Since the crypto market took off in 2021, many non-fungible tokens (NFT) are now changing hands for dizzying sums of money. To date, the ten most expensive NFTs sold at auction have fetched between $7 million and $91.8 million. This is higher than the average price of Claude Monet’s work ($80.5 million) and many other prestigious physical works of art.
The stratospheric price tags of the most valuable NFTs can make the entire space seem like it is only accessible to a select minority of super-rich individuals.
However, these outliers are not representative of the NFT space. The vast majority of NFTs are much more affordable than you might think. As the NFT market has continued to grow and mature, hundreds of collections have hit the market. Each offers all the excitement of the best NFT collections, but at a much more accessible price for everyone.
The truth behind the data
While it is certainly true that some NFTs have sold for tens of millions of dollars, the vast majority of NFTs trade for much less.
According Statistical, the average floor price of all Ethereum-based NFTs has fallen for most of 2022. From 2.82 ether (ETH) in February, to around 0.77 ETH in November. The floor price refers to the price of the cheapest NFT available for purchase in each collection. While price floors don’t necessarily correlate with sell prices, it does show that the barrier to entry into the NFT space is far lower than many appreciate.
Nonfungible.com’s Quarterly NFT Market Report Q3, 2022 tells an even clearer story. On several blockchains, the average sale price of an NFT between July and September 2022 amounted to just over $150. That’s less than most people spend on streaming services each year.
This shows that almost anyone can start their NFT journey at a reasonable price.
Community is everything
NFTs are not just about high prices and exclusivity. In many ways, they are not just about the images that NFTs represent.
Many NFT collections have communities that are just as vibrant and energetic as any other online community, like a video game forum or sneakerhead site. Joining one of these NFT communities does not require a huge membership, as many affordable NFTs also have their own highly engaged online communities. Virtually all NFT collections will have their own Discord channels for potential buyers and current NFT holders to connect with each other.
NFT communities are instrumental in stimulating demand and interest in their respective collections. In some cases, communities have created their own private platforms and social media channels for bearers. This feature adds a new layer of value and usefulness for NFT holders. Within these communities, people can access exclusive opportunities such as upcoming new NFT launches and in-person events. They can also network with like-minded people by sharing their passion for NFT collection with people around the world.
If you want to learn more about the importance of community in the NFT space, check out our recent blog post Why Buy an NFT: Community Membership.
The stronger the presence in the community and the more advantages the NFT collection offers, the more likely it is to join the “blue chip” cohort. Prime collections represent the upper echelons of NFTs, typically represented by the most valuable, established, and durable non-fungible assets.
CryptoPunks, Bored Ape Yacht Cluband Azuki, are all widely considered “blue-chip” NFT collections.
Prime collections make most of the headlines in today’s NFT market. But, there are plenty of existing collections with thriving communities and affordable floor prices. There is, of course, no guarantee that these collections will achieve the same success as some of the major premium collections. However, these lower cost NFTs may be an easier place to start your journey.
Check out some of the affordable NFT Collections available on Kraken NFT in the table below:
Name | blockchain | Floor price | Discord channel size |
The long lost | Ethereum | 0.0195 ETH | 6,381 |
white hearts | Ethereum | 0.08 ETH | 9,805 |
shield age | Ethereum | 0.013ETH | 4,279 |
Castaways | Ethereum | 0.55 ETH | 41,767 |
women’s world | Ethereum | 1 ETH | 65 124 |
alien frenzy | Ethereum | 0.164 ETH | 39,585 |
VeeFriends Series 2 | Ethereum | 0.17 ETH | 348,023 |
Hashmasks | Ethereum | 0.15 ETH | 1,353 |
Portals | Solana | 22.29 GROUND | 15,218 |
SOLgods | Solana | 35 SOL | 9,515 |
These figures are accurate at the time of publication and subject to high market volatility. This term means that prices can change often. Discover our Ether price page or Solana Award page for fiat conversion rates in real time.
Arrive early
One possible way to enter the hallowed halls of future blue-chip NFT holders is to purchase non-fungible tokens on presale or at public currencies.
presales
Presales are the first way to buy NFT from a new collection. With these types of sales, you are guaranteed to hit an NFT before the public sale takes place.
NFT projects add presale attendees to their respective white/allowed lists. These listings contain a small number of pre-approved crypto wallet addresses that have exclusive access to mint NFTs before anyone else.
Each project has its own pre-sale process and criteria. This process may include interacting with their social media posts, inviting friends to follow their channels, and demonstrating active participation on a Discord server.
For higher-level NFT projects, there may be more expensive prerequisites, such as owning specific NFTs from particular collections. That said, pre-sale opportunities are a great way to grab NFTs cheaply before a real fandom develops.
Public currencies
Public mints are the next best thing to a presale. Public currencies go live immediately after the launch of the NFT collection. Anyone can participate in a public currency and there are no exclusive or costly prerequisites to participate. When the famous Bored Ape Yacht Club NFT collection was first launched, investors could purchase NFTs from the Public Mint for 0.08 ETH. The current floor price for any of these NFTs on Kraken NFT is now around 58.98 ETH, a staggering increase of 73,625% at press time.
Public mint prices can be higher than presale prices and everyone must compete for a chance to hit an NFT. With highly anticipated collections, high demand can often lead to a significant increase in gas costssometimes called “gas wars”.
Gas wars occur when a large number of potential buyers compete for a limited number of NFTs. To win, investors must be prepared to pay higher gas fees than others to ensure their transaction is processed. If they don’t, they risk their transactions failing and losing their fuel costs. Often, it is not uncommon for investors to lose thousands of dollars in gas fees during these types of NFT gas wars.
Looking for an affordable NFT?
It’s easy to join the NFT market, even if you don’t have a lot of money.
There are new collections every day, so there is always a chance to enter the beginner community. To see the most affordable NFT Collections available on Kraken NFT, check out our collections page. There you will find hundreds of NFTs under $100 each.
All of these NFTs offer access to their own vibrant and exciting communities, regardless of your wealth. Kraken NFT makes it easy to join the excitement and find the right community for you in the NFT space.