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"How much does it cost to develop an ICO token?" is a question that everyone who wants to raise money has. A lot of businesses and startups do not know the cost to start an ICO. This is because they do not know enough about crypto, have a good plan, or have any direction.
Since the world has become more digital, ICOs have become very popular among business owners. A growing number of new businesses are starting to see the benefits of going with an ICO.
That is how many people made enough money to take their business to the next level. Because of this, it encourages new crypto entrepreneurs to use initial coin offers to fund the growth of their projects.
Before they start an ICO, every startup will figure out what it the cost to build their idea. They can only start the building process if the cost fits what they thought it would be. Here is an idea of what the ICO start price will be.
The cost to develop an ICO token can generally range between $3000-$10000. But it is not the actual ICO token development cost. Your project requirements will affect the cost to build an ICO token.
Also, there are some of the vital factors like app complexity, functionalities, developer’s location, tech stack, and so on. Besides, you can also calculate the cost to develop an ICO token with the below formula:
Total ICO Token Development Cost = Developer’s Hourly Rate * Development Time
Now that you know the cost to make an ICO token, it is time to consult with a mobile app development company who can provide an exact cost breakdown on the same. But let’s first get to know the crucial factors in the next section.
Now that you know the cost to develop an ICO token, it is time to understand the factors affecting the ICO token development cost. So, here are some of the best factors you must check out:
No one else's ICO project will have the same idea as yours. In this way, you will know what features and functions to add to your website. The cost to launch an ICO may depend on how complicated your idea is. Pick the idea that can be developed at a price that can be afforded by the initial coin offering.
The number of ICO developers needed to start an ICO will depend on how complex the project is. If your project has a lot of promise, you will need a large group of ICO development company to finish it. In this way, the cost of making the ICO project will depend on how many people are working on it.
Both of these terms are linked, meaning that if one changes, the other will also change. Some things that could make your project more difficult are its unique features, tokenomics, the total number of tokens available, and so on.
The ICO creation cost may be different depending on these changes. It takes longer to make a complicated project, and it might take longer to develop an ICO token as well. Because of this, the cost to start an ICO will depend a lot on how complicated the project is and how long it takes to complete.
A whitepaper is a technical document that has all the information about an ICO project, such as the tokenomics, ICO development services team, vision, purpose, management team, resources, and so on. So, you should be very careful when writing it. The cost to start an ICO will also depend a lot on how complicated the whitepaper is.
Adding the right architectural structure, blockchain platform, and technical parameters to the ICO website can also significantly change how much it costs to build an initial coin-offering platform. Smart contracts, testing, and token checks are some other things that you can add. These are the main things that could change the cost to develop an ICO token.
For a smooth ICO launch, you should follow the legal rules and standards set by these teams. You can leave this term out. If you are starting your ICO in a country that allows it, you need to Hire ICO developers. This means that it also affects how much it costs to start an ICO.
Having reputable security firms do security audits of smart contracts and the ICO infrastructure as a whole helps find and fix vulnerabilities, but it raises the cost ICO token development. So, it is best to first get to know the whole process of ICO token launching and then develop the token.
To meet regulatory requirements for Know Your Customer and Anti-Money Laundering verification processes, businesses may need to work with third-party identity verification providers, which could lead to extra costs. So, if you are planning to launch an ICO token for your business, then you should be aware of the KYC/AML and integrate them in your ICO token. It can totally affect the cost to develop an ICO token, so it is best to get in touch with a blockchain development services provider for better results.
It is hard to say how long an ICO project will take and how much it will cost. If you compare time to price, you can still get an objective answer. Usually, it takes between four and ten months to finish getting ready for an ICO. After that, it takes another month to launch and market the ICO, and investors can put their money in it for about two months.
Cost is tough to pin down because it changes from person to person, stage to stage, and even place to place. We hope that our blog post gave you some new ideas and a better idea of how much an ICO costs.
Author Bio
Tarun Nagar is the Founder & CEO of Dev Technosys, a global ranking Solana blockchain development company. With 10+ years of experience of enabling then Startups which are now global leaders with creative solutions, he is differentiated by out-of-the-box IT solutions throughout the domain. He is known for his visionary qualities and adaptability for technology and trends, passionate as he is in every aspect dedicated to making IT simple, accessible and approachable for business enterprises.
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