🪙Pricing

How to price my NFTs? If you are not sure about the real value of your NFTs, then this may help. When pricing your NFTs on Kodadot, you should keep in mind a few things.

Start with lower prices: If you are a new artist coming to KodaDot, consider starting with lower prices. A lower price point can make your NFTs more accessible and increase the likelihood of sales. This strategy can attract more buyers and create a buzz. Remember, a lower price doesn't mean low value. It's a smart way to get noticed in a crowded market. Keep it simple and affordable.

Uniqueness: The more unique and rare your NFT, the higher the potential value. However, remember that setting a price too high might deter potential buyers. Find a balance that reflects the uniqueness of your work without overpricing it.

Consider Production Costs: If your NFT involves significant time, effort, or cost in its creation, factor these into your pricing. However, keep these costs reasonable to ensure your NFTs remain accessible.

Be dynamic: Consider using a dynamic pricing strategy where you adjust prices based on the response from the market. If your NFTs are selling quickly, you might slightly increase the price for future pieces.

AI art: When it comes to AI-generated art, consider pricing these pieces low. The rationale is twofold: Firstly, the perception in the NFT community often values human creativity and effort more highly. AI art, while innovative and unique, is seen as less labor-intensive. Secondly, the ease and speed of creating AI art can lead to a higher volume of work, potentially flooding the market. Lower prices can make your AI-generated pieces more appealing and competitive, acknowledging these market dynamics.