Table of Contents
Thinking about creating a crypto token with immense features?
If yes, one of the best business ideas for aspiring startups in the crypto realm. 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, etc. But, before that, get a glance at the crypto token creation process.
How To Create A Crypto Token?
Crypto token creation is not a daunting task unless it is done with a proper roadmap and guidance. A crypto token can be created within 6 steps when collaborating with the right crypto token development company. The crypto token creation process follows,
- Identifying the use case – Finding the profitable use case for creating a crypto token is essential.
- Market Research – Considering the use case, it is important to analyze the crypto market and user needs.
- Choice of Blockchain and token standard – Blockchain network and token standards have to be chosen for crypto token development.
- Feature Customization – Additional features and security features can be integrated into the tokens for higher safety.
- Testing – The newly created crypto tokens have to be tested and must undergo QA testing for higher quality.
- Mainnet Deployment – After the successful testing process, the newly created crypto tokens can be deployed to the Mainnet and launched.
These are the simple steps to be followed for creating a crypto token. Now, this is the perfect time to know about the cost of creating a crypto token.
How Much Does It Cost To Create A Crypto Token?
The cost to create a crypto token can range up to $12,000, starting from around $3,000. 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 important factors influence the cost of creating a crypto token.
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 is a fungible token type
- ERC721 is a non-fungible token type
- ERC1155 is a semi-fungible token type
- ERC777 is an enhanced 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,
- BEP20 is a BNB blockchain’s fungible token.
- TRC721 is the popular Tron’s non-fungible token standard
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.
- 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.
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.
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.
Cost Difference Based On Crypto Token Development Methods
The crypto token can be developed either by a freelancer or a right crypto token development company. Both differ based on their development service methodologies.
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. On average, freelancers charge around $45/per hr for creating a crypto token. 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.
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
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.
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.
