NFT pricing strategies for artists
The non-fungible token (NFT) craze continues to fascinate creators across the globe. Various talented artists in the traditional space have been keen to transition to the digital world and explore NFTs as it allows them to partake in a novel, exciting asset class, as well as add an additional revenue stream to their portfolio.
Artists embarking on their NFT journey may often find themselves pondering over a pertinent question: “How does one price their art?”. Unless one is a crypto native, there is a definite learning curve with creating a digital wallet, transferring funds from centralized exchanges and paying gas fees to mint NFTs and record it on a blockchain.
Just like the traditional art world, there is no set formula to price tokenized art. However, the team at Blind Boxes has put together a few pointers that could provide artists new insights and propel them to move forward with more conviction.
1) Competitive pricing
Beeple sold his ‘Everydays’ artwork for an astounding $69 million USD through a renowned online auction house earlier this year which caused a stir in the mainstream media. Landmark events like these can often lull new artists into a false sense of confidence. A quick research of average prices of artists in the same category would be a wiser move. Quote initial works competitively and gradually raise the floor. Additionally, keep the pricing consistent if planning to sell across different platforms. As they often say in the crypto world, sales is proof of concept.
2) Experimenting with collections
The first couple of collections an artist puts out offer ample opportunity to learn more about the marketplace. For example, every piece of art need not be a 1:1 rare collectible. Perhaps the creator can mint a 10 piece limited edition series and compare it with a 1:1. Does the 10 piece edition series priced at 0.1 ETH sell better? Or is the pursuit of minting a single 1:1 piece for 1 ETH more worthwhile? These mini experiments will enable the creator to customize their forthcoming collections more intuitively.
3) Weave a narrative for your creations
The audience is intrigued by stories. Rather than just uploading the visual, it’s imperative to fully utilize the critical real estate on the site — the ‘description’ space for the art. An artist can blend in their own narrative and unique perspective while describing their creation, its origins, and the inspirations behind it. This enables the collection to distinguish itself from its competition.
4) Unlockable value and gamification
A key strategy that could provide the required impetus to an NFT collection is offering unlockable value. A smart contract enabled offline benefit to the buyer in the form of a physical piece of art, a coupon, or exclusive access to an event could considerably enhance the experience for them and aid in building brand equity for the artist.
Another crucial element is leveraging gamification. For example, Blind Boxes facilitates up-coming artists to collaborate with each other to form collections that can be sold on their site. Furthermore, the gamified platform pairs art works from fresh talent with established ones in mystery boxes, thus accelerating visibility and the potential for higher sales.
5) Stay relevant and consistent.
Art is subjective and creating it requires passion, grit and trusting a process that works for the individual creator. As with most great things in life, long lasting success is often achieved with consistent production and interfacing. Exploring new mediums, marketing your artist name, sharing your artist journey on social media, and collaborating with other talent, brands and platforms in the space is paramount to making a name for yourself. The NFT ecosystem is relatively new and constantly evolving with enough space to carve out a niche.
Embrace the Metaverse!
About Blind Boxes
Blind Boxes is a gamified curation platform and launchpad for NFTs (non-fungible tokens). This highly scalable dApp enables brands and creators to diversify their revenue streams, increase the liquidity of their creative assets, and to become leaders in decentralized global economies, while engaging fans and buyers to discover and collect rare, limited edition NFTs.
Via the Blind Boxes Marketplace, buyers experience the thrill of time-released curated NFT collections. Here collectors unlock sealed packages of exclusive items, curated by tastemakers across the arts, music, & entertainment. Curation is at the core of our value proposition. The platform offers a commission structure that incentivizes independent contributors to produce bespoke blind box collections that feature top-tier talent and emerging artists and designers from around the world.
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