One of the most trending technology in recent and upcoming times is blockchain. Many people are aware of blockchain because of bitcoin and cryptocurrency, but it is a lot more than this. Blockchain has totally changed the way of business works and transactions with each other. The best way to explain it is digital transformation, it fits perfectly and defines blockchain as the best. Blockchain describes the decentralized network, which is important these days.

Every business is looking for the best blockchain development company that can help them and create customized solutions according to their need. But the question is how much it costs to develop a blockchain solution and how much time it takes and How Blockchain Technology is Beneficial for Mobile App . In the given article we have discussed the blockchain app development cost. Also, we will find out the factors affecting the cost of blockchain app development. 

Blockchain App Development Cost

Before you enter into the blockchain industry, Every business need to know how much Blockchain App Development Cost? There are many different factors that affect the entire cost of development and cost depends more on these factors or less on the different needs of businesses.  To have a perfect solution you need to hire a blockchain app development company. The process of development finishes in around 6-20 months or more to get completed. It can be done in a variety of ways and the app development cost varies from time to time-based on different factors. Let us discuss the types of different blockchain apps that will strongly affect the Blockchain App Development Cost

1. NFT Marketplace 

NFTs have been a bit famous among businesses in recent days and they are getting NFT development services at a huge level to enhance their operations. Also, this service is not only useful for small or mid-level businesses many leading IT companies are also adopting this latest trend. 

These all are energetically going on to utilize this amazing cryptographic asset including Blockchain technology. They are investing both money and time and even hiring top NFT development companies that can assist them with concepts and build the ideal solution. The cost of an NFT marketplace would cost you around $40,000 or more than that.

2. Decentralized Application

Decentralized Apps consist of distributed reports to have the transactions records and there is no dependence on a third party to control the data flow. While building a decentralized app, different decentralized technologies are used to provide users with an amazing experience. You can choose a Decentralised app development company according to your requirements and the will focus on your requirement in order to deliver you a great result-driven app. A Decentralized app can cost you around $40, 000 to $80,000 which is differential according to your business requirements 

3. Decentralized Finance Application

The market is packed with the demand for developing decentralized finance apps because it removes the need to have a centralized finance model. It allows users to use finance-related services regardless of place and time. These Decentralized Finance solutions allow people to manage their money more efficiently by using personal wallets and trading services. With including all the features a decentralized app can cost you around $45,000 to $50,000 or can be more according to your requirement 

4. Cryptocurrency Wallet Application

Crypto wallets are the best when it is about collecting cryptocurrency tokens, transacting money, and data management. Cryptocurrency wallets are important as they make unique transactions possible when managing them using different cryptocurrencies. While searching for a fully featured crypto wallet app with the reason of data management for crypto transactions, the cost to develop a crypto wallet app will cost around $30,000 to $50,000.

5. Cryptocurrency Exchange Application

The cryptocurrency exchange app is continuously growing by offering reliable and feature-rich app infrastructure to provide users with crypto token trading. Getting crypto exchange app development services are giving a number of benefits to your business. People choose this app to take up the benefits of modern edge technology and the latest digital resources to support crypto enthusiasts or trade efficiently. Counting all the factors and elements as apps’ design, development, and deployment, the total of crypto exchange app development starts from $40,000.  It can go higher according to the complexity and added features.

According to the estimation, we can say that the total cost to develop a blockchain app would cost you around $30,000 to 1,00,000 consisting of ultra-modern features and up-to-date technologies and tools. According to the conditions of hiring Blockchain app developers, we have mentioned prices above, To manage the cost, just keep in mind to add only important aspects, otherwise, you will end up having an out-of-the-budget solution.

Factors to Determine the Blockchain App Development Cost

Every blockchain app development company keeps to another process to create a blockchain app, and also the cost also differs from organization to organization. However, there are different factors, just like the factors affecting mobile app development costs which are managed for impacting the blockchain app development cost. They are 

1. Size of the blockchain development company

This is a very common factor to consider while calculating the cost of development. Companies that offer blockchain development services are divided into three categories: a small-scale company having 10 to 15 developers can cost somewhere near $15,000 to $30,000, a mid-scale company can cost approximately $30,000 – $70,000, large-scale companies to cost a lot more somewhere around $60,000 to $1500,00.

2. Type of the blockchain app

Each businessman, irrespective of their size will need a smart solution that can help them effetely maintain the capacities of business. Developing a  blockchain application moreover builds trust and transparency towards the business by eliminating the middle people from it. Before you start with the app development process, you must consider all your business requirements first and then decide the type if the app you want for your business. You want to look into the perfect kind of app that can meet your business’s complexity and how different its expenses are over the business.

3. App Complexity

Different factors are combined to characterize the functional nature of a Blockchain mobile app. The objective behind this is that the first thing you should consider is the aim behind building your application. You must be sure about the problems your customers are facing, the current status of your business, why you need to add it into blockchain mobile app development, and how your app can perform better. The cost of blockchain app development depends upon the complexity of your application. After checking out the features of your app you can consider that it will cost $5,000 to $35,000 approx. Also, a mobile app with too many complexities may go beyond this price, depending on the features you want to integrate.

4. Team Size

One of the important factors that affect the cost of your blockchain application is the size of developers involved in the process. The size of the team depends on the size of the project. If you need less number of developers it will cost less then a project that needs a greater number of developers. It also depends on the way you are hiring blockchain developers. 

• Hiring in-house blockchain experts
• Opting for blockchain app development services from a freelancer
• Hiring an expert and proficient blockchain app development company

Depending on what type of selection you make for your project, the cost will vary. For example:

• Hiring an in-house blockchain app development team may cost you around $50,000 for beginners to $100,000 for an expert team.
• Hiring an expert freelancer may cost somewhere approx. $50,000 to $90,000.

5. Industry Niche

The type of industry also affects the cost of app development. Each industry has different needs and requirements with different technology and features so the cost varies.  These factors can change the application development cost in light of the fact that the prerequisite for each situation varies from the other

Conclusion 

Blockchain app development is no more a new topic these days. Many industries have already adopted such technology and those who haven’t done yet are working on it. In the past few years, blockchain technology has developed and a variety of things have changed. According to blockchain experts, if these solutions are implemented correctly, they can surprise or wonder for your business.

From security to transparency, money transactions will no longer be a point of worry for the businessman. If you are also thinking to get your business more streamlined, this is the right time to get a blockchain app developed, and all you need is to find the right app development company that can help you create a customised solution that can solve all your problems.