Knowing how to correctly price your NFT art can be quite tricky, especially if it is your first time uploading artwork to a marketplace. You want to achieve a balance between not pricing too high, the risk of collectors not buying your artwork, and not pricing lower than it's worth.
Ultimately, the cost of your NFT art is subjective to factors such as rarity and utility. It also goes without saying that NFTs become more expensive as an artist becomes more established. So, you will want to start with a friendly price and raise it gradually with time.
Pricing your NFT is a personal decision that requires research and attention to the crypto market. While there is no one pricing method for all, the following steps will help you come up with the best value for your artwork.
1. Understand the NFT marketplace
Taking some time to understand how the NFT market works is crucial. You can begin by going through other similar arts as a buyer and observing their set prices. Weigh whether you would be willing to purchase them. Once done, evaluate if your NFTs are worth selling, your target audience, and the price in your mind.
2. Define the reasons why you want to sell your artwork
To become a treasure in the NFT space, it is vital to consider your goals before setting a price. The reason why you want to sell your NFT could significantly affect its price.
Do you aim to sell out quickly or remain relevant in the market for an extended time? Is it just hype, or are you willing to earn money for surviving? If you have other reasons outside of personal gain, defining them clearly will help you come up with a price tag.
3. Create the artwork value
The NFT marketplace is full of talented artists, and there are numerous items on sale. So, you need to create valuable products to remain competitive in the market. Explore the NFT market and find out what is trendy.
If your art is exceptional and trendy, you are likely to sell it at a higher price. Note that price and value are different things. The kind of value that your product brings to the collectors plays a huge role in determining how much it will sell.
4. Find out its rarity
One thing you want to consider when determining the value of your artwork is its rarity. Are you publishing a one-of-one piece or an entire collection? Depending on how many NFTs are available for collectors to purchase, you may want to consider different price points for works.
Generally, a unique one-of-one edition is more of a luxury item, and the price at which you sell it should reflect that. However, it's best to keep NFTs collectibles on the less expensive side.
5. Determine the category of your art
NFT marketplace is diverse, with customers from all over the world. Some buyers will bid highest for your luxury arts, while others will think twice before buying cheap collectibles from you.
Categorizing your work will be the best way to ensure liquidity in your sales. You should set high prices for the rare items and place them aside for high-profile buyers. Of course, the prices will differ on drawing, fashing pieces, and music.
You can also develop different categories for your art collectibles. The more you place them in their respective categories, the higher the chances of selling them. But you should be patient and focus more on making yourself a brand, even if you have to pay more gas than the original product price.
When your collectibles begin to sell, they will become popular over time, and you can set your desired price. Lower pricing has the potential to increase connections if you are patient enough to wait for the perfect time to raise your prices.
6. Determine your pricing floor
A pricing floor refers to the lowest price limit for a certain product. When you are new in the NFT market, your price floor should maintain a lower limit and raise it gradually as you gain customers. While you can risk starting at a higher price, chances are that not many customers will bid.
However, it would help if you considered NFT tax and other costs when setting your pricing floor. Advertising your products in and out of the marketplace is inevitable if you want to quickly attract many potential buyers. The public response to your artwork will help you determine its worth.
What are the main NFT platforms?
The most famous NFT platforms are OpenSea, Rarible, and Solsea. OpenSea is the world's biggest marketplace with no restrictions on who can sell their arts. The platform is free to join, and the sign-up process is hassle-free. Rarible is also famous for its exciting features, such as lazy minting and code-free. Just like OpenSea, this platform has no restrictions on who can sell their items. SolSea is an excellent choice for artists familiar with the Solana blockchain. Other popular platforms include:
NFT pricing key takeaways
Here are essential things to remember when pricing your NFT artwork.
- Establish a strong presence on different platforms. Doing this will increase brand awareness and help you set your desired prices over time.
- Take time to experiment with the NFT market before taking high risks. Do not invest too much while you are still new to the ecosystem.
- Be open-minded about discounts.
- Build strong relationships with your buyers by knowing what they want and delivering exactly that. You will grow over time and be in a position to set the highest prices.
Pricing your NFT art is not easy, especially if you are new to the market. Embracing the above steps will help you come up with the best value for your artwork. With the rising NFT popularity, you can be sure that this is a market worth your investment.