How to Effectively Price Your NFTs on OpenSea (and Other Markets Too!)
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- เผยแพร่เมื่อ 17 พ.ค. 2024
- How to price your NFTs for sale!
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This video covers various ways to better understand how to price your NFTs on OpenSea. I'll cover concepts like floor price, the floor price for various traits your NFT has, and other elements like bot offers.
Since NFTs are an illiquid market (think cars or houses), as opposed to a liquid market like Bitcoin, selling your assets involves a lot more variables to consider. I think that's what makes the space a ton of fun, but that complexity also causes people to list items way under the real value in some cases, or way too high to ever sell. Hopefully this video can help you price a bit better! At the end I also chat about how to price your own artwork in order to find a market and get some sales.
Have any questions about what you've seen in the video? Feel free to leave a comment!
Intro - 0:00
Liquid vs. Illiquid Markets - 0:20
Understanding Floor Prices - 1:07
Understanding Recent Sale Prices - 3:25
Determining the Floor Price for Rare Properties - 5:10
Rarity Tools - 7:27
Pricing NFTs with Multiple Mints (Copies) - 8:35
Bot Offers - 9:58
Multiple Mint Pricing (cont.) - 11:21
Pricing Your Own NFT Artwork - 12:31
Conclusion - 14:57
#NFT #Crypto #OpenSea - วิทยาศาสตร์และเทคโนโลยี
There are many videos on: "what is an NFT?", " or "How to flip NFTs" But very few quality videos that help Artists understand how to create and navigate the world of NFTs. Much Appreciated!
This was the the most clearly presented, practical and most helpful introduction to pricing FTS I've seen. Thank you!
This video helped me get an understanding of so many things I was unsure about, even explaining what the commonly used terms are for NFTs. Awesome video, thank you 🙏
Glad it was helpful!
This is such a good explanation of pricing on that platform. Thank you so much for sharing that information!
Great information Matt. Very helpful. Much appreciated. Hopefully there are more in your library, checking now...
the information contained within this, you could ask for money for it. Thank you for the generosity and sharing!
I like being able to help where I can (for free!) Appreciate it.
@@adriansullivan7629 Thank you! Craig is the best. :)
I mean he does get money for it from youtube :P
Super helpful, especially the end part
Thanks a bunch man
Many lessons here - not only for the NFT space but life in general. Thanks for sharing!
thanks for the helpful info Matt!
This was great !! 2nd last part was great tips for artists
Thank you. Helpful and practical.
Thank you for explaining this in a clear matter, you really helped me understanding this market. :)
Glad it was helpful! :)
Dude is giving us the blue print for free . Thank you thank you thank you 🙏🏽 💙
This was an amazing explaination! I have been watching your channel for a while and you inspired me to continue making content around NFTs! Thank you!
Awesome, appreciate that!
Did you pay one fee to list them or have to pay to list each nft?
thank you! I won some NFT's and was gifted a few others. now I feel ready to sell at least a few after sitting on them for months. your video helped me understand a lot better what would be considered reasonable pricing.👍🧚🏾♀
All your vids are on point mate, thanks for the insights 🤙🏾
Thank you!
Thanks man, really insightful
Thank you for helping me understand this better.
Thanks for this I was feeling down and out until I saw this video. I'm just now beginning in NFT bought a mint today that failed lost like 400 bucks so far and bought 2 NFT's from OS but not feeling too good about them. I'm going to use your strategies. Thanks
Another question thanks stumped :( I am having an issue with my entire collection i just created.I had the collection originally set with ETH but after some research i saw you cant
edit so i deleted collected ,changed wallet to OMatic and relisted.So when i try to Sell it still set to ETH how do i change it? I want Polygon to avoid gas prices.TY
Man i liked your attitude , be humble and reasonable thats what i want to do with my upcoming NFT project .
Thank you for this info 🙏✨
Thanks for this video and the advise. I really appreciate it.
Hi Matt, I've a small question regarding setting prices on a collection, for instance: We've created 7777 random generated NFT's just like you did with The Vogue, Once we deploy these NFT's on our contract the're is no price set on opensea, if we have a community waiting for the drop, do we need to price each one of them by hand, or do we wait for them to make a bid? Thanks for this video! and thanks in advance!
Did you figure it out ? great question newbie here
Hi, I'm newbie at nfts, but you and your crew could make a collection of 200, and try out the bidding first, and see how it goes. Then try the other afterwards.
@@croissantlover1 I don't know I'm a newbie I put the price for my artwork and it wasn't a high price and still I only had two people like nobody purchased by NFTs
@@artchicke3653 sorry to hear. I sometimes wonder if people only want to buy art that is high priced so they can sell it on. Maybe I'm wrong. You could try list one of your items as high? who knows, maybe someone will "fall" for it XD. Do you know about how to extract the money out? Exchange it to real currency? Because if you do sell something big, and you want the money immediately, you should know this and you can get some cash out of it.
Hello sir, how I set a reserve price listing for a buyer who have made an offer on my nft?.. Thanks in advance
Great work matt, youre a real one
Thank you C F! Much appreciated.
how do you upload and put up all properties one by one with thousand of piece image?
Hi, i have listed 10k nfts. But how do i list the price for sale for all 10k automatically? Please help
Honestly your channel is one of the best if not the best in this space. Thanks a lot for your hard work on these videos🙌
Very kind, thank you Nic!
Thank you for sharing this information!!
Good information brother, thank you
Thank you for the precious informations 👍
Glad it was helpful!
Great video - so helpful!
thanks for sharing. it's too helpful.
Hi, an unrelated question to video but how do I make a longer bio on my Opensea profile?
Thank you! Super helpful video.
Matt, thank you so much for all the information you give! I am an artist and I know nothing about NFT, this video inspired me! I really would like to know more and start to show and maybe sell my artwork as well, so please keep doing videos like this!
Thanks Alessio!
Can i launch one collection on opensea and keep adding arts to it momentarily?
@@chayomalive Yes you can! :)
Thanks. This was very informative
Good video, Matt.
What's it like for uploading your first NFT and the gas prices?
Right now gas prices are fairly expensive and I don't see that improving until we start to utilize the ETH 2.0 chain once the upgrade merge completes. I haven't uploaded recently for a good comparison on pricing.
Very helpful advice, thank you very much.
How do you update / change your NFT price on opensea?
Outstanding in the whole YTbiverse of the Cryptosphere, let alone NFTs. Very articulate reasoning and thought process. You got me. Keep going. Thanks for all the knowledge sharing.
Thank you! :)
i have made some artwork using microsoft paint spending some time on each artwork so they are not exactly 5 minutes jobs but a buyer may think so because basically it should look good to me so i do something then erase or delete etc etc ... but knowing that people undervalue compared to gifs or animated graphics composed on professional software how much i should under price my work ... also will markets accept such work? ... or do they have restrictions on which software you used to create?
What you create is all that matters, not how it's created. :)
This is great wow learned so much and i am a newbie ty !!! What I would like to know more in depth is how do you set the properties what should you list on your properties?
Think of properties like metadata. Could be the year you produced the art, or the name of the series it's from. It's highly dependent on what you created and how you think people will search or sort through your work.
How do you make these NFT's? Like how can I make my own bored ape or crypto punk?
Thank you!
Hey Matt - thanks for the video , very informative . I inherited a collection of artwork painted by my dad who retires to paint at 70 and passed at 82. - I have digitalized them and would like to sell them as NFT's I checked out Foundation - but I don't know anyone in the space , and as it's by invitation by a current member , I can't join . Any other ideas ? Would really appreciate some guidance .
Thanks !
OpenSea has a create button that will allow you to upload your NFTs for free. I think they don't actually "mint" them and therefore charge gas fees until they're listed and sell. Or maybe just when they're listed, I'm not 100% sure. The trade-off there is that you'll have to figure out a way to market the NFTs to bring a potential audience to them. Hopefully OpenSea can work for you though, it's by far the largest NFT marketplace right now.
I wish to sell my art soon on open se as well. I've been reading that you can sell for free without any gas fees on the Polygon Blockchain. When you start a collection change it from Eth to Poly.
Great video! Thank you. Q1: for example 10K generative artworks are made. Can the first ten or so be entered onto something like Open Sea, maybe a month before the rest are uploaded? Q2. 10K generative artwork are made. Then maybe 100 are individually modified. What, if any, complications would arise from this? Thanks again!
You can mix generative and non-generative art in a single drop. This would be handled through a custom contract, but sadly that isn't my area of expertise. I'd look for a Solidity developer to work with who can help you understand what is and isn't possible.
This video was very helpful, thank you.
Thank you!
Such an amazing video!!
Thank you!!
Great info thanks a lot
A.Maze.ing walkthrough Matt, thank you for this!!! I'm not someone looking to flip, but instead, I'm an artist looking to sell it the first time. So I have a question, and sorry of I missed it here, but hat would be your opinion on what I'll call economies of scale, thats being the dilemma on pricing from the starting point.... Which is better in your opinion, minting a piece of art for a high price and lower editions OR higher editions at lower prices? Or is that merely an artistic choice that the market accepts with no concern? This all from an artist with appreciable following. Thanks again!
Thanks! This is definitely the artist's choice. A lot would depend on how big your audience is and what your prior history of sales is. If you're newer and looking to establish yourself, I'd do a small edition priced on the low side. Be sure to value your time fairly, but early supporters should be rewarded as such. The secondary market over time can decide the value if the initial items sell out.
@@MattBorchert Thanks (again) Matt... aim low, be humble, grow over time. Make sense to me, but this is a new world, and wasn't sure how to begin.
Thanks for the info, i just don't understand Traits or Properties, who sets them! or is there an index for them like PHP codes, or i just write anything i want.
The person who makes the collection / writes the contract sets and or generates them.
Great video and really helpful thanks so much you seem a kind man x
Hello Matt, I'm curious, do you know if it's possible to be successful selling NFTs if they are not randomly generated? All the ones I can find on OpenSea all seem to be randomly generated containing 9999 items. I have about 100 images artwork that I created by hand, do you know if it's worth trying to do NFTs on them? Or only worth it if I could pump out 10k random ones
Yes, 1 of 1s can do exceptionally well so long as you can find a market. Look at artists like Beeple and XCopy.
Great question and thank you both! I’m also creating all my art one by one, I have both individual pieces and collectibles and I’m finding it confusing as to how to post them. I will watch you video now, maybe you’ll help me too ❤️ 🤗
@@MattBorchert what is 1 of 1s meaning?
@@MrDjdanieljose Original works that only have 1 available. Many artists will do editions of the same art, but multiple copies exist (typically to allow more people to own it while bringing down the price point to make it more affordable.)
@@MattBorchert Thank you very much
Excellent 📊
Is there away to set a fixed US dollar amount? For example, if I have an nft and i just want to sell it for $20 can I make that price fixed regardless of the eth price?
Sell it in USDC :)
I have a collection of art that I have bought over the years from various artists plus collection from my mum, who has been exhibiting her stuff for the past 60 years. We set up a website of mums stuff ( or rather my nephew did ). I am just learning about NFT's. Am thinking of digitizing all this work then trying to sell. Would it be worth making several copies, say 20 of each, and trying to sell these, or is it better to just sell the one ?
I would start small and see how it goes. Adapt based on the outcome.
@@MattBorchert Thanks.. The other thing is that my brother has an extremely rare collection of documents written by Karl Marx. Not sure if using any of the present platforms would be any good as it appears to be all for artwork.. or am I wrong ? The other issue would be to know if its ok for these to be digitised, then say a few hundred copies of each to be put up for sale once converted to an NFT. But would we have to 'burn' the originals ??, which would be a bit of a tragedy as these are of course of great historical, sociological, political, academic and archological importance in thier present original paper form.
@@nairodoohk6362 You can think of NFTs as a token that can be used as a way to prove digital ownership. You could, for example, tie ownership of the physical item via a contract to the owners of the NFT (in this case fractional ownership.) I wouldn't consider burning historical documents to create NFTs of them personally. I believe NFTs will be used at scale to do things like warehouse inventory management, for example. What we see now are just early examples of people trying to figure something new out. :)
@@MattBorchert Cheers again.. This makes sense. I got into crypto some time ago, and get the sense that NFT's are very much at the beginning of discovering thier potential use cases.. But thanks for your videos and pointers.. I have much to learn before giving it a go. Have a great evening
A very good explainer, thank you 👍
Appreciate it Neville!
You can also do this
(your NFT Rarity Score / minimum rarity score ) * Floor Price , so reduce 30-40% of result and if it s more than your buy , so sell it , you r in Profit , in this case your nft will be sold in an eye blink , otherwise start reduce price , i personally do it by 0.05E
and always check NFT Rarity in the official rarity Tool which announced by team
can you make a video on how you minted it?
Thanks for the video friend. Should someone make their nfts unique and sold only once or he should make some copies of them? Thanks
Personal decision. Depends if you want it to be more like a collectable or a single more valuable piece of art. If you're newer to the space, I'd recommend maybe focusing on just 1 to try to build an audience, unless what you do is focused on having multiples.
thanks for sharing
Hi Matt, Yesterday when I open my opensea account and I have already minted and listed my NFTs a couple days before but when i saw yesterday there was no pricing they were showing so what does that mean?
Hard to tell without seeing it. I would check to see if you can list it again. There should be a price showing if the listing went through properly. It's also possible you approved the contract to sell, but not the listing itself.
What is a OpenSea POOL? How can I join one or create one?
Thanks for the video, but there's a topic I can't find any information about. To sum up my issue: I've created a collection on opensea on the ethereum blockchain. Initially I've planned to set the price to about 0.009 eth but the gas fees are so much higher than the artwork itself. That's where I've wondered if interested buyers would even consider buying the artwork if the gas fees are priced higher than the artwork itself.
Should I consider charging more because of the gas fees or what are your experiences with the pricing policy on opensea?
Thanks in advance for your time and effort.
gas fees can be waved by using polygon
@@producedbysoshawty huh
@@Moodboard39 the polygon blockchain. It is an option when you create a NFT in opensea that allows you to bypass the gas fees.
@@AntiheroVHS oh really? Hmm, interesting
@@Moodboard39 yup just select ETH Polygon when you mint and you can mint gas free!
Very helpful!
Awesome! Glad to hear it was helpful. :)
Thanks Matt :)
Sorry if I missed this in the video, but I'm wondering how to gradually scale a collection. Say for example you have a collection of 10k, you want to sell half for 0.1 ETH and the remaining 5k for 0.5 ETH each, how would you price the art gradually so that they don't all sell at the initial floor price. Basically gradually increasing the collections floor price
That can be done with a custom contract, but that isn't an area that I know much about.
it could make you or break you. What if they dont sell?
I'm just starting with nft's and I want to know if I can have a small number of pieces in my collections like 4 or 5 as opposed to 5,000 or 10,000?
Yep! Many do 1 of 1s.
Great, thanks
Hey I've a question about selling NFT on opensea! When I list my NFT collection let's say 10k NFTs does it only sell once and then I no longer receive any profits from it or I will keep getting profits for those NFTs?
You'll receive income from every sale.
@@MattBorchert I know that I get royalties from every sale, my question is about the very first sale, If for example I sell NFT for 1 Eth and it is the original first sale do I take the whole 1 Eth or just percentage from it like the royalty system?
yoo im like a frustrated artist, to begin with opensea, i can upload my work on whatever format i want .jpg .png .gif? or everything i upload requires to have some special code?
I WATCHED A TUTORIAL VID AND THIS MADLAD OPEND SOMETHING LIKE THE CMD CONSOLE AND STARTED TO TALK ABOUT HOW TO UPLOAD THINGS ON OPENSEA (im a dead cow with programmation)
You shouldn't need to program anything. Just go to OpenSea and click the create button in the navigation. Connect your metamask wallet and it will walk you through the process.
Hello sir I've a question
I've not enough to pay eth gass fee so my question is that if we list my nft in polygon so what I set my metamask wallet in ploygon mainnet???
Correct! It shouldn't be too difficult, you can Google for tutorials on how to add the MATIC network to your Metamask.
@@MattBorchert Thanks another question please reply waiting for your response, I'm very glad to see you reply my comment thanks again my question is that,
If I list nft in polygon, do I have to put polygon mainnet in the meta mask wallet too? Or the nft that is listed on polygon and my metamask wallet is eth mainet also, after selling my nft I will get payment in eth mainnet or not ??
@@hussainsiddiqui9979 Metamask is the interface for both the MATIC mainnet as well as the ETH mainnet.
Excellent channel.
I am not a native inn English but I can unnderstand about it, you are cool in giving explenation and thanks a lot
I've watched two of your TH-cam Videos on NFTs and they were both educational. I really learned a lot. My question is can you make a NFT Video on how you sell the same NFT on Two Platforms at the same time. How is that done?
You just list it on both marketplaces. Nothing special is required. :)
Thank you for your quick response. Would there be 2 different Gas & Minting Fees when listing on two different platforms?
after putting 5k nfts in opensea, would i need to change every price physically one by one? or there is a better way? Thank you
I would say this can almost certainly be automated in some way. I'd Google around. It's not something I personally have experience with.
Nice video! What is your take on the Gas-Free marketplace on OpenSea?
I haven't used it yet unless you're referencing Polygon which might be captured under that. I think it's excellent, but making it super easy to use and understand how to use will remain critical. The UX of Web 3.0 continues to be pretty bad, especially for non-crypto natives.
can you upload videos about Royalties? and how does it exactly work? and do I need to permanently freeze the matadata of my NFT?
Royalties will basically pay out to you on perpetuity so long as the sales happen on the marketplace where you created the item. Unsure how that works cross-marketplace. I do know people can avoid the royalties via private deals.
@@MattBorchert ah okay, thanks for telling me about the private deals, I think it's still good to put at least 1 to 2.5%% royalties in every collection just in case. my only problem right now is getting discovered. marketing is the most tiresome thing in the internet.
How can you draw this kind of clothes of every character ?
Thanks
I am a newbie, want to learn about the NFT game market, I find KDG very promising, can you introduce me to its benefits?
thanks so much.
Glad it was helpful!
How much money do you need to have in your wallet to sell an NFT? It keeps telling me I don't have enough for the Gas fees? I only have like $10 in my MetaMask wallet. What am I missing? Thanks for the video!
Hey James! The price will fluctuate depending on how busy the Ethereum network is at the time. When you say sell an NFT, do you mean to "mint" or create one on the Ethereum network and then sell it? Or, do you mean to sell one you already have? Minting can be fairly expensive. You're probably looking at between $50 and $100 right now. Simply accepting permissions to sell one you already own on OpenSea should be anywhere between $5 and $20 or so.
How do you know which trait is your rarest on your particular nft ? Just by the lowest percentage or what?
Lowest percentage will be the rarest trait. :)
@@MattBorchert makes sense, I appreciate it!
How do you understand the rare traits on 1of1’s?
That's sort of irrelevant for 1 of 1s, since they're already completely unique. :)
Question: Is it better to sell NFTs you make at a low price, I'm just trying to understand the best way to make this work!
Hi, i'll try to keep this short.
- I already have 5,000 generated pieces of artwork to be minted on OpenSea using Polygon.
- I don't have any metadata attached to any of the exported final PNGs, but I want to add 5 categories that each NFT would fall into on their OpenSea listing. For example (Red, Blue, Yellow, Purple, Green...)
my questions:
- How do I add metadata to already exported PNGs?
- How do I mass-mint them all while respectively categorising each one by their metadata?
Thank you very much for any help on this, I'm struggling to find resources online that could help me.
Thank you!
Hey there! I'm not really sure how to do this as it's outside of my area of expertise, but hopefully someone else in the comments section can point you to the right resource.
@@MattBorchert Thanks Matt, appreciate the fast reply!
Paintings or ai shit?
its is possible just to add a dollar value instead of them offering ETH. i know it is has a dollar value. but lets say i price something at $10 could they just buy it for $10 or would they have to buy $10 worth of ETH first?
You can list in USDC instead! Most sales happen in ETH, however.
What would you say is a reasonable price for your first nft?
What generally happens After Reveal? Does the floor price increase or not ?
Thanks for your reply!!
It almost always decreases. The price pre-reveal is higher (most often) because there is a chance of getting a very rare NFT. Post reveal the ones that aren't rare will lower the price, sometimes dramatically.
What if instead reveal it all, i just add the nfts slowly like daily or weekly and slip some rare in between. Will it help stabilize the price or just make buyer lose hype /interrest and leave?
Awesome
Thanks Luciano!
Thanks for your teaching thank you humble my friend let others eat too
How to get ur nft seen n bought... like is there any gurantee peopel will even buy it.
No guarantee, just like selling anything. Learning how to market your products will be critical.
Thanks brother you made me understand some things and I an artist ready to put out my work but I need a team and I’m open to work so pleas holla let make it happen
i wonder if you actually can price your own artwork too low? because I listed mine for 0.0005 or 0.005 which is 2 - 20$ and i have 555 pieces and nobody buys, is my price actually too low or is it just because no one is interested in the artwork?
Yes, that's possible. People often associate price with quality. A very low price can lead people to believe that a product might be low quality, and thus is priced to match. The most important thing for you to do is to learn how to grow and audience and market your work. When demand grows and supply is the same or becomes smaller, price will likely go up. Easier said than done obviously, good luck! :)
Hey guys... I have a question for the #NFTCommunity and #openseaartists... My friend and I were talking about #NFTs and we had doubts about royalty rates/fees... how much royalty fees do you usually charge for your art? 🤔 Please, help us out! Thanks.
I'd suggest between 2.5% on the low side and 10% on the high side. Many settle around 5%.
@@MattBorchert that's exactly what I thought... I actually use 5% royalty... the reason I asked is 'cause I had to argue with a buyer the other day... he insisted that most of sellers use a 1% royalty fee. 🤔
Hi Matt, Amazing video, clear and in point o view. God bless you ! Im a new creator.Thanks a lot
Thanks Nilson!
So, if I list a NFT on Open Sea using their free listing when it sells am I the one that pays the Gas fee or any other fees? Do I factor that into my price for the NFT?
If you list and someone buys, they pay the gas fee. If someone makes an offer and you accept, you pay the gas fee.
@@MattBorchert Thanks. Say I list my NFT for $200.00 (based on ETH value) they buy it for that then do they get charged additional Gas fee on top? I'm trying to come up with fair pricing for some art.
It says with polygon no Gas fees. I'm new to this as you can tell. I listed with polygon blockchain using Open Seas free listing.
@@Pulse2AM Yes, gas is a required fee if you're using the Ethereum mainnet. Polygon has much much smaller gas fees, but it's more difficult to onboard people onto it, and at least as of right now, the number of people buying on it is far smaller as a result.
@@MattBorchert Okay thanks. I'm still confused about something. When I calculated my Art works Gas fee it was $200.00. How are these people selling little doodles and character images for $10.00 each not losing money? Isn't the Gas fee per item sold?
@@Pulse2AM You can upload large quantities of the same artwork for a single gas fee.