How Much Does NFT Marketplace Development Cost In 2021?
NFT marketplaces have gone viral recently by selling off expensive digital artwork worth millions of dollars. Investors, creators, and people are interested in collecting, purchasing, and selling blockchain technology-based unique digital artwork more than ever. These Non-Fungible Tokens are digital certificates stating who owns a video, photo, or other forms of online media.
Major NFTs are part of the Ethereum blockchain and exclusive that cannot be reproduced. Since you cannot trade NFTs like traditional fungible tokens, it needs unique platforms like OpenSea. A non-fungible token development company builds an NFT marketplace that enables people to sell and buy ownership of their digital assets.
NFTs ARE FORMING THE “BEDROCK” OF THE VIRTUAL ECONOMY
If you ever wanted to build an NFT marketplace, it’s time. NFT markets have gained significant media coverage in the crypto market as well as the mainstream economy. The invention appears as a boon for content creators, game developers, meme makers, photographers, and other artists. They have a place where they find genuine buyers.
It sounds like an art gallery went online where people used to go to find antique items to own. Millennial creators love the approach to monetize their digital art and make profits. Such blockchain network-based marketplaces, providing smart contracts, also make millions of dollars in return. For example:
Twitter founder Jack Dorsey auctioned off his first-ever tweet, the equivalent of $2.9m (£2.1m), to a Malaysia-based businessman via an auction on an online platform called Valuables. The US-based company Cent owns the platform. As per the deal, Mr. Dorsey receives 95% of the sale proceeds, while Cent gets 5%. — source.
P.S.: Ironically, the tweet is still available for anyone to see, and yet it has sold for $2.9M in the auction.
Dig deeper about NFT marketplaces and how to build an NFT marketplace platform like OpenSea.
NFT sales volume is rapidly growing, breaking records with every passing month. Recently Fox News reported, the sales volume for non-fungible tokens (NFTs) hit $2.5 billion in the first six months of this year (2021), up from a total of $13.7 million in all of 2020. The number will keep increasing, and so will new NFT marketplaces.
The early bird catches the worm.
Therefore, go-getters, you must not delay any further to start your non-fungible token marketplace app development. As for the NFT marketplace app development cost, it depends on the app type, features, technology, methodology, and human resources to be used.
Let us understand elements that can potentially impact your NFT marketplace app development cost.
Types of NFT Marketplace Platforms
You can find two types of NFT Marketplace platforms mainly:
- Niche peer-to-peer marketplaces: The platform features a specific type of digital assets that may belong to a niche. A fine example of this kind of NFT marketplace is Valuables (where Dorsey sold his tweet) that sells tweets autographed by their original creators. Another one is the Glass Factory, where people auction their digital holograms.
2. Universal non-fungible token marketplace: The type of NFT marketplaces are open to selling all types of crypto assets rather than one specific type of digital asset like tweets or holograms. Be it digital art, domain names, graphics, music, photography, memes, and all. Raible, OpenSea, and Mintable are top-notch platforms among emerging Universal NFT marketplaces.
How does the type of NFT marketplace affect its development cost? Well, to create an all-inclusive NFT platform like OpenSea, you need significant features and technology comparatively. And in app development, the more features, the costlier the product as each component takes time and effort to build and embed into the app. Plus, you will need to establish specific standards while creating your NFT marketplace.
Non-Fungible Token Standard
You want to build a reliable NFT marketplace, ensuring users that assets on your app will act in a certain way. Standards also demonstrate to users how to interact with NFTs and their fundamental features. There are two standards to date for NFT creators you should consider for your NFT marketplace development.
- ERC721
You need this standard to track and transfer NFTs. The standard ERC721 allows wallet/broker/auction (marketplace) applications to work with any NFT on Ethereum. It provides certification or ERC-721 token for assets that could not be divisible. Every ERC-721 standard token holds information in its personalized smart contracts. These contracts contain information about the ownership and identity of a particular asset.
2. ERC1155
The ERC721 standard is suitable for making new assets transferable between waller/broker/auction, but there’s a minor con. For example, when you are trading multiple artifacts for a specific game character, the collection of ERC721 tokens appears insufficient. In that case, ERC1155, known as the ‘multi-token standard of the next-generation,’ can be a great help for creating such NFTs.
You can see which standard to opt for depends on what type of NFTs you will trade on your marketplace. Now, let us perceive how an NFT marketplace works. It will help you align your ideas in harmony and outline features for your NFT platform.
How does the NFT marketplace work?
Step 1: User (content creator/buyer) registers on your crypto collective selling marketplace platform
Step 2: User sets up a crypto wallet and undergoes KYC/Anti-Money Laundering (AML) verification. Your admin approves their account.
Step 3: The artist or creator uploads their unique work on your NFT marketplace that they want to tokenize. It can vary in formats (JPEG for memes and photos, and Mp3/Mp4 for videos).
Step 4: The artist then chooses to sell their digital assets at a fixed price or choose a bid by auctioning them.
Step 5: Your NFT marketplace platform automatically mints these assets as a digital collectible, mentioning NFT name, price, bidding deadline, description, and tags.
Step 6: Now, interested customers can place their bid once the auction starts for that digital asset.
Step 7: The NFT creator analyzes received bids and picks the best to accept according to their requirements.
Step 8: The creator communicates with the concerned buyer about the bid acceptance for the NFT. The buyer pays the seller for the deal via their crypto wallet.
Step 9: The deal is done, and your NFT Marketplace platform then regulates and approves the transfer of digital assets and funds from one user to another.
I bet, by now, you have already started tracing the required features to accomplish the whole user journey. Don’t you? Here is a little whirl. I just thought to save your time by showing features and their approximate timing to build together. Thank me later!
Don’t tell me that you haven’t checked how to build an NFT marketplace platform like OpenSea. C’mon, It’s a savior! Trust me.
I Want To Know The Cost To Develop An NFT Marketplace App Like OpenSea
Here are some vital features of an NFT marketplace platform development you can consider.
Features
Time(hours)
- UX/UI Development - 42 hours
- Authorization and Security - 72 hours
- User Profiles - 42 hours
- Home page - 84 hours
- Search and filters - 96 hours
- Product page - 42 hours
- Reviews & Ratings - 48 hours
- Shopping cart - 48 hours
- Payments - 42 hours
- Notifications - 32 hours
- Etherium incorporation - 96 hours
- NFT management - 96 hours
- Inventory management - 42 hours
- Buyer panel - 64 hours
- Artist panel - 132 hours
- Admin panel - 85 hours
- Total - 1063 hours
Don’t feel betrayed. I mentioned hours without cost to build these features on purpose.
Because it’s a universal fact, software development service providers’ rate varies depending on the location and expertise. The same rule applies to NFT marketplace platform development from scratch too. Unless you acquire a white-label solution, you need to research development rates in different countries before hiring app developers.
Ready, Steady, Go!
You have got the knowledge of NFT marketplace development. Knowledge is power. And the time to use this power has arrived. So, are you ready to plunge into the market of digital collectibles and start a groundbreaking NFT marketplace platform to break records?
If yes, congratulations! You are one step away from launching your NFT marketplace app. Connect NFT marketplace app development company, and you are all set. All the best!
