How to choose an NFT price so you don't miss out
The article will be useful for those who are going to sell their NFT on marketplaces. That is, everyone interested in the subject of NFT. And especially for beginners.
You can consider this material basic. After all, without this knowledge to sell your NFT for a decent price will be very problematic.
Starting from the flor
What you need to look at first is the flor - the minimum price of NFTs in a collection. This figure describes the amount at which you can sell an NFT almost guaranteed. You always start from the flor if you need to sell NFTs quickly. If there is a demand for the collection at this moment, you can put the price equal to flor or slightly lower and expect that in a couple of days the NFT will be bought.
The strategy described above is good to use for NFTs with common attributes and rarity. If you are fortunate enough to have a rare NFT Holder, you may be missing out on a significant amount of money by the floro price. Rare NFT holders are willing to pay several times the minimum amount.
Secondary Market Analysis
To do a standard analysis of the secondary market, go to GetGems or Disintar, put a filter on the price of the lowest and look at what prices put other users. This will help you get a better price and see what's going on in the market right now. But you have to understand that this is not the most reliable way to choose a price for your token, because there are a lot of newbies on marketplaces, too. But there are also a lot of experienced ones).
Compare your token with other offers on the market. If your NFT has attributes, the task is simplified.
Tip: On Getgems, you can set a filter for certain attributes. That way you'll quickly find other NFTs with the same characteristics and can more accurately estimate market value. Clearly, it's almost impossible to find an almost identical NFT, but it's quite realistic to sketch approximate prices.
Checking the sales history
Another tool for analysis is the collection's sales history. This is probably the most effective way, because here you can see the actual transactions, which means those prices were justified for the buyers.
See what sentiment is on the market right now - are they buying NFTs on flor or vice versa, large deals prevail, with the top holders looking out for the rarest NFTs. If the flor is well bought, then you can not particularly lower the price and even put it a little higher than the flor.
How do you track sales?
There are two options here:
- Go to Getgems and view the history of transactions on the collection page.
- Find a Telegram channel where NFT sales deals are posted.
The second option may be easier, because by subscribing to the channel, you will be notified of every sale and over a period of time you can build a picture of what's going on.
And the first option is more, if I may say so, professional. Still, Getgems has filters and even a graph with price changes for NFT, which is nice. And all data is displayed here at once, i.e. conclusions can be made faster.
Try it in practice to get into the work of these tools: poke the filters, see the sales, compare, write out. As the classic said: "Practice, practice and practice again.