Weâ€™ve already discussed how to create and mint your own NFTs. We talked about the most common and popular way to launch an NFT collection. And, weâ€™ve talked about how to market non-fungible tokens in the industry. Now, all thatâ€™s left is learning how to price your NFT the right way!
Not too expensive but not too cheap all at the same time.
Basically, you want to learn how to price your NFT in a way that benefits you! It should help boost your floor price, give your NFT value, and earn you a good margin of profit. Also, youâ€™re going to want to learn how to properly sell your NFT after pricing it. Or else, this will all be for nothing! So, make sure you check out our guide on how to sell non-fungible tokens. Just click on the button below to find out more!
Also, as an artist in the Web3 space, or a beginner in the NFT world; things can get confusing. You have to consider the pricing, the competition, and so many more factors before becoming an established creator. Especially now since the market has become more focused on artists and creators. Itâ€™s not just about making money anymore. And, although there is no fixed formula to price your NFT, there are things you can do to help.
What to Consider
- NFT Rarity
The first thing you should consider in learning how to price your NFT is its rarity. The higher the rarity score, the more expensive an NFT should be!Â
- Brand Rep and Community
Another thing you should consider is your brand reputation and community. If youâ€™ve built a community surrounding your brand, it allows you to know your audience more. How much are they willing to pay for your art?
One of the greatest ways to boost your floor price is proof-of-concept â€“ aka, making consistent sales. The more sales you make, the more people will find you credible and in demand.
- Be Consistent with Prices
Also, the biggest mistake about learning how to price your NFT is not being consistent. As a creator, you can choose to list your NFT on multiple marketplaces and platforms. However, you have to make sure you have consistent prices!
HOW TO PRICE YOUR NFT
#1 Set Your Goal
First, the most important part of learning how to price your NFT is knowing and setting your goals. This is one of the biggest mistakes that creators do when theyâ€™re first starting out. They lose sight of their initial goal! Here are a few questions you should ask yourself upfront:
- Do you want to sell out quickly (one-hit wonder kinda thing)
- Or, do you want long-term success and eventually reach blue-chip status?
Basically, if itâ€™s a one-time thing, you can go for whatever price you think values your work the most. This is what we call passionate pricing where an artist estimates his own workâ€™s value. But, if you plan on staying in the game, we advise a linear pricing approach. This is a way of earning steady gains and raising the floor slowly.Â
#2 Do Your Research
Also, another thing that you should focus on in your journey of learning how to price your NFT is research. Doing your homework is KEY to a successful and long NFT journey as a creator. You have to take your time and learn from the experiences of other people in the industry. Check out the prices of other collections sharing the same type of NFT as yours! And, see what other collections (ones that are your target audience) are willing to pay for non-fungible tokens.Â
This will give you a ballpark for pricing your own NFT!Â
So, what you have to do is collect market data and check out the competition. See what different marketplace listings look like and check out the floor prices. This should give you a good idea of what the average price of a specific type of NFT is. And, data from your competition will give you a frame of who your target market is!
#3 Consider the Fees
And then, there are the different fees involved in the entire pricing process. Learning how to price your NFT means learning how to make a profit after the costs. If you didnâ€™t already know, nothing you do on the blockchain is free. And therefore, there are certain fees you have to consider when pricing your art!
Basically, the main fees you should consider as a creator are:Â
- Minting FeesÂ
- Listing FeesÂ
- Platform Commission Fees (Solana VS Ethereum)
#4 Choose the Platforms
Finally, the last thing you should consider in learning how to price your NFT is choosing the platform. However, by this, we do not mean finding the best platform for your sale.
We mean utilizing and leveraging the platform to add value to your work. So, make sure that the platform you choose offers a ton of features that you can benefit from. This could be anything from unlockable content to exclusive features!Â
In a nutshell, learning how to price your NFT takes a bit of time and patience. Doing the proper research before you dive right into it is essential. So, the main takeaway from this article is: do your homework and be patient!
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