How Much Does It Cost to Build a Crypto Prediction Platform?

With the rise of blockchain adoption, the crypto prediction platform has become one of the emerging solutions in this industry. This platform is gaining popularity, as it predicts future real-world events. Many users and entrepreneurs are interested in a crypto prediction platform as it helps them generate revenue. 

Are you an entrepreneur planning to launch your crypto prediction platform, but don’t know how much it costs? Don’t worry. We’re here to help you. This comprehensive guide will assist you in understanding how much it costs to create a crypto prediction platform. 

Cost Breakdown to Create a Crypto Prediction Platform?

The cost to create crypto prediction platform depends on how you choose to build it (building from scratch or using white-label solutions). You can select your preferred option to build your platform, based on your business goal, requirements, budget, and time to launch. 

White-label Solutions

If you want to build white-label solutions, then the cost will be significantly lower as everything is pre-installed, and you just need to add a few customizations to your prediction platform. This is best suited for startups that are seeking to launch the platform quickly.

Estimated Costs: $5000 to $25000

Building From Scratch

The process of building from scratch involves starting the crypto prediction platform from scratch. The cost of creating the prediction platform from scratch is determined by the following common features. Note that the cost may vary depending on your requirements, time, location, and technical expertise.

Estimated Costs: $25000 to $75000

i) User Dashboard

Users engage with the platform primarily through the user dashboard. Users can view the data, place the bets, and track the predictions with the dashboard. You can also add advanced features like data tracking, real-time charts, and graphs.

Estimated Costs: $2000 to $5000

ii) Smart Contract Integration

If you want to make a decentralized prediction platform, then smart contract integration is essential. Smart contract automates the entire process on the platform without any human involvement. Depending on the complexity, you can implement various numbers of contracts on your platform. 

Estimated Costs: $5000 – $15000

iii) Wallet Integration

Wallet integration is essential as it enables users to participate in bets, manage, and store rewards. It lets users connect and use wallets like as Coinbase Wallet and MetaMask.

Estimated Costs: $2000 to $10000

iv) Oracle Integration

Outside of the blockchain network, Oracle gathers real-world outcomes and transmits them to the smart contracts. This helps in making trustworthy prediction results. 

Estimated Costs: $3000 to $10000

v) Market Creation Tools

Users and admins can create and list their predictions with market creation tools. This tool includes backend logic and form validation, which helps manage the prediction market efficiently.

Estimated Costs: $5000 to $15000

vi) Security Features

Robust security features are important as they build trust and confidence for new and existing users. Include mandatory features like end-to-end encryption, smart contract audits, a decentralized oracle, and anti-manipulation mechanisms to ensure smooth operation and protection from hacks.

Estimated Costs: $2000 to $5000

vii) UI/UX Design

A user-friendly design and seamless navigation improve user engagement and develop trust for your platform. While empowering your prediction platform, make sure it is mobile-friendly and responsive. You can also add branding and advanced features to make your platform remain unique among the competition.

Estimated Costs: $3000 to $5000

viii) Admin Panel

Platform administrators can maintain the platform's seamless operation by controlling and managing it through the admin panel. It allows the admin to manage the market, monitor the transactions, maintain security, and provide support to the users.

Estimated Costs: $3000 to $10000

How Can the Crypto Prediction Platform Costs Be Reduced?

You can also build your cryptocurrency prediction platform for your budget by taking strategic decisions. We are breaking down a few cost-efficient ways to develop your new prediction platform.

i) Build an MVP (Minimum Viable Product)

Instead of developing a platform with advanced features, you can build a minimum viable product. A minimum viable product focuses only on basic and core features that ensure smooth functionality. This greatly reduces the development costs and time. If you’re looking to create a platform with a minimum budget and avoid high risk, then an MVP is your ideal solution.

ii) Choose White-Label Solutions

If you don’t have the budget and time for building the entire platform from scratch, you can opt for white-label solutions. White-label prediction platforms are live-ready software, you just need to add branding, logos, and a unique interface for your platform. Therefore, a White-label crypto prediction platform is the right choice if you want to launch your platform quickly.

iii) Outsource the Developing Team from Cost-Efficient Countries

You can hire a tech innovator team for your platform from cost-efficient countries like India and Vietnam. These countries provide highly talented blockchain developers at an affordable creation cost and often deliver exceptional solutions compared to the US and UK.

iv) Use Open Source Tools

Instead of starts from scratch, you can use open-source tools for your crypto prediction platform, as these tools are already tested and used by many. Using open-source tools like Web3.js or Ethers.js, Chainlink oracles, and OpenZeppelin smart contracts cuts down the time, expense, and security threats.

Why Choose Maticz for Your Crypto Prediction Platform?

Crypto prediction platforms are raising the bar as they predict future events and offer a new way for crypto-entrepreneurs and users to make money. The cost of the prediction platform varies due to various factors such as business goals, platform requirements, initial budget, time, labour costs, technical expertise, and geographical location. If you are looking for a budget-friendly option without compromising the quality of the platform, then choose Maticz.

We are proud to say that we are the leading crypto prediction platform development company with a highly skilled team. Whether you need to build it from scratch, create an MVP, or use a white-label solution, we offer an exceptional prediction platform based on your needs, budget, and time. You can also customize the functions based on your business goals. Talk to our experts today to build your well-equipped cryptocurrency prediction platform.