How artists and sites can sell more #NFTart
Small moves by industry players could shake up the digital art world
By Stefan Arnold (@FreaklionArt)
I’ve been diving deep into the NFT art world in recent weeks, and I am continually coming across artists and websites I think could really improve their results with a few minor changes.
That’s one of the most exciting features of digital art and the #NFTart movement — we are just at the beginning of it. There is plenty of room for improvement.
Here are some changes I’d love to see surrounding the NFT art space from my perspective as a former gallerist and current art collector. You may have a different perspective, and I am fine with that!
Artists
1.) Learn more about the NFT space: As an artist, you don’t need to be an expert on NFTs or the latest in blockchains. But a good portion of the reason why a collector will purchase your art is that you know everything about its creation and can explain it to them. They want to feel more connected to your art by learning more about it. If you were at an art show, you would talk about how you used canvas, oils, fabrics, glass, etc. … all the ingredients about how you created that piece. Learn the basics of NFTs and be able to talk about uniqueness, provenance, and security with confidence. You should also have some understanding of digital wallets and the latest display technology for showing your work. The more connected a collector feels to you and your work, the more you will sell.
2.) Make time for social media: You’ll have a tough time selling NFT art without being a part of the community where that art is being discussed the most. It would be best if you had Twitter and Instagram accounts at a minimum. You can schedule posts for your latest works but be ready to respond to fans' questions or comments. Collectors are fans first. It may be difficult to find time to create content. If you find you struggle in that department, make it a priority on a set schedule. First thing in the morning, after lunch … whenever. Create content … as simple as a photo of your work. Schedule a post (after googling best times to post on that platform). Respond to a comment. Give a fellow artist or two a like or retweet. You can do all that in 30 minutes or less 3-5 times a week.
3.) Don’t spam the hashtags: The flip side to No. 2 is being **too** active. If you are trying to find everyone who appreciates your art and responding with hashtags, you are visible repeatedly to collectors, who see your responses several times. Collectors will begin to mute you, so your future works will never be seen by them on that platform. I use a Twitter search (#NFTart -filter:replies) to avoid the problem now. I would prefer to see the entire #NFTart tag to see how artists and collectors interact on a personal level, but clogged timelines make it difficult. Responding is fine, just skip the hashtags!
Websites
I visit a dozen or more sites that host NFT art on an almost-daily basis. Many do a good job showcasing the artists, marketing upcoming drops, or including search fields. But I have yet to see one site that stands above the rest in overall look and functionality.
My current favorites: MakersPlace (quality), SuperRare (quality), Foundation (quality), and OpenSea (market-wide look, search functionality).
Here are some features I’d love to see from the sites, so finding great art would be easier than ever (in world history!).
1.) Search, search, search! OpenSea has the best search features I’ve seen in the space. The options consist of 10 criteria, including price (low to high, high to low), recently created, recently listed, and most viewed. These and the other ways to search are so valuable to collectors trying to find works they can afford, the newest and the most popular. Several other sites have search fields that do a poor job of keyword searching, such as “science fiction.” Too often, I will see art that had no business being grouped with the search term. I would wager that if sites hired one person to categorize works in addition to relying on algorithms or artist keywords, they would see more views and sales as a result.
2.) Hi, do you mind if I view your site more?: A few sites put too much behind an understandable but limiting barrier … having a digital wallet. Some you can’t even sign up for or “start collecting” without linking a digital wallet. Of course, if you are buying NFT art, you’ll need a wallet eventually. But why are sites prematurely limiting possible future collectors by not allowing maximum functionality without a digital wallet? There is a gigantic segment of the art-collecting world that is older and less technologically adept. The websites that do the best job of appealing to all collectors will be a step ahead of their competition.
3.) I’m ready to buy! Here’s my card! (BZZZZZ): In the same vein as No. 2, sites make it too difficult to buy art! My first attempt to buy an NFT artwork did NOT go well, and that was with a digital wallet. Of course, I’ll work out the bugs, but why do sites even need to limit purchase methods to a digital wallet? Look, a good number of people are just getting comfortable with ApplePay, let alone cryptocurrency and digital wallets. So why do sites require either? Makersplace has the right idea on this. You can bid for or buy art with a credit card, you know, that ancient technology that the vast majority of the world understands? Makersplace will even house your artwork in a digital wallet for you until you are ready to transfer it. Easy and intuitive for the crowd just tuning in to the industry. Huzzah.
Simply put, more sites need to improve on the basics: How can we show relevant art better, and how can we make it easier to buy?
As simple as 1s and 0s.
Collectors
1.) Are you spamming? Maybe stop?: On Twitter, I see lots of “show me your best stuff” tweets. That’s fine once in a while, but it can appear to be in poor taste if you are doing that as a common practice. What are you doing with the replies? Buying everything? Of course not. Twitter accounts who do this a lot could be genuinely interested in seeing art (raises hand). They also could be looking for bargains (fine) or maybe attempting to steal work to mint on their own. I’m going to do some more research and see the result of some of these open calls. My guess is it’s not worth an artist’s time to respond.
2.) Pay what the art is worth: I’m all for building a collection of art for the main purpose of reselling it. One of the best features of NFT art is that the artist gets a cut of every resale. But as collectors, let’s give credit where credit is due. Do you have experience and think a piece could sell for 4 ETH when it’s on auction by the artist for 0.5 ETH? Maybe instead of offering 0.5 ETH, you offer 1 ETH, so even if you get a good deal at the end of the auction, the artist gets paid more initially, and there is still room for profit down the line for you and the artist.
3.) Look at earlier bids for the love of all that is holy!: When placing a bid on art on offer by the owner (artist or secondary market), see what the price was the last time the piece sold and bid appropriately. MakersPlace shows this off well. Almost always, owners will want to profit off the artwork they are selling. To make a bid for $200 two weeks after someone buys a piece for $5,000 will seldom work and makes the bidder look like an amateur. Mistakes happen, and maybe low bids will work if enough time has passed, but try to avoid this misstep.
What are some of your best tips for those in the industry? Let me know in the comments or on Twitter (both below). I’ll credit the best tips to the tipsters!
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Thanks again, and as always, good hunting!