Selling Your NFTs

Before you jump straight into deciding on pricing for your NFT and collection, there are a couple of things that need to be factored in: - The total costs of minting, listing, and selling on primary and/or secondary CNFT marketplaces ‍If you’re a traditional artist looking for some help to digitize your artwork on Cardano, then working with a primary NFT marketplace is likely your best bet. Each platform has its own pricing models and it’ll be up to you to research the costs involved before making a decision. If you’ve already got digital artwork to mint, secondary NFT marketplaces like jpg.store have incredibly low fees for single NFT mints, but if you’re planning on minting a bigger collection the costs can quickly add up. You will need to consider minting and network fees as well as service or transaction fees when going ahead with listing your NFTs. Once you’ve managed to sell your work, you will also need to account for fees to convert your ADA into a stable coin (pegged 1:1 on the US dollar) using an exchange to lock in your profits, and what the costs will be to withdraw that to your bank account. Read more on primary vs secondary NFT marketplaces for creators and collectors here. - The underlying value/utility of your NFT and/or collection ‍The beauty and value of something is truly in the eye of the beholder, and it’s no different with NFTs. As the creator, you place an inherent value on the artwork you create, but it’s important to put yourself in the shoes of collectors to understand why they would want to buy your NFT. ‍Is your NFT collection very limited or a 1:1 piece? ‍Scarcity drives demand and smaller collections may fetch a higher price. ‍Does your NFT have special utility outside of just the artwork? ‍If you’re providing buyers with something extra for supporting your collection like a physical copy of the artwork or some cool merchandise, the NFT does have greater value. Just be sure to work out what those additional costs may look like when determining your sale price. - Your end goal ‍Are you looking to set a fixed price or auction your work off? ‍Auctions might work well for driving the price up for limited collections or a 1:1 piece, whereas setting a fixed price for bigger collections may help you sell out quicker. Pricing your NFTs is entirely up to what works best for what you’re putting out there and what you’d like to achieve. It’s important to consider all the potential costs involved, and account for what happens after you bring your profits into your bank account.