Do you know the global DApp ecosystem is expected to witness a market share of $368.25 billion by 2027? The development of decentralized applications using blockchain technology is now being explored by multiple organizations and businesses across the world, considering its advantages like increased security and improved transparency, as well as the decentralized nature.
Now EOS is a blockchain-based operating system that is specially customized for launching decentralized applications. The fact that EOS is more convenient to use and is faster while executing the results while offering a seamless performance further adds to its popularity. Furthermore, there are multiple templates available in EOS for ready-to-run apps that make it easy to develop decentralized applications (DApps).
Decentralized applications are further used by various blockchain developers and developed for multiple enterprises with the aim of simplifying the overall development process as well as increasing the speed of execution. In addition to this, the use of decentralized applications (DApps) can help in optimizing the overall cost of development.
If you wish to create a DApp on EOS, a dedicated DApps development services organization can put things into perspective while offering you an exact estimate of the overall development budget.
Now, to give you a rough idea, the cost of creating a DApp on EOS varies between $40,000 to $200,000. The cost can further vary as per a number of factors, such as the location of the DApp development organization, the UI/UX design of the app, the coding process, the RAM, CPU, and network bandwidth used, etc. Let us now discuss these factors in detail.
Factors Affecting the Cost of Building a Decentralized App (DApp) on EOS:
The number of features to be integrated into the DApp, as well as the technology stack used to integrate them, can directly impact your overall app development budget. Here are the other notable factors that can affect the cost of development on EOS:
1. Location of the DApp development organization
The location of the hired organization directly impacts the cost of development. For instance, the hourly rate of development in the regions like Africa or Asia is comparatively less as compared to the hourly rate of development in the US or UK.
|Region||Estimated Hourly Rate of Development|
|Eastern Europe||$30 – $40|
|Asia||$20 – $30|
|Latin America||$40 – $60|
|Africa||$20 – $40|
2. UI/UX Design of the app
The UI/UX design of the app also impacts the cost of development. A robust UI/UX design is capable of increasing the app’s overall engagement as well as user retention. Thus, the overall testing carried out on the app prototypes to test their design feasibility and performance directly impacts the cost.
3. Resource Allocation
Allocation of resources for creating a DApp on EOS includes network and CPU staking in addition to purchasing the RAM. The number of tokens used in the staking contract proportionally defined the overall network bandwidth required as well as the CPU staking. The cost is further affected by the purchase of RAM at the market price as the user cannot free up the RAM automatically, just like the CPU and bandwidth.
4. Features to be integrated
The number of features integrated into the DApp further affects the overall cost of development. Simply put, the more features associated with the DApp, the more its overall cost. An extensive feature list capable of offering a seamless user experience to the target base is capable of offering you instant traction in the otherwise competitive world.
Now that you have a clear understanding of the various factors that affect the overall cost of building a decentralized App (DApp) on EOS, let us move ahead and tell you about how to make money on your DApp.
How to Make Money on Your DApp: Understanding the Various Monetization Strategies
There are a number of ways that your DApps can make money while increasing the overall revenue stream of your business. Let’s discuss all of the monetization strategies in detail below:
1. Crowdsale and token launch
One of the most common ways by which DApps can be monetized is by bootstrapping the project with the help of crowd sale and backing it up with the use of tokens. If you wish to choose this revenue model, you will have to offer a distributed profit to your asset token holders while ensuring the core functionality of the DApp.
2. Transaction fees
The transaction fees revenue model for your DApp can help you monetize and increase the overall app’s revenue stream. You can charge the users a certain amount of money for using the services available in your DApp. For instance, you can charge for transactions, payments, etc.
If you have a gaming DApp that is available to multiple users across the world, you can charge for premium services. For instance, they can work up the ladder with their avatar and can buy certain other avatars or tools by opting for a premium gaming subscription.
You can monetize your DApp by choosing a subscription revenue model. If the user wishes to use your app, they will have to pay a subscription fee. The latter can be further availed according to multiple time frames as well as usage required.
Using an advertising-based revenue model is one of the newest monetization strategies that is now adopted by multiple business owners across the world. You can allow users to use your app as a marketing channel for their services where they can display their ads, and you can charge them on a per-ad basis.
Another one of the most-sed monetization strategies is to add a donation button in your DApp, only if it supports some social or environmental cause. You can also create campaigns for social entrepreneurs to donate to your app and help with the cause.
Now that you have a clear understanding of the various monetization strategies that can help you make money on your DApp, now is the time to hire a dedicated DApp development organization that can help you achieve your business goals. Building a DApp on EOS can not only help you support a larger user base but also helps in achieving low latency and sequential performance.