Does it Cost Money to Change NFT Price

Hi, I was wondering if there are any fees associated with changing the price of an NFT. Just created my first NFT and found that the process had a bunch of hidden fees involved, wanted to adjust the price to make it easier for my piece to sell but wanted to confirm it wouldn’t cost more money before doing so. Thanks!

2 Likes

Yeah I feel you - I got charged 30% the other day in an experiment to see how things went; cost AUD$100 in the end for one minting :slight_smile: Not complaining tho, it was an experiment so I was willing to go through the$100.

Anyway, to answer your question I thought I’d try it out myself and the answer is, you can decrease the price without being charged (I just decreased mine by 5.5%) but if you want to increase the price you have to start over again and burn the one you want to increase.

Why 5.5%? Because it also says if you decrease the price by more than 5% you’ll get bumped to the top of the marketplace. I’m quite literal so read it as more than 5%v :slight_smile:

Here’s mine: https://rarible.com/token/0x60f80121c31a0d46b5279700f9df786054aa5ee5:638907:0x110b070952bdb2c3d56aba2e00d56544c158dbd6

1 Like

SMARTPopArtist is correct! Great information about the bumping up in the marketplace. I never knew that until now.

Also, grinchy95, look at this guide by JayContois for more basic NFT information that you may be questioning about.

1 Like

And again, it’s better to be verified, your art will be visible immediately on the main page after decreasing the price

You don’t have to burn the token, you can just cancel sale and then put the art on sale again with new price. I didn’t try yet it so I don’t know if it cost money.

Oohh! My bad, for some reason I have it in my head that a cancel is the same as burn!

So does this mean then that if I ‘cancel’ the sale the token stays the same and I can change the listing name/details/phot/price? If that’s correct that would be awesome!

I think you can change only price, but again I have no experience with it yet :slight_smile:

2 Likes

Unfortunately, we can only change the price to decrease. Everything else is permanent, even things such as the category (Art, Music, Memes, etc.).

1 Like

Yeah that’s my belief also - that everything is permanent and baked in (great that we all seem to be learning this together :slight_smile: )

But it does clearly say on the ‘change price’ option that “If you want increase [sic] price, you should cancel then create sale with new price” so some clarification would be good. I’m not in a position yet to cancel a sale and see it all go awry if there is confusion but I’m happy to try it in a week or so and feed back to the forum what happens (with cancel sale to increase price ‘what if?’

That wording with “create” involved sounds like you have to re-mint the piece…
Go ahead and try it out though, when you can! And please tell us the results. :relaxed:

2 Likes

I’m almost sure you have to burn the token and re-mint it to increase the price, so be extremely cautious @SMARTPopArtist


My NFT here and my profile here
I always follow for follow, even on instagram where you can see my other pieces and my painting process.

1 Like

Well spotted my coffee-loving friend :slight_smile:

I actually have a story there for you - I have, in the past, done ads on Facebook for my artwork/art business (you can probs see how much of my life is ‘what ifs?’ right there) and I’d occasionally get some nutter feel the need to comment “huh, my three-year old daughter can paint better than that” and I’m all like “really? You should see the work I do before I’ve had coffee in the morning, maybe we could have a joint exhibition!” :joy:

1 Like

You don’t have to :slight_smile:

Thanks Sheraton; I believe I have read that somewhere but it can be confusing if the word ‘cancel’ is used when meaning ‘burn’. If I give myself a week to try and learn what the case is then I’ll ‘cancel’ if I don’t find anything :slight_smile:

Yeah there does seem confusion around the ‘cancel’ meaning here yeah?

cancel means burn then? :smiley: no way I thought it means “destroy forever”

Yeah - I don’t know :slight_smile:

I think that’s what we’re trying to suss - “does ‘cancel’ mean ‘burn’?”

As I’m going to be loading more of my art on to the platform soon then my tee (first NFT) experiment can be ‘burnt’ to find out if that’s what is meant by ‘cancel’. Unless we find out first

1 Like

oooh that’s a good news! Is there’s a fee to resale the token? Or are we limited to bidding then?


My NFT here and my profile here
I always follow for follow, even on instagram where you can see my other pieces and my painting process.

that’s some good thinking right there

It will cost money if u cancel