Blockchain App Development Cost - 2024

The blockchain application development cost relies on various things. The final cost of the blockchain application depends on the type of application one wants to build.

The average blockchain app development cost is $50,000 to $85,000.

The blockchain development cost relies on the necessity of the platform admin. The features they want to include on the platform, what type of audience they want to target, how the platform will work, and on which of the platforms it will be available.

One can build a business from any option like fintech, banking, insurance, games, real estate, travel & tourism, logistics & transportation. Our expert developers can help you build all such applications on the blockchain platform. 

We promise to deliver high-performance blockchain app & software at affordable cost to achieve business goals faster.

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Blockchain App Development Cost Factors 

Blockchain app development cost is just an approximate cost for the development. It may vary from company to company with the features and usage of advanced technology for app development. We have explained the factors that are responsible for the final cost. 

Blockchain Project Complexity Cost

Complex projects involving intricate business logic, multiple functionalities, and various user roles contribute to higher development costs. Integrating existing systems and legacy databases can add complexity, requiring careful planning and execution.

There can be multiple solution-providing platforms on the blockchain marketplace, but each platform has a different level of complexity. One needs to understand the necessity of the application on the blockchain marketplace. We have divided the complexity of the blockchain into three different categories. 

• Low complexity application
• Platform with medium complexity
• Platform with high complexity

Low-Level Complexity

The development of basic-level smart contracts lies under the level of low complexity, and payment applications based on the already available cryptos fall under such complexity. The cost of blockchain implementation in the low complexity application is the lowest of all. A payment application requires minimum features to be added, and the sources are easily available. 

Medium-Level Complexity

A blockchain-based application like a semi-decentralized application or decentralized framework like Hyperledger sawtooth or Hyperledger fabric falls in this category. The cost of implementing blockchain in such an application is slightly higher than in a low-complexity application.

High-Level Complexity

The high-level complexity comes when everything starts from scratch. For example, building a completely new cryptocurrency from the beginning or building a completely decentralized network falls under the high-level complexity platform. Building a completely new platform for the users takes a lot of time, resources, and effort. 

Blockchain Application Type Cost

Public blockchains, like Ethereum or Binance Smart Chain, involve higher costs due to mining, consensus mechanisms, and gas fees. Private blockchains might have lower upfront costs but can still incur expenses for setting up and maintaining the network.

NFT Marketplace App

Business enthusiasts are taking an interest in NFTs, as seen by the involvement of well-known companies like Gucci, Nike, and Facebook in this enterprising cryptographic asset. Working with an NFT marketplace development company is essential if you're thinking about creating an NFT marketplace. They will assess your concept, provide a price quote, and then create and implement a platform that produces outcomes.

Decentralized App (dApp)

Blockchain technology is used by decentralized apps (dApps) to deliver user-focused features directly to users, cutting out the middlemen. Working with a dApp development company is advised to establish a successful dApp. The average cost to produce a dApp is between $45,000 and $60,000.

DAO

Digital and decentralized infrastructure supports the operations of decentralized autonomous organizations, or DAOs. If you want to start a DAO from scratch, you should hire a DAO development company to help you with it. The setup and development of a DAO can go between $7,000 to $30,000.

Cryptocurrency Wallet App

Crypto wallets have evolved into essential tools for efficiently handling transactions. Users may store and exchange a range of cryptocurrencies with these wallets. Creating a dynamic and feature-rich cryptocurrency wallet app requires collaborating with a company that develops cryptocurrency wallet apps.

Cryptocurrency Exchange App

This sector is expanding quickly; therefore, hiring a cryptocurrency exchange app development company with experience can help you transform your crypto ideas into a profitable exchange app. A trading app for cryptocurrencies usually costs between $50,000 and $80,000 to design, create, and launch.

Industry-wise Blockchain App Cost

The development of blockchain mobile apps can potentially transform various industries and yield enormous advantages. The sector your blockchain app will be used in greatly influences development costs. Numerous aspects that impact expenses differ between industries, including the intricacy of the digital application platform (dApp), the number of stakeholders engaging with the app at any one moment, and industry compliances.

The variations in blockchain app development costs across different sectors.

Third-Party Tools Cost

The enterprise blockchain application development company helps to build the application for the business, but there are some sources/tools the company needs to get from the main sources. These technologies are Amazon Web Services (AWS), Google Cloud Platform, IBM Cloud, etc., from which the development company needs to access the resources.

Amazon Web Services (AWS)

Useful for storage, delivery, and computing service. Blockchain development needs this as all the data is stored here, and the cost for this can be between $100 to $1500; it may arise if the number of users increases on the platform. 

Bug Finding Sources

The sources for finding the bug are crucial for the application. It helps to make an error-free platform free from bugs. It can cost up to $50- $150 for a month.

Monitoring Service

A newly built platform needs continuous evaluation and monitoring to ensure a smooth run. It costs between $50-$60. 

App Development Cost 

The cost of developing an application may vary from company to company per the number of resources that will work for building the platform. It can cost you per hour or may be charged for the whole project. Each of the companies has its packages for providing services. 

Highly skilled and experienced blockchain developers often command higher hourly rates, impacting overall development costs. However, their expertise can lead to more efficient development processes and higher-quality outcomes.

Rigorous testing, including functional, security, and performance testing, is essential for a reliable blockchain application. Automated testing tools, security audits, and continuous quality assurance efforts contribute to development costs.

The cost may be between $35K to $45K (approx); it may go higher or lower as per the company’s service or any specific client demand. The blockchain app cost calculator gives you an idea of the project cost based on the app tech needs. 

App Designing Cost

Designing the application plays an important role in any type of application. The design plays a major role when the user uses the application after the deployment. How an app looks and pushes plays a basic part in how an application user feels when tampering with it. 

A well-designed and user-friendly interface enhances the overall user experience but may require additional design and development efforts. Iterative design processes, usability testing, and responsive design contribute to the overall cost.

The approximate design cost can be between $5000 to $10,000. 

App Deployment Cost

Application deployment is all of the practices that happen to create software that is accessible for utilization and able to run in a particular environment. It brings numerous key preferences to endeavors. A program like introducing, uninstalling, and overhauling program applications on each computer is time-consuming.

Computer program-sending administrations decrease the time and make the method fault-free. The application can be effectively controlled and overseen through sending. There are a few other preferences for program arrangement as well. The application deployment cost can be between $35,000 and $45,000, or maybe more or less, per the company.

3rd-Party Integration Cost

Interoperability with external databases, APIs, or other blockchain networks can increase development complexity and costs. Ensuring seamless data flow and compatibility requires careful integration planning.

To create beyond any doubt that the code works consistently with everybody else's code, each designer ought to compose and approve code in a shared code store. The administration of a quality computer program pipeline is critical.

An automated process is a perfect way to check this. Using Bitbucket and GitHub to oversee source code increases the toll on the blockchain app, $10,000 can be an approximate cost. 

App Maintenance Cost

Once the application gets ready and deployed in the marketplace, the platform's maintenance is necessary. Although blockchain applications are rising higher, they are still new to the industry, and multiple new sorts of applications are joining the marketplace.

The blockchain application can be easily switched from one platform to another. Any application needs to be updated with time and requires maintenance. The maintenance cost for blockchain app development can be around 15-20% of the total application cost. 

Security Requirements

Implementing robust security features, such as encryption, multi-signature wallets, and secure key management, is crucial but adds to development costs. Regular security audits and ongoing monitoring are necessary to identify and address potential vulnerabilities.

Smart Contract Development

Smart contracts automate processes on the blockchain. Complex business logic, multiple conditions, and interactions with external systems contribute to the cost. Rigorous testing, including auditing for potential vulnerabilities, is essential for the reliability of smart contracts.

Tokenization

Creating and managing tokens involves considerations like token standards (e.g., ERC-20, ERC-721), supply control, and distribution mechanisms. Compliance with NFT token standards and regulatory requirements can incur additional development and legal costs.

Regulatory Compliance

Navigating legal and regulatory landscapes is crucial, as blockchain applications often deal with sensitive data and financial transactions. Compliance efforts, legal consultations, and adapting to changing regulations contribute to development costs.

Scalability Requirements

Anticipating future user growth and designing for scalability involves careful architectural planning and may require additional infrastructure investments. Implementing solutions for horizontal and vertical scalability contributes to development costs.

Considering these factors collectively helps estimate and manage the budget for blockchain app development projects.

Standard Ways To Get Your Blockchain App Developed

There are multiple sources by which one can build a blockchain-based application for business. Each type of resource has its perks. One can build a blockchain-based platform by:

• Inhouse Team
• Hire A Freelancer
• Hire An Agency

Inhouse Team

At first, keeping up a group of in-house blockchain designers, as were financial issues, appeared to be bothersome. But, once you think more profoundly, you'll get to know approximately a plenty of issues. In spite of the fact that you may have a devoted group, you may be there, to begin with, in the case of a few crises.

There's no question that you will have full control over blockchain app advancement; you'll have to oversee the group's costs, counting their excursions, motivating forces, workspace, and more. Since blockchain is still in its earliest stages, there's a shortage of experienced blockchain designers. A normal charge for a blockchain designer is $150,000 per annum.

Working with a blockchain designer might be costly for businesses as compared to enlisting a blockchain improvement company. If you're a program advancement company, you should work with an in-house group of engineers. It's superior to working with a third-party supplier or freelancer.

Hire A Freelancer

The other arrangement is you'll be able to hire a freelancer for application development. It can charge you a little less than a professional blockchain advancement company. Overall, outsourcing, to any extent, raises the address of obligation.

The reliability of the freelancers is tough as the profile does not reflect previous tasks or projects. Sometimes, the decision to hire freelancers turns into a nightmare for the project owner. Another disadvantage of hiring freelancers is the shortage of enough resources. The freelancers either work alone or have a small team for development.

The smaller the team, the more time it will take to build the platform; one is investing a huge amount and needs to get it done as soon as possible. In that case, hiring freelancers can delay the launch of the application in the blockchain marketplace.

Hire An Agency

Hire a blockchain application development company to get reliable resources and receive the project immediately. Such companies provide project managers, a team of designers, and developers with years of experience developing blockchain applications. Hiring a professional to build the application has multiple perks, including reliability, experience, a team of developers, and the security of a high-quality application. 

This sort of business requires a good amount of money to be invested, and nobody wants to get it delayed by any chance or any sort of error in the application. By hiring a company, one need not worry about the application's progress; one can primarily focus on the marketing strategy to promote the application. 

Choosing RisingMax Inc. For Blockchain App Development 

RisingMax Inc. is the leading blockchain application development company and provides a cost-efficient solution for every business size. We have more than 250+ core teams of developers and designers for blockchain app development with years of experience in the related field.

We have 10+ years of experience as a software development company and 6+ years of experience as a blockchain app development company. The company also has great expertise in NFT aggregator marketplace development and metaverse platform development. We also provide free consultation for building an application, marketing service for the application, and platform maintenance. We also have a dedicated in-house team for our clients until they are ready with their own team to handle the application completely.