NFT pricing has now become the hottest topic. People want their NFTs to sell like hotcakes but they are unable to understand how do the NFT marketplace works?
Moreover, many emerging artists are concerned about moving their art towards NFT and creating value for it. They cannot completely understand what price would make the piece sell.
Well, this blog is here to help.
Let’s talk about which factors you should look upon before setting a price for your NFT artwork and collectibles. There are multiple aspects that must be understood before paying the gas for your NFT items.
Let’s begin with what’s needed:
Know about NFT
If you are new to this field and a learner then spends some time first and learn about NFTs. There is no haste and you should know how an NFT marketplace works. What items are hot selling cakes on the platform and how different people are providing their NFT items inside?
View yourself from the buyer’s perspective and scroll through other artists and their collectibles. See what they are selling, what price have they set, and most importantly, how willing you will be to buy those?
Then, get back to the seller’s character and evaluate what have you got on your side. Are your art collectibles worthy enough to be sold? What pricing you have thought about for your artwork and which audience do you want to target?
For example, if you want to target people who are into anime then your NFT collectibles must be anime-related as well.
Be Patient with Pricing
Before deciding the price of your product, look over the lifetime price of Bitcoin and Ethereum. Then price your NFT accordingly.
The price of bitcoin has fluctuated over time. Sometimes it goes over the top and sometimes it hits rock bottom. People would show their profound interest in NFT items when Ethereum prices would be high but as soon as the prices go under the bar, they stop taking an interest.
Another issue is that people don’t wait. When the ETH is lower than the equilibrium, they would still sell it in fear that the prices would further go down. Sometimes the prices take an unexpected turn and go peak. Selling your NFT collectibles at a peak price would make you rich overnight.
Patience is the key here. Wait for the perfect time to hit the jackpot. It’s better to keep the NFT under the shelf than to sell it at lower prices without making a considerable profit.
Create Product Value
Is your product valuable? Forget about the price and market fluctuations for a second.
NFT marketplace is filled with talented artists. There are more NFT items and fewer buyers for them which already devalues your art.
But how can you create its value?
The answer is pretty simple. explore the NFT market and see what has been trending inside. It’s better to go with the trend as trendy NFT collectibles can sell easily at a higher price if your art is exceptional.
If you want to go out of your way then bring something original yet relatable to the table. There are many original artists and their works are pretty different from other NFT artworks still they are selling.
Once you create a valuable product the buyers would take more interest in your work. even if the ETH price goes down you would still be able to make great sales because people would value your work more than the price.
Always remember that price and value are two different things. Personal value to a product is important and you shouldn’t be carried away with financial value always.
If you are not selling well then it is completely okay. NFT marketplace is different than a real one and these places always prioritize emerging talents. If you think you have sold your artwork at a lesser price then let it be and focus on making more masterpieces so more people would be interested in buying them. You can then raise the price of your NFT item to your liking.
Check How Rare Your NFT is
NFT marketplaces have every type of artwork. Some of them are typical and one can get them at a reasonable price. Some of those artworks are rare too. Artists put a big price tag on rare items and earn huge profits from them.
What type of NFT artwork do you have? Do you think it is rare enough to earn its unique value and compete with other artists? You also have to decide if you want to display art collectibles or fog or one of one for luxury items. It’s your call.
If yes, then you should put a heavy price tag on it so it would earn you good bucks.
The most important part is to check how rare your material is? Do you have thousands of pieces? What makes your NFT artwork different? Is it collectible or one of one? Many people make this mistake of not checking the material. If you have a rare material, then you can easily sell it at a good price. For example, I have seen many people selling 100 pieces 0-0-2 Ethereum.
Furthermore, start your bidding at 0.1 ethereum no matter how rare your artwork is. It might be low, but the prices will increase eventually after some time. This tip will help you g
Categorize your Art
Since NFTs has a diverse marketplace so you should expect every type of customer from there. There would be buyers who would put the highest bid for your luxury items and there would be some who would think before buying a cheap art collectible from you.
So, the best thing to ensure liquidity in sales would be to categorize your art. The ones you think are rare should be high prices and set aside for high-profile buyers.
On the other hand, you can work on your art collectibles and make different categories for them. The more you categorize those collectibles the more you will get a chance to sell them.
Collectibles will make it more accessible for everyone to buy. It will keep the conversation moving for the artists and they will feel motivated to work more when their artwork has been selling at good rates.
Moreover, art collectibles are easier to trade, swap, and to be gifted to others. If you are a new artist on this platform and no one knows you much then it would be best to start from the lowest price.
You can set your art collectibles’ price as low as 0.01 to 0.02 ETH. 0.02 ETH for a decent art collectible is fine. You have to struggle first to make yourself a brand even if it means paying more gas even though it exceeds the original price of your product.
Once your collectibles start to sell, they will get popular in no time. Then you can charge the NFT buyers as much as you like.
Lower pricing will bring more connections. Your 0.01 ETH collection could sell at 0.07 ETH if you remain patient and wait for the right time.
Sell on Less Price to Grab Attention
If you are not selling well, then it is completely okay. NFT marketplace is different than a real one, and these places always prioritize emerging talents. If you think you have sold your artwork at a lesser price, then let it be and focus on making more masterpieces so more people would be interested in buying them. You can then raise the price of your NFT item to your liking.
Practical Approach is Important
NFT marketplaces have every type of artwork. Some of them are typical, and one can get them at a reasonable price. Some of those artworks are rare too. Artists put a big price tag on rare items and earn huge profits from them. This is considered a practical approach. If you want to sell your artwork, it is important to try something different. Don’t use cheap methods or shortcuts to sell your product.
Keep these questions in consideration too:
- What type of NFT artwork do you have?
- Do you think it is rare enough to earn its unique value and compete with other artists?
- Which marketing strategy can help you to sell better?
You also have to decide if you want to display art collectibles or fog or one of one for luxury items. It’s your call.
Establish your Pricing Floor
Your pricing floor is the place where you should now start pricing your items. Like already mentioned above, the pricing floor should retain at a lower range at the start and gradually risen up when more customers hit.
Although you can take a risk and start selling your products at a higher price in the beginning there wouldn’t be many buyers for bidding. The best thing to do is to let the market dictate what it wants from you and your products.
One thing you must do is to market your product. Advertising your product in and out of the platform would attract more buyers to your place. You should market your product first and then upload it as an NFT into the marketplace. Public response regarding your product would determine its worth.
Don’t overdo anything
The most important thing in an NFT marketplace is to be yourself. Do not overdo anything. Many emerging artists in the platform might feel impostor syndrome and they think they aren’t good enough when comparing other artists. It won’t do them any good and it is best to stay unique and creative.
On the other hand, many artists would brag at themselves and consider their art as a masterpiece even if it is mediocre. Do not be like them and over-estimate your artistry. Overpricing your art would stop liquidity in your sales.
The price you set for your NFT artwork should lie between these two bars. The buyers inside the NFT marketplace are not your typical buyers. They know the value of things and they’re willing to pay for them.
Being realistic in the market would help you clear your mind about things.
Being yourself should be your motto. You can inspire other NFT artists but do not lose the IT factor you have inside of you. It’s good to try different things inside an NFT marketplace. Sometimes risk can go well.
Try unique things. For example, you can leverage gamification into your NFT art.
You can also provide unlockables to your collectors. It will put a big smile on them as investors and they might want to come back for more. Unlockables might be the missing piece of the puzzle that the collector has been searching for.
Success in the NFT market does not always mean huge sales. It is about creating yourself as a unique brand that others take inspiration from.
Establish Strong Relationships with the Buyers
Building professional relationships with the buyers will help you sell more. Yes, it is right. First, try to know what your buyers want and offer the exact price to them. This is how you will establish your name. You can also post your ideas on social media and get loyal clients. In addition, you can use different chat groups and discuss your ideas with your new clients. Keep in mind that buyer’s opinions matter a lot, so if your client is not satisfied with the ideas, allow them to speak. Pro-tip, you can also sell NFTs by giving discounts and special offers.
Selling your NFT artwork out in the marketplace is no ordinary task. It requires deep research and attention to the crypto market, the functioning of the NFT market, and the price fluctuations in Bitcoin and Ethereum. The initial steps inside NFT would be tough but with patience and persistence, you might earn well later.
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