Blockchain Development Pricing Guide
In the rapidly evolving landscape of digital innovation, the rise of blockchain technology has ushered in a new era, often referred to as Web 3.0. This transformative technology has sparked a surge in demand for blockchain applications across various industries. From NFT marketplaces to cryptocurrency exchanges, businesses are harnessing blockchain to create interconnected, transparent, and decentralised systems.
However, a common question that arises in the minds of business owners is, “How much does blockchain app development cost in 2023?” To navigate this dynamic landscape, it’s crucial to have a comprehensive understanding of the factors influencing the pricing of blockchain development projects.
Table of Contents
- What Is Blockchain App Development?
- Factors Affecting Blockchain App Development Cost
- Milestone-Wise Blockchain App Development Cost
- App-Wise Blockchain App Development Cost
- Final Blockchain App Development Cost Estimation
What Is Blockchain App Development?
Blockchain is a decentralised and publicly accessible database that stores digital transactions in small blocks, linked together using cryptographic hash functions. Blockchain development companies leverage various platforms to create and deploy blockchain applications tailored to diverse user needs.
Today, numerous industries are embracing blockchain app development, including healthcare, fintech, tech, manufacturing, and more.
Factors Affecting Blockchain App Development Cost
Estimating the cost of blockchain app development can be challenging without clearly understanding the factors influencing pricing. Cost estimation is a critical aspect, from defining project objectives to hiring a blockchain app developer. Here are the key factors shaping the cost of developing a blockchain app:
Factor 1 – Project Complexity
The complexity of your blockchain application significantly impacts development costs. Simpler applications are more cost-effective to build, while highly intricate projects can incur higher expenses. It’s advisable to keep your blockchain app as streamlined as possible.
- Low Complexity App: $10,000 to $15,000
- Medium Complexity App: $20,000 to $30,000
- High Complexity App: $35,000 to $50,000
Factor 2 – Business Niche
Different industries have unique requirements based on the type of blockchain app and business goals. The choice of your business niche will play a pivotal role in determining development costs.
- Healthcare: $20,000+
- Public Sector: $20,000+
- Finance: $20,000+
- On-Demand Services: $15,000+
- Social Media: $20,000+
Select your business niche wisely, as it will have a substantial impact on your project’s cost.
Factor 3 – Blockchain Developer Experience
Hiring a blockchain developer or partnering with a blockchain app development company comes with added expenses due to the specialised nature of blockchain technology. The experience and expertise of your chosen developers will significantly affect project costs.
- Small Company (Team Size: 50 – 499): $10,000 to $20,000
- Medium Company (Team Size: 500 – 2000): $20,000 to $35,000
- Large Company (Team Size: 2000+): $40,000 to $50,000
Invest in experienced and dedicated blockchain developers or collaborate with a top blockchain development firm for optimal results.
Factor 4 – Tech Stacks & Third-Party Integrations
The selection of technologies and third-party integrations during the development process will influence costs. Consider the following tech stacks to keep your project on budget:
- Amazon Web Services: $100 to $1,000
- Bug Tracking Tools: $10 per month
- Monitoring Services: $10 to $50
- Analytics: $20 to $150
- Notification Services: $10 to $50
Factor 5 – App Support & Maintenance
Blockchain app development costs extend beyond initial development, encompassing post-development charges. Budget for app support and maintenance to ensure the sustained success of your project.
- Servers: $20 to $60 per month
- Push Notifications: $10
- Payment Gateways: $149+
- Emergency Maintenance: Variable
- App Store Developer Fee:
- Google Play: $25
- Apple Store: $99
These five key factors will determine the trajectory of your blockchain app development costs. Business owners should carefully consider these elements when planning their blockchain development journey.
Continue reading below for information on milestone-wise and app-wise blockchain app development costs.
Milestone-Wise Blockchain App Development Cost
The development of a successful blockchain application unfolds in multiple stages, akin to the standard mobile app development process. Whether you’re developing a Crypto wallet app, NFT marketplace, or any other blockchain-based solution, each stage carries its associated costs:
1. Application Consultation
This initial step involves sharing project development requirements with blockchain developers or business analysts. After consultation, the client typically releases 10% of the total blockchain app development cost.
2. App Designing
The design phase creates a blueprint for the application’s appearance, including wireframes and high or low-fidelity designs. Upon completing this milestone, the client releases 15% of the payment.
3. Blockchain App Development
This phase encompasses both coding and testing of the blockchain application. Developers start building the app based on the finalised design. It represents a critical and cost-intensive stage of blockchain app development, with the client releasing 50% of the total project cost upon successful application development.
4. Quality Assurance
Quality analysts or testers identify and rectify errors and faults in the blockchain application before launch. This stage is pivotal, and clients typically release 25% of the cost as 80% of the work is completed during quality assurance.
5. App Maintenance
Blockchain development doesn’t conclude with app development; ongoing support and maintenance are essential. Costs associated with app support and maintenance should be factored into your project budget. The expense usually ranges from 15% to 25% of the total project cost.
6. Third-Party Integrations & Deployment
Some businesses opt for third-party integrations during blockchain app development. These integrations, along with deployment, contribute to the overall project cost.
Remember that costs can vary based on the specific requirements of your project.
App-Wise Blockchain App Development Cost
Different business applications require various levels of complexity and functionality. Here’s a breakdown of development costs for different types of blockchain applications:
1. NFT Marketplace
NFT marketplaces have gained immense popularity. Building one typically costs between $20,000 and $25,000.
2. Decentralized Autonomous Organization (DAO)
Establishing a DAO, a digitally encoded entity operating on a decentralised infrastructure, may cost between $4,000 and $20,000.
3. Decentralized Applications (DApps)
DApps leverage decentralised technologies and distributed ledgers for user-centric functionalities. Development costs for DApps range from $30,000 to $40,000.
4. Cryptocurrency Wallet App
Cryptocurrency wallets are crucial for managing crypto transactions and assets. Expect to invest approximately $40,000 to $50,000 in developing a well-integrated cryptocurrency wallet app.
5. Cryptocurrency Exchange App
Cryptocurrency exchange apps facilitate the trading of crypto tokens. Developing a robust cryptocurrency exchange app typically costs between $35,000 and $50,000, with variations depending on specific requirements.
These estimates provide a framework for understanding the development costs associated with different types of blockchain applications. However, keep in mind that project requirements and complexity can influence costs.
Final Blockchain App Development Cost Estimation
Now that you have gained insight into the various factors, milestones, and app-specific costs involved in blockchain app development, let’s arrive at a final cost estimation.
The total cost of designing, developing, and testing a blockchain app typically ranges from $10,000 to $20,000. To ensure a successful project, consider partnering with a reputable blockchain development company boasting a team of dedicated blockchain developers.
Additionally, if you choose to hire a blockchain developer part-time or full-time, your costs will vary accordingly. You have three hiring models to consider:
- Hire a Full-Time Blockchain Developer
- Hire a Part-Time Blockchain Developer
- Engage a Blockchain Developer Hourly for Your Needs
In conclusion, as blockchain technology continues to evolve rapidly, more businesses are embracing blockchain development solutions. To navigate this landscape successfully and achieve your blockchain project’s goals, it’s essential to make well-informed decisions about costs, development stages, and the expertise of your development team.
For reliable blockchain development services and growth-driven solutions, consider reaching out to a reputable and industry-leading blockchain software development firm like Commercial Genie. Our dedicated team of experts is well-equipped to guide you through the intricacies of blockchain app development and deliver optimal results. Share your blockchain development requirements with us, and let us provide you with a cost-effective blockchain app development solution.
With this comprehensive pricing guide, you are well-prepared to embark on your blockchain app development journey and make informed decisions regarding your project’s budget and scope. Blockchain technology offers immense potential, and with the right strategy and partners, you can harness its transformative power to drive your business forward.
