To identify the best pricing strategy for nfts, you need to know how to price them with profitability in mind. Anyone can sell crypto art for millions of dollars, and anyone can do that with the right strategy.
This guide explains why nft prices fluctuate, what price you should set for your artwork depending on the number of editions you intend to make, and how important it is to establish a high floor.
So lets get into the best NFT Pricing strategy:
What’s the Best Pricing NFT Strategy for Beginners?
The more art pieces you have, the lower the value of the piece. It all depends on whether there are duplicates. Because they aren’t unique or easily available, more copies will result in lower prices. The more art pieces that are available, the less valuable they will be. A 1:1 example of this is a piece that can be more expensive than 100 copies.
Versions (also known as “editions”) are a way to determine the value of an nft when it comes to selling on a secondary market. If you have ten editions, and want to sell them all at once, the number one edition will sell the fastest and fetch the most money.
Let’s look at why pricing your nft artwork should be different based on how many copies you plan to create on the blockchain.
Divide your artwork into two categories: Affordable and Luxurious
Affordable
- 10,000 non-fungible tokens
- Easy to trade or give
- Start price at .02ETH
- 1 out of 1
- Only for a Limited Time
- The starting price for is. 1ETH or 1 ETH.
To determine your NFT pricing strategy, identify your goal upfront.
Do you want to sell quickly? Is it to be relevant for a long period of time and make it a blue-chip nft instead?
Before you set the price, think about your goals to become a respected artist in the area. It’s important to be able say that you have sold out, and that you did it quickly. It’s not the only way you can promote your nft collection or increase its value.
Let’s take, for example, the case where you have already sold an nft collection that started at 1ETH and are now trying to price your next collection. Your goal is to sell quickly so you should keep your price the same as your original collection.
Your series one collection will have a higher perceived value because it is considered older and more original. The other way around is that if your next 50 are identical, the higher prices will elevate your first 50.
What Determines The Price Of An NFT
Do you have a gift for storytelling and drawing? You can create a comic book, and release each chapter. These are great examples of non-replicable utilities that are unique.
Community building is possible through access to tickets and exclusive events. Will you, for example, offer weekly giveaways? Oder royalties for each transaction that is resold on the blockchain
For the first few weeks, you can raffle off ten nfts. This encourages collectors to keep your nft longer.
1. Demand
The higher your floor price on secondary marketplaces, the more you mint
The best results will be achieved by finding a price that is affordable and close to similar artwork.
2. Community
Discord is a great tool to connect with other nft holders and build a loyal fan base.
An nft price could go as high as the moon if your nft collection is gaining popularity on social media, or if there is a strong community that makes everyone feel involved.
Some even go so far as to create rivalries in order to spark a tribe movement.
Starship and Alien World, for example, are both play-to-earn games that create amazing communities.
3. Good News
The old saying “Good news travels fast” rings true in relation to the nft project launch and the impact it has on prices. An example of this is an nft that is supported by a donation to a charity or other helpful organization. This can be a great way promote a positive message, and increase popularity.
4. Create Value
NFTs are gaining more utility as a way to create long-term value. Collectors want more than an art piece that they can appreciate for its aesthetic qualities. They also want the ability to use the NFT to do something else, or to have special perks.
You might consider adding cool unlockables to the collection. These could include a physical print, discounted prices on other pieces, or access to your next drop. This is a great way to make collectors’ experience worthwhile and to say thank you for their trust.
An NFT Price Can Make Or Break A Project
Some nft sellers don’t believe that the price affects the success of your project. They may be aiming for something different and not a profitable project. It is crucial to correctly price an nft when you consider the cost of minting, listing and selling it.
This explains why you cannot buy nfts for less than $300. The artist would not be able make any money selling them because of the high gas costs.
It will save you a lot of headaches down the road by taking the time to calculate how many pieces you will sell and what the floor prices should be.
You may also enjoy these articles about pricing nfts, and how to identify the best nft pricing strategy.
Avoid This
Although there are always fluctuations in ETH’s price, it is better to not think of ETH as fiat. This can lead to confusion and many people tend to adjust their prices to reflect the behavior of the crypto market. Today, 1 Ethereum might be worth $2700 while next week it might be worth $3500.
This shouldn’t discourage you from lowering your prices. Be consistent with the price you have set in ETH. NFTs are generally bought by the crypto community when they have a value in ETH, and not in fiat.
You are the artist, and you can decide the value of your work. Try different strategies and don’t be afraid to experiment with them. Remember that collectors are often artists, so it’s worth supporting one another and connecting with others.
You will find your niche in this amazing space if you keep creating and innovating.
