How Much Is My NFT Worth
How Much Is My NFT Worth
How much is my NFT worth? Yes, there has been a slump experienced by the NFT Marketplaces around the globe. Despite this, it is estimated that NFT sales in 2022 will surpass ninety billion US dollars. Never mind for a moment, the many invaluable practical applications for the NFT in the digital age. Never mind the introduction of the Soul Bound Token or SBT and the added business and finance ramifications.
In terms of sales and marketing, for the NFT or anything else in the world, the most important question in the world is WIIFM. Yes, there are good people around the world. Yes, it is fairly safe to presume that the majority of humans are good and care about other humans. Still, at the end of the day, the most pressing question on their minds seems to be WIIFM.
What Does WIIFM Mean
WIIFM is more commonly known as “What’s In It For Me?” How can you feed others if you have no food for yourself? How can you house others if you lack housing completely? How can you effectively assist others until you can provide for yourself and anyone else like family or other loved ones who may be reliant upon your success?
There are of course some people who will claim that the WIIFM generalization is symbolic of greed or somehow evil in nature. In reality, it is imperative that we can take care of ourselves before we can take care of others. Without getting into all of the complex socio-economic principles at play here, just remember that even if someone is operating out of a purely greedy motivation, everything they buy or contract still provides jobs, income, and opportunity for others.
No matter the reasoning behind the thoughts or beliefs of the individual, WIIFM remains the most important question of the day. In terms of the NFT Marketplace, the question everyone seems to have is how much is my NFT worth or how much can I get for my NFT collection if I sold it individually or as a complete collection?
How Much Are Collectibles Worth
How can you determine the value of an item on an NFT Marketplace that has no precedent and no history? There are some major International Auction Houses such as Sotheby’s, Lloyd’s of London, and Christie’s where rare and precious collectible items are sold on a routine basis. One of the most complex jobs is estimating how much rare items, many with an unprecedented history in terms of being bought and sold, may be worth at auction.
It is not unheard of for these expert estimates to be off by literally millions of dollars in some cases. How can they really be considered experts with such variations? To ask that question is akin to asking how weather presenters can keep their jobs as professionals when they get the weather wrong so frequently. In both cases, the answer is just the nature of the business.
In terms of the weather spokesperson, it is Mother Nature that continually throws in variables that cannot be accurately or completely estimated. In the case of auctions and selling collectibles, it is human nature that makes the calculations most challenging.
If for instance, you discovered an exceptionally rare first edition Harry Potter book and attempted to sell it at the local flea market, or at a garage sale, you are likely to get a price far below the estimated value. Conversely, if you take it to a rare book collector, you are likely to get something just below the estimated value.
If however, you can find the one collector out there who is only lacking that one book to complete their set, they may be willing to pay far more than the estimated value of that item. The book never changes. The value of the book fluctuates based on where and how you market the product, and who the potential buyers are.
So How Much Is My NFT Collection Worth
You may have guessed by now, that you can estimate the perceived value of your NFT or NFT collection that you have safely categorized on the NFT Marketplace of your choosing. The actual value depends on how well you market your NFT Collection, where you market it, and to whom. The question then becomes where do you find the best buyers for your NFT Collection?
What Is The Best NFT Marketplace
Statistically at least, you may be better off using the biggest and most prolific NFT Marketplace on the internet. After all, there are more buyers there, so it would seem reasonable to presume that you are most likely to find high dollar buyers on those NFT Marketplaces.
Unfortunately, logic and reason do not always work well in terms of finding a buyer for your NFT who can become emotionally invested and “need” to own your NFT in particular. In fact, with all of the competition on the site, it will become much more difficult to get your NFT in front of a large portion of the NFT buyers.
You will also encounter a greater level of competition in that NFT Marketplace, and as such, your buyer may very well be sold on a similar NFT, even if it is not exactly what they wanted. Why?
The Honest Answer About Your NFT Collection Value
Because someone else may have been better at SEO, or someone else may have been a better salesperson. It may even be that the other NFT Seller was just lucky on that particular day. That is only part of the challenge when you are working with unknown markets and emotional buyers.
What works today may not work tomorrow. The individual who was “definitely” going to buy your NFT when they got paid may very well have discovered they needed the money for something else once the check was cashed.
It would be great to advertise that every NFT Creator was going to get rich from their efforts, but that is not the case in reality. At the end of the day, when you are asking what your NFT is worth, it is wise to remember that it is never worth more than what somebody is willing to pay for it when they have the money in hand, so to speak anyhow in the modern digital age.