A very common question that turns into a real problem. Any art is difficult to evaluate, the cost is influenced by many factors: from the fame of the author to the prices of similar works. Very often, some artists are afraid that no one will want to buy their work and set a very low price, thereby reducing its value in the eyes of collectors. Others, on the contrary, overestimate the price very much, as a result of which no one buys their NFTs. Again, it is important to research the market, gather around you followers and potential buyers who are interested in your art, monitor how much they buy other works for.
To evaluate your work of art, both real and digital, it is important to consider 4 important factors:
- Market demand - the artist's fame is important here, the market demand for similar works of art
- Liquidity is a factor directly related to demand. If the artist is widely known and respected, it is easier for the buyer to resell the works, moreover, the interest for each subsequent resale will be returned to the artist himself.
- Intermediary - remember that many artists enter into deals with large marketplaces (Nifty Gateway, SuperRare, etc.), which allows them to exhibit at auctions of well-known and widely recognized marketplaces. Cooperation with the latter increases the fame of the artist, as a result - the recognition of the artist in the creative industry and giving more value to his work.
- Market value is another important factor when exhibiting your work on marketplaces. In other words, in any case, you will have to do research, see how similar works are valued, how much they offer for them, at what prices they buy, and also take into account data about the seller and buyer.
I strongly recommend that you take your time and learn about all the nuances before you experience disappointment due to ignorance of what you will have to face in addition to registering on the platform and paying gas fees. Analyze the offers on different marketplaces, the functionality offered, and in case of any questions, it is always better to seek advice from a specialist in this field or your friend, who has already created and sold several NFTs at a decent price and knows the whole kitchen from the inside.