When developing an NFT marketplace there are two avenues in which you can approach building one. You can go for a ready-made solution as a foundation or you can build one from scratch.
If you opt to build an NFT marketplace that is already pre-made for you, then the costs will be significantly less than if you were to build one from scratch on your own.
The following is a list of things that you will need to develop an NFT marketplace:
- Traditionally, a marketplace platform consists of a web app where users offer and purchase NFTs. There is both the client and server side aspect to take into account.
- You will need a digital crypto wallet to store electronic funds. MetaMask is a digital wallet that is very popular among NFT collectors.
- NFTs that are created will have metadata attributes such as denomination, creation date, characteristics, holder, and more.
- IPFS (Interplanetary File System) is a method of data storage for blockchains. It is a distributed system for storing and accessing files, websites, applications, and data.
- Smart Contracts are computer codes that execute all or parts of an agreement and are stored on a block-chain based platform.
- ERC-721 is an open data standard that describes how to create non-fungible tokens. This type of token is unique and can have a different value than other tokens on the same smart contract.
- Blockchains are decentralized databases that will record any NFT related operations in your marketplace.
Tegus NFT Platforms specializes in providing a white label marketplace so that you don’t have to deal with all of the technical jargon involved. At no upfront cost you will have your own personalized marketplace without the need to hire an entire team to get started.
Here is what you would normally need if you were to build an NFT marketplace on your own which would require a significant amount of resources.
The above is just an example of a basic team composition for an NFT project. Every project is different and the cost can vary especially when complexity, deadlines, development approach, and financial resources are taken into account.
For a typical NFT marketplace it can be as short as 1,080 hours to build a simple NFT marketplace and as much as 1,500 hours+ to build a much more complex one.
When taking into account the costs for an NFT marketplace, one of the most significant costs will be the cost of your labor force.
IT Personnel Rates in North America
Front-End Developers: $70-$90
Back-End Developers: $75-95
IOS Developers: $80-$100
Android Developers: $80-$100
UI/UX Designers: $50-$70
QA Engineers: $50-$70
DevOps Engineers: $80-$100
When everything is taken into consideration, it can cost more than $100,000 for an NFT marketplace. If you would like to avoid this cost to build an NFT marketplace, definitely give us a call or reach out to us via our contact form and we will help you get started if you are an established artist or corporation at no upfront cost!