Custom NFT Marketplace Development and its Cost in 2024
The NFT (Non-fungible token) world is currently moving at a faster pace and is highly competitive. Business heads are looking for success straightaway. There is no room for late entries and it’s important to make wise decisions. In terms of the Cryptocurrency field, many entrepreneurs have found that the smartest solution to tackle the competition is developing a custom NFT Marketplace.
Also, NFT businesses are slowly getting back to their best and the demand is likely to hit it’s peak anytime soon. Other NFT Marketplace development methods like a direct API or NFT Marketplace builder software act as temporary solutions and might not serve long term. Custom NFT Marketplaces can be the game changer to the queries revolving and is a safer option. Before diving deep into NFT platforms, here’s a small overview of it.
What is a Custom NFT Marketplace?
A Custom NFT Marketplace is a tailored NFT platform that facilitates buying, selling, trading, and performing diverse NFT-related activities. It is considered a highly effective and productive way to construct an NFT Marketplace. Newbies who are looking to build their own brand can opt for a custom NFT Marketplace without any second thoughts since it is highly futuristic.
The cost to develop a Custom NFT Marketplace ranges between $45,000 to $1,00,000. For additional requirements, the cost might slightly vary depending on factors like the number of features to be included, etc. On the whole, Custom or tailored NFT Marketplace is preferable among startups who are looking to initiate their first business in the Crypto field.
Why should you opt for Custom NFT Marketplace compared to other methods?
If you are new to NFT Marketplace development, there are several methods followed by companies.
- Custom NFT Marketplace (Development from scratch)
- Clone script of a popular NFT Marketplace
- Using a ready-made white label solution
Each of these methods has its own strengths. The custom NFT Marketplace development allows entrepreneurs to take ownership of the entire business. Startups can tailor their NFT platform from top to bottom. Although it takes time, this is the standard option followed by a lot of startups.
The second option is using an NFT Marketplace clone script where an NFT Marketplace is designed identical to an existing business model. All you have to do is pick a popular NFT Marketplace like Opensea or Rarible, and the NFT Marketplace can be developed similarly to it within seven to 14 days.
Another method is using a ready-made solution to enter the market. This is a simpler solution to enter the market and when a ready-made white label NFT Marketplace solution is preferred, the entire NFT Marketplace development time is shortened.
If you compare the three methods, the cost of developing an NFT Marketplace using a ready-made solution is cheaper in comparison the likes of custom NFT Marketplaces. Although the ready-made software looks affordable, I would still personally suggest you to pick custom NFT Marketplace. The ownership feature provided by NFT trading platform is a major difference and could serve long time. Apart from this, there are plenty of benefits associated with custom NFT Marketplace as well.
Benefits of Custom NFT Marketplace
Choosing a customized NFT Marketplace is helpful for entrepreneurs. Additionally to the long term benefits offered by custom NFT Marketplace, several other benefits make it the most preferred method. Here are the benefits.
Personalized experience
Although NFT Marketplace development is a large investment, the personalized experience with custom NFT Marketplace cannot be matched. Focussing on a specific niche or industry is a huge plus as users keep surging towards your platform. Any modifications or customizations are always available with custom NFT trading platforms.
Ownership and Branding
Custom NFT Marketplace allows entrepreneurs to establish their own brand in the industry. With pre-developed and ready-to-use NFT Marketplace development solutions, entrepreneurs might not be able to build their own brand. Also, the uniqueness of the customized NFT platform brands gives an edge over other development methods.
Less Risk Involved
The Crypto market is highly volatile and the prices keep changing. It can be a great positive at times as users keep trading NFTs to make profits and entrepreneurs can get commission. With custom NFT trading platforms, the investment cost may look high, but if offers less risk to other methods which do not guarantee long term success.
Increased ROI
The return on investment is better for NFT exchange platform development. At the beginning stages, the ROI might seem to be on the downfall. However, you will never regret for opting to this method in about five to ten years time.
Next up, let’s look into the features of a Custom NFT marketplace.
Features of Custom NFT Marketplace
As far as the features are considered, the custom NFT Marketplace stands out from the rest. It has a specific set of attractive features which makes it special and eye catchy for users. You can implement your creative features into the custom marketplace. Take a look at the NFT marketplace features offered by the top development companies.
- Marketplace Analytics
- NFT Listing and Management
- Search and Discovery
- Collections and Favourites
- Messaging and Communication
- Compliance and Legal Support
- Customer Support
- Secure Transactions
- Smart Contracts and Royalties
The traditional NFT trading platform has advanced security measures. You may have heard about a number of blockchain hack stories and hence, it is very crucial to look into the security aspects before developing your own NFT Marketplace. Here are the security features.
- Data Encryption
- Two-factor authentication (2FA)
- DOS (Denial of Service) protection
- DDOS Protection
- Secure Wallet Integration
- Firewall and Intrusion Detection Systems (IDS)
- Bug Bounty Programs
- Smart Contract Security
- Regulatory Compliance
- Backup and Disaster Recovery
Having checked the security aspects, let’s look into how to develop a custom NFT Exchange.
How to Develop a Custom NFT Marketplace?
A custom NFT Exchange is developed through a step-by-step process. These steps ensure that every part of the development process is carried out with utmost care. Here are the steps involved in custom NFT Marketplace development.
Blockchain choosing
Every project has a different need and requirements explanation is key to successful custom NFT exchange development. In this step, your requirements have to be finalized with conviction so that the end product is complete. Also, the entrepreneur needs to decide on which blockchain will be ideal for developing a custom NFT Marketplace.
Smart contract development
After choosing the blockchain platform, the smart contract creation is a crucial part. Smart contract facilitates automation purposes like NFT minting, buying, and selling inside the custom NFT trading Platforms.
Designing User interface/experience
Once the outline is planned, the entrepreneurs need to design the UI/UX interfaces. Developing the front end and back end with high creativity can attract a large user base to the custom NFT exchange. Make sure to include all the necessary icons and buttons in your NFT exchange.
Wallet and Payment Gateway Integration
After UI/UX development, it is important to integrate blockchain wallets and Crypto payment gateway into the customized NFT platform. Users tend to build trust in your NFT exchange through the different blockchain wallet options and the payment gateway options provided.
Testing
The NFT exchange platform gets tested if all the planned features and security features are incorporated into the platform perfectly. Beta testing helps to rectify the errors in the custom NFT marketplace and also to review their newly built product with a small group of audience.
Deployment
Once the testing phase is completed, the custom NFT exchange gets ready to be deployed into the server. The quicker launch of NFT Marketplace to the market helps entrepreneurs advertise their brand without any delay.
Let’s move to the most important part, which is making money through custom NFT Marketplaces.
How to Make Money through Custom NFT Marketplaces?
Custom NFT Marketplace has four standard ways to make money for entrepreneurs.
Transaction fee
The custom NFT trading platform charges a small percentage as a commission fee from the users and distributes it to creators and partners. Hence, whenever a user makes a trade on the platform, a transaction fee is collected.
Listing fee
The platform charges a listing fee for users looking to list their NFTs on the platform. The listing fee is usually a small percentage of the overall value and varies from platform to platform. This is a considerable source of revenue for all entrepreneurs.
Minting fee
Apart from the transaction fee and listing fee, the NFT Platform owner can charge a small fee for minting. Creators mint NFTs which means to store them on the blockchain through smart contracts.
Affiliate Marketing
Affiliate marketing is an extensive way to make money from partners or collaborators of the NFT exchange platform. Once the platform reaches several audiences, the NFT trading Platform owner will be approached by several businessmen to list their advertisements.
Other ways to make money include the auction fee and bidding fee. You can include as many revenue streams as you want. Now, for the most interesting part, let us look into the cost to develop a custom NFT Marketplace.
Cost estimation of Custom NFT Marketplace
The estimated cost of developing a custom NFT Marketplace ranges between $45,000 to $2,00,000. This cost is calculated based on different factors like number of features to be included, number of developers, working hours etc.
Also, the cost can vary largely depending upon the complexity of the project. Some entrepreneurs might require top-class features while some may stick to the standard ones. All this can affect the cost of developing a custom NFT Marketplace.
Moving on, there are a few popular NFT Marketplaces that have already earned a name for themselves. You can get a profound idea of how tailored NFT Marketplaces can be a great choice. Let’s look into the top custom NFT marketplace elaborately.
Top custom NFT Marketplace examples
Since custom NFT Marketplaces can be tailored to your requirements, you can pick any of the popular NFT exchanges in the market as your model. Each of the custom NFT platforms I have listed has a special attribute and is currently flourishing. Let’s look into them separately.
Opensea
Opensea is the largest NFT Marketplace on the Ethereum blockchain, used for trading crypto collectibles. Starting in 2017, Opensea has grown into a massive NFT Trading platform. The platform generates revenue through several streams and is known for the fantastic features available. You can also create a similar custom NFT Marketplace like Opensea by purchasing an Opensea clone script.
Binance NFT Marketplace
Crypto followers would have already known the impact produced by the Binance exchange. The same group also started an NFT Marketplace which is growing in leaps and bounds. Binance NFT Marketplace has all the digital collections for users to mint, trade, buy, or sell NFTs. Hence, using a custom solution to build an NFT Marketplace similar to Binance NFT Marketplace might not be a bad option.
Rarible
Rarible is an aggravated NFT Marketplace with exceptional features and it offers wider benefits to the users. Unlike Opensea, Rarible rewards its NFT creators with up to 50% of royalty fees. Also, the commission fee charged by Rarible is lesser in comparison to Opensea. For features and functionalities like Rarible, you can adopt Rarible clone script and build your custom NFT Marketplace.
Super Rare
SuperRare is another promising NFT Marketplace that is specially made for artists. A lot of Art NFT collections are available in the SuperRare NFT exchange for traders. Launched in 2018, SuperRare is built on the Ethereum blockchain and has proved to be a great place for NFT users. Entrepreneurs can build their own NFT marketplace like SuperRare with the custom solution.
Enjin
Enjin NFT Marketplace is a unique platform running on its ownblockchain, Enjin, and is suitable for all types of gaming digital collectibles. It is considered the next-generation platform with a high brand of gaming collections. Customized NFT Marketplace like Enjin can be an excellent choice for budding startup businesses.
All these NFT Marketplaces have diverse benefits and you can develop a custom NFT Marketplace similar to these. Make sure that you approach a company rather than a freelancer to build a customized NFT Marketplace.
Final thoughts
Overall, the custom NFT Marketplace is the best option for startups to begin their NFT business. However, it’s significant to choose the ideal company to build your custom NFT Marketplace. There are plenty of development companies in the market, but not every company might be the ideal option for you. A complete research work will help you finalize the company according to your needs. To help you in that aspect, here are a few factors to note before picking a company.
- Experience in the industry
- Brand and services
- Number of projects
- Cost offered
- Quality and reliability
When the company satisfies all these criteria, a profitable revenue-making business is guaranteed through developing a custom NFT Marketplace. Not many products offer such high return of income as custom NFT exchanges. Fix the best time to start an NFT business by approaching a top custom NFT Marketplace development company and get ready to witness a massive turnover.
