As a new NFT creator, it can be extremely difficult to know how you’re meant to price your new creations.
After what can sometimes be a particularly tedious creation process, it can be tempting to assign your NFT a high price, however, you also have to consider your positioning as a new and unknown creator too.
There are many considerations to make when you price your artwork, which is what can make it such a daunting task.]
So if you’re struggling with the process of pricing your NFT then look no further, as we’ve created this guide in order to help you make a well-informed decision on how you price your NFT.
Patience
The first thing to remember for any new artist is to just have some patience!
It can often feel like people are ignoring your work or not appreciating the artistry that has gone into your creation, but it’s important to remember that these things do take time.
In addition to this, one person’s formula to work out their NFT prices won’t necessarily work for you, you also shouldn’t get discouraged if your artwork isn’t selling quickly, and it doesn’t mean that you’re a bad artist either.
All you need to do is to just keep working away at new creations whilst you’re waiting for the other ones to sell, and keep striving to reach your target.
Research
One thing you absolutely shouldn’t do is price your NFT without any prior research!
Pricing based upon intuition can lead you to seriously undervalue your work, or price it so high that it won’t sell. Here’s what to research when looking to price your NFT!
The Market
Your first step should be to analyze some of the different NFT markets to get an idea as to what sort of prices the NFTs on the marketplace are selling for, whether they’re the same genre as yours, or even completely different!
This will allow you to get an idea of the average market price.
Competitors
Whilst looking at the other creations on the marketplace, you should also take note of the creators and artists too, how much of a following do they have?
How frequently is their work being bought? This information should give you a rough idea of how popular they are in the market, and will allow you to look at their prices, and then gauge yourself in comparison to them.
Researching this will also allow you to understand who their buyers are, especially if you make NFTs of a similar genre.
Buyer’s Choice
Some creators actually decide not to price their NFTs at all, and instead allow the buyers themselves to make offers instead, which is an excellent way to gauge what sort of price you should be charging for your NFTs, especially if you’re a new artist!
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!
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