The NFT market is experiencing significant growth, with revenue projected to reach approximately $608.6 million this year. As interest in NFTs continues to rise globally, there is also an increasing need to store them. However, it’s not enough to simply stock these assets in any random storage. NFTs require expertly developed wallets that are efficient, scalable, and, most importantly, secure as well.
Basically, NFT wallets are computer programs essential for storing, managing, and trading digital assets. Anyone looking to invest in NFTs requires a secure and efficient NFT wallet. However, when it comes to creating an NFT wallet, it is important to understand the development costs and all of the complexities involved. This article uncovers factors that influence the final NFT marketplace development cost so that after this blog, you can estimate the development cost of your NFT Marketplace on your own.
How Much Does It Cost to Develop an NFT Wallet?
NFT wallet app development costs typically range between US$12,000 and $180,000 but can go even higher.
There is no standard figure for these costs, as they can vary significantly based on several factors. Generally, the basic rule to follow when calculating the development cost is that the more complex the wallet, the higher the cost. Look at the development pricing based on the wallets’ complexity levels:
NFT Wallet Development Cost
| Wallet Type | Cost Range in USD |
|---|---|
| Simple Wallet | $12,000−$25,000 |
| Medium Wallet | $25,000−$72,000 |
| Complex Wallet | $72,000−$180,000+ |
Key Factors Influencing NFT Wallet Development Pricing
As mentioned earlier, different factors influence the cost of NFT wallet development. Here are some of these factors listed below:
Wallet Features
The type and number of features integrated into the NFT wallet influence its overall cost. Whereas a simple wallet with basic features costs on average around $30,000, a mobile wallet application with extensive functionalities costs over $180,000. Here are some of the essential features of an NFT wallet:
- Multi-Chain Support: Support for Ethereum, Solana, Polygon, and other NFT-compatible blockchains.
- Authorization: Secure login through 2FA (Two-Factor Authentication).
- Staking: It allows users to store their crypto coins for a specific period.
- Push notifications: Users receive real-time updates.
- QR Code Scanner: Support seamless transactions.
- Transaction History: Track and show all the past NFT transactions.
NFT Wallet Size
Another factor that majorly contributes to the NFT wallet app development cost is the size of the wallet. The more features integrated into the app, like multi-chain support, authorization, etc., the bigger the size of the wallet; hence, the larger the cost for its development.
Wallet Type
The development cost for an NFT wallet also varies per its type. Here are the different types of wallets, each costing differently for their development:
Custodial Wallets: These wallets store private keys on a centralized server.
Non-Custodial Wallets: These wallets provide complete control over their private keys to the users.
Web-Based Wallets: These wallets can be accessed through a browser and cost much less than mobile wallets.
Mobile wallets (iOS and Android): These are sophisticated wallets that require cross-platform development and cutting-edge features.
Desktop wallets: These wallets are used for managing cryptocurrency and are installed on a PC or laptop.
Paper wallet: A physical document that contains private and public keys used for the offline storage of digital assets.
Hardware Wallet: It is a physical device that stores private keys securely and provides maximum protection.
NFT Wallet Design
Wallets with appealing and non-complex designs often require significant investment and effort in NFT wallet development. On average, a good UX design made with a smart UI/UX design plan can cost from $400 to $1,400. However, investing in an intuitive design pays off in the long run, as it enhances the user experience.
Tech Stack
The technology stack used for wallet development determines the overall project’s quality and cost. Below are the commonly used technologies:
- Blockchain Networks: Ethereum, Solana, Binance Smart Chain, etc.
- Programming Languages: Solidity, Rust, JavaScript, Python, etc.
- Frameworks & SDKs: Web3.js, React Native, Ether.js, React Native, and more
- Security Protocols: AES-256 encryption, multi-signature authentication, biometric authentication, etc.
- Cloud & Storage: IPFS, AWS, Firebase, and more.
Development Team
It’s an obvious fact that hiring a freelancer for any service costs much more than getting the same work done by a company. However, it is important to note that NFT wallets are extremely complicated software programs that require a high level of expertise and technology to develop. Thus, a freelancer can’t deliver the same when it comes to NFT wallet development. Hiring a blockchain development company such as Webcom Systems ensures that the level of expertise and quality delivered in NFT wallet development is impeccable.
Our development team consists of project managers, backend developers, iOS/Android developers, designers, and quality analysts who will personally manage the project. Thus, instead of a single person, a dedicated team of professionals would work collectively and make sure to deliver value for your money.
Cost Breakdown of the NFT Wallet Development Process
The creation of an NFT wallet entails several steps, each with its own cost considerations. Here is a detailed cost breakdown for each phase:
UI/UX Design
Starting with the designing, in this phase, professionals design and develop an intuitive and navigation-friendly interface for the wallet. This UI/UX phase can cost anywhere between $400 and $1,400, as per the complexity of the application.
Implementing security measures
The NFT wallet development company will implement various security protocols, including advanced encryption and digital signatures, to ensure the security of the NFT wallet. The estimated cost for these measures ranges from $500 to $2,600.
Backend Development
Back-end development involves creating crucial features for the NFT wallet application to ensure its functionality. This process is quite complex and requires extensive expertise, typically costing between $1,100 and $5,000.
API Integration
It is the implementation of third-party platforms to enhance the functionality of the NFT wallet. The cost for this phase ranges between $600 and $1500.
Quality Assurance and Testing
The QA team checks the wallet’s functionality before deployment for public use. This phase is crucial for spotting and fixing any issues beforehand. It costs between $600 and $1,200.
| Phase |
Cost Range |
|
UI/UX Design |
$400−$1,400 |
|
Security Implementation |
$500−$2,600 |
|
Backend Development |
$1,100−$5,000 |
|
API Integration |
$600−$1,500 |
| Quality Assurance and Testing |
$600−$1,200 |
Quick Cost Analysis for NFT Wallet App Development
If you are looking for ballpark figures for developing your NFT wallet, here’s an estimate of the development costs for each type of NFT wallet, as well as the estimated development time.
|
Wallet Type |
Development Duration | Estimated Cost Range |
|
Mobile Wallet |
1 to 3 months |
30,000−80,000+ |
|
Desktop Wallet |
3 to 6 months |
25,000−100,000+ |
|
Web Wallet |
2 to 4 months |
15,000−50,000+ |
| Paper Wallet | 2 to 3 months |
3,000−6,000+ |
|
Hardware Wallet |
8 to 12 months |
55,000−180,000+ |
Conclusion
Indeed, NFT wallet development demands a significant cost. It would depend on the tools you use, the development team you hire, the features you want, and so on. However, outsourcing a tech agency is a good idea when you do not have enough resources for this expensive investment.
Webcom Systems can develop an NFT wallet for your business with the required functionalities and features at a much lower cost. If you’re ready to develop and launch your own NFT wallet, allow our experts to guide you and provide a detailed cost estimation. Get in touch today!
Recommended Read: Advantages Of NFT Development For eCommerce Platforms
