NFTs are spreading like wildfire, and NFT marketing strategies are catching on like greased lightning. It’s still in its infancy, yet, fresh ideas are viewed favorably.
Let the recent statistics speak:
After a $300 million investment, the online marketplace OpenSea is now worth $13.3 billion.
Last year, NFT trading volume surpassed $23 billion, an increase of more than 20,000%
It’s all about being engaged in popular platforms and growing trends regarding marketing methods. You’ll have a better chance of meeting your marketing objectives if you arrive early with a brilliant idea, like the metaverse’s growing popularity.
With our comprehensive guide to NFT marketing, you can claim your piece of the pie in this field.
What Are Non-fungible Tokens(NFTs)?
NFT stands for non-fungible tokens. They are digital assets that are purchased and traded like any other assets. NFTs are tokenized, meaning they have a unique digital certificate as proof of ownership. Blockchain is a digital ledger where the ownership of these tokens is stored.
All of this appears to be quite confusing.
But here’s an example:
Assume you wish to purchase the Mona Lisa. The fact that there are only one original adds to the painting’s value.
Even though there are thousands of copies of the Mona Lisa, you can only own the original.
The same is true of NFTs, with the exception that everyone has practically agreed on which copy of a digital image is the “original.” You have the original, tokenized form of any NFT you buy, but others can still access it.
This is where the example deviates: with an NFT, there is no tangible item to hold. Your transaction is instead registered in a blockchain ledger.
NFT and Marketing
NFT marketing is the activity or process of developing, promoting, and distributing your NFT products or services to the target market and value-added trading products.
NFTs can be compared to art, which is a beautiful thing to consider. Of course, NFTs are much more complicated, and they are constantly changing, but the significance of marketing cannot be overstated. For example, if no one knows about a work of art, it may not sell for much. Without publicity and some rarity and hype, the price does not skyrocket.
As billions of dollars are being invested into the NFT sector, giant marketing corporations spotted an opportunity and jumped on it. They were using their extensive traditional marketing knowledge to fundamentally shift the game and drive the adoption of NFT & web3 technology.
However, because there are so many NFTs, they aren’t valued only because they’re rare. They are marketing their worth more than anything else. Ultimately, even the most beautiful work of art won’t be worth much if it doesn’t attract enough attention and excitement to entice others to buy it.
NFT marketing can also help you enhance consumer interaction and is a terrific way of keeping your audience up to speed on your product or notifying them about new products coming out.
How Can NFT Help in Marketing?
To begin with, quality marketing allows your company to stand out in a crowded digital world. To build a strategic strategy, you need to stay up to date with current events and changing conditions.
NFTs, come into the equation here. It’s brand new. It’s fascinating. The most important aspect of NFTs is that they provide a variety of marketing opportunities.
Let’s take a look at how NFT’s marketing methods might aid firms in their marketing efforts:
1. Create a Unique Experience
People nowadays pick a brand above competitors based on their brand experience. The NFTs can assist you in creating a unique experience by collaborating with artists and content creators.
In marketplaces, they promote your brand by providing an engaging experience. NFTs allow us to communicate with the brand uniquely. As a result, you’ll be more noticeable, memorable, and, most importantly, intriguing.
2. Expand Audience Reach
To begin with, embracing the NFT marketplaces allows you to access new audiences. From digital producers and art lovers to young and experienced business people, there are a variety of communities. Due to its uniqueness and increased real-world value, participants are eager to participate.
People notice you more if you make more NFTs. These engagements in the NFT markets will allow you to expand your consumer base as people become familiar with you and talk about you. Increase your chances of closing a deal by reaching out to more potential buyers.
3. Build Community
Customers favor brands that engage them in conversation. Twitter is a popular platform among NFT owners. To develop a network or share their NFT collections, most of them have a Twitter account.
You can generate conversations and online NFT groups for your brand by reaching new customers on a medium they like accessing. Moreover, cultivating genuine relationships establishes loyalty among customers, which is vital for brands to survive in huge, competitive markets.
4. Drive Preorders
Gary Vaynerchuk is well-known for various reasons, one of which is his obsession with NFTs. He adores them so much that he chose to market his new book, Twelve and a Half: Leveraging the Emotional Ingredients Necessary for Business Success.
It’s essential mentioning that this isn’t his first book; the book may quickly have sold well without the NFTs. Regardless, the book immediately surpassed a million pre-orders on its first day, a huge accomplishment.
It operated like this: for every twelve copies bought in 24 hours, purchasers received one NFT. Based on the findings, NFTs certainly made a splash.
5. Create Interest in Your Brand
If you’re a trailblazer in your field, you might stand out. Living brands attract people. When you deliver unique experiences to your online community, you will develop an interest in your brand. NFTs will boost conversion rates and sales.
NFT marketing is a fantastic prospect as it is a developing industry. Probably, none of your competitors is present. As a result, even a small marketing project on social channels will increase brand visibility.
Top 7 NFT Marketing Strategies
As businesses are becoming more popular, there is a greater desire for exclusive marketing methods. Let’s look at a few NFT marketing methods that will help you reach your business objectives.
1. NFT Listing
The first item to be established for better reach is an NFT listing. Listing an NFT is the best way to begin. It’s a crucial component of producing money. Taco Bell, for example, has compiled a record of NFTs which sold in under 30 minutes.
2. NFT Marketplaces
Because there are so many marketplaces to choose from, it’s critical to select one right for your NFT project. Many focus on specific sorts of NFTs, impacting the site’s audience. Here are a handful of the most well-known marketplaces to consider:
Open sea: OpenSea is the world’s largest NFT marketplace, and it’s a great location to sell art, musicals, videogames, and other items.
Super rare: The emphasis is solely on digital art, and you must obtain approval before selling anything. It does, however, have the advantage of pushing NFT releases.
Rarible: It’s a terrific place to sell a wide range of NFTs, and there’s a lively discussion board for marketing.
Other alternative markets are available, each with its unique set of features and benefits. These are not only fantastic sites to sell work, but they can also link you with possible buyers.
3. Paid Advertisements
Even in the realm of NFTs, Paid advertisements can help you reach a bigger audience and maintain an active online presence. With the help of Facebook, Yahoo, Google, and SEO and a solid online presence, you can increase your visibility.
4. Telegram and Discord Marketing
Better marketing is ensured with Telegram and Discord. To increase your reach, you can create your posts, develop a community, engage in events, share memes, etc. With extended support, you may also start a dialogue. Furthermore, it is realistic for organizations looking to enter the market.
When it comes to Discord marketing, one thing to keep in mind is that the community must be well-managed. This will most likely necessitate experienced moderators who know how to set it up and keep the group functioning properly.
5. Influencer Marketing
Influencer marketing is a standard method of bringing a product to the public’s attention and generating interest. Working with influencers may seem self-evident, but there are techniques to boost the effectiveness of your efforts. And, when it comes to NFTs, it’s a fantastic option.
Make a point of finding influencers that are relevant to your target market. Locating an influencer who operates on a channel you are confident will have a positive impact is the first step. It is also beneficial to locate influencers who can lend credibility to the marketing campaign. It’s even better if they use the same brand as the NFT. Furthermore, consider how you may add value to their lives.
6. Utilize Whitelist
Mutual gain is the foundation of any partnership, and whitelists can help you achieve that. Attempting to reach out to influencers and forum administrators on sites like Discord and others is terrific to get your name out there. They will, however, want to know what does it for them, and with good reason.
In reality, in exchange for assisting with marketing, certain people can not only receive discounts and instant access to an NFT, but they can even receive a free NFT. Furthermore, if you can give value to the community or be an active member, that link will be strengthened even more.
7. Cross-Promotion Tactics
Relationships matter and mutual gain are always appreciated. That is why cross-promotional strategies are so powerful. The various communities become closer and generate more buzz by collaborating with a partner. And, given the importance of hype, it’s a pretty powerful tactic.
It’s made more effective by how devoted some groups are, particularly when it comes to artwork and celebrity NFTs. Other marketing strategies, such as incentives, conferences, and other marketing tactics that get people involved, can be woven in with cross-promotion tactics.
Conclusion: NFT for Marketers
NFTs offer marketers a new method to connect with their customers, increase awareness, and even advertise new product lines. Are they, however, here to stick, or are they merely another marketing blip? Only time can tell if this is true. We’ve seen that big brands are utilizing NFTs in novel ways, so it’s worth responding to.
Prior to diving into new techniques, make sure SEO and content marketing are working for you. These tried-and-true techniques create long-term success, not just market attention.
With roll up sleeves, dive in and get the job done approach, it was in the year 2010 when Sahil started Parangat Technologies. Emphasizing a healthy work culture and technology-driven company, he has successfully created a workplace where people love to work and live. He is a software engineer and a passionate blockchain enthusiast.