Knowing how to correctly price your NFT can be tricky, especially if it’s your first time uploading an NFT to a marketplace.
You want to achieve a balance of not pricing yourself too high and risking collectors not buying your work. On the other hand, you don’t want to price your NFT too low and sell yourself short either.
That’s why it’s important to create a smart NFT pricing strategy to make the most of your work.
My Top Tips for How to Price Your NFTs
1Consider art rarity
One of the things you want to consider about your art is its rarity. Are you publishing a one-on-one piece or an entire collection?
Depending on how many NFTs are available for collectors to purchase, you may wanna consider different price points for your works.
We all know that a unique one-of-one edition is more of a luxury item. The price you sell it for should reflect that.
However, a collection of trading cards, for example, are a collectible item. For these types of NFTs, it’s best to keep them on the less expensive side.
But generally speaking, if you’re new to the NFT space, I suggest you keep your prices at a more realistic point. From there on, gradually raise your floor.
2Be present across different NFT platforms
Being well known will greatly affect the price that your art will command.
So, engage with your targeted audience. And help promote other artists because they will also re-share your work with their followers, which will increase your visibility to collectors.
3Put yourself in the shoes of a buyer
The biggest reason why most people struggle to sell their NFT work is because they price it based on how much it means to them. Well, sorry to break to you but no one cares about what you perceive as valuable. It’s about understanding what buyers perceive as valuable.
Spend time browsing other artists’ collectibles. See how they’ve priced their creations, and then figure out if you’re willing to buy them at those prices.
In summary, these are the three main factors you need to consider before pricing your NFT.
Just keep in mind though that you shouldn’t be discouraged if you fail to sell your NFT right away. It’s all part of the process. Like all things in life, you’ve got to work for it.
And remember, as long as you refuse to quit, you’ll never fail.