With technology advancements, industries are inclining more towards decentralized applications. Business owners are using decentralized technology like Blockchain to create interoperable, secure, and transparent applications.
According to a new market research report, globally, the Blockchain market will go up to $23.3 billion by 2023. Among the most popular Blockchain technology sectors are cryptocurrency apps. A cryptocurrency application uses principles of Blockchain technology at the core of its functionalities and caters to diverse user requirements.
Several people are interested in cryptocurrency trading, making it a popular market for various industries to invest in and launch their apps.
If you are a business owner looking to build a cryptocurrency app, you should be aware of how much Blockchain development services will cost you.
This blog will guide you through the factors influencing the cost of Blockchain cryptocurrency app development and total estimation.
How Much Does Blockchain Development Services Cost?
There is no fixed formula to estimate the price of building a cryptocurrency app as it depends on several parameters. Let’s understand the factors influencing the final development cost given below:
- Project Scope
The main parameter affecting your cryptocurrency app’s cost is your project’s scope. Your development cost varies per your app niche, features, and requirements.
For instance, a wallet app might have different requirements that you can explore by hiring a cryptocurrency wallet app development company. You can even explore your app idea more in-depth with the help of a mobile app development company.
Moreover, the requirements of application, stakeholders, and end-goals change as per the industry niche. Typically, the Blockchain industry requires a project investment of anywhere between $50,000 to $150,000.
- Developer’s Cost
Since Blockchain is an evolving technology, and the developers that are working on it are still exploring the new concepts of this technology. It is recommended to always consider the experience of the developers and the type of previous projects they have delivered.
However, the more experienced developer you are going to hire, the more costly the Blockchain app development cost will be.
- Feature Complexity
For different applications, there can be different types of features to integrate into the app. It is necessary to incorporate user-oriented features in the app that can offer a more interactive app interface.
The cost of developing a low-complexity app with basic smart contracts will be anywhere between $15,000 to $35,000. In contrast, an app from medium to high complexity will cost you between $30,000 to $90,000.
- Technology Stack
You will need various tools, resources, and frameworks to complete your app development process. As per your app requirements, your requirement for specific technology will vary.
You need to select the right tech stack for your project based on the app idea. However, your cost of building the cryptocurrency app will change relatively.
- UI/UX Design
Another important aspect of your app is the design concept, as it will directly affect the performance of your app. Therefore, ensure that the UI/UX of the app is highly engaging and easy to use. Your users will love to spend more time on your app if it has a seamless workflow.
The cost of building the cryptocurrency app will be influenced by the design complexity, screen transitions, UI elements, etc.
- App Maintenance Cost
Now that app is ready, what should be your next step? You should ensure your app’s functioning remains intact despite the technological changes. Therefore you need to check if you will be getting the app maintenance assistance in your Blockchain development services.
Technology keeps changing with time, and updating your app as per the new technology changes is essential. Therefore, decide on a monthly budget to invest in the maintenance of your app.
After developing your app, it is highly crucial that it reaches your target audience. Therefore, your project must include the costs of advertising and PR activities.
Based on the various factors that might impact the cost of developing your Cryptocurrency app, we can conclude that your Blockchain app development cost will fall between $50,000-$200,000. However, remember that this cost can change per your project scope and various other personalized features.
Make sure you have considered all of the factors, from feature requirements to the app maintenance cost. At the same time, set a budget aside to scale your app down in the future.