Why you should review your NFT’s price
Bringing into life a new NFT collectible is, in a certain way, like a marathon. You should think about storytelling, art, engineering behind blockchain setting up, marketing and… pricing. Inevitably in some point at your path you and your team will talk about price. We are struggling with that in 72ars.io project.
Look above the shoulder of the bigger sellers may not be the best way to choose the price. You saw a strange ape art being sold by million of dollars.. Why not ask a thousand of dollars for an art much high better?
Well, here comes the turn point of the decision. Art is something with a very strange behaviour. You didn't like the stylized ape NFT? Well, a lot of people are buying them, spending lots of crypto money to get one of those precious pieces of (ape) art in their wallet. Maybe the "da vinci" living inside you is not enough to convince people to decide buy your art in turn of apes, or rabbits, or ballerz, or whatever everybody is doing to sell so called "auto-generative" art.
So, we must have a start point to see how much is a fair price for your NFT collectible. As you know, there is already a lot of people trying to sell NFTs today, and the ephemeral first days of millionaires NFTs is probably in the past. "But I saw some pixel-art NFT being sold by 10 million dollars!". Kid, that was probably a big scam, and, unless you are son/nephew of some billionaire guy, probably your NFT will not get so much money.
Going right to the target, you can go to marketplaces like opensea to see average pricing for NFTs. Websites specialized in monitoring blockchains already have a lot of APIs where you can connect to get some precious data. For instance, Etherscan APIs have lots of real time data to help to take that decision. Now, lets get in some steps to help us to take this decision less blindly as possible.
To start building your collection, you and your team must have a deep understanding of who is your target audience. Understanding their behaviour, preferences, where they are, what type of digital product they are consuming is some of the questions that must be answered. We strongly recommend "The Customer Discovery Handbook" to help you define persona and know where they are.
The Average Statistics for Pricing analysis
To help us to take this decision, we analyze around 400 well succeeded collectibles, getting relevant data about them. Here is what we found during this analysis:
The average price for a large scale sale (> 1000 items) is approximately 0.04 ETH.
The average number of buyers for a well succeeded NFT selling is around 1000 buyers.
Each buyer bought around 1.2 NFT for each collectible;
The well succeeded collections have built communities with more than 1.000 participants.
The average maximum number of NFTs bought buy a single buyer is around 20. However, in one of the collections, one single buyer bought around 340 NFTs.
The average profit is around 300 Ether.
Pricing is not an exact field. A lot of things can happen and change the way we are thinking and how our customers see our product. We must monitor the behaviour of community growing, how the storytelling are evolving and how the community is interacting with campaigns and content about the collectible story.
We are a team of passionate people about magic and technology. 72ars.io is our very first endeavor around NFTs and Crypto Collectibles.
To know more, please, go to 72ars.io.