Although we can make an NFT live within five minutes, selling it can take anywhere from one hour to a few months.
Some NFTs sell faster than others. To get a grasp of this contradiction, check out these five potential reasons:
1. Making Your NFT Difficult to Understand
Art is subjective. While there may always be an admirer for a unique work of art, it is simply naïve to create something extraordinary in the hope that buyers will respond without any explanation.
Although investors and collectors are willing to spend, there is a far less chance of them doing so for an NFT in which they don’t have confidence.
To avoid this, it’s best to analyze the market trends.
See what sort of NFTs are selling and try to take your own NFT spin on it.
That way, prospective buyers know what they’re getting into and might give it a go.
2. Neglecting the Marketing Side
Marketing holds just as much value as the creation of an artwork for sale.
If your NFT is not selling, the lack of marketing is likely to be blamed.
No matter how good your NFT is, no one will buy it without being aware of the story behind your art.
Among thousands of NFTs, yours would just be another lost one with no sales.
To raise awareness about your NFT, plan effective marketing funnels while running promotions and ads for your NFT.
Even just by maintaining a reasonably high-profile social media presence can do a lot for your NFT career.
3. Too Expensive Without Any Justification
Artists may consider their work invaluable, but that is not the case for the buyers.
Most investors who buy NFTs look for a decent return on their investment.
If your valuation is way over the top for your current standings and popularity, it is unrealistic to expect progress any time soon.
As harsh and disappointing as it sounds, you need to lower your expectations and reach a realistic value for your NFT.
4. The NFT Market is Crowded with Artists Like You
In the last two years, many starving artists found a way to fulfill their dreams doing what they love. Many are still entering an increasingly crowded market for NFTs.
This means you have to fight a lot of them to rise to the surface.
While you may manage to stand out, your NFT may still suffocate under a long stack of other listings.
As you can see on this chart, there are more than 10,000 unique sellers on the market!
Being consistent and stubborn is the only way to beat this crowd and reach the top of the stack.
5. Having a Short-Term Mindset Without any Vision for Growth
Despite its popularity and fame, the NFT market is still relatively niched.
Most buyers are investors who want to buy cheap and sell at a profit later.
On top of that, a huge mistake artists make is trying to make a quick buck out of their NFTs.
With a short-term mindset, artists forget the importance of building a credible presence in the market.
In such a scenario, their only options are to rely on luck or underprice their NFTs.
If underpriced, even if the NFT sells, the artist may end up losing a significant amount of money.
To prepare for the long-term, follow these four tips to maximize your growth:
Educate Yourself About NFTs & How they Work
Understand NFTs and the blockchain network to make better informed decisions. You can also establish expertise in NFTs to increase your credibility.
Learn to be a Salesman and Marketer – as well as an Artist!
Have you ever wondered how people are able to sell NFTs like this one? Well, the reason behind it is marketing.
Although working on improving your art is a great idea, knowing how to sell is even greater.
Make Connections in the Industry
Whether it’s music or the NFT industry, connections always help growth.
Search for NFT artists and sellers at your level, and share your experience, take or give advice and build a community.
If you get a shoutout from someone well-known, that can lead to a significant positive impact on your work.
Build a Personal Brand & Reputation
Having a public image will set you apart from others, letting your prospects know who you are and what your journey is about.
You can build such a personal brand by maintaining your professional side of social media, having an updated website, and being active on these platforms.