Hi, cryptopreneurs I am here to discuss the cost of launching your own NFT marketplace in the UAE. If you are an entrepreneur or a startup looking to launch your own NFT marketplace, this discussion will be useful. Why the NFT marketplace? If you have that doubt, let me clarify for you 

From 2022 to 2027, the NFT market revenue is anticipated to grow at an average annual rate of 27.26%, with an estimated value of $8,412 million by that year. This much revenue is going to come with an initial price, right? No need to worry; the NFT marketplace will become a revenue-generating platform in the coming years, so investing now could be a wise decision. Launching the NFT marketplace is going to cost you between 55,000 and 1,90,000 AED. 

The license fee for an online trading platform varies from 5000 AED to 30,000 AED, depending on your industry, if you want to launch your own NFT marketplace platform in the UAE. You will need to invest a minimum of 50,000 AED if you want to become a millionaire in the coming years.

Let me clearly explain the exact amount required to launch your NFT marketplace platform, the benefits of launching your own NFT marketplace platform, and how this platform generates revenue for your business. 

Cost of building an NFT marketplace platform in the UAE

The cost to build an NFT marketplace ranges from 55,000 AED to 2,00,000 AED and varies depending on the customizations your business requires. Your company may benefit from creating its own NFT marketplace platform from scratch. You can contact InnBlockchian Academy for more information about the costs of developing the NFT marketplace.

What are the Benefits of launching the NFT marketplace platform?

The hype is real because of the increasing popularity of NFTs.  Entrepreneurs and startups want to launch their own NFT marketplace platform for their businesses to increase their revenue and reputation. According to March 2021, the NFT market registered sales worth $220 million, contributing to nearly half of all-time NFT sales. Benefits are also one of the reasons entrepreneurs launch their platforms. Here are the lists of benefits 

  • Versatile Development Methods
  • Implementation of Different Blockchains
  • Product Awareness
  • Easy Development and Deployment
  • Revenue-Generating Business Model

Revenue-Generating platform

The most attractive part of launching your NFT marketplace is generating revenue. Here are four ways to generate income for your business.

Royalty

The NFT marketplace commonly charges a commission fee on each NFT. Because it works efficiently, the royalty model is widely accepted among various NFT platforms.

Listing

The tokenization process may also require a fee from the product's author. For example, your platform could charge a small fee to users who register to create listings on it. 

Promotions

According to the promotion model, you can use specific banners on your NFT platform for marketing and make money from the relevant brands. The fastest way to monetize using advertising is probably this.

Bidding

A method of revenue generation is through the auctions held on your NFT marketplace. Every auction will give you a portion of the owner's platform fee, which is a percentage.

Approach an NFT marketplace development company to get these benefits for your own NFT trading platform. Choose a reliable company and launch your business in a profitable way.