A Comprehensive Guide on Blockchain App Development Cost

The well-intentioned shift to the decentralized universe, also known as Web 3.0, has radically increased the demand for blockchain technology. The latter can revolutionize businesses and transactions, allowing business owners to create a robust, well-designed, and transparent distributed system capable of ensuring maximum ROI.

According to a recent report from Grandviewresearch, the global market share of blockchain technology is expected to witness a value of $1,431.54 billion by 2030, thereby observing a CAGR of 85.9% from 2022 to 2030. Thus, the total investment in technology is bound to increase much faster, making way for infinite opportunities for tech-savvy entrepreneurs to pivot their businesses successfully.

Now, for an investor looking to pervade the blockchain technology market, estimating the blockchain app development cost is one of the most important aspects that can help you make better financial decisions. As per various niches, blockchain implementation requires you to understand multiple aspects of cost estimation. This guide will tell you everything you need to know about the cost of building a blockchain system and the factors that affect it.

In addition to the blockchain app cost, we will also look at various industries that can benefit from creating a blockchain app and the cost and timeframe to develop multiple blockchain apps.

Now, without further ado, let us jump to the most critical aspect of our discussion and interpret the blockchain app cost as per the app’s complexity.

Simplifying the blockchain app development cost

To give you a rough estimate, the blockchain app development cost varies from $40,000 to $300,000, or more. Certain factors affect the overall blockchain development cost, including the app’s niche, its UI/UX design, launching of the ICO, proof of concept, etc.

Since the overall complexity of the app is the crucial deciding factor that can determine the blockchain app cost and the time frame, let us try and offer you the estimated cost to build a blockchain system as per the varied complexity levels.

Furthermore, for determining the exact cost of implementing blockchain, it is first essential to categorize the blockchain solution you wish to get for your business. Now, blockchain solutions are based on network or on cryptocurrency and our effectual blockchain app development guide will help you understand the technicalities associated with this technology from scratch.

A dedicated blockchain application development company like Appinvetiv can help you with better estimates of the cost of developing a blockchain project as per various milestones to be achieved. Let us try and offer you the percentage of cost allotted to multiple milestones of a successful project.

Factors affecting the blockchain app development cost

Getting a gist of various factors that can affect your overall budget of development requires you to first identify the type of blockchain app you require. In addition to this, you should have a clear understanding of the purpose of your app, what problems are faced by the end-users, how your blockchain solution can resolve those problems and bring in the transformation, etc.

Just like mobile application development cost, the cost of developing a blockchain app differs depending on the features and technologies you put into the development process. Keeping this into consideration, here are the multiple factors you need to consider while building a particular Blockchain app:

• Agency Size

When you look into the mobile app development industry and how the cost breakdown structure is planned in the domain, you will find it varying between three sets – Large Size Companies, Medium Size Blockchain App Development Agencies like Appinventiv, and Small Cap Agencies.

Small size agencies generally charge a lot less than the medium and large size app development companies, as they are in a dire need to create their work portfolio.

Large-cap companies, on the other hand, are very selective in terms of projects that they take up. The reason behind this high cost estimate can be any – from the Monetary management of a big team to the aim to maintain a set standard of the portfolio.

Noting both the situations, brands who are planning to enter the Blockchain sector generally prefer to invest in Mid-size Blockchain App Development Companies, as they have the team to handle the project and at the same time they don’t quote a price that would burn a hole in the brand’s pockets.

Now the cost difference that comes between the three Blockchain App Development Company sizes, look something like this –

Apps Developed by large app development companies, with the team size of cost 3000+ experts – Cost $450,000 to $1,500,000

Apps Developed by Mid Cap app development companies, like Appinventiv, with a team size of 1000+ experts cost $40,000 – $300,000.

Apps Developed by freelancers or small shop companies, with a team size of 10 to 50 experts – cost $2,000 to $ 25,000.

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