Pricing Strategy for Artists: 7 Keys to List Your NFTs for Success
(Applicable Outside NFTs, too)
If you’ve ever Google searched “how to price my artwork,” you’ve probably found yourself more confused than when you started. And if you’ve ever Google searched, “how to price my NFTs,” you’ve probably found nothing at all. Which is more confusing than anything.
Here’s the thing: The game is early. NFTs are still only scraping the surface of mainstream notoriety, and since there’s no true “formula” or official “blueprint” to look to (other than our successful peers in the space, and none of them is like another), listing your first piece can be extremely intimidating.
On one hand, pricing yourself too high and you risk some side eyes and the inability to ever sell that work. And on the other hand, pricing yourself too low means it’ll be more difficult to raise your floor over time. If you’ve tried to do this in the traditional art world — learning how to price prints, originals, negotiate brand collaborations, etc. — you know the frustration.
Not to mention, the price of Ether fluctuates every day. What’s an artist to do out here in this unchartered, wild-as-hell territory?
Like always, I’ll give a disclaimer before answering this question. Because, ultimately, there’s no one right way to be an artist. You can do whatever the heck you want. You’re a creator, and that’s your prerogative. Your authority.
But, based on what I’ve seen and what I know to be true (thanks to real-life personal experience, a daily auditing of the space, a community that shares transparently their sales, and a blockchain that proves it), here’s my guidance.
How to Price Your NFTs for Success
1. Enter with humility, but raise your floor steadily and consistently. Coming into a space where a significant amount of money is exchanged every day — where artists are selling work for tens of thousands of dollars and up — can be misleading. Too many artists enter the space under the impression that, just because work is being purchased for thousands of dollars, their work will automatically garner the same sales and attention right off the bat. Make some sales, and then take your pricing up over time. As you continue to sell more frequently and consistently, raise your floor. Sales are your proof of concept.
2. Be patient with yourself. Too many of us (myself included; you’re not alone) forget that the value of our artistry, especially long-term, isn’t about a sale in the immediate. Or even within the first week, or month (check out the image below, an example of a piece that sat untouched for exactly a month before a collector found me on Twitter). It will take time, but that isn’t something to be discouraged by. Unless you are already working as an artist full-time, selling out every drop in the physical space, and have a strong clientele, you probably won’t sell everything within the first 5 minutes. This doesn’t mean you need to go burn your tokens if they don’t sell quickly, nor does it mean you need to get discouraged and rethink your entire life, hopes, and dreams. Just hold on, be patient, trust your vision, and keep working. Note: I’m not saying “never burn your tokens.” I’ve burned a few and felt great about it. Maybe something I wanted to try didn’t end up sitting well with me, or it didn’t feel like authentic work, or I had made enough improvement over time that it wasn’t representative of my style or story any more. Remember: You’re the artist. This is your domain.
3. Leverage multiple platforms, and keep your pricing somewhat consistent. Of course, an edition of 10 or a collectible should be priced differently than a 1:1 no matter where you show up, but a 1:1 shouldn’t be listed for .1 ETH on one platform and 10 ETH on another (typically. But see point 4 for another consideration). Remember that your work is valuable across the board, regardless of where it’s minted. Also note: Firstly, it might seem like going all in on one platform is best to gain traction, but this is becoming more difficult as the acceptance to some platforms take upwards of 6 months (or more). Don’t knock an open marketplace (Rarible or OpenSea, for example) just because it’s open. There are plenty of artists finding outrageous success on these platforms — just check the leaderboards. Use the available marketplaces to your advantage, especially as collectors are diversified across each of them. SuperRare has a collector base, while Foundation has another, etc. Many of them overlap, yes, but not all of them.
4. Don’t be afraid to play with value. This one is going to sound contradictory. Because it is. (Haa. Sorry.) If you’re just starting to sell work — either in NFTs or in general — allow yourself some play time. See what works. See what doesn’t. Try a 10-edition mint for .1 ETH each, and try listing a 1:1 for an ETH. Dependent on your work and client base — and if your work is considered a “collectible” as opposed to a piece of “fine art” — one strategy might work better for you than another. (I can attest to this: My higher-priced pieces (1 ETH) sell more quickly and easily than my multiple-edition mints. For the work I make and the people I appeal to, this makes more sense, and a 10-edition piece might not carry much value. (I haven’t made “collectibles” yet.) Play with it. Be free. Test it out. If you’re making unique work, and telling your unique story, there’s really no formula. Unfortunately.
5. Avoid thinking of ETH in terms of fiat. This is where a lot of artists get stuck. The thought of listing a piece on your website for $2500 might sound completely absurd. But a piece selling for an Ether (equivalent to $2500 USD at the time of this writing) might not be too far-fetched. This space is nuanced — it’s not the same as the traditional art world, so although consistency across platforms is healthy, beware of valuing yourself too low because you’re thinking in terms of government-issued currency.
6. I’ve said it before and I’ll say it again: Use the space to input a description. Yes, your work should speak for itself. But there’s a lot of beautiful work out there; your story will be another reason for someone to support you and see you as an investment. Alongside your work, your narrative will separate you from the pack. People buy into the artist as much as they buy into the art. To share your story, even if a little scary, is an opportunity to connect with someone else. Rather than describing how the work should make them feel, describe the piece’s origin. Talk about your inspiration. Share a little nugget of who you are that might make a reader or a potential collector think, “Wow. I knew I loved this art. But I’m REALLY in it for the human behind it.” The token description is useful real estate. Take advantage of it. Here’s kind of a wild example of a screenshot I minted that — without the description — wouldn’t have sold. For this one, in particular, the story is the point of the “piece.”
7. Leverage gamification and unlockables. Similar to the previous point, play with it. Try different things. What works for one artist might not work for you (but some other things might). Unlockables are a really cool way to provide something to your collector, as a “thank you” for their support and investment. Unlockables might incentivize a collector looking for art for their in-home display, or maybe an NFT that comes with a physical print is what another is looking for. Can you provide other physical goods, like a t-shirt, or exclusive access to your next drop? Does the purchase of one NFT entitle a collector to behind-the-scenes videos of your work’s creation, a written “thank you” note, or a discount code to shop your site? There are so many ways to use this feature. Do your research, have fun, and take advantage of the opportunity to connect with and provide a really cool experience for the people that believe in you.
BONUS! Note that “success” isn’t synonymous with “sale.” Yes, sales are imperative to the sustainability of an artist. Without money, an artist can’t eat, let alone create. BUT, regardless of anything else, hold on to this one truth: You are valuable, and your work is valuable, regardless of a sale. People will try and tell you, “Work is only as valuable as someone is willing to pay for it,” and although that’s true within a structure — a system — that’s not all-encompassing of your worth as an artist. Therefore, success isn’t tied solely to money.
Success also looks like growth, it looks like breakthrough, it looks like joy. It looks like creating against all odds, like defying a world that says “artist isn’t a real job,” like stewarding Creative Responsibility. Success in sales is really, really cool. But it’s not everything — especially for an artist that’s probably defiant of structure and systems anyway.
