Beeple listed his artwork for auction and it sold for $69mil. Should I auction my NFT too?
So you saw all the headlines. pieces of digital art selling for millions and hundreds of thousands of dollars. As an artist or creator yourself, it’s time that you jump into this exciting world of NFTs.
But where do you start? How do you actually mint an NFT? How should you price them? Beeple had his Everydays artwork put up for an auction, and that fetched a whopping $69 million. Should I do that too?
If you are looking to get in on the NFT action and mint some of your work as an NFT, Mintable is a great platform to consider with its gasless minting option. It can be intimidating for a new user to understand everything on the platform. Thus, in this article, we will run through the different types of listings you can opt for your NFTs.
Usually, very rare and limited edition NFTs are auctioned away. In an auction listing, all the users on the platform will get a chance to put in their bids. When selecting the auction details, you can select the time for which the auction will run. At the end of the given time, the user with the highest bid will pay the amount and walk away with the super rare NFT.
For instance, if you’re an artist and want to sell your super cool art as an NFT, you can release a signed copy in the auction. Signed copies are worth way more and fetch a lot more money than regular copies so it makes sense to auction the piece.
NFT auction listing is as simple as it can be. First, you either have to create an item or select an existing item from your wallet. Then, you have to fill out the required details on the details tab. Once that’s done, you can select the action listing option and set the required parameters like the buy now price and the auction time.
When selecting NFT auction time, ensure that you select a sufficiently long time for users to notice your item. Since all the auctions on Mintable are time-limited, once the auction time is up the users won’t be able to buy the NFT. This makes the NFT extremely valuable since the only copy that exists is bought in a limited period of time.
Another thing you must look out for is the buy now price. If the item is too valuable, ensure that the buy now price is more than what you would get in an auction.
Printable listings are common for limited edition cards and artwork. Once all the items in the stock are sold, they will no longer be available for purchasing. If you have some rare artwork or a collectible item that you want to sell a limited amount of, you should opt for a printable listing.
Now, let’s go back to the selling art in the auction example. You can make a lot of money from a single piece if you list it correctly. Along with auctioning a signed copy, you can release maybe 50 limited edition printable pieces that come with a special frame. This way, people who couldn’t win the auction will have a chance to get your artwork.
The fewer copies available, the higher will be the price of that item.
Regular listings are pretty much self-explanatory. You don’t have to create any special time limits to sell the items through regular listings. Usually, when an item is under the regular listing, it means that a lot of copies of that item already exist.
Going back to our example, there’s no reason to stop at printable listings. You can release regular editions and sell them for a lower price for your fans to buy. Regular listings are also a great way to improve your brand name and expand your fanbase.
If you are new to the NFT auction space and want to dip your foot in by minting one, regular listings are the best places to start. Usually, items like common cards, basic artwork, and basic pictures are minted as regular listings. They don’t hold that much of a value now, but they might in the future.