discuss the basic features and the additional features separately.
Cost estimate: $25 600
Step 3. Testing
QA specialists should test your MVP for bugs once it has been finished. Therefore, all discovered issues in your product must be corrected to ensure high quality.
The cost of the project is approximately $9 600.
Step 4. Documentation and launch
Your MVP is now ready to be brought to market to see how the users react. You may expand your app’s functionality over time and improve it as much as possible if it is successful. The purpose of this phase is to create a document containing all the information you need about your application.
Cost breakdown of NFT Marketplace
There are a number of factors that influence the NFT marketplace development cost. It takes a lot of time and money to create an NFT marketplace platform from the ground up. The following are some major factors affecting NFT marketplace development costs:
- Achieving performance
The following is a breakdown of the NFT marketplace development costs.
$2395 – $5040 (Approx. cost) UX/UI Development
The key to creating a positive user experience (UX) on your NFT Marketplace is to meet your users’ needs.
Cost: $3285 – $8640 (approx. )# Authorization & Security
In the context of NFT marketplace development, blockchain technology must be combined with security measures including two-factor authentication and smart contracts.
Approximately $2385 to $5040 (number of resources and user profiles)
Each user’s account has resources, which can be accessed through access control. Identification allows tokens to be identified, so NFTs must be able to be identified.
The cost for the home page varies between $3645 and $10,080 (Approx.).
Often, a company’s homepage serves as its first impression to potential customers. Website design plays an important role in this regard. In terms of the homepage, NFT marketplace development costs range between $3645 and $10080.
# Search and filters $4005 – $11,520, approx.
The use of filters also contributes to an enhanced user experience. Using this feature, users can drill down to the specific requirements of their search with ease, eliminating the need for additional search terms. Customers are then more loyal and more likely to return.
#2 Product Page 2385 USD – $5040 USD approx.
In order for your customers to make purchases from your store, you need product pages. By creating effective product pages, you can increase both traffic and conversions. Costs associated with NFT marketplace product pages range between $2385 and $5040.
Customer Reviews $2565 – $5760 (approximate price)
The quality of your reviews and ratings increasingly determines your digital reputation. You can improve the sales of your products and services by writing reviews, inform your customers, and help them make a decision.
NFT Marketplace Development Cost
It is the most critical question that every NFT marketplace developer has. The cost is an essential factor when it comes to the development of NFT marketplaces. Moreover, in a nutshell, everything relies on the volume of the work. For instance, if you decide to use a ready-made solution ready for your use. The cost will be lower.
The same concept goes with the platform functionality. If you are required to arrive at the complex platform, you will have to invest money in the marketplace development. The NFT marketplace cost is a burning topic among investors.
Here is a tabular representation of NFT marketplace development cost.
|UX/UI development||42 hours||$630 – $2520|
|Authorization and security||72 hours||$1080 – $4320|
|User profiles||42 hours||$630 – $2520|
|Home page||84 hours||$1260 – $5040|
|Search and filters||96 hours||$1440 – $5760|
|Reviews and Ratings||48 hours||$720 – $2880|
|Product page||42 hours||$630 – $2520|
|Shopping cart||48 hours||$720 – $2880|
|Notifications||32 hours||$480 – $1920|
|Payments||42 hours||$630 – $2520|
|NFT management||96 hours||$1440 – $5760|
|Etherium incorporation||96 hours||$1440 – $5760|
|Buyers panel||64 hours||$960 – $3840|
|Inventory management||42 hours||$630 – $2520|
|Admin panel||85 hours||$1325 – $5100|
|Author panel||132 hours||$1980 – $7920|
|Total||1063 hours||$15,995 – $58,020|
So the conclusion here is that the total cost of NFT marketplace development can be approximately between $15,995 and $58,020. The cost can vary depending on the features you include inside the platform. Let’s look at the importance of BR Softech in your NFT marketplace development journey.
How BR Softech helps you in Your NFT Marketplace Development Process?
BR Softech helps the ideas give the ideal push for developing a successful blockchain development technology business. Moreover, the experience is unique, and their blockchain can unblock exciting opportunities.
Their experts deliver the most effective building model. Moreover, they design your NFT marketplaces like the OpenSea and vary them according to your business requirements.
Here is what their expert building team looks like.
- Quality analysts and testers.
- App development.
- UX/UI designer.
- NFT experts.
- Experience blockchain developers.
- Marketing professionals.
- Associates and managers.
It is a glimpse of their expert team that can play a vital role in developing your NFT marketplace.
The Non-Funglie Tokens play a vital role in developing the blockchain businesses. There are already existing promising markets. Moreover, the technology presently can’t seem to be created and needs further development to get widely accepted. BR Softech helps businesses and individuals with the NFT marketplace development.
Quick Contact Us :
What’s the price to develop an NFT market?
The NFT marketplace is easily accessible through various apps to develop companies. It is a competitive marketplace that lets you develop at a fair cost. The NFT marketplace development cost can range between $15,000 to $65,000.
How much time does it take to develop an NFT app?
The development cost of an NFT majorly depends on the requirements of your token. Moreover, usually, it takes around 40-45 days of development.
Can I tokenize everything in NFT?
It is possible to tokenize almost everything in the NFT. It is up to the user’s preference to sell and buy it from the marketplace.
Why the NFTs are getting popular?
There are multiple reasons for the NFTs to get in the limelight, like
- Digital assets are filled with volatility and excitement.
- Mainstream media.
- The massive popularity of cryptocurrencies in trading.
- NFTs provide the opportunity to make a lot of money to the users.
BR Softech Pvt. Ltd. excels in providing cost-effective IT Solutions. Established in August 2012 with over 10+ years of rich experience. An Apex rated IT serving company around the world. Our team of innovative and creative designers deals in web designing, and mobile game/software development intending to deliver outstanding digital outcomes.