How Much for This Masterpiece? — Ohnahji U Syllabus for November 11, 2023
🎼 “I be the d-boy who infiltrated all the corporate dudes / They call shots, I call audibles” 🎵
Good day scholars. Zion here from the pristine art labs at ONJU. As an endlessly fascinated art scholar, I am thrilled to explore the subtleties around pricing creative work with you. Please allow me to invite you (after you thoroughly wash your hands) to join me in the ONJU Study Hall to investigate this nuanced issue. Meet me by the laminated easels near the big window — I just set out a tray of individually wrapped spiced tea and mini hand sanitizers to enrich our dialogue. 🎓
This space was live on 11/11/23 at 10 am PST, hosted by the ONJU Dev and Co-founder Ohnahji B, and cohosted by ONJU Deans EyeSeeThru & BOSS2.0. The ONJU fam debates complex pricing decisions and standing behind your vision when facing criticism for a listing such as 427 ETH. This involves analyzing markets and having confidence in their value.
A NEW FRONTIER FOR AI DEVICES
This week’s ONJU Saturday opens with a conversation on the new AI-powered device called the AI Pin. Recently announced by Hu.ma.ne, the pin is a small, portable device that clips onto your lapel and uses AI (specifically ChatGPT) to deliver information to the wearer about their request. It can write and send texts in your voice, translate and interpret different languages, and even take pictures!
A few more of the AI Pin features:
• Projects laser keyboard onto hand
• Has a built-in camera
• Runs on AI, customized by voice
• Has potential for music integration
• Leverages T-Mobile network for internet connectivity
• Could ultimately replace apps and user interfaces with on-device AI
The pin uses OpenAI’s API to fulfill informational requests, but it is not an OpenAI product. After seeing the early success of the product announcement, Ohnahji B raised some speculation over Apple’s plans to also partner with OpenAI on a physical device. Despite that, he intends to observe how the device offerings leveraging AI evolve.
Dean EyeSeeThru categorizes the pin as “a pleasure device” rather than a practical one and notes its limitations as a supplementary device. It’s not a complete phone replacement, but if it ever fully replaces smartphone functions, the $699 price plus the $24 monthly fee could be a bargain. Even so, he’ll probably cop it just to be an “early adopter and be, you know, a nerdy show-off.”
THE ART OF PRICING ART
Standing Behind Creative Perspective and Value
Moving into an art-based conversation, BOSS asked Ohnahji B to discuss his recent experience pricing his art and his beliefs about it. The exchange started with B explaining how he recently listed a piece from his newest 1/1 art piece, Precious Medals, for 427 ETH. He explains:
“Someone reached out to me, and they were like, ‘Hey. Tell me about this piece. I think it’s beautiful.’ I was talking to them, letting them know the story behind it, and they’re like, ‘Cool. Okay. Tell me more.’ ‘Well, it’s 427 ETH.’ And they were like, ‘Excuse me, WHAT?’ Their whole tone changed. They’re laughing at me, like, ‘Oh, you’re not gonna get that. Why would you ever think that your piece is gonna sell for that?’ I’m like, dang, brother, chill!”
His story prompted a discussion about whether creators should feel confident justifying high prices for their art or if there is a line where prices become unreasonable. If a buyer has an issue with 427 ETH, what’s the number they feel is appropriate? 401? 200? 0.01 ETH?
Immediately, the perspective shifted to conviction in your creative vision and value. Ohnahji B continues:
“Do whatever you feel your art is worth. We’ve had these discussions on finding art, what is art, what isn’t art. If everything is art, price it as such.”
Strategic Pricing Approaches
Other factors to consider when deciding on pricing include analyzing the current market and customer demand. It’s worth noting that there is already an existing system in the art market, a methodology already existing. However, biases in economic markets disadvantage people of color, including in the NFT market.
As someone familiar with art marketing and procurement, EyeSeeThru dropped some valuable tips:
- Apply basic economics and business principles — product, market, supply/demand, pricing/positioning
- Research the market for your type of art — market cap, money available, what people will pay
- Price according to your specific market and target customer— what will NFT buyers pay? Can you compete at higher niche or price tier levels?
- Consider your competition — what are others pricing and selling similar art for, but avoid looking to others to set a dollar amount.
- Pricing based on time spent or costs isn’t always relevant — customers pay for art they connect with
- Approach strategically based on goals — selling to support yourself daily may require different pricing.
He recommends that Ohnahji B offer a few other pieces at more affordable prices, like 100 or 200 ETH.
Confidence Above All in Pricing Decisions
Underscoring that importance, speakers kept returning to artists’ confidence in their worth and vision. Speaker Patricia Portillo dropped the mic with this statement:
“I want to remind everyone that the word reasonable is defined as appropriate and fair. And us artists get to decide that when you say a reasonable price, the artist is the one who gets to say what is reasonable for the work that has been created. It might not be for you if it’s set at a certain price, and that’s okay. It’s just about deciding what you feel as the artist is reasonable and fair for the work that you are creating. I said what I said.”
Ultimately, pricing digital art involves a range of complex factors. But this point highlights how conviction in your creative perspective and worth as an artist should be considered when making pricing decisions around your work.
Thanks for reading! 🎓
Please take a moment to hit the clap button (did you know you can press it multiple times?!), highlight any passages that resonated with you (click and drag to highlight, then tap the marker icon), and leave a comment sharing your perspective. Let’s keep the discussion going!
