on fungible tokens or NFT has been trending in the news for quite some time. In fact, over the past few years, the NFT marketplace has grown tremendously due to increase in demand. According to research conducted by DappRadar, the NFT market reached $23 billion in 2021 The number of NFT transactions has increased over eight times in the past two years. NFT marketplaces such as Superfarm, Opensea, rarible have become the center for exchange of multiple NFTs and for generation of high revenue. Due to the surge in revenue, people are getting more inclined towards building NFT marketplaces to host multiple NFTs for sellers and buyers. If you’re a blockchain enthusiast and are contemplating about the cost of developing an NFT marketplace then this article will dive you deep into what’s an NFT marketplace and into the cost of NFT marketplace development.
What’s an NFT marketplace?
An NFT is a digital token or a digital asset that acts as a unique certificate and is stored on a blockchain. It represents virtual items and proves ownership of photos, audio tracks, and videos. An NFT marketplace is an online place where these NFTs are exchanged. Here, creators sell their NFTs and buyers purchase them with cryptocurrencies such as ether and bitcoin. The platform charges a transaction fee whenever any NFT is purchased.When it gets purchased, the buyer receives a token that acts as a unique identifier, transfers the ownership of the author, and gives information about authenticity and provenance.
How to build a NFTmarketplace platform?
In case you’re wondering how to build an ideal NFT marketplace platform, here are the step for building a NFT marketplace platform:
1 : Discover your niche
The foremost step before beginning wdevelopment of the NFT
marketplace platform is to
discover its niche. Educate yourself about the current
market, your nichow you want to work in it. After studying
the market, the competitors and target audience,ask
yourself how you are going to mand generate revenue from
the platform. Furthermore, plan out the technologies and
protocols that will be used for developmentmarketplace.
2 : Development
Development involves execution of plan Hire banalytics and
UX/UX designers to develop prototypes and wireframes of
the platform’s user interface. The UI/UX designers will
the interface and make the platform more user-friendly and
easy to navigate. While designing, ensure that the
platforaccordance with the target audience and current
market trends. The back-end of the platform includes
marketplace functioblockchain, business logic, auction
mechanism, wallet, etc. The user interface should be more
intuitive to enhance texperience. It shouldn’t be filled
with complex algorithms. The front-end of the platform
includes the interaction wicustomers. Make sure you make
the platform more reliable, with better performance and
easy to access.
3 : Testing
Testing is done by the quantitative analysis team,
wundergo the process of development in several code
testing stages to ensure that the marketplace platform is
free from bugwill also check the platform’s performance,
usability, and reliability.
4 : Deployment
After successful testing, it’s time to deploy the markon
the server. Make sure that you also provide good customer
support to let the users raise queries in case of any bugs
or conAlso, it helps ensure whether the desired
requirements will meetthe customer’s expectations by
taking feedback.
How much does it cost to develop an NFT marketplace?
The cost of the development of the NFT marketplace isn’t pre-defined. It depends on a bunch of parameters such as requirements, customizations, budget, specifications, etc. Let’s say if you choose a clone script, it’s going to cut down on the cost of development and will end up making it more accessible. The general cost estimation is around $200-$500K. If you’re adding customization to the marketplace, then it’s going to add more to the cost, making it more expensive. Besides customization, technology also plays an important role in determining the cost. The more complex the technology, the higher the cost. Also, it will include the cost of hiring UI/UX development, home page, user profiles, authorization security, search filters, reviews and ratings, payment, panels, inventory management, product pages, etc. The overall cost of development is roughly estimated at $38,000 to $103,800.
Conclusion
The cost of developing an NFT marketplace depends on various factors, including your requirements, specifications, and budget. However, with proper planning and analysis, you can easily develop a thriving NFT marketplace to generate revenue and boost user experience.
