The market for NFTs is growing, with the world’s largest NFT market, OpenSea, with more than 1.5 million active users and transaction volume exceeding $15 billion.
Attracted by the new possibilities, I have tried to create my own NFTs and sell them on OpenSea. There may be some such artists.
However, although they have exhibited their works at OpenSea, they have not sold at all, and there is no sign of selling.
The works I have created are attractive and artistic, but why don’t they sell?
In this article, I will try to answer such questions and explain how NFT works can be sold. Let us will explain how other artists are selling their work.
- 1 Why are NFT works not selling at OpenSea?
- 2 Common characteristics of NFT works that are selling well at OpenSea
- 3 What you need to do to make your NFT works sell at OpenSea
- 4 Summary on why NFT works are not selling at OpenSea
Why are NFT works not selling at OpenSea?
I tried to exhibit my illustration works at OpenSea. It is a wonderful challenge. However, just because you have exhibited your work does not necessarily mean that it will sell.
By myself, I was able to create illustrations that looked pretty good and should sell.
Why don’t NFT works sell? Let us will explain below.
Trends are not being controlled
There are certain trends in NFT art, and works that are in line with the trends tend to sell.
Of course, if the artwork is great for everyone to see, it has a greater chance of selling, but the number one trend in NFT art is that it is a dot painting.
Dot art is a picture that can be viewed as a bitmap image with a resolution low enough that pixels can be discerned with normal visual inspection. It is also called pixel art.
It is a form of expression often used in old games such as the NES, and is generally 16 x 16 or 32 x 32 in size. CryptoPunks is famous for its NFT works that actually sell well as dot art. In fact, there is a reason why CryptoPunks uses dots.
This is because illustrations and 3D images are too large a volume of data to be recorded on the blockchain. Therefore, CryptoPunks employs dot paintings, which are low in data volume, allowing the entirety of the artwork to be recorded on the blockchain. This is called full-on chain.
The CryptoPunks series is expensive because it is a venerable full-on chain that has been around since the early days of NFT. For this reason, other NFT art tends to sell better as dot paintings.
If you want to sell them first, then you should exhibit them as dot paintings.
Lack of recognition
Even if you have taken the time to create an NFT artwork, it is likely to be buried among many other artworks.
In other words, NFT art created by an ordinary person whose name is unknown will not sell because the fact that it is for sale or its existence itself is unknown.
Even if NFT art is painstakingly created, the probability of it being purchased is extremely low because few people are aware of the fact that it is for sale.
Therefore, the first step is to actively disseminate information about your NFT art through your own blog, YouTube, Twitter, Instagram, and other social networking services in order to increase awareness of your NFT art among the public.
Even though the NFT work you have exhibited is for sale on OpenSea, there may not be many buyers.
There are two networks in Oppensea, one is the major ETH network. The other is Polygon network.
When listing on the Polygon network, there are no gas fees and no listing fees, but there are fewer buyers trading on the Polygon network than on the ETH network.
Even if it is sold at an affordable price on the Polygon network, future liquidity is definitely greater on the ETH network. Buyers use the ETH network for secondary distribution, etc.
If you are selling on the Polygon network and not selling, why not switch to the ETH network and sell?
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Common characteristics of NFT works that are selling well at OpenSea
If your NFT work is not selling well, find the trend of successful works. In fact, there are some commonalities among NFT works that are selling well at OpenSea.
Here is an explanation of the commonalities among successful NFT works.
NFT works are not only used to digitize ownership or to buy and sell. Of course, buying and selling takes precedence, but how would you feel if you received another benefit for purchasing an NFT work in a series? It would be a good deal, wouldn’t it?
In fact, for certain NFT works, depending on the number of tokens you hold, you can set up dinners or online exchange meetings with the exhibiting artists, or you can get the right to preferentially purchase new works.
By building a system like shareholder rights, you can create added value.
In particular, the Bored Ape Yacht Club, a popular series sold by OpenSea, also offers a mechanism that gives purchasers access to a group chat room on the chat tool Discord, where Bored Ape NFT holders can participate.
Membership communities are not uncommon in NFTs, but what makes the Bored Ape Yacht Club community unique is that many of its members are celebrities who own Bored Ape NFTs. Members include rappers Eminem and Snoop Dogg, as well as Steph Curry of the NBA’s Golden State Warriors.
In addition to Bored Ape’s NFT as a collection, the company has also developed a members-only “BAYC Merch Store” that sells limited edition hoodies, T-shirts, and other merchandise. also gaining attention as a fashion item.
If you can buy your favorite NFT, if you can be part of the same community as famous artists and do the same fashions, it’s a great added value.
One of the factors that make NFT works sell well and increase their value is that illustrations by famous painters and influencers tend to sell well, especially if they are rare and the number of copies sold is small.
Even in the real world, when goods, uniforms, or limited-edition commemorative items made by popular idols or athletes are sold, they are items that every fan would like to have.
NFT also has a method of announcing a limited number of items on its website before the sale and having the users who want them register by e-mail. This method uses a lottery system and grants NFT sales rights to those who win.
Recently, Takashi Murakami’s “Murakami Flower” became a hot topic after a lottery system was set up.
It is currently the most traded NFT in Japan, with a daily transaction value of 79 ETH.
The NFT of Takashi Murakami, a prominent figure in contemporary art, and the small number of pieces sold will attract a rush of buyers with an eye to the value of future resales. This is because a certain amount of profit can be determined if the purchase can be made.
Thus, raising the recognition of the artist and increasing the rarity of NFTs by limiting the number of copies sold is also a strategy to expand sales channels.
Made in icon size for SNS, etc
Besides owning and enjoying NFTs as a personal collection, the main use of NFTs is to use them as icons for Twitter and social networking sites. It is also a way to show that you own this NFT work and support this art.
For this reason, it is recommended that the artwork be of a square size that is easy to use. Most of the NFT artworks that actually sell are made in squares. The artwork should be made with an eye to having the character in the center of the icon.
When using a horizontal image as an icon, the entire image is easily cut off, and the NFT created may be out of sight.
From the beginning, keep in mind that the character will be used on social networking sites, and try to create the work with the character in the center.
There is also a reference article on what kind of NFTs sell well, so please check it out.
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What you need to do to make your NFT works sell at OpenSea
If you take the above measures, your NFT works will be recognized little by little, and the probability of selling will increase. First, sell one or two works to increase your fan base.
You can also keep track of NFT buyers’ information through your Twitter and Instagram accounts, so it is a good idea to communicate with buyers.
From here, we will explain how to make your NFT works more recognized and sell more.
Sending out information to overseas buyers
The best way to communicate your NFT to overseas buyers is to announce it through Twitter.
Apart from tweets for Japan, you can tweet in English to send out information to overseas users. Hashtags should be used so that the information can be conveyed to overseas users, and the tweets should be searchable.
If the time of day of the tweet is also to be communicated to users in the U.S., taking the time difference into consideration, sending out the tweet in the morning of Japan time will catch the attention of the American users between 9:00 and 10:00 pm U.S. time.
We recommend that you use such steady posting to gain overseas fans.
Keep a close eye on trends
In order to sell NFT works, we should also look at the trends of successful works. The first step is to respond by creating a series, dot-pictures, etc.
Other than that, there are other ways to market your work by bringing Japanese characteristics to the forefront.
The Japanese animation industry is attracting worldwide attention. The word “kawaii” is also strongly recognized in the world.
There is a way to create your own anime character that is popular in the world and appeal to the world. Kawaii girl series also match the global trend.
Other than that, the “CryptoNinja” series, which is based on the ancient Japanese ninja motif, is also popular.
In this way, if you successfully incorporate Japanese cultural trends and sell NFT works, they will easily catch the attention of purchasing users.
We encourage you to utilize and design your own ideas.
Promote on social networking sites such as Twitter to raise awareness
It is difficult to gain recognition just by exhibiting your work at OpenSea. That is why more and more artists are exhibiting their NFT works.
In order to gain recognition for your own work, we recommend that you promote your work on Twitter, YouTube, and Instagram.
As a marketing method on Twitter, it is especially effective to distribute your NFT works for free to those who retweet or “like” your works at first in order to gain recognition. Retweets will increase impressions and build buzz as marketing.
At first, no profit will be generated since it is free, but as the buzz grows, more people will be willing to pay to purchase it in the future. Also, if the people who received the product for free also resell it and make a profit, it will still be a hot topic.
The first step is to use social networking to increase awareness.
Uniformity in NFT works
Most of the successful works are in series and are grouped together with the same characters.
When selling your own NFT works, it is better to think thoroughly about what you want to sell as your subject matter. If you sell only what you want to draw, users will not be able to discern what you want to do, so please sell one work in a series.
For example, if we feel that a cat piece will sell, we will characterize the cat and use that character cat in all of our pieces. Depending on the season, change the background and decorations around that cat in different pieces, such as kimono for New Year’s, hanami for spring, aloha shirt for summer, snowboarding outfit for winter, and dressing as Santa.
If you continue to sell such pieces, the series will feel unified to the purchasing user.
Although the initial setup is important, character setting and uniformity should be carefully done to ensure a sales channel.
Summary on why NFT works are not selling at OpenSea
This is a summary of the reasons why NFT works do not sell well.
- If you don’t announce your works on SNS, your works will not be recognized by the users who purchase them.
- Sell works with squares that are compatible with SNS icons such as Twitter. If possible, rare and value-added NFT works will increase the probability of sales.
- In order to increase awareness among overseas users, Twitter will also be sent out in English, and since the ETH network has more users who purchase NFT works, we will create and sell works that have a uniquely Japanese feel.
The NFT market is an industry that still has elements of growth. If we keep an eye on trends and communicate frequently on SNS, we will be able to sell our products.
Don’t give up and continue to exhibit your NFT works.