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Creating a Crypto token is not difficult unless you are willing to gather the basic information regarding feature integration, security mechanisms, etc. Here, the foremost thing that has to be considered is Cost to create a crypto token.
Just like other business models, crypto token development needs a solid foundation, skilled developers, a strong codebase, and marketing experts. This comes with a reasonable price tag. The cost isn’t just about the dollars and cents; it’s about the effort, creativity, and resources you’re willing to invest.
Hence, it is important to know about the cost estimation before immersing yourself in the creation of a crypto token. In this blog, let’s break down the cost estimation, the major factors that influence the cost, the glance of the crypto token creation process, etc.
Key Insights
- A detailed description of the cost value, and estimation to create a crypto token.
- Explanation of major factors that play a vital role in cost estimation.
- Easy steps to create a crypto token at an affordable cost.
So, let’s start with the important query of…
How Much Does It Cost To Create A Crypto Token?
The average cost to create a crytpo token will range between $10,000 to $15,000. As crypto tokens are created for various crypto purposes like token sales, fundraising, etc, the demand for crypto token development is high.
Yet, the above-mentioned is not the exact estimation for creating a crypto token. Some factors influence the crypto token development cost. The next section is about…
Factors That Influence The Cost Of Creating Crypto Tokens
Some of the factors will play a vital role in deciding the cost estimation for creating a crypto token. We have enlisted the common factors that influence the prices.
Choice of Blockchain Network
The choice of blockchain network factor majorly influences the cost to create a crypto token. Crypto tokens are created on blockchains like Ethereum, Tron, and Polygon. Hence, based on the functionality, uniqueness, and features, the blockchain network can be picked. Some of the popular blockchains that are primarily used for crypto token development are,
- Ethereum
- Solana
- Polygon
- Waves
- Hyperledger
Apart from these, many blockchain networks possess unique qualities. So, it is essential to pick the right blockchain network for crypto token creation. Each blockchain network has its own smart contracts, codes, and programming languages.
Feature Integrations
After choosing the blockchain technology, the integration of essential features is important. The crypto tokens will have token standards and each standard possesses different features. As Ethereum is a popular blockchain network, some of the highly utilized token standards are,
- ERC20 – The token standard allows users to exchange with other ERC20 tokens.
- ERC721 – Real-world assets can be tuned into non-fungible tokens.
- ERC1155 – This token standard comprises both fungible and non-fungible token standards.
- ERC777 – It is an enhanced version of the fungible token standard.
- ERC1400 is a standard designed for security tokens
Apart from this, some of the other popular blockchains are Tron, BNB chain, Solana, Polygon, etc. Their token standards are as follows,
- Like the ERC20 token for the Ethereum blockchain, BEP20 is the token standard of the BNB blockchain’s fungible token.
- TRC721 is a non-fungible token standard of the Tron blockchain.
- Polygon Blockchain follows the MRC20 token standard in which they are built on PoS blockchain.
- Polygon zkEVM tokens are utilized widely as they cost lower transactional fees.
Many other token standards are also there in the crypto world. Based on the business choice, token’s use cases, etc, they can be chosen.
The crypto tokens function properly only when exponential features are implemented. This also increases the smooth and seamless functionality of the crypto token.
- Token Supply – It defines the complete supply of the crypto tokens within the blockchain network.
- Source of the Token – In the token creation process, a source code will be possessed for higher security.
- Decimal Value – This refers to the divisible nature of the crypto token.
- Supply Type – The minimum and maximum supply range of the crypto tokens are mentioned in the development process.
- Minting – A specific set of tokens can be minted (ie, created) further to increase the token supply.
- Burning – A specific set of tokens can be burned to increase the demand for the token.
- Security Features – Security features like an anti-phishing mechanism, anti-whale protection, etc are given.
These are the necessary features that will be integrated into the crypto token development process. The features are integrated as a seamless smart contract for smooth transactions.
Mainnet Deployment
Once the features are integrated into the crypto token, then it can be deployed to the Mainnet of the blockchain network. As the Mainnet deployment is irreversible, it is important to test the smart contract codes, token quality, logo, token symbol, etc. Multi-signature wallets can be integrated for larger allocations. Deploying the crypto tokens on blockchain networks usually charges fees and varies depending on the type of blockchain network. After the Mainnet deployment smart contracts, codes, and token functioning have to be tested occasionally. Hence, this may affect the overall budget.
Marketing & Promotions
After the deployment process, marketing and promotions can be done for higher token sales. Token Allocation must be done based on the initial supply strategy like,
Founders => Angel Investors => Public Sale => Staking rewards
Regular updates regarding the tokens have to be given to the stakeholders, exchange platforms, and crypto users. This helps in building an engagement between the crypto user and the token seller. Hence, for potential marketing, a desirable amount has to be estimated. This is an important cost estimation in the token creation process. The marketing process can be conducted by rewarding or giving away crypto tokens that increase the creation. So, plan accordingly before creating the crypto tokens and also mention the marketing token allocation in the white paper.
Upgradation
In the changing digital space, regular upgrades are necessary for the crypto tokens. Feature enhancement, security feature modulations, etc must be done regularly for effective token transactions. The optimization of gas fees, streamlining token operations, adjusting token supply, etc requires a bit of cost to be done.
Development Method
The important factor that plays a major role in the crypto token creation is the choice of development method. Crypto tokens can be created within a short time only when it is handled by an experienced developer team. One can either go by choosing a freelancer or approach a crypto token development firm.
These are the major factors that play an important role in the cost estimation of crypto token creation. The essential factor of the crypto token development method has been discussed below.
Effective Ways To Reduce The Cost Of Creating A Crypto Token
Various ways help you avoid unnecessary cost estimations and prices in the process of crypto token development.
Avoid Unnecessary Features
Each token type, model, standard, etc has its value and desired functionalities. So, eliminating the unnecessary feature integration will help you save your pocket from excessive spending. After the success of the crypto tokens, they can be customized and scaled with additional features. So, check with the development team about the feature integration.
Choose the Right Blockchain Network
Like token standards, not all blockchain platforms comprise the same cost for token development. So, while choosing the blockchain network also check with their development cost. Alternatives like Binance Smart Chain (BSC), Polygon, Avalanche, or Solana offer lower transaction costs, making them ideal for startups with budget constraints.
Conduct Testing
Testings play an important role in the development process of crytpo tokens. Hence, they have to be conducted will avoid technical errors. Checking the crypto token vulnerabilities with expensive platforms and paid tools will take more cost in the overall estimation. Hence, it can be reduced and compensated with experienced yet free tools.
Minimize Smart Contract Complexity
Highly complex smart contracts require extensive coding and auditing. Also, it requires an efficient yet effective team to complete the auditing process. Hence, keep your crypto tokens with basic-level features and functionalities to ensure smooth transactions.
Pick Affordable Development Methods
You can drastically reduce the crypto token development cost by picking the right development method. Usually, crypto tokens can be created by two different methods of choosing a freelancer or a crypto token development company. Each development method has its pros and cons. So, consider the best method for creating crypto tokens at an affordable cost.
By following these, you can reduce the crypto token development cost at your best. We have disclosed the various crypto token development methods that plays a huge role in the creation process.
Cost Difference Based On Crypto Token Development Methods
As mentioned earlier, the crypto token can be developed either by a freelancer or a right crypto token development company.
Freelancer
In the digital crypto market, numerous crypto token-developing freelancers are there who offer valuable services. One can easily approach a crypto token freelancer by analyzing their previous testimonials, and ratings from clients.
With these advantages, hiring a freelancer would be risky too. Because one cannot predict the work of the freelancer after paying out the cost. Additionally, there are chances of fake testimonials and reviews. Along with this, it is quite doubtful that offering ongoing support and regular upgrades.
Crypto Token Development Company
In this crypto realm, multiple crypto token development companies offer the ideal token development services at an affordable cost. As they possess skilled developers, technicians, and testers, the creation of crypto tokens is made easy. Also, they have years of experience and a brand reputation in crypto token development.
The client testimonials, reviews of previous clients, etc are not faked. Token customizations, feature integration, and security mechanism modifications are also made with the help of skilled developers. They offer this kind of token development services cost-effectively. Hence, approaching a crypto token development company will be a better choice for aspiring startups and entrepreneurs.
In that sense, Pixel Web Solutions is a renowned crypto token development company with a wide range of token development services.
Collaborate With Pixel Web Solutions For Crypto Token Development
With a skilled set of token developers, technicians, and experts, Pixel Web Solutions is well-known in the crypto industry. With a decade of experience, and expertise we have delivered multiple tokens in various crypto token standards. Our development team ensures to offer the best crypto token smart contract for seamless, reliable, and smooth functioning. Join our team to create a crypto token at an affordable cost.
Frequently Asked Questions
What Are The Common Use Cases Associated With Creating A Crypto Token?
Some of the common use cases of creating a crypto token include,
- Utility tokens for access
- Security tokens for investments
- Governance tokens for decision-making
- Stablecoins for payments
Also, the crypto tokens are highly utilized for trading purposes which acts as a passive income for new users in the crypto space.
What are the legal requirements for launching a crypto token?
The legal requirements to launch a crypto token may change based on the regions, countries, and legislation. So, getting guidance from the legal experts will be a worth-taking decision before involving in the development method.
What Are The Programming Languages Used To Create A Crypto Token?
Popular programming languages to create a crypto token are Solidity, used for Ethereum blockchain code, and Rust, which is used for Solana Blockchain.
Disclaimer
The cost estimation provided in this blog is for informational purposes only and it doesn’t represent an actual quotation. The disclosed cost values are approximate and may vary based on project requirements, and the services selected. The provided details are not official cost disclosures of pixel web solutions for the mentioned service or product. We encourage our users to connect with our business team to get tailored and precise cost estimation, personalized consultation, and queries!!
