NFTs have seen a spike in popularity in 2022 and have been depicted as a viable way of making money by many experts on social media.

However, the NFT space isn’t as easy as it seems and making money off NFTs takes a lot of hard work, as cashing out of your NFT project isn’t as simple as creating and listing your Non-fungible tokens on OpenSea or any other Marketplace.

To prevent losing your money paying gas fees on NFT Marketplaces without making sales, there are few pitfalls to avoid and factors that you need to consider as an Artist while launching your NFT project.

Without wasting time, Here are reasons why you’re not selling your NFTs.

• PRICE

A lot of people make the mistake of thinking they can make it overnight with the aid of NFTs, so they list their NFTs for ridiculous prices.

Keep in mind that the Higher the Price of your nft, the lower the number of potential Buyers

So if you set the floor price of your NFT at 1.5ETH ($4700), you’re automatically chasing off the average collectors from buying your NFT.

This doesn’t mean you should sell your NFTs for cheap prices, however it is important that the valuation of your NFTs reflects Its rarity and whether investors are looking for your NFTs.

Make sure the price of your NFT is compatible with the potential investors you want to reach with your marketing and those who may come across your creation on the marketplace.

• Poor Marketing Strategy 

It’s simple, if nobody sees your NFTs nobody is going to buy them. You can’t just list your NFT for sale and sit down waiting for a buyer (Very few people succeed with that strategy).

To sell the NFTs in your collection, create buzz around your NFT project on social media, make sure you tell people about your NFT.

Reach out to NFT investors by making posts on the NFT and telling them about it.

Be active on Twitter, Instagram and other social media platforms (Twitter is the best social media platform to sell an NFT) use the appropriate hashtags to market your NFT.

Note that aggressive marketing is good but you shouldn’t overdo things or make your marketing look too pushy, don’t spam posts on social media platforms doing so will make your NFT collection lose value in the eyes of people.

• Junk NFTs

You’ve just listed an image for sale but that’s all there is to it. It’s just a picture, it’s not valuable, it’s not even inspiring or something that people can relate to.

If you want to sell your NFT make sure that you’re not wasting your time uploading trash on the blockchain.

There has to be something that will convince collectors to buy your NFTs. It could be the concept or how unique the NFTs are. Just ask yourself if you would pay for the NFT you just minted and why you would pay for it.

• Ripoff NFTs

The beauty of Art is how unique each artwork can be in its own way. NFTs are meant to be unique with their own distinct features.

If your NFT bears a resemblance with Cryptopunks, Bored Apes or any other popular NFT collection on the Marketplace it makes your NFT a fake.

Many NFT creators do this but trying to replicate a popular NFT collection will only drive away potential collectors from your project.

• Oversaturated Market

As new users are joining the NFT space on a daily basis, more NFT projects are being launched with millions of NFTs listed on Marketplaces. 

What this means is that an artist who is doing what everyone else is doing may not make progress in terms of sales, you have to make sure your NFT collection is different to others in all ramifications, so as to make your NFTs unique.

• Your NFT Doesn’t Align With Market Trends

The most successful NFT Artists have learnt that what they want is unimportant. They therefore do their diligent research on what Collectors are currently looking for and Align their NFTs to suit what Collectors want to buy.

Before creating your NFTs, make sure you’ve studied the market trends, joined Discord servers and other social media communities and find out what investors are currently buying so you can Align your project with what is currently selling on the Marketplaces.

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• Lack Of Active Social Media Presence

If the Artist is unknown then the collection is unknown. Social media is the driving force behind the increase in the sale of NFTs and why celebrities have been able to sell their collections.

If you don’t have social media accounts or don’t put them in the external link section of your NFTs. People will simply admire your artwork and pass as they don’t see how you can convince other Collectors to invest in your NFTs so they don’t end up losing their money.

You need to be active on social media and have followers who are NFT enthusiasts and have been gaining valuable insights about NFTs from you so that when you list your NFT collection they can help you tell NFT investors in return for the value you’ve given to them.

However, your NFT collection should also have an Active social media community where investors can meet up, discuss about your NFT collection and convince other Collectors to invest in your NFTs. 

Your active response to their inquiries will go a long way, to help keep the community active you can use Bots or hire moderators to reply chats and answer questions.

• Wrong Choice Of Blockchain/Marketplace

One of the most important things to consider before listing your NFTs is the blockchain on which you will mint them. Despite the high gas fees on Ethereum blockchain it still remains the best blockchain for NFTs and OpenSea.io is the number one Marketplace for NFTs.

Listing your NFTs on a blockchain such as Tron or Avalanche will automatically reduce the number of Collectors that can buy your NFTs.

It’s more advisable to use Ethereum blockchain for your project or use Polygon blockchain as it’s a Layer2 scaling solution for Ethereum blockchain.

4 Ways To Sell An NFT

There are important aspects of your NFT project you need to put in your plans, these features are important ways to sell NFTs.

Here are the 4 ways to sell out your NFT collection in accordance with today’s market trends.

1. Utility

An NFT having a use case might sound strange to a lot of people, after all it’s supposed to be a work of art.

However, the use of NFTs have evolved with the arrival of In-game NFTs such as Gods Unchained that are used for in-game purchases and to represent characters and features have revolutionized the NFT space.

Another example of NFTs with Utility is OneAndZero NFTs, OneAndZero NFTs can be exchanged for hashpower which can be used for cryptocurrency mining.

In short, it will do your NFT collection a lot of good if there’s a use case that backs the NFTs.

 Your own use case might not be a gaming NFT but you should tie the NFTs to a project, so as to show Collectors how much you value the NFTs and convince them to buy.

2. Hype

It’s marketing done the right way. It’s the advanced marketing of a person who understands that there’s more to marketing your NFT project than Facebook and Instagram Ads.

Creating hype around your NFTs entails getting NFT investors to talk about your NFT project in their social media communities and convincing them that your NFTs are the real deal by providing value.

Hiring Influencers, paid advertising, partnerships, Giveaways, airdrops and challenges(tasks) can play a vital role in creating hype around your NFT collection.

99.9% of NFT investors will buy what everyone is talking about therefore Hype is a good way to sell your NFTs.

3. Story/ Concept

This has to do with being able to present willing buyers to purchase your NFTs by telling them things like the history of the NFT and how you got the inspiration to create the NFTs.

To illustrate, An Investor making inquiries about Cryptopunk NFTs before buying will be told that “Cryptopunks are more than just regular NFTs, they’re a landmark and important part of the history of NFTs.

This is because Cryptopunks are one of the first NFTs to be created on the blockchain. In addition these 24×24 pixel art images were created Algorithmically.

From the above we can infer that Cryptopunks are an historical piece of art in the NFT space.

4. Perks

Perk is about the additional advantages of buying your NFTs.

NFT collectors who buy your NFTs can earn an airdrop reward, gain access to a premium community in the NFT space or be able to solve a real-world challenge by buying your NFTs.

Chillin Chameleons is an NFT project that offers investors the opportunity to be part of an NFT project that aims to solve environmental challenges with blockchain technology. 

A part of the sale of Chillin Chameleon NFTs, Will go to removing plastic wastes from the Ocean and changing these plastic wastes to eco-friendly products. Therefore, members of the NFT community will not only be investing in NFTs but also help provide the financial resources to solve an environmental challenge.

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