Are you wondering how to check an NFT price? Assessing the price of an NFT isn’t rocket science like most people think, and there’s a simple logic to evaluating the value of an NFT artwork. Yet, most NFT buyers, sellers, and creators rely on guessing in their bids. So, how to check the NFT price?
You can check the value of an NFT on the marketplace on which it’s listed or by using an NFT aggregator like CryptoSlam.io. There are also some online NFT value calculators that can help you assess an NFT price with a few clicks.
This article will explain the different methods by which you can check an NFT’s price, especially if you’re an NFT newbie. We’ll also explain some of the factors that influence the price of an NFT.
Let’s get started.
How Do You Check NFT Price?
Here are some of the ways you can use to check NFT price:
1. Check on CryptoSlam.io
CryptoSlam.io is an NFT aggregator that allows users to view market data, rankings, and sales history of specific NFTs, collections, or projects. To check the price of an NFT on CryptoSlam, go to their website and search for the NFT or collection.
For the purpose of this guide, we’ll be using CryptoPunk #5918 as an example.
Go to CryptoSlam.io. Find the specific NFT or collection you’re looking for using the “Search collection” bar. Click on the NFT, and it will take you to a page where you’ll find the price history of the NFT and related information.
Here’s what we found about CryptoPunk #5918 on CryptoSlam.io:
Image Source: CryptoSlam.io
The image above shows the previous price that the NFT sold for over time. This information would help you determine the market value of the NFT and make informed purchases.
2. Check the Marketplace the NFT Is Listed On
The easiest way to determine the price of an NFT is to check the price tag at the marketplace where it’s listed.
For example, let’s look for the price of BAYC #8817, which is listed on OpenSea.
Image Source: OpenSea
Unlike CryptoSlam.io, OpenSea didn’t provide the price history of the NFT, but it does show the order history. The “Offers” section shows you the status of the current bid for BAYC #8817.
After the auction period is over, the seller will decide which bidder’s offer to accept. The accepted bidder would be the new owner.
3. Use Online Price Estimators
There are tons of Dapps and online tools that will show you the price of an NFT, as well as its market value. When calculating the value of an NFT, these calculators consider many metrics, including the NFT market, the creator, and the NFT’s traits.
However, ensure you’re using the right one that will give you accurate estimates of an NFT’s worth.
Below are some of the best ones you can find online.
Deep NFT Value
DeepNFTValue is an NFT value calculator that uses machine learning to estimate Cryptopunk prices. If you want to buy or know the market valuation of any CryptoPunk NFT, this tool is best suited for you.
It’s easy and straightforward to use DeepNFTValue; insert the ID of the CryptoPunk in the search bar and click “See Estimate.”
Let’s use CryptoPunk #5918 as an example. Here’s the estimate we got:
Image Source: DeepNFTValue
In the report generated by the tool, you’ll find the recent transactions of the NFT as well as a graph showing the price history. The tool also provides the current market valuation of the NFT.
NFT Value Tool
NFT Value Tool is one of the best NFT value estimator tools on the internet. The developers designed the tool to provide an educated estimate of the secondary market worth of a digital asset. According to their website, the tool comes with cutting-edge analytics software with constantly updated data.
Many users claim they decide what to buy or sell based on the recommendations of this tool. In addition, many NFT blockchains and ecosystems, including Ethereum, Polygon, Fantom, Cardano, Binance, Avalanche, and FLOW, endorse this tool.
NFT Valuation Calculator
NFT Valuation Calculator is a speculation-based NFT value estimator that offers a more data-driven approach to appraising NFTs. This tool can explore the abound investing opportunities in the NFT Market based on your budget.
This tool is useful if you’re looking for discounted NFT investment prospects. It can also help you determine the initial pre-sale costs for NFT projects. In addition, you can use this calculator to compare two options.
CryptoPunks Valuation is a similar tool to DeepNFTValue. What makes this tool unique is the index (much like the S&P 500) it provides to its users. The data this tool provides can help you understand the evolution of sectors within the NFT sector and establish a reliable and automated process for valuing individual NFTs.
What Determines the Price of NFT?
Now you know how to check the price of an NFT. However, this guide isn’t complete without knowing the factors that influence the price of an NFT. This knowledge is crucial for NFT creators that want to price their NFT. Here are some factors that can increase the price of an NFT:
The price of an NFT is impacted by market factors, including supply and demand, much like the value of any other asset. Conducting market research into NFT demands and trends will tell you what is selling and for what price.
NFTs created by popular or well-respected artists sell for a crazy amount of money. Additionally, the recent creations from a creator with a history of producing profitable or well-like NFTs is more likely to grow in price.
Rarity and Functionality
One of the major concepts of NFT is uniqueness. The more unique or rare an NFT is, the more valuable. You can know how rare an NFT is by calculating its rarity score. In addition, the use case of an NFT is also a crucial price determinant.
That’s the end of this article. We’ve provided a satisfactory answer to the question, “How To Check NFT Price?” By now, you must have an idea of the important factors you should consider when trying to appraise an NFT.
Considering the NFT’s rarity, ownership history, market value, and several other factors will help you estimate the price of an NFT. You can also explore the option of using an NFT value calculator. We’ve also listed a few good tools you can use in this article.
What’s the current price or market value of your NFT? Let me know in the comment section.