How to Track the Prices of Your NFTs?

Introduction

Why Track the Price of Your NFTs?

When you own NFTs, it’s typically for several reasons: access to a service or community, ownership of a digital artwork, or simply as a potential investment. Regardless of the reason, it’s crucial to track the price of your NFTs to sell them at the right moment. Whether you no longer need access to a service or you're holding an artwork, knowing when to sell your NFT for a reasonable price is key. Tracking the sales prices of NFTs helps you make informed decisions, allowing you to sell them when the time is right.

The Main Challenge

On NFT marketplaces, you can track the current floor price (the lowest price at which an NFT is listed for sale), see how it has changed over time (whether it was higher or lower last week), and review recent sales. However, this process can be overwhelming, especially if you own NFTs across multiple blockchains. Tracking this data for each NFT from different blockchains becomes quite complex.

The Solution

This article will guide you on how to efficiently track the potential sale price of your NFTs without spending hours managing them, and without being an asset management professional.

Methods for Tracking NFT Prices

Tracking on Marketplaces

The platform you use will depend on the blockchain where your NFTs are located. For example, OpenSea is used for Ethereum, and Magic Eden for Solana. You’re probably familiar with these platforms since it’s likely where you bought your NFTs. Most platforms display a metric called the "floor price," which represents the lowest listed price for an NFT.

NB: This is a listing price, not the actual sale price. Floor price is a reliable metric but has limitations.

If the platform allows it, it's valuable to see recent sales, as it helps understand if the current floor price represents the actual market value. For example, if recent sales are lower than the floor price, it means buyers are no longer willing to pay that much. On the other hand, if sales are higher than the current floor price, it indicates that certain NFTs are in higher demand due to unique features.

It's important to filter the collection based on the characteristics of the NFTs you own or look at which traits are selling well. If your NFT shares these traits, it will likely sell for a price higher than the floor price, otherwise not.

Not all platforms offer the same visualization tools, but there are several external tools that can help with this, such as NFTGo. If you’re looking for a tool that specifically fits your needs, feel free to reach out to the My Wallet Account team, who might consider creating a custom feature for you.

Price Alerts

Once you’ve researched, you might realize that it’s not profitable to sell your NFT at the current price, and you prefer to wait for a better offer. If you're not using the NFT and are willing to sell, you can list it at your desired price. However, if you want to keep using it, you can set up price alerts. These alerts are not available on all platforms but are possible on some, allowing you to be notified when the price hits your target.

Tools for Centralizing NFT Price Tracking

Portfolio Aggregators

Using tools like My Wallet Account helps you centralize NFTs from multiple wallets and blockchains into one app, giving you an overall view of your holdings and price trends across different platforms.

Third-Party Applications

For a broader view, there are third-party apps that don’t track your wallet specifically but allow you to follow the prices of specific NFT collections across multiple blockchains. One example is CoinGecko, which you can use in the following way:

1. Go to NFTs section: https://www.coingecko.com/en/nft
2. Choose your collection. Example Claynosaurz: https://www.coingecko.com/en/nft/claynosaurz
3. And now, you can see evolution of floor price during time

The downside is that the collection must be well-known to be listed on platforms like CoinGecko.

Conclusion

You can track NFT prices in real-time through the marketplaces where they are bought and sold. If the current price doesn’t suit you, you can set up automated tracking using tools like CoinGecko or My Wallet Account. These tools help centralize all your data in one place, reducing the effort needed to manually track your NFTs and preventing you from missing opportunities for profits.