With technological advancements, it’s no wonder that businesses in all sectors are looking for ways to make their products and services more customer-friendly and future-proof. There is no doubt that blockchain has come here to stay. It’s the present and future of how the business will be done. As reported by GlobeNewswire, the global blockchain technology market size and revenue were valued at $4.8 billion in 2021 and are expected to reach $69 billion by 2030. This market growth may be anticipated as a result of using cryptocurrency for making payments in this article we will know about dApp development cost
With the increasing demand for dApps using blockchain technology, the dAapp market size is predicted to reach $368.25 billion by 2027. This provides a massive opportunity for businesses to transform their payment structure and drive business growth. But now the main question that comes to mind is, how much will it cost to develop a dApp in 2023? And how long will it take to develop a dApp?
The answers to these questions depend on several factors, including the features, complexity, development team, and platform on which the dApp is being built. However, dApp development costs between $40000 – $100000. But before that, let’s make our minds clear and have answers to a few of the questions to make the right choices:
- What is your target audience?
- For which industry are you building your dApp?
- Which development company do you wish to hire?
- What will you expect in terms of ROI?
Now, let’s move further to have a look at the factors affecting the development cost.
Factors that impact the dApp development cost
It is essential to clearly understand your project requirements as this will help you decide on the features and budget carefully. Let’s look at some of the significant factors that affect the cost of development:
Industry of dApp
One major factor that decides the cost of development is the industry for which dApp is being developed. For example, if you plan to create a dApp for the finance industry, it needs to be integrated with complex functionalities like security, privacy, and scalability. Therefore, the development cost turns out to be on the higher side. To get a better understanding, we have provided industry-wise cost estimations.
| Industry | Cost estimation |
| Finance sector | $50000 – $100000+ |
| On-demand sector | $40000 – $80000 |
| Social media industry | $45000 – $100000+ |
| Public sector | $70000 – $100000+ |
| Healthcare | $55000 – $100000 |
App complexity
With the increase in features and functionalities, the complexity of the dApp also increases. But first, you need to consider the app’s intent. This means that you should know the need and purpose of your dApp before deciding to start the development process. The app complexity is divided into 3 categories depending on the features and functionalities.
- Simple – Has few basic features and doesn’t require much development time. Mostly developed for informational purposes like a weather forecast app.
- Moderate – Mostly developed for eCommerce purposes and need features like payment gateway integrations, user management, etc. It takes a bit of the time to get integrations done and test them.
- Complex – Most complicated decentralized apps that need to be integrated with complex features like security, calling, chatbot integration, multi-currency exchange, etc. It will require a higher budget and enough time to get a dApp ready for your business.
App platform
dApp platforms like Neo, Ripple, Openchain, and more provide different features and functionalities. Depending on your project requirements, you need to select the best platform that suits your dApp. For example, Ripple can be best suited for the finance industry, whereas Openchain is best for digital asset management.
Development team
One of the most crucial factors is to select a team for your project. This will include the right size and experience of the team depending on the project requirements. You can either opt for an in-house team, freelancers, or hire a dApps development company. If you want to hire freelancers, you need to consider the skillset, experience, and expertise of the freelancers. Similarly, an in-house team will be expensive as you need to consider their experience in particular technologies. Whereas, if you go for a development company, they already have an experienced team of developers who can work on your project and deliver it within the specified time and budget. Also, they will be responsible for maintaining and updating the dApp as per the latest trends.
| Development team | Estimated cost |
| Freelance developers | $30000 – $50000 |
| In-house team | As per the experience |
| Development company | $50000 – $100000+ |
Team location
The location of the team also plays a significant role in deciding the cost of development. The cost of living and wages vary from place to place. For example, the cost of living and wages are high in developed countries like the US and UK compared to other countries. So, if in case you hire a team from these countries, the development cost will be higher. Whereas the cost will be lower if you employ a team from developing countries like India and Ukraine.
Technology stack
With each platform, there comes a different set of tools and technologies that are used to develop a dApp. So, depending on your chosen platform, the tech stack will be finalized. For example, if you are planning to develop a dApp on the Ethereum platform, the technology stack will include Solidity, Truffle, and Geth. Similarly, if you plan to develop dApp on the EOS platform, the technology stack will include C++, python, and javascript. Moreover, the tech stack also includes developing API, and UI/UX to get the apps running accordingly.
Now that we have understood all the essential factors that affect the pricing, let’s look at the time required for dApp development.
Estimated time taken to develop dApps
The time required to develop dApp depends on the app’s complexity. So it’s always recommended to develop an MVP (Minimum Viable Product) of the dApp first. This will help in understanding the development time and cost involved. The MVP version will take approximately 4-6 months to develop. Once the MVP is developed, you can add new features and functionalities to the dApp as per your requirements.
Closing thoughts
With businesses going digital, dApps are gaining popularity. They offer a wide range of features and benefits that traditional apps lack. But before you develop a dApp, you need to consider various factors like the type of dApp, platform, tech stack, team size and experience, development time, and cost. So it’s essential to consider all these factors while developing a dApp. As this will help you understand the development time and cost involved.
