How To Price Your NFT

The best bit of this idea is that you don’t have to accept the offers if you think they’re undervaluing your work, but it does give you a better idea of what people will be willing to pay for your work.

Another important thing to remember is that if someone does give you a particularly high offer and you accept it and make the sale, to advertise that your NFT sold for that price across your social media platforms!

This will let other people know how much people are willing to pay for your work, and might help further your sales. 

Inventory

As a new artist, if you only have a couple of NFTs in your inventory, then it’s going to be hard to get people to buy your work, you need to show that you’re a reputable artist with an established repertoire that will go on to make plenty of more art and will therefore ensure that your work’s pricing remains stable.

However, the contrary to this is that you have too many tokens in your inventory, which shows people that your work isn’t selling so well.

Copies Made

Another factor that goes into deciding the price of your NFT is the number of copies you plan on producing.

10 copies of the same token is going to be priced lower than a 1 one of 1 token, so you should definitely consider this when trying to think of a price for your token. 

Value

Value and price might seem like the same thing, but the reality is that your NFT might be worth a certain amount, and priced something different.

Aside from the artwork, what other values does your NFT have? Whether it’s access to exclusive sales, discount off of future pieces, or in game options, all of these things will allow you to price your NFT slightly higher and will prove beneficial when competing for sales amongst other creators. 

Pricing Tactics

There are a number of ways that you can tactically price your NFTs to help encourage buyers.

For example, you can price your NFTs lower than you may have initially wanted to, which will help by making it more affordable for investors to buy.

Many first time sellers sell their first collection for a lower price, as it helps to make buyers feel rewarded for supporting a smaller artist. 

In addition to this, you can also add royalties to your NFTs, which means that each time they’re sold, you get a percentage of the fee, which is great if you plan on having a lower initial price, as the lower price is what draws the initial buyers in, which in turn then creates more of a demand for your artwork, and is then resold for a higher price!

Summary

So remember, whilst you might be entering an increasingly saturated marketplace, which can be scary at first, don’t underestimate your art and always do your research to ensure your price of your NFT properly!