How Much Does Web3 Social Media App Development Cost?

By Suffescom Solutions

January 18, 2023

How Much Does Web3 Social Media App Development Cost?

Web3 and social media enjoy a captivating relationship with each other. Every individual uses the internet and has a fair presence on the social media platforms. The concept of the web is known to everyone, and it keeps on upgrading with better features. The evolution of web3 has completely revolutionized the digital outlook by providing the utmost transparency and democratization. These are the important pillars of the online ecosystem supporting innovation and novelty. Web3 social media possess all the characteristics that put it on a pedestal higher than web2.0 technology.

Web2.0 Vs Web3.0 Social Media Platforms

Web2 social media came with many advantages that provided superior functionalities to the users and created a strong worldwide connection. This was the first technology to establish two-way communication among users. It enabled the users to generate content of their own and not only just view it. The only cause of concern it faced was the data privacy and the robust network. It is well explained under;

Web2.0

Web3.0

Lack of data privacy

Sufficient data privacy

No content ownership

Complete content ownership

Content full of advertisements

Ad-free content

Not allowing incentive programs

Enabling incentive programs

No reward system for the followers

Availability of the followers

Third-party payment system

No third party payment system

If you are interested in building a web3 social media app? But not finding the appropriate web3 development company. Well, your search ends here! 

Suffescom Solutions is a committed blockchain development company with 5+ years of experience in web3, blockchain, and the metaverse. Our team of developers has complete knowledge about their work and is known for offering economical solutions to clients.

Web3 Social Media App Cost Estimation 

The cost of building a web3-based social media app differs from every perspective. Numerous factors play a major role in the development cost. Some of them are mentioned below;

(1) As Per The Complexity Of The Project;

Level of complexity

Estimated amount

Time required

Basic

$35,000 to $85,000

Upto 6 months

Medium

$85,000 to $200,000

6 months - 1 year

High

$200,000 to $300,000

1-year

(2) Depending Upon The Social Media App Type

Web3 Social Media Apps

Development Cost

MINDS

$40K-$200K+

Odyssey

$50,000 to $150K+

Mastodon

$35K-$200K+

Mirror

$40K- $250K+

Supernovas

$45K- 200K+

(3) Included Features

Design type

Development Cost

Typical design

$35K-$50K

Average design

$50K-150K

Superior design

200K

The above-indicated factors are not the only criteria that need to be taken care of. The other factors that impact the budget are as under;

  • Web3 business app type.

  • Tech stacks

  • Geographical location of web3 firm

  • Integrated security features

  • Proficiency of the developers

  • Complexity involved in the project

  • Inclusion of the security components 

  • Add-on features

Take a moment and connect with our experts. They will provide an estimated cost of a web3-based social media app. On properly analyzing the requirement, you will be provided with the overall development budget.

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Popular Web3 Social Media Platforms

MINDS

This social network is built on the ethereum blockchain. This allows the users to connect with people and earn money. The user can connect safely, and every time they post or comment beneath any post, they are rewarded with crypto points. This platform is known for keeping extremist content and not removing it under any circumstances.

Odyssey

It is a video streaming platform that performs similarly to YouTube. The content cannot be deleted or edited as everything is stored on the blockchain network. It does not require any moderator and hosts every content type. Users can share articles; the LBRY hosts videos, audio files through this platform, and the content. Views are tracked via Odyssey; if any user with a valid account views the content, then that creator receives credits.

Mastodon

This is an open-source social network that is compatible with the already existing social media platforms. It is based on the ActivityPub protocol that encourages the users to have independent illustrations. The users can begin with their version of Mastodon without joining the main server. It shows complete ownership of the content with moderate rules and regulations. 

Mirror

This is a publishing platform whose focal point is decentralization and privacy. This enables the creation and sharing of the content and controlling the work monetization. It includes an editor, social media integration, editor, wallet support, and reader view. The dashboard's availability allows users to deploy the web3 applications directly on their site.

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How is The Web3 Social Media App Beneficial For Businesses?

Web3 has contributed to the generation of new business opportunities. The business ecosystem is evolving at a faster pace and is set to capitalize on the evolving opportunities. The web3 social media application provides transparency and has a user-centric approach. The firms are all set to use the web3 technology to make processes more efficient and implement them in diverse fields.  Below are some of the web3 business benefits; 

Economical

The blockchain systems are wholly decentralized and thus remove the third-party intermediaries. These mediators are used to  pull out money from the enterprises. With web3, this concept is obsoleted, which has led to cost reduction. The infrastructure needed to run the app is much cheaper than conventional. Web3 social media apps are more affordable and are easier to develop and maintain, making them economical for firms.

Enhanced Transparency

The data recorded on the blockchain is immutable and cannot be altered. Transparency is shown as the transaction records are visible to every network member. The data is easily traceable, and there is an absolute freedom provided to the users that signifies equality.

Refrain From Viewing Users As Products

The biggest problem of today's social media apps is seeing the user as a product. Viewing as a product results in grabbing advantages. The data is misused and sold to advertisers to earn a massive amount. This has encouraged people to stop using social media platforms resulting in a big setback for tech companies.

With web3, data safeguarding has become the number one priority of companies. And rightfully so, while maintaining security, the data is not breached, and eventually, the trust of the users in the companies is gained. This motivates the users to install the apps and use them fully without hesitation. All this is possible due to the distributed storage networks and the decentralized nodes.

Reduced Infrastructure Costs 

The decentralized architecture allows secure information to be stored on the blockchain. This does not require a superior infrastructure. Things can work well with cheaper infrastructure,  and the information is accessed in real-time. Businesses can conveniently deploy the apps on the decentralized infrastructure, saving time and money.

Role Of Social Media In Web3

If we carefully look into the web3 technology, one thing is clear that data protection is the biggest thing that users look forward to. Web3 is built on blockchain and includes ownership as its biggest advantage. Here, users are allowed to be a part of the governance and make decisions by becoming stakeholders. There is absolutely no need to take permission from big tech companies to connect to apps directly.

Today social media is under fire because of the censorship it forces on the users. There are various public personalities whose account have been suspended that does not fall under the social media platform guidelines. This causes a threat to public speech and bans whoever they want. In web3, the whole scenario changes, and one can put forward their views straightforwardly without any hesitation. This is the biggest role of social media in the web3 era.

Another significant thing is the single failure point that forms the basis of centralized social media platforms like FB, YouTube, Instagram, and Twitter. This makes the platform vulnerable to hackers. On the contrary, Web3, with the blockchain, acknowledges the issue and stores the data on the distributed nodes. This does not allow the hackers to alter the data, thereby providing data protection.

The factor that entices the users to use web3-based social media platforms is content ownership. People scroll through their smartphones for the entire day and enjoy the content. But besides that, they can’t do anything. Web3 allows users to earn money while getting engaged with the content. This is due to the reward facilities that these platforms offer. 

The rewards are in the form of crypto and are earned via viewing, sharing, and creating the content. The content is tokenized as NFTs and generates financial incentives for better user engagement. People can even personalize their online experience by leveraging privacy-conserving ad features. A strong framework supports all these economic outlooks.

Do you need an exact web3 social media app development cost quote for your project? If yes, then get in touch with our web3 experts at Suffescom solutions, and get answers to your queries with a free consultation call with your analysts.

Also Read: Web3 Social Media Platform Development

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Bottom Line!!

Web3-based social media applications are the future. Web3 technology has evolved, and its integration with various other technologies has resulted in a marvelous tech revolution globally. The entire business operation is streamlined, and it has successfully paved the way for the new business era.

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