Are non-fungible tokens (NFTs) similar to antiques? They are if you consider that these virtual creations can gain value in a manner of ways. Even though they are a relatively new concept for a lot of people, their popularity has made the world stand up and take notice. As someone who wants to dabble into the crazy world of digital collectibles as a good future investment, there’s a burning question that needs answering — how to increase the value of your NFT.
You may have heard of stores like StockX and GOAT and their sneakers. The sneakers they stock possess huge resale value. Similarly, NFT marketplaces like OpenSea and Rarible can do that for your NFT.
But just than being a piece of digital data, NFTs can be used as video game avatars, exclusive club cards, and more!
Let’s take a look at how to price your NFT for maximum benefit.
There are a couple of factors that can determine how much sought after your NFT is. You want to make your NFT stand out? Here’s 3 proven ways you can unlock the value of your digital creations:
How to increase the value of your NFT? The most important factor is how rare your digital asset is.
A limited supply of your NFT can turn it into a valuable asset. Yes, it is also important to consider who is the creator behind the NFT. It can either be a public company, a recognizable artist, or even a brand that people flock to.
Consider this. An NFT that is tied to something (or someone) appealing, will be more coveted than an NFT that’s done by an unknown face.
Noteworthy example: Professional golf player Bryson DeChambeau’s limited edition NFT collection of four cards.
You know NFTs have other applications besides being just a mere digitized image file on the blockchain.
NFT sellers should include special bonuses or features to entice NFT investors.
NFTs can work as:
- Exclusive club memberships
- Access pass to pre-sales of future collections
- Tickets to events
- Discount coupons to commissioned pieces
- Exclusive Discord channel invites
There’s just so many ways how to value your NFT when you bake in additional capabilities inside your digital collectible tokens.
But do keep in mind, the neat extras you program into your NFTs via smart contracts has to consider your audience and what they may find valuable. If your NFT collection is for a global audience, you may be better off holding an event in the metaverse instead of a physical location.
Bonus: Did you know Twitter allows for NFT profile pictures ? That’s another use case!
Increasingly, new product launches are being designed with the power of community-building in mind.
This way, you get access to early adopters who can serve as product evangelists for you. It also doesn’t hurt that you get a ton of constructive feedback regarding your collection.
With NFTs, communities can literally make or break the launch of a new collection. That’s because the larger the community of users that embraces your NFT, the faster you get to establish their value.
It pays to make clear the value proposition behind your NFT collection right from the outset. Its important that you build a community (usually through Discord channels), and drive engagement as your approach launch date. Its like word-of-mouth marketing, where your supporters are the ones setting the narrative and perception behind how valuable an NFT is.
We have NFT marketplaces now and creators can take advantage of it in various ways.
Everyone is familiar with digital art markets like OpenSea and collectibles platforms like NBA Top Shot . What Top Shot did is that it deals with exciting plays from sports, especially basketball. These video NFTs act as digital trading cards. But Top Shot didn’t stop there, it ended up building gamified challenges and other activities to own these cards. NFT buyers could even get discounts and other real-world benefits from the NBA itself.
So what we have here is not just a collectibles platform, but a whole ecosystem that helps NFT buyers get access to an expanding array of experiences and activities. Such platforms end up funding ambitious projects that drive up the value of their NFTs with time.
That’s another way of how to add value to my NFT.
By now you know the various ways how to price your NFT. Make sure you do check our companion piece on how to profit with your NFT creations .
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