Why is my NFT not selling? Why is there nobody buying my NFT? What should I do in order to sell it? Here are 12 key reasons why it is not selling.
1. Artist is not popular
For most beginning creatives, it is a common occurrence that their art is overlooked since they are not as well-known. This is a classic example of the “chicken and egg” dilemma – the art won’t get attention unless people are aware of it, but people won’t be aware of it unless it gets attention.
Considering the popularity of an artist on social media is something I take into account when making a purchase.
The quality of art is a critical factor in determining whether a collector will purchase any pieces from a particular collection; however, it is an uncertain proposition.
Artists can become more renowned by giving away freebies to increase their online presence. Additionally, they can expand their notoriety by being helpful and posting their artwork, as well as videos of their creative process.
A great way to get famous in the art world is by setting yourself apart, creating something that hasn’t been seen before, and giving value to those who possess your work.
2. Appearing to be mediocre and nothing special
The worth of artwork is based on personal preference. Is the item in question deemed valuable or rare?
There exist certain NFT collections that don’t tend to be too popular, and these usually have a set of pieces that all look very similar. Which of my pieces, then, would be considered the rarest?
If the NFT collections look nothing special, there is no incentive for customers to buy them.
The intention is for every NFT in a set to appear extraordinary, so that individuals can give their own estimation without being diverted.
3. No Community
There is a deficiency of community in many places, with people not feeling a bond with their neighbours or connected to a larger group. This lack of togetherness can be quite damaging, leading to feelings of isolation and disconnectedness.
Although they possess social media accounts, some creative individuals fail to apply the idea of community-building when using these platforms.
At present, individuals are seeking to feel included. If they enter a Discord room and observe merely a few people without any new conversations, they may opt to leave the place.
Interacting with possible customers can be an excellent method of increasing confidence and getting people more hyped about their venture. Even if it’s not in the form of financial assistance, word-of-mouth has the potential to give NFTs a major boost in sales.
Having bots that greet new members can be a simple way of creating a friendly environment until an artist or moderator is available to chat directly.
It can be challenging to use social media, but it can be even more difficult to put a halt to it once it has gotten underway.
Several studies have revealed that only a handful of active members are necessary to form communities that don’t seem deficient. With a bit of effort, a community can go from being a ghost town to becoming energetic and constantly expanding.
4. No Social Media Profile
The lack of a social media presence is something that cannot be ignored. This absence can be felt, and can have an impact on the way others view a person or company. It is important to be aware of this and to take steps to ensure that a profile is established and kept up to date.
In addition, social media plays an immense role in the NFT industry, and if an artist lacks a social media presence, their project may be met with doubt.
Predominantly, Twitter and Discord is the usual primary sources of data in this area.
Communication with a real person is often a factor that influences people’s decisions when it comes to deciding whether or not to support a project. On platforms like Discord and Twitter, this is made possible, providing potential consumers with a means of making contact with artists that cannot be found elsewhere.
Not everybody is able to invest time into managing social media and not everyone has the capacity or time to do so. Nevertheless, a lack of an online presence on social media can cause many people to ignore a project altogether.
5. Supply > Demand
An abundance of supply can be a major hindrance to sales for any potential buyers.
The collector browses a selection of NFTs that have yet to be bought, and after spotting something that catches their eye, they decide to depart without making a purchase.
At first, having a vast selection of products may appear advantageous, however, when faced with an abundance of items, many consumers tend to go elsewhere in search of something that may appreciate in value.
Moreover, roadmaps are both beneficial and detrimental to NFT projects; they can help to bring clarity to things such as the total number of items in a collection, the timing of drops, and so on. On the other hand, the need to maintain a regular posting schedule may lead artists to overlook the effect of rising supply.
Every week, fresh items could be released, however, if there is no customer demand, the available stock increases and the motivation to buy decreases.
It can be beneficial to forgo a regular schedule/plan (unless being met with success, of course) and instead post sporadically or only when necessary. One advantage of putting focus on a smaller batch of NFTs is that they can be more easily advertised and made to appear special.
6. Advertising Overly Aggressively
This issue is highly complex and intricate.
An artist could be responding to multiple discussions with the same post, in order to create awareness of their work.
This could be beneficial when it comes to getting people to pay attention to a project, however, some collectors may question the value and demand of the project.
It is advantageous to promote oneself, yet it is even more beneficial if the promotion of the project is done in an organic manner by those who are interested or have an affinity for it.
The high demand for certain collections is due to their fervent admirers who actively promote them to others.
7. Not Enough Promotion and Advertising
Marketing excessively is not the only issue; neglecting to advertise on the right channels can be equally damaging. There have been instances where companies have assumed that word-of-mouth alone would be enough to make their collection successful, yet it has not been the case.
Maximizing the success of a collection launch can be the key to a successful drop, rather than a silence that is only broken by the sound of crickets.
It is noticed that successful collections often create anticipation for the upcoming product. In some cases, these collections are revealed weeks or even months in advance with hints and clues to build up excitement.
It is possible that a collection might feature a darkened version of a Non-Fungible Token, as well as a puzzle designed to challenge followers, providing a hint of the collection’s contents.
Followers’ curiosity will be piqued and they would love to discover what that is.
8. Too Niche
At times, when an artist creates a piece of art, it may not be what collectors desire, despite the fact that it is representative of the artist’s individual interests.
Certain artists may struggle with their work as it can become too niche for a large number of collectors. Nevertheless, this doesn’t signify the art is bad (it can be excellent objectively), it just suggests the audience that would be interested in the art is much smaller than it would be for less niche art.
The worth of art is decided by individual preferences. If a person interested in collecting art favors cats, then these will become more valuable than dogs.
A creator with a compilation of canines is unlikely to draw the attention of the feline fanatic–which could result in fewer sales.
It should be noted, however, that the more offbeat an artwork is, the fewer individuals there are likely to be who are interested in it. Therefore, an artist should not make art that is too idiosyncratic, such as photorealistic plants fashioned from ASCII characters with googly eyes.
9. Few people are holding onto the NFTs
One of the causes for some NFT collections not to be sold is that there are few purchasers who are willing to hold onto their investment. A few of the most popular collections endure flipping, which is when people buy at a low cost and then sell for a modest or even high earning.
When buyers come and go rapidly, collectors who would have preferred to keep the item are usually forced to pass due to the cost. This can result in the price dropping gradually until a buyer is located.
Collectors typically don’t want the cost of items to become too expensive for them to purchase, so they will often look for other options.
It is possible to acquire art pieces through great collections, which are often sought after by those who desire to keep them for a long period of time.
A collector will benefit most when their art is seriously re-evaluated after a sale.
10. Selection of Blockchain Technologies
Making the right choice when it comes to blockchain technology can be a difficult task. With so many different options now available, it can be tricky to determine which one is the most suitable for a specific purpose.
It is important to understand the advantages and disadvantages of each option, as well as the various features that they offer. This way, businesses and individuals can make an informed decision when it comes to selecting a blockchain solution.
Choosing a blockchain is not just about what statement is being made, but many people tend to stick with the ones they already know. Ethereum dominates the NFT sector and is utilized by the majority of users. Unfortunately, this platform comes with the problems of exorbitant gas fees and times of excessive activity which are not manageable.
Technologies such as Polygon, a Layer 2 solution, have been created with the aim of reducing the need for gas, though it is only accessible to users who bridge their Ethereum over and complete their transactions in Eth on the Polygon network.
Currently, the activity across different blockchains is separate, making it essential to pick the right chain. Even though Polygon offers gas savings, there might not be as many collectors on it as on Ethereum, and those who are on Ethereum may not be as eager to cross over to Polygon.
11. Communication Barrier
Although many countries speak the same language, there are still many that cannot understand each other due to a language barrier. This can lead to difficulty in engaging in conversations, which can be a hindrance to communication. As a result, people from different countries must work to overcome this language barrier to be able to effectively communicate with one another.
It may be difficult for an audience to grasp an artist’s work if they can’t comprehend it. Although art has the potential to be understood without words, many art enthusiasts seek clarity in terms of its worth.
The worth of many collectibles lies in the sense of camaraderie and the outlook of how the project will develop (roadmap). If an individual joins a discord channel but is unable to interact with anyone, it is likely to be difficult to get the collectors to remain, even if the future prospects are bright.
12. NFT Pricing
The pricing of an item is something to take into consideration.
When it comes to collecting, many people are interested in the potential return they may receive. To understand what this return could be, one must consider both the purchase price and the potential value in the future. Consequently, the price is a crucial component to consider when deciding on whether to sell an NFT.
The cost could be high, and this might lead to people not wanting to buy the item
If the cost is too low, people may question the quality of service they are receiving.
Set the price at a higher point and people may speculate a rewarding return on investment.
The cost is high because of the great demand.
Setting the price of the item at a lower level could lead people to think they are getting a great deal and thus provide a higher return on investment.
It may be sensible to start pricing lower if the demand is not high, or to pause raising supply until the demand mirrors the supply. This can be a clash between fulfilling a plan and raising sales.
Figuring out pricing can be a challenging endeavor, but it becomes less complicated when there is a larger number of collectors involved.
Collectors attract other collectors to form a large community; this helps with marketing projects and brings in even more collectors.
There are a number of possible reasons why you cannot sell your NFTs. It is important to test them out in order to formulate the right solution.
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