At what price should you put your NFT collection?
When you want to put a price on an NFT collection, it is the same as putting a price on the product, so you must have your previous analysis and you have to study it. We cannot go crazy and put an exorbitant price on our NFT because it basically means that we are not going to sell it.
That is why in this post, we are going to show you all the criteria that you must follow before putting the price on your collection. Let’s do it:
- Roadmap: The first thing we must take into account to price our collection is the roadmap, it is the most important criterion to take into account for our collection. If we’ve done a good job, with a good new roadmap that has aspects that other collections don’t, then we can and should price it higher. But don’t overdo it, because you’re gambling that no one buys that collection from you. If we put the typical roadmap that the vast majority of collections have without highlighting much, we cannot go overpriced, you must be realistic.
What do you want to work on in the roadmap of your collection? Perfect, but don’t promise anything you can’t deliver, because when push comes to shove, if you don’t deliver on what you promised your community, you’ll throw all your work away.But WOW! You must take into account ALL the criteria in this post, if you only meet one of them, we do not advise you to put a high price on your collection.
- Authority :Who are you? Have you made other NFT collections? Have they sold out? You are famous?
These questions, although they seem silly, make your price increase a lot.
When people see that there is someone famous behind a project or that there is a lot of community behind it, they throw themselves into the project and want to join.
For this reason, if you are someone known or with a fandom base, you can afford to raise the price of your collection a little.
However, if this is your first NFT collection and you are trying to see if you sell or not, we recommend that you start with very low prices. As you advance in this NFT world and gain a name, recognition and a community, you will be able to increase the cache of your collection little by little.
You can’t go from 0 to 100, you have to have a progression.
- Royalties:The royalties in an NFT collection are very important because they are closely linked to the price. The correct thing to do when putting the royalties for your NFT is that if you put some royalties of 10-15-20 %, you must set a very low base price. And vice versa, if you put a higher base price, you should put lower royalties around 4-6-7%.
- Platform :The platform where you are going to sell your NFTs is a key point.
If you still don’t know what platforms exist to be able to mint your NFTs, here we leave you a video from our YouTube channel where we teach you why the minting platform is very important to set one price or another.
If we upload our collection to OpenSea, we cannot go overboard with the price since in OpenSea, there are thousands and thousands of NFT collections. We must set an appropriate and realistic price equal to or lower than the rest of the collections that we analyze that have more or less the same characteristics as ours.
It does not mean that you cannot succeed with a great collection at OpenSea, what happens is that there is a lot of competition with very powerful people in the sector and very prepared with a large budget to carry out brutal marketing campaigns with a lot of authority.
If we want to launch our collection on other platforms such as Nifty Gateway or Super Red, since it is much more difficult to enter and there are many collectors inside, we can afford to put a much higher price. But beware, as we have said before, always offer something realistic, nobody is going to give you money.
- Design:Let’s talk about the design of your collection.
Uploading a basic 2D design is not the same as uploading a good 3D design with a lot of work behind it. Note that we are not saying that there cannot be very successful NFTs in 2D, in fact, the most expensive in the world today are the CryptoPunks, and they are 2D designs illustrated by bits. But people in this sector who understand know how to value when there is work behind a well-worked design. It is true that this point is important, but it does not make much of a difference unless you are the world’s top artist, who basically could set the price you want.
- Number of units:It is not the same to take out a collection of 10,000 units as one of 1,000. It completely changes the price, the more pieces your collection has, the lower the price should be because they are “less exclusive”. If you have a collection of 100 units, you can afford to put a much higher price. An NFT is an EXCLUSIVE token in the world, and for this reason, the price can vary greatly.
As a final note, we have to remind you that the price you put on your NFT collection, first of all, should make you recover the costs of the investment in making it. What it cost you to create web 3.0, the design costs, the smart contract, the designer… Because otherwise, even if you sell your entire collection, you may lose money.
The “standard” price of a collection from someone new to this world ranges from 0.1 ETH to 0.2. This is valid if you fulfill all the requirements that we have given you in this post, but sometimes, not even setting it to 0.1 can you sell something, so you will have to lower the price even more. There is nothing certain in this world, but if you follow these steps, you will surely have a higher percentage of being successful with your NFT collection.
We hope that the post for your NFT collection that you are wanting to launch has been very helpful, we leave you a summary of the post in this video on our YouTube channel: