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People’s lives have drastically changed due to digitalization. It has influenced all spheres, including education, real estate and marketing. One of the most life-changing innovations is cryptocurrency. A lot of artists and business people use it, as it is up to date and convenient. Cryptocurrency exists virtually and uses cryptography to secure transactions of its clients. This article is about NFT – unique cryptographic tokens.

NFT (Non-Fungible Token) has become really popular in the digital world. The NFT market keeps growing each year, and the tendency shows that it will only get bigger in the future. It is so successful because it provides a secure and simple experience to users all around the world. Moreover, NFT marketplace development is highly profitable nowadays. People who choose cryptocurrency will definitely benefit from it in the future. No wonder, as basically everything now runs in the cloud and functions remotely.

Well, how much does it cost to start a NFT marketplace? This guide will tell you everything you need to know about сost to develop NFT marketplace, why it is important and what steps should be taken to develop NFT marketplace. If you are interested in this current trend and want to know the cost to build a NFT marketplace in 2022, scroll down!

What You Need to Know about NFT Marketplace?

So what exactly is the NFT marketplace? An NFT marketplace is a digital platform for buying and selling NFTs. These platforms allow people to store and display their NFTs plus sell them to others for cryptocurrency or money. Some NFT marketplaces also allow users to mint their NFTs on the platform. The main difference between NFT and fungible tokens is that NFT is impossible to trade directly. That’s why these specific marketplaces are created. It’s convenient for people who want to tokenize their property or art pieces.

The main purpose of NFT is to increase the efficiency of the market. Different types of NFT can be found in your marketplace, such as art, music, media, real estate and gaming. It’s extremely convenient for the user, as everything is transparent and accessible to customers. It helps you gain clients’ trust, as all the actions on a marketplace are displayed in real time.

Difference in the Cost of Different Types of NFT Marketplaces

The cost of NFT marketplace development varies depending on topic, style and type. These classifications use different features, that’s why the cost to create a NFT marketplace can differ. Mainly there are 4 categories of the NFT marketplace, which we are going to consider to know the cost to develop NFT marketplace in 2022.

Open and Premium marketplace

It’s one of the most common types of NFT marketplace. They are available to anyone, as diverse sources are all located in one open market. However, open marketplaces have less premium features than closed ones. Opensea is a great example of such a type of NFT marketplace. The price varies from $50 000 to $150 000.

Curated and Non-Curated marketplace

Curated marketplaces are a friendly environment for artists who want to sell their work, but they need to be authorized to do it. At the same time, non-curated marketplaces do not require verification, and it is easier to sell your product there. The price is between $80 000 and $200 000. The brightest examples of this type of NFT marketplace are Netflix and Spotify.

Games marketplace

Games are the main specialization of this marketplace. The gaming industry is really profitable, so the NFT marketplace development price will be much higher. The price varies from $100 000 to $500 000. However, your investments will be justified, as the game industry never loses its relevance.

Collectibles marketplace

This is the perfect place for collectors who want to sell and buy different kinds of memorabilia. Even though this topic is always popular, it’s not as expensive as game marketplaces. You’ll have to invest $60 000-$250 000 to develop a marketplace like this.

How Much Does It Cost to Create NFT Marketplace?

Cost of Necessary Functions for NFT Marketplace Development

The cost to create a NFT marketplace in 2022 depends on various functions that NFT offers. These features help your product stand out from competitors and provide the best user experience for your potential customers. Here are some key functions that influence the cost of developing the NFT marketplaces.

Storefront

The storefront is essential as it is the opening dashboard that will help users orientate on the marketplace. Its main function is to inform users of the assets. It should contain price history, asset information, owner of the asset and so on.

Filters

With the help of filters, users can easily find what interests them. They should be able to choose the price and type of product that are appropriate for them.

Listings

One more detail that is required for customers’ convenience is the ability to create listings. Moreover, it’s a great bonus for the sellers, as they can add important NFT details.

Wallet

This function allows customers to manage their NFTs and crypto transactions. You can create your own custom wallet or use the existing one.

Auctions and buying

The NFT buying system eases the trading process for a user.  Also, NFT auctions are a really exciting innovation.

All these features are highly recommended if you want to make your NFT marketplace up to date and compatible among similar marketplaces. Of course, all of these functions increase the cost to build a NFT marketplace. To sum up, the design requires nearly $5000, and the development itself $100 000.

How Much Does It Cost to Create NFT Marketplace?

How to Estimate the Cost of Developing Additional Features for NFT Marketplaces?

Before coming up with new ideas for your NFT marketplace, it is essential to estimate the cost of your development. There are many factors that influence the NFT app development cost. You have to pay attention to the complexity of your application, choose specific niche, tech stack, consider the cost of hiring developers and maintenance cost. All these factors play a great role in boosting your marketplace. You should take them into consideration and sum them up to estimate the cost.

The most common additional features for the NFT marketplace are integrations with wallets, ratings, custom UI/UX design, smart contracts token generation and so on. If you are interested in these functions, you need to estimate the approximate cost of UI/UX development, authorization and security, reviews and ratings, shopping cart and many other features.

Is There a Difference in the Cost of Developing the NFT Marketplaces Among Development Companies?

You may ask: “How much does it cost to create an NFT marketplace depending on the development company?”. Really, different companies offer various functions which definitely influence the cost of your NFT marketplace. It depends on how popular they are, what their experience is, if they are in demand among users around the world. So considering an appropriate company is definitely an important step. However, the main features that are used in the development process have similar prices in every company. Here is the list of the most popular NFT marketplace development companies.

How Much Does It Cost to Create NFT Marketplace?

Final Thoughts

The world constantly keeps evolving, and digitalization has already touched every sphere, and financial is not the exception. As cryptocurrency became extremely popular and profitable, people started to ask: How much does it cost to make an NFT marketplace?

If you want to develop your own NFT marketplace, you need to estimate your costs. It’s important to take into account the difference in the cost of different types of NFT marketplaces, all the important functions, additional features and, of course, choose a company that is affordable for you.

Inoxoft has a great experience in software development and is ready to offer you top-notch services for your NFT marketplace development. If you are interested in cryptocurrency, our company is the best supporter of your business decisions!

Consider Inoxoft as Trusted Partner for Your NFT Project

Inoxoft is a software development company that provides the best software solutions for clients all over the world. We help our clients turn their startup idea into reality and make the most of their business plans.

Inoxoft provides blockchain technology in real estate industry and is ready to consult on NFT development. Our devoted company will guarantee you the best UI/UX design and up-to-date features.

Cryptocurrency is a relatively new technology, therefore you may have a lot of questions at the beginning. Contact us and we will help you develop the marketplace of your dream!

Frequently Asked Questions

Are NFT marketplaces popular today?

NFT marketplaces are really popular and profitable nowadays. The tendency shows that the NFT market will only get bigger each year. 

What should be done before I make my own NFT marketplace?

Before developing your own NFT marketplace, you should choose the type of NFT marketplace you are interested in, consider the most important features and estimate your costs. 

How to estimate the cost of NFT marketplace business model?

Many factors should be taken into consideration while estimating your costs: the complexity of business model, tech stack, maintenance cost etc. If you want to know more about cost of NFT marketplaces, scroll up!