Currently, Blockchain is one of the most significant and emerging technology. As per Statista, the worldwide blockchain industry stood at $1.57 billion in 2018 and is forecasted to reach $163 billion by 2027.
Cryptocurrency app downloads increased in 2020 before actually skyrocketing in 2021. The development greatly stalked with costs of the popular coins such as bitcoin and ether.
Moreover, according to Apptopia, over 100+ million crypto apps were downloaded in the first quarter of 2021, with important contributors like Coinbase, Binance, Voyager, etc.
The above figures indicate that the blockchain industry has enormous opportunities for startups that wish to develop a blockchain cryptocurrency app.
Cost estimation is critical for cryptocurrency apps because it depends on various factors.
This blog will discuss Blockchain app development cost and cost-driving factors associated with cryptocurrency apps.
Let’s dive in.
Cost-Driving Factors of Blockchain Cryptocurrency App
Different domains may have diverse requirements based on app and business goals. If you are planning to create a cryptocurrency app where users can buy and sell crypto coins, you may need to invest around $50,000 to $150,000. For any other domains, you may be required to invest approximately $40,000 to $100,000. You can discuss or validate your business idea with the best Blockchain app development company for more precise cost estimation.
The complexity of Cryptocurrency App
There are numerous scales of complexity associated with various blockchain apps. Implementing advanced features in the application architecture, such as technology stack and design components, can raise the cost. Seeking assistance from a team of Blockchain developers may cost you approximately $50,000 to $200,000.
Experience of the Blockchain App development company
Developing a Blockchain cryptocurrency app is a challenging task. Developers are still researching new ideas to execute into the technology. Reviewing the developer’s experience is essential. Blockchain developers with ample experience will cost more to build your blockchain project.
Strength of Developer’s Team
If your cryptocurrency app requires more resources, you may have to invest more in budgets. You must look for a reliable cryptocurrency wallet app development company that fulfills the resource needs in terms of prototypes and quantity. If your cryptocurrency app development project is small-scale, you may need a small team of four or five specialists, incorporating a Blockchain developer, an app designer, a back-end developer, a QA, and a project manager. Business owners may have to pay more for a large-scale blockchain project, such as making and forming a Decentralized Autonomous Organization (DAO).
Personalization is vital in today’s technological world to cater to specific users’ needs, satisfy customer demands, and accomplish a high ROI. You can integrate special features that improve the user experience using interactive design techniques.
Blockchain Cryptocurrency App Development Cost Based On Types
- DApps (Decentralized Apps): Around $45,000 to $60,000
- Cryptocurrency Exchange App: Around $50,000 to $100,000
- DAO (Decentralized Autonomous Organization): Around $3,500 to $20,000
- NFT Marketplace: Around $50,000 to 1,30,000
Now you probably comprehend how much it will cost to develop a blockchain cryptocurrency app. The final cost estimation for designing, building, and testing a cryptocurrency app from scratch could be anywhere between $50,000 to $300,000. However, before hiring a Blockchain app development company, thorough research of their previous clients, projects, and reviews is mandatory when choosing a project as complex as Blockchain.