Similar to its underlying blockchain technology, NFTs are causing waves in the financial sector. You’ll need some Ether, a cryptocurrency wallet, and an NFT marketplace account to acquire your very own NFT. Setting a price for your work is not a new dilemma, but it might feel more daunting if you’re just starting out in the world of NFTs. It’s likely that if you’ve ever Googled “how to price NFT art,” you’ve come out more befuddled than when you started. The rabbit hole is murky, often conflicting, and frequently lacking in the kind of straightforward “formula” you would be used to from the more conventional art industry.
You see, it’s still early in the game, NFTs are still tentatively making their way into the public eye, and there is no established “blueprint” to follow. And certainly, there are successful peers in the area, but the perplexing thing is that none of them are like the other, which may make attempting NFT pricing tactics for the first time rather daunting. You may observe how varied the market is by perusing any number of NFT photography manuals or other how-to articles.
Successfully Pricing Non-Funded Items
Use several different exchanges and do your best to maintain some semblance of uniformity in your NFT pricing. Let’s be clear: a 1:1 should not be offered for 0.1 ETH on one site and 10 ETH on another, just as an edition of 10 or a collectable should not be priced the same as a 1:1. Never forget that the quality of your work is not dependent on where it was first coined. Additionally, it may appear that focusing on a single platform is the best way to acquire traction, but this strategy is becoming progressively more challenging since some platforms now take as long as six months (or longer) to approve the artwork.
You shouldn’t dismiss an open marketplace like Rarible or Opensea because of its accessibility. If you don’t believe us, just take a look at the top charts to see how many musicians are making a killing on these services. Since NFTs are unexplored territory, it’s in your best interest to take advantage of as many markets as possible, since collector interest is spread out across them.
Take your time
Many of us have problems with extreme impatience. It’s easy to lose sight of the fact that the long-term value of our creative efforts is not contingent on their immediate resale. You might have to wait a week or even a month for it to happen. Patience is required at this stage because it may be months before a collector discovers a piece and recognises its worth. It may take some time for your NFT sales to pick up, but that shouldn’t discourage you.
You probably won’t sell out in the first five minutes unless you’re already a full-time artist with a devoted fanbase. Do not be discouraged by this, and do not feel like you have to rush and burn your tokens if they don’t sell right away. Hold on, wait it out, have faith in your vision, and keep plugging away at it.
Inch in slowly at first, but keep the pace of your floor increases consistent
If you’re just starting out in a field where huge sums of money change hands on a daily basisβwhere artists like you sell their work for tens of thousands of dollars and upβyou might be led astray. Many newcomers to the field mistakenly assume that their work will immediately attract the same level of attention and sales success enjoyed by their peers’ established efforts.
There shouldn’t be any fog there for you to see through. You need to begin with lower NFT prices, generate some revenue, and then gradually increase them. When you find that you are making consistent sales, that is the time to increase your floor.
Identify the Rarity of Your NFT
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While there is a wide variety of artwork available in NFT marketplaces, rare pieces tend to sell the best. Rare items typically sell for a lot of money, which brings attention to the artists who created them. The question of whether or not your NFT is rare enough will inevitably arise. This should not be a depressing realization; the NFT world is extremely complex, and some works do better than others in terms of sales. A simple evaluation is all that is required.
Adjust your strategy
The beauty of pricing is that it can be adjusted to suit your customer base and your business’s objectives. You have more leeway to set your own prices on Vault by 500px. After you’ve gained a following in the crypto community, you can consider holding a flash sale where your products are discounted for a limited time. The 500px team says, “Exclusive price drops can result in some quick sales.”