How Much Does it Cost to Develop an NFT Marketplace in 2023?

With the NFT market growing each year, the tendency of exploring the same is growing among the stakeholders. The hype around NFT is indeed high. People are now buying and selling non-fungible tokens and investing in the NFT Marketplace development. The popularity of an NFT marketplace is heightened because of its profitable nature and type of immersive and secure experience that it offers to its users. 

In this blog, we will discuss what is an NFT marketplace, the types of NFT marketplace, its features, the steps to build one, and what factors influence the cost of building an NFT marketplace.

What you Need to Know About NFTs

NFT, also known as non-fungible tokens is a distinctive digital asset with digital certificates which can be easily traced to the ownership of digital assets. However, unlike fungible tokens, non-fungible tokens cannot be directly traded. It would require a specific marketplace. 

By hiring a blockchain software development company, one can develop an NFT marketplace. An NFT marketplace thus is an online marketplace where the creators sell their virtual products and the buyers procure them utilizing cryptocurrencies like Ethereum and Bitcoin. After NFT is purchased the buyer gets a token which is a unique identifier containing proof of ownership and information about the author, provenance, and authenticity.

Built using blockchain technology, each NFT has a set of unique values that cannot be exchanged with one another. It can only be traded for cryptocurrencies or fiat currencies. NFT has key attributes like uniqueness, scarcity, indivisibility, interoperability, and transparency which itself makes it unique and popular.

Now that you have known what is an NFT marketplace, now let’s move on to discuss its types, features, and functionalities that influence the overall cost of NFT marketplace development. 

Types of NFT Marketplace 

If you want to estimate the cost of an NFT marketplace development, then you need to first choose the type of NFT Marketplace. Here are some of them. 

Open and premium marketplace: This is one of the most common NFT marketplaces that are open to anyone. However, open marketplaces have lesser premium features than closed ones.

Games marketplace: Games are the specialization of the NFT marketplace. Since the gaming industry is highly profitable, your investment will never go in vain as the gaming industry will never lose its relevancy. 

Curated and non-curated marketplace: These types of marketplaces are specially meant for artists who want to sell their work. The curated marketplace requires authorization, whereas the non-curated marketplace does not require any verification and it becomes easier for the creators to sell their works. 

List of Features in the NFT Marketplace

The cost to create an NFT marketplace also depends on the different features and functionalities that you want to implement in your NFT marketplace. Here are some of the key features:

• Storefront 

• Filters 

• Listing 

• Wallet integration 

• Auctions and buying

• Instant notifications                 

• Ratings and reviews 

Steps to go Through for Developing an NFT Marketplace 

If you are intending to develop an NFT marketplace, then here are the steps that you need to follow.

1. Define your Objectives

The NFT marketplace is not just confined to any significant industry or niche. It has explored a wide range of sectors like music, arts, sports, gaming, fashion, real estate, entertainment, and others. Therefore, you need to decide which segment you will be concentrating on. 

2. Choose Blockchain Network and Other Features

Once you have defined your objectives, the next step for you is to choose the type of blockchain technology that you will be utilizing for your NFT marketplace. Also, when it comes to choosing the feature set, be wise in defining your features and functionalities so that your NFT marketplace application works seamlessly.

3. Connect with the Best NFT Marketplace Development Company

After you have decided how you want your NFT Marketplace platform to be, it is time for you to choose the best agency that is proficient enough in building the NFT marketplace platform. Approach a company that has a skilled development team with years of experience in building intuitive NFT trading platforms.

A Glance at the Overall Factors Impacting the Development Cost of the NFT Marketplace 

Almost every aspect that influences the cost of building an NFT marketplace has been briefly covered in this blog. The NFT marketplace development cost is specifically dependent on several factors like the type of blockchain technology to be included in the app, features and functionalities, intuitive interface, the agency’s geographical location, skills of the blockchain developers, and several others. 

Starting an NFT marketplace with a clone script will save money and it will also be accessible to entrepreneurs and startups. However, if you need a full-fledged app and want to create it from scratch, then the cost would be considerably high as compared to the readymade NFT marketplace. Regardless the average cost for NFT marketplace development would cost you around $70,000 to $300,000. For knowing the accurate price of developing an NFT marketplace or trading platform, get a direct quote from your blockchain app development agency.

About the Author

Sudeep Srivastava is the CEO of blockchain development company "Appinventiv". He is someone who has established himself as the perfect blend of optimism and calculated risks, a trait that has embossed itself in every work process of Appinventiv. Having built a brand that is known to tap the unexplored ideas in the mobile industry, he spends his time exploring ways to take Appinventiv to the point where technology blends with lives.