The past few years have witnessed a massive growth of NFT creation that paved the way for the initiation of many NFT marketplaces. As per recent statistics, the revenue of the NFT market will reach more than $1.7 million by the end of 2023 with a CAGR( compound annual growth rate) of 18.55%. Many crypto experts have predicted that the revenue will be massively increased to $3.2 million by 2027. On considering this, many artists have started converting their digital assets into NFTs.
NFT is a non-identical crypto token that represents any digital collectibles like art, music files, videos, paintings, and even popular tweets. Some techies have tokenized Elon Musk’s tweets into an NFT and it has been sold for millions of dollars. So, the idea behind NFT development is to build the popularity of the token creator. Hence, a huge set of entrepreneurs in the crypto arena are in a move to create their own NFT to make revenue in multi-millions. Now, you might be inquisitive to know the process behind creating NFTs. No worries! All will be done in this blog.
This blog covers everything about non-fungible tokens, NFT Development, the cost to create an NFT, etc. Without any delay, let us kick off this blog with…
Best Blockchains To Create an NFT
Many prominent blockchains are available in the crypto ecosystem to create an NFT. Here comes the list:
The evolution of NFTs got its head start only because of the Ethereum blockchain. Many entrepreneurs willing to create an NFT are often choosing this blockchain because of its wide popularity. The non-fungible token standards of Ethereum include ERC721 and ERC1155. Here, ERC1155 is the semi-fungible token standard that supports both fungible and non-fungible token creation within a single smart contract.
Tron is a decentralized entertainment-based app hosting blockchain that includes various advantages on its end. An ideal NFT can be created with the Tron token standard named TRC721.
In recent times, the Binance community is developing to its peak and becoming a massive ecosystem in the crypto market. It has reached this height due to the proper enhancement and upgradation of services. Hence, many new users and startups prefer the BNB chain for their non-fungible token creation. The popular NFT standard of the BNB chain is BEP721.
Any digital collectibles can be chosen and converted into an NFT with any of the token standards mentioned earlier. With this, you might be curious to know its development cost. Those are coming below.
Determinants of NFT Development Cost
NFT creation cost cannot be fixed directly as various factors influence it. It is vital to understand all those factors and their characteristics. Those crucial parameters include:
To be frank, all the NFT creators are not great designers. So, for creating a unique art piece, a reputed artist will be approached for getting a well-finished product. For instance, if we’re analyzing the Bored ape monkey art, there are more than 32,000 artworks available in the NFT marketplaces. But, the unique and quality NFTs will be in ones or tens. In that regard, a unique non-fungible token creation is like brand building. Your non-fungible token should be developed with an expert’s guidance for getting your desired output.
Size of an NFT
This implies the size of the collectible backed to create an NFT. The non-fungible tokens will be created in various formats that include JPG, JPEG, MP3, GIFs, etc. Based on the type of file backed, the cost to create an NFT might alter.
Based on the quality of the collectible backed, the cost of an NFT will be influenced. For example, if any royalty or a photo of a popular personality has to be converted into an NFT, the quality of the image should not have deteriorated. Hence, to maintain the actual quality of the collectible, the cost to create an NFT might vary vastly.
Size of the development team
To develop an NFT without damaging its original value, then approaching a reputed NFT development company will help in the long run. So, based on the development team, the cost to create an NFT will differ accordingly.
What is the Exact Cost to Create an NFT?
The cost to create an NFT might start from $4500. This is not the fixed cost as all the above-mentioned factors and many more will play a major role in influencing the NFT development cost. Also, based on the customizations and features added, the cost of an NFT might vary. To know more about NFT and its creation cost, you can contact the ICOCLONE NFT developers.
Rather than NFT development, there are various NFT business ideas available in the NFT ecosystem like the NFT marketplace, gaming platform development, fundraising with IGO(initial game offering), etc.
Cost to Create Various NFT-based Platforms
NFT Marketplace Development
NFT marketplaces are like the exchange platform where millions of non-fungible tokens can be bought, sold, or traded. Many crypto whales are interested in creating their own NFT marketplaces for generating huge revenue by means of minting fees, listing fees, trading fees, etc. As a startup, you can create your own NFT marketplace for reaping more profits. While speaking of its cost, the exact cost to develop an NFT marketplace cannot be predicted instantly. The development cost will vary based on the template you choose, the UI/UX design, and the features that you incorporate, the design of the NFT marketplace dashboard, etc.
NFT Gaming Platform Development
The number of game fanatics across the world has been growing every day as many youngsters are interested in playing games. Even many virtual reality games in Metaverse are introduced every day. There, NFTs will be used as avatars for accessing the gaming platform. Even NFTs will act as a reward for unlocking the next level. By considering this, hefty revenue can be easily generated by developing your own gaming platform.
IGO Fundraising Platform Development
For initiating a new gaming platform, you’ll require a new crypto token. You can even raise funds by means of those tokens using the Initial Game Offering(IGO) method. The user who is accessing your gaming platform will buy your gaming token and pay crypto or fiat in return for your tokens. So, by creating your own IGO website, you can easily raise funds and develop your gaming platform.
Not only these but many more opportunities are there in the crypto space using NFT creation. The cost to develop any NFT-based platform might start from $13000. But it might differ based on the customizations made and new features added. Now, you might have chosen any of the ideas and are willing to create one. But as a startup, you might not be technically strong enough to proceed with the development process. In cases of any errors, your entire development process will be prone to failure.
To avoid those hassles, approaching a reputed NFT Development Company will help you to stand by the safer side. Although many companies are prevailing, only some have succeeded and built their reputation in the crypto marketplace. On considering that, do ground research and pick the best company in the crypto market. Among the best companies, Icoclone always ranks first.
Why Choose Icoclone for NFT Development?
With the above information, you might get some idea about the cost of an NFT development. For creating your desired NFT, Icoclone is always there to help you. We have a vast team of NFT developers who are highly skilled in creating NFTs based on the user’s requirements. We offer the resultant product before the mentioned time that builds the utmost satisfaction of the clients. Non-fungible tokens developed from Icoclone will come in an impressive manner that stands out in the NFT marketplaces. Hence, create your own NFT from Icoclone for experiencing seamless results.
Not only with NFT development, but we also excel in creating fungible tokens, metaverse tokens, etc. Added with tokens, our premium products are ICO and STO scripts that help in creating a new crowdfunding website for budding startups. With our ICO website, numerous startups have succeeded in their fundraising process and developed their business to the next level. Contact Icoclone immediately for exploring all crypto-related services and become a multi-millionaire easily!