How to Price Your NFTs — the secret behind million-dollar NFTs revealed!
Tags: Nft Marketplace, Nftart, Airdrop, Nft, Concordium

Non-fungible tokens (NFTs) are arguably some of the most prized digital assets and have made record-breaking astronomical sales throughout 2021. Not to burst your bubble, but, according to recent research, the majority of NFTs sell for much lower — in fact, more than 50 per cent of all recorded sales were under $200.

As an upcoming NFT creator, how can you create NFTs like Beeple’s that sell for tens of millions of dollars? Mike Winkelmann, popularly known as Beeple is a celebrated NFT creator who holds the record for the highest prized NFT ever sold. Beeple created a collage of 5,000 digital collectibles dubbed “The First 5,000 Days” and sold it for a whopping $69.3 million. However, it’s worth mentioning that until October 2021, the most Mike Winkelmann had ever sold a print for was $100.

So, how did Beeple manage to pull off such a huge jump? In this insightful article, we reveal the secrets behind the big NFT sales and how you can implement the same strategies and get it right the first time. Find out how to come up with a price tag that bidders will make offers upon without hesitation. Read on!

Understand the NFT Landscape

Just like any emerging field, you should spend a lot of time learning how to navigate the NFT landscape as an amateur. For instance, register on a reputable NFT marketplace to get first-hand insight into how things work. Since you’re interested in pricing, view everything from the buyer’s perspective. See how other creators are categorizing or displaying their digital artworks and ask yourself whether you’re willing to make an offer on the tagged price.

Doing this will also help you understand a specific audience to target with your work and prices. For instance, check the anime categories if your art revolves around that space. Other categories to watch out for include avatars, gaming collectibles, digital images, and soundtracks. The good thing with NFTs is that any digital collectible can have a price tag.

Creating Product Value for Your NFTs

It took Beeple over a decade to sell his first NFT for $69.3 million. We also have young artists who made over $300,000 in less than 19/months by selling NFTs. You can learn one thing from these two examples — patience can give you the highest price by creating a better product value, minus the market fluctuations. It’s about making collectors value your digital artwork more than its price tag by creating an immeasurable personal value.

Alternatively, you can create a high-value NFT by leveraging the foregoing trends. Remember, the number of NFT items on sale is definitely more than the available buyers, a situation that devalues your creation. In that case, observe the market and go with an exceptionally trendy collection that would market itself effortlessly. Even better, create the first edition of a collection and make an exclusive ownership offer on it. Such a piece will make a great sale because its value is intrinsic rather than quantifiable with a price.

How Rare is Your NFT?

At this point, it’s worth mentioning the primary traits that drive NFTs’ value — scarcity and utility. The latter is very important because the rarer your digital work, the higher you’ll likely price it and the more money collectors will be willing to part with. So, evaluate whether your NFT collectible is rare and can attract a unique value when stacked up against other artworks from different artists on the platform. This will also help you determine how you want to display the NFT. The options can include a standard collectible, fog, or luxury item. The call is yours, depending on how rare you view it.

However, experts warn against starting your price at exorbitant rates no matter how rare your NFT collectible is. This can scare away buyers, who might even be willing to pay more. Start the price at a lower rate, say 10 CCD, and adjust accordingly as time goes. Remember, the value of your creation will increase automatically as more buyers show interest in it.

Categorize Your NFTs

There are high chances that you’ll be creating multiple NFT collectibles with varying value and prices. Ensure that you categorize each collectible accordingly to attract the right buyers. For instance, rare NFTs can fit well in luxury items collectibles to attract high-profile collectors. You also need a category for standard collectors to enhance sales liquidity.

Even better, some platforms allow artists to come up with their own categories. So, come up with a standard that makes it easy for you to price and accessible for consumers to buy.

Add a Lower Price to Create Attention, But Don’t Regret It

Not all NFTs can sell for thousands or millions of dollars. Sometimes you try all the tricks, including making the artwork rare and scarce but it still doesn’t work. In that case, don’t give up. Instead, sell the artwork at a lower price and create a name so that the market can prioritize you as among the prolific emerging talents. If you’re a talented artist, there is still more room to create more masterpieces and sell them at higher prices in the future.

Take a typical musician as an example. Musicians can release a fire album but the sales still remain low no matter how much they hype the project. But do they give up? No. They go back to the studio, create better albums, and capitalize on the attention the first project created to make more sales in the future.

However, this strategy works better if you have a pricing floor. It doesn’t equate to giving in to snowball offers. Your art is better off remaining on a shelf than selling it at a throw-away price. Even the most naïve buyer will be hesitant to take a seemingly low offer because they don’t see value in the art. So, market your product in and out of the platform to see what buyers think about it, and generate a floor price from that feedback.

Take advantage of free exposure campaigns

Concordium, the revolutionary blockchain powering SpaceSeven is speeding up its AirDrop distribution in January. As an artist, you have an opportunity to ride the wave and join SS in a special Universe that will give your NFTs a huge exposure boost. Following Concordium’s airdrop, there will be a lot of NFT enthusiasts with at least 50–100 CCDs to spend on art.

This Universe will be created especially for celebrating this event and will help you achieve large-volume sales with minimum effort. ​​A universe gives you the ability to create a virtual, exclusive and customized gallery inside the SpaceSeven NFT Marketplace. SpaceSeven universes give you the means to express your style and emotions in not just the art itself but in the way it is presented.

The Bottom Line: Be Yourself and Don’t Overdo Anything

The hype around NFT digital assets is not going away any time soon. Neither is it too late to join the craze. However, creating NFTs is one thing, and pricing them a different ballgame.

Leverage this guide to start pricing your NFTs today. The key rule is being yourself and practising patience. Don’t try to copy Beeple or anyone who sells their art for millions of dollars. It took all of the time, marketing, and strategies to ask for higher prices. Join our platform today and browse various art categories to see where you can start.

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