How much should you sell your NFT artwork for? It’s a simple question but it’s rather difficult to answer. There is a process however that might just help you to do that.
Consider a new traditional oil on canvas painting from a fresh arts graduate. She never sold any art before so there’s no comparison. In this case, what you do is look at the cost of materials, the number of hours spent creating the artwork (times standard set hourly rate), and add a margin of 30-40%. That will give you a selling price.
This calculation gets more difficult as you progress with your career and become more established. Then you need to put the price of your own brand on top. Also, add where you are currently in your career and where you are heading. As the factors that influence pricing get more complicated the calculation becomes impossible. This is when you switch to comparables. You need to do market research covering your fellow artist. Check how much they are selling their NFTs for and position your work similar to them.
What do we mean by similar artists? Firstly, look at the style. They have to have similar look and feel styles and artworks. Also look at what they are selling i.e. is it a one-off, multiple editions, or series. Secondly, since it’s online, you need to look at their online presence (follower base, engagements, etc) and see if you are comparable. Some of these you can pull automatically, but others you have to gather manually. This can be time-consuming.
We also use the below table to understand how the NFT artwork was born. Was it a physical artwork that gets digitized and then minted? Or it’s a purely digital creation? There are multiple versions you can pick from. However, your choice will influence the selling price. If you are selling artwork that’s been digitized from physical then we recommend trying to sell both together.
If you would like to discuss your project with us or have any questions regarding the above please feel free to contact us. We’re happy to help.