How Much it Cost to Build NFT Marketplace Development in 2022?
February 18, 2022
An NFT (non-fungible tokens) is a digital asset that protects real-world objects, including art, music, in-game items, and more. Based on Ethereum blockchain technology and it cannot be exchanged by any other value. You should hire top-notch blockchain app developers to build a feature rich and powerful NFT marketplace for your business.
According to the numbers…
- NFT sales volume totaled $24.9 billion (roughly Rs. 1,83,960 crore) in 2021 (Source: Gadgets. NDTV)
- The NFT market grew almost tenfold in two years. (Source: Statista)
- OpenSea’s trading volume increased by 800+%. (Source: Fobes) (OpenSea is the biggest NFT marketplace)
Before we dig into the NFT marketplace app development cost, here are some of the other frequently asked questions on the NFT marketplace that we think it is important for you to know before investing.
What is NFT Marketplace and why it’s gaining popularity?
NFT is a platform that enables its users to preserve and trade NFT efficiently and securely. It has a crypto wallet that helps in making transactions and storing tokens for the future. Since its inception, many NFT marketplaces have been built that are enjoying immense profits. The top marketplaces are OpenSea, Superfarm, Rarible, and Ethernity.
The platforms are gaining immense recognition because the market cap value is increasing fast and went ten times from 2018 to 2021. According to recent statistics, the worldwide turnover of NFT marketplaces was around $338.04 million.
Top Features of NFT Marketplace
List of must-have features in NFT marketplace are:
- Storefront
A booming NFT marketplace comes with a storefront that acts as a dashboard. It helps users preview the list of owners, number of bids, value history, and much more. With an intuitive storefront, you can keep all the data at your fingertips.
- Advanced Token Search
Irrespective of the industry type, advanced search functionality is becoming a mandate in all mobile applications. NFT marketplace can be huge and contains multiple products, such as art, images, music, videos, etc. With advanced search functionality, you can offer quick results to clients that boost client satisfaction.
- Filters
Implementing filters is quite beneficial in an NFT application. It allows buyers to choose assets by category, payment method, due time, listing status, etc. Moreover, it makes easy for them to search for the collectibles they are looking for.
- Wallet Integration
When developing an NFT marketplace, the expert blockchain developers integrate a wallet into your application. It allows customers to store, send, and receive NFTs and other cryptocurrencies.
- Create Listings and Check Status
Using the application, the users can seamlessly create listings to send digital collectibles. With a few steps, users can create a page, submit files, and write descriptions wherever necessary. In addition, it allows users to check the status and execute collectible verification.
- Auction and Buy
A marketplace allows buyers to participate in auctions, bid, and make an effortless purchase. Using an intuitive platform, you can see complete information and the bid validity date of each NFT.
- Ratings
It’s a great feature for beginners that are thinking of investing in non-fungible tokens. It allows users to check ratings of sellers that increases trust and satisfaction. Moreover, your platform becomes an intuitive platform to verify the credibility of sellers.
How to build an NFT marketplace like OpenSea?
NFT marketplace has a variety of non-fungible tokens that can be from both well-established artists and amateurs. One of the renowned players is OpenSea. It is the world’s first and largest marketplace for non-fungible tokens and crypto collectibles.
The default payments are made in Ethereum. To build an NFT marketplace like OpenSea, you can follow the mentioned steps.
- Select the right blockchain technology
- Identify the audience
- Create remarkable UI for NFT marketplace
- Choose tokens
- Smart Contracts integration
- Test and deploy marketplace
Now, when you are sure about developing NFT marketplace, let’s check out the estimated price of building NFT development.
How much it cost to build an NFT marketplace?
The cost and duration to build an NFT marketplace depend upon the complexity of the features you choose for your application. You can choose ready-made NFT solutions offered by different blockchain development companies; however, they can be a cost-effective option, but you should check thoroughly to avoid any loopholes in the future. On the other hand, hire an NFT marketplace development team to create a customized application for you. It may be expensive but well worth the investment.
The exact quotations are hard to get before discussing the complete requirements. However, the NFT marketplace with fundamental elements will cost around $150K to $500K. To get an exact value of your NFT marketplace, you can book a free consultation with our experts who have in-depth knowledge and evolve with current trends making everything possible. The team believes in innovation, thus building a robust NFT marketplace.
Summary
Since NFTs are gaining popularity every passing day, it is the right time to invest in NFT marketplace app development. With the help of a reliable blockchain app development company in San Jose, you can achieve excellent results in no time.
With years of experience and expertise, a mobile app development team can help you build NFT marketplaces from scratch. Depending upon the level of complexity, features, and technology stack, NFT marketplace development takes around four to six months to complete.