Blockchain DevelopmentHow Much Does it Cost to Build a Blockchain Application in 2024? Home | Blog Blog | How Much Does it Cost to Build a Blockchain Application in 2024? Embarking on a new journey in blockchain app development as a newbie startup will be a bit daunting. However, a proper analysis of cost estimation, development process, and other factors brings success. If you want to know more about the primary factor of blockchain app development cost, then this will be your best guide. Aspiring entrepreneurs who want to succeed in their careers often choose blockchain technology because the chance of failure is low. Is this the only reason to choose blockchain? No, apart from these, entrepreneurs utilize the blockchain network to store the data and ensure higher security, and its immutable nature. However, many are unaware of the exact cost and factors that influence blockchain app development. This should not affect your progression, right? This blog will be your friendly roadmap that explains all the details, and insider tips. We help you make savvy decisions every step of the way. Start with… How Much Does it Cost to Build a Blockchain App? The average cost for developing a blockchain app ranges from $20,000 to $1,00,000, yet various factors affect the cost estimation. The cost of blockchain app development can differ depending on your business needs, specifications, and implementations. On the whole, we will be providing the common factors that impact the blockchain app development cost. Let’s see about… What are the Factors that Affect Blockchain App Development Costs? Frequently impacting factors that affect the blockchain app development cost have been listed below, 1. Type of the Blockchain App For Cryptocurrencies One of the first and foremost factors that influence the cost of developing a blockchain app is the type of blockchain app. We have enlisted some of the popular business modules that suit aspiring entrepreneurs. Crypto Exchange App To enable seamless crypto transactions, staking, etc, the crypto exchange platforms play a major role. One can either develop a centralized, decentralized, or hybrid type of cryptocurrency exchange app. Each exchange module has different features, working nature, smart contracts, and plugins. This will be a primary factor influencing the cost estimation for developing a crypto exchange. Before entering into the exchange platform creation process, be sure about the type of the exchange platform. Centralized Crypto Exchange (CEX) The centralized exchange platform is where all the transactions are completed with a central authority. The admin of the exchange platform will approve the user request for crypto transactions. To develop a centralized crypto exchange app, the average cost will be around $25,000 to $1,00,000. Decentralized Crypto Exchange (DEX) Decentralized exchanges are also trading platforms where crypto tokens can be traded without any intermediaries. To develop a decentralized crypto exchange app, the average cost will be around $15,000 to $65,000. Hybrid Crypto Exchange In simple terms, Hybrid exchanges are the combination of both centralized and decentralized exchanges. They possess both the characteristics and features of the CEX and DEX. Eager to create a Hybrid crypto exchange app,then it will cost around $35,000 to $1,20,000. dApps If you want to provide users with complete decentralized transaction modules, then go with dApps development. The dApps development includes DeFi staking platform creation, DeFi lending platform development, and building the DEX aggregator. For this, the approximate price estimation will be around $55,000 to $75,000. Crypto Wallet App One of the profit-reaping business ideas, then develop a crypto wallet blockchain app. Users who want to transact cryptocurrencies will primarily choose the best wallet. Crypto wallets are secure mediums for storing digital assets in a hassle-free manner. Startups are taking this cryptocurrency wallet development as a lucrative business idea. Develop a crypto wallet with basic features like 2-factor Authentication, jail login, conversion rates, live market, etc. The approximate cost to create crypto wallet ranges between $5,000 to $20,000. Payment Gateway App for Cryptocurrencies One of the profit-reaping business plans for entrepreneurs is creating a crypto payment gateway. The cryptocurrency payment gateway acts as a bridge between the merchant and the user to trade the cryptocurrencies with high-level security. Hence, starting a crypto payment gateway with exponential features, and functionalities helps to reap more profits and gain fame. The average crypto payment gateway development cost will be around $10,000 to $20,000. Based on your choice of development method, the cost may vary. NFT Marketplace App Developing an NFT marketplace app is one of the highest profit-reaping and fame-gaining business ideas. As per the analysis of the Skyquest the expected market size growth of NFTs will likely be USD 212 billion with a CAGR of 33.7% in 2031. For instance, Opensea is a popular NFT marketplace that had a total valuation of $13.3 billion. These are the live proofs to start an NFT marketplace in the crypto market. Developing an enhanced NFT marketplace app with exemplary features may cost around $20,000 to $45,000. The cost may differ based on marketplace platform customization with enhanced features like filter, minting, customer support, etc. Cryptocurrency Launchpad App The cryptocurrency launchpad is a platform where crypto projects can raise funds for their business needs. For instance, startups who want to raise funds will approach the launchpad admin to list their crypto project and seek help to conduct token sales. Also Read – Cost to Create Crypto Token Various crypto crowdfunding projects of ICO, STO, IDO, INO, etc can be listed in the crypto launchpad platform. If it is your business idea, then the average cost may be around $20,000 to $35,000. 2. App Complexity Apart from the type of the blockchain application, the complexity of the app also determines the cost estimation for deployment. As much as the features want to be integrated, the cost may vary accordingly. Simple- Level From the name, it is known that the blockchain app will be a simple but productive mobile app. Basic features like wallet integration, admin/user panel, payment gateway implementation, etc takes place in a simple app. For instance, if you are going to develop a crypto payment gateway or wallet with basic features, the cost may not exceed the business budget. Beginner-level smart contracts are integrated into the blockchain network. Hence, it won’t cost much. The average cost to develop a simple-level blockchain application may be around $7,000 to $20,000. Medium-Level If you want to customize the blockchain mobile app with unique ideologies, then it is essential to have more resources and tools. This determines cost estimation for blockchain app development. Create a blockchain application with the necessary optimizations. Seek help from the development team to create exchange platforms on the Ethereum, and Hyperledger blockchain networks. Unlike in the simple blockchain app, integrate security mechanisms like Jail login, DDoS protection, and end-to-end encryption can be integrated. You can also implement additional features for the admin panel. The average cost will be around for developing a medium-level blockchain application is $25,000 to $35,000. Complex-Level The complex-level blockchain mobile application includes smart contracts created with highly advanced tools. Also, the integration of complex levels features take place to get an ideal outcome. More advanced-level features like a chatbot, instant trading mechanism, robust trading charts, push notifications, APIs, etc can be implemented. Security mechanisms like anti-phishing, data encryption, and CSRF protection can be embedded into your blockchain app. Many crypto-enthusiastic startups pick complex-level blockchain apps for cryptocurrency app development to ensure higher security. This kind of complex blockchain apps are usually built with custom solutions. Hence, the time and cost to create these mobile app will be high. The approximate cost to create a blockchain app with complex features includes $55,000 to $95,000. 3. Choice of Industry Presently, the blockchain technology is widely used in various industries and sectors. The choice of the industry or sector plays a vital role in expense determination. Apart from the cryptocurrency industry, various sectors are utilizing blockchains for their business purposes. Some of them are, Healthcare As distributed ledgers, blockchain networks are widely used for clinical purposes. To be more clear, blockchains are used to track pharmaceuticals, patient data storage, and medical records. Also, they are kept confidential, healthcare blockchain apps are created worldwide. Many prefer blockchain networks to safeguard their medical data in distributed ledgers. So, the average cost estimation to create a healthcare mobile application comes around $55,000 to $1,00,000. Finance As everything has become digitalized, the finance industry has also come into the competition. To reduce the workload of users, easy usage and instant solutions, blockchain apps are used in the financial sector. Blockchain apps are developed to improve error-free transactions, digital payments, sensitive data protection, etc. As many benefits are utilized in the financial sector, newbie startups prefer to utilize blockchain for mobile apps. Hence, the cost of financial-based blockchain app development includes $40,000 to $65,000. Real Estate Blockchain app development is highly preferred in the real-estate sector for streamlining the buying and selling of real-estates, & properties. Blockchain apps help in decreasing the paperwork, fraud, and scams in real estate documentation. Crypto-enthusiastic users can tokenize their properties into crypto tokens or NFTs. This also paves the way for passive income. Hence, the need for a blockchain network is greater. The average cost to develop a blockchain-based real estate mobile app will be $25,000 to $45,000. Logistics In the logistics sector, blockchain networks are used to track vehicles, improve overall logistics, and help to reduce vehicle delays. As the blockchain networks are not immutable, the vehicle data is protected without any hassles. The supply chains of the logistics are tracked in real-time and miscommunications are also reduced. Hence, creating blockchain apps for logistics purposes is much needed. The approximate cost to create a blockchain-based logistics app will be around $45,000 to $60,000. Apart from these, blockchain app development plays a vital role in numerous sectors and industries. Based on the need, and business specifications, the cost for blockchain app development may vary. 4. Development Method The choice of the development method also plays a major role in determining the cost estimation for blockchain application development. Each method comprises various resources, tech stack, and time limits. So, if you tend to develop a custom blockchain app, then be aware of the development methodologies. We have enlisted some of the popular development methods. Hiring Freelancer If you don’t want too many developers for blockchain application creation, then go with hiring freelancers. Millions of blockchain developers, freelancers, and technicians are there in the crypto market. Many have well-versed experience and expertise in creating a blockchain app. Choosing a freelancer is risky for startups with less knowledge of blockchain application development. This is because there is no guarantee about their experience and technical knowledge. Many claim to be the best freelancers in the crypto market even without proper certifications. So, be cautious. Not only this, the average cost to hire a freelancer will be around $45 to $65 per hour. If you are a startup, then this will surely affect the cost budget. Also, it is impossible to approach them when the blockchain app faces any technical issues or errors. So, it is better to choose a Blockchain Development company with trusted client testimonials. Approaching a Development Company Unlike freelancers, the blockchain development company would comprise a skilled set of developers, UI/UX designers, testers, technicians, and application supporters. So, there is no need to worry about the expertise of those developers for creating blockchain apps. They ensure to integration exemplary features for the blockchain application in a hassle-free manner. At the top, they charge only a limited amount for blockchain application development. The average cost to develop a blockchain application with the help of a development company will be around $30,000 to $75,000. They also provide solutions like clone scripts, white-label software, etc for blockchain app development. Along with this, they take nearly 7 to 15 days to create a blockchain app with the help of clone scripts or white-label solutions. Hence, approach a Blockchain app development company. 5. Third-party Tools For developing a blockchain application, it is essential to get access to various tools and resources for an enhanced development process. Some third-party tools are free yet some offer basic features for free and advanced features for subscription. Here is a list of some basic third-party tools that are used by developers for blockchain application development. AWS (Amazon Web Services) To ensure accuracy, high data protection, and storage needs, you can use third-party website services. These cloud computing services are broadly adopted by blockchain developers to store transaction data with end-to-end encryption. These web services provide blockchain APIs at an affordable cost for blockchain app developers. AWS is offered for both private and public blockchains. Hence, the cost for Amazon web services will be around $500 to $1,500. Bug Finder Tools If you are tending to develop a mobile app, it is essential to rectify bugs, errors, or technical mistakes. This will help to enhance the quality, and accuracy of the blockchain app. Some tools like Bugzilla, Jira, Redmine, etc are popular for finding bugs in mobile applications. The cost of implementing these bug-finding tools may be around $48 to $150. Monitoring Tools Apart from the blockchain app development, it is essential to monitor them occasionally. And it is also important to upgrade and update them to stay out of the box among the competitors. For that, there are numerous monitoring tools available. With those tools, you can monitor the blockchain app as much as possible. The average cost to buy those monitoring tools will start from $100. Upgradation Tools Like monitoring, it is also essential to upgrade the blockchain mobile application. You need to take care of updating the outdated features, UI/UX designs, and data versions to improve the quality. You can avail of them after the deployment phase. Some tools may cost $100 to $180 to upgrade the blockchain mobile app. 6. Technology Stack Preference Before delving into the development process of blockchain apps, be clear about the technology stack preferences. Frameworks These blockchain frameworks help the development team to simplify the creation, testing, and upgrading process. Each blockchain network comprises different frameworks. So, based on the blockchain choice, be clear on the blockchain frameworks. APIs The utilization of Blockchain APIs is to handle various tasks like data retrieval, key generation, address storage, and smart contract maintenance. Each blockchain network comprises different kinds of APIs and their integration process. Some of the APIs of the blockchain network include Covalent, Quicknode, The Graph, etc. Minimum Viable Product It is better to have an MVP for blockchain mobile applications. With the minimum viable product, you can run a beta test of the product, its causes, effectiveness, etc. When developing the MVP, try to indulge the core features and plugins. So, as a whole, the average cost estimation for these technology stack resources will come around $5,000 to $7,000. 7. Development Team We know that resources and third-party tools are important, but it is also essential to choose the best team that handles them with care. Give enough importance in choosing the potential development team for blockchain app development. Blockchain consultants About creating a new blockchain application, you must have guidance and support from a blockchain app development expert. Getting a consultation regarding the type of app, API integrations, feature implementation, etc helps to reduce the last-minute rush. The average cost of blockchain development consultations is $250 to $500. UI/UX Designers An important part of blockchain application development is making them more user-friendly and attractive. Apart from fascinating designs, you need to indulge in easily navigating features and interfaces. To make sure of this, get help from advanced-level UI/UX designers. They would help to create a blockchain mobile application that catches the attention of users and merchants. The UI designers help to design various user interfaces that catch the eyes of crypto users. So, for hiring a tech-savvy UI designer, the cost will be around $500 to $750. Front-end Developers After the successful design of the UI/UX interface, it is essential to have a qualified set of front-end developers to program them. They possess enough experience and expertise in coding scripts with various programming languages like HTML, CSS, and Javascript. They help to develop error-free and fast-loading webpages that will be convenient for webpage users. You may have to pay around $500 to $700 for well-advanced front-end developers. Blockchain Back-end Developers The server-side data storage, security, and other factors are developed & maintained by the back-end developers. They take responsibility for offering a hassle-free running of the blockchain application. The back-end developers of the blockchain application will utilize various programming languages like Javascript, Python, etc. If you need to hire a high-tech back-end developer for blockchain application development then, it may cost around $700 to $1100. Developers The next important thing is the choice of mobile app developers and technicians. They will take complete responsibility for developing blockchain applications without any errors or bugs. You can hire them or else choose the best development company that comprises mobile app developers. It is better to choose the development company because as said earlier, each blockchain developer will cost $45 to $65 per hour. It is comparatively less when you pick the right development company. They won’t charge separately for the blockchain developers. Software Architects Before building the blockchain application, you must need a set of software architects who will be well-versed in utilizing the resources. When you approach a development company, they offer various development solutions for quick launching. For instance, they provide white-label mobile applications for blockchain apps. To utilize and employ the white-label mobile app, pick the software architects. So that you can reduce glitches and bugs in the blockchain mobile apps. To get help from software architects, you have to spend $500 to $700. Testers Not only developing a blockchain app is important it also necessary to test it. This is because users usually pick the navigating and less complex blockchain apps for their purposes. So, be cautious to check your blockchain app with advanced-level resources and testers. Hiring a high-tech tester team will cost you around $450 to $650. So, these are the factors that affect the blockchain app development cost as a whole. When planning to create a blockchain app, keep the above-mentioned points for the further development process. Not only the factors but also the blockchain app development company plays a major role. Numerous blockchain app development companies are arising every day. Yet, you have to take responsibility to pick the best. Make the deal once, they are experts in creating an exponential blockchain app. One such blockchain app development company is Coinsclone. As an innovator in the blockchain industry, we are experts in delivering a potential blockchain app that fulfils your needs. What Makes Coinsclone the Best Blockchain App Development Company? As pioneers in the crypto market, our developers are proficient in creating a blockchain app at an affordable cost. We, Coinsclone the best Blockchain Development Company have served numerous startups to shine in the crypto industry with immense support. Our technical team utilizes high-end and advanced-level technologies for blockchain app development. With nearly 8+ years of expertise and experience, our developers can fulfill your business needs and specifications. Apart from blockchain-related services, we also offer crypto exchange development, wallet development, token creation, etc with utmost care. Our complete focus is to satisfy our clients and their ideologies. From initial ideation to product launch, we accompany you throughout the journey. So, think of us as your trusty guides to conquer new frontiers. Why wait? Contact our team and lay stones for your success era!!!