Negotiating for Better NFT Deals – How To Get GREAT Deals
Posted On January 20, 2020
Negotiating is what makes NFT trading so fun!
Unlike buying cryptocurrencies where each token is valued exactly the same so most people expect at least the current exchange price, eg, Bitcoin is currently trading at $8,759 on Binance.
If you go to a friend and tell them you’ll buy their Bitcoin for $8,300, chances are they’d laugh at your proposal. It would make no sense to sell to you since you can simply sell it on an exchange with hardly any issues for more than that.
But NFT’s are different because each is UNIQUE.
So it’s not as simple as defining the same price for each token and that’s why it’s worth different amounts for different people. This difference in price valuations is what creates the opportunity to buy and sell!
Again, my case studies like this one are great examples of how I’ve negotiated prices down for better profit deals.
A good negotiation process isn’t hard, it just takes understanding and implementation of the process without giving up or being too attached to one outcome.
1: Compiling a Leads List
For every person that lists their item for sale, has a contact email for their assets or some sort of communication channel – they’re a lead.
A ‘lead’ in sales lingo is an opportunity to sell to but in our case it’s to buy from. Keep a spreadsheet of people who have showed interest in selling.
2: Keeping track of People Sell Intent
You can tell if someone is just scouting the market or serious enough to sell. The more serious they are in needing to sell asap, the more receptive they are to accept an offer.
3: First Offer
Your first offer should be lower than your happy to pay. You need space to move up on your next contact with the seller. Unless the seller is willing to sell asap.
4: Following up often
Not happy with the current deal? That’s ok, walk away, opportunities are plenty. If the seller has sold in 3-4 days, they’ll be even more receptive to accept an offer.
5: Closing the Deal
Sticking to your original offer is a tough play. I usually come up a bit to show I can so the seller can tell I’m serious and come down from their offer.
Eventually you’ll find a middle ground that should be your original price in mind you were happy to pay.
I will go into detail in later videos on each part of the process but a good negotiation strategy is what has made me most of my money.
I would much rather buy through negotiation then buy off the marketplace.