An NFT stands for non-fungible token. But what is considered a non-fungible token? A product or commodity is considered fungible if its separate parts can be exchanged with each other but not distinguished.
For instance, let’s say you went for groceries and you expected to get $5 in change-the cashier would hand you either a single $5 bill or 5 $1 bills. They may also give it to you straight from the cash machine, from their desk, or even from their pockets–it doesn’t matter because you are still getting out of the store with $5 in your pocket.
This means that the cash and currency are usually fungible. Every separate unit can be exchanged for but not distinguished from another unit.
On the contrary, if you ordered a Van Gogh painting from Amazon or eBay and you got a subpar piece of art as if a third-grader had painted it, you probably won’t be thrilled about your purchase. Even though both units are pieces of art, they are not the same in terms of quality and value and thus not interchangeable. In a few words, these pieces of art are non-fungible.
An NFT is a virtual document of ownership for an exclusive cryptographic property piece that can not be swapped for another unit. NFT transactions are conducted online and protected in a digital depository system–the blockchain. Put differently, NFT tokens enable persons to own and buy/sell digital properties, unlike physical assets.
Some good examples of NFTs are pictures, art pieces, videos, and Tweets; however, the cryptographic token can accompany any digital file. When an NFT is protected, it is given an exclusive digital hash to ensure its uniqueness.
The procedure is best described as follows: the NFTs resemble serial numbers released by a high-end brand to validate the originality of the product. The difference here is that there is no central administration or regulatory authority that issues and controls NFT trade. Just like crypto, it’s a decentralized and open-source technology that distributes and validates NFTs.
So whenever someone purchases an NFT, their special identification sign becomes encrypted and attached to the token to monitor changes in ownership. The ownership data is then circulated across the whole network and anyone that enters the blockchain environment can view it. However, only the owner of the token has access through their encrypted and unique key identifier.
NFTs generate scarcity in the online world, and because they can be traded easily, they can gain value rapidly. Sina Estavi, Bridge’s Oracle CEO, has purchased Jack Dorsey’s very first tweet after a bidding race for a whopping $2.9M. Lindsay Lohan minted her own token, a picture of her face which was initially sold for $17.360 but resold for a bit over $57K. Lohan also sold her digital comeback single “Lullaby” for $85K. And the viral video of “Charlie Bit My Finger” was sold for more than $760K.
Large firms are also embarking on the NFT bandwagon as witnessed by Visa’s former buy of a CryptoPunk for almost $150K. These actions have triggered the speculation on the value and function of such digital assets further. As the head of Crypto at Visa company, C. Sheffield noted in a late blog post, he believes that NFTs will have a major role to play in the future prospects of retail shopping, social networks, e-trade, and digital media.
The Importance of Marketing In NFT Success
NFTs can rise in value very fast. NFTs keep on rising in popularity and if you wish to get the highest bids for your work, you’ll need to employ an extensive NFT marketing campaign to showcase your project and create some “juice” around your work. Due to the buzz around the whole thing, the NFT market is jam-packed and full, triggering fierce competition amongst vendors and resellers.
If you want your artwork to sell, especially if you want to get the highest possible bid, you have to set yourself apart from your rivals and give others a good reason to choose and buy your work.
Moreover, you need to get yourself and your work known and enable others to access and check out your work easily. This is where your marketing plan lies. It’s all about invoking demand, addressing, and engaging with a target population segment, then getting your audience to act towards your final target, which is to bid on your piece.
But, before anything else, you have to devise a plan to make sure you are making the most of your resources and achieve the highest growth possible from your NFT promotion attempts.
Crafting A Successful NFT Marketing Campaign
If you want to nail your NFT marketing strategy, you need to promote it to the right audience, the proper site/platform, and at the right moment. You have to tap into the minds of the NFT l buyer and find out how they progress through the sales funnel, what channels they access, their content preferences, and the most efficient ways to engage with them. This sounds a tad perplexed, but we’ll cut it short for you.
- Find your target audience
- Find and use the most suitable channels to interact with your audience
- Craft relevant content for all phases of a buyer’s journey
Pinpoint Your Target Audience
A very common mistake we see promoters make is trying to advertise their products to a mass audience and everywhere. However, this is often a waste of time and money and it doesn’t let you forge close bonds with those that are really interested in what you have to offer and are more likely to buy from you.
If you can’t really tell who you are reaching, how can you engage with them and encourage them to purchase your NFTs? Would you advertise baby diapers to a teenager or single college student with no kids? Of course not.
Both audience groups would find your ad and product useless. You want to adopt a more targeted marketing strategy and find that market segment that is relevant to your offerings.
The same applies to the promotion of an NFT piece. You have to identify the right people who are most likely to purchase your projects. The process is not the same for everyone, but here are some guidelines to help you:
- What kind of artwork do you create?
- How often do you create work and how big is your portfolio?
- What is the general theme or style of your work?
- Are you a member of any relevant communities? If so, which?
- Do you have followers on any social media channels? If YES, which people are interacting with you?
- Have you sold any pieces already? If so, who purchased your work and how much did they buy it for?
It’s best to consider that your target audience may be also broken down to various subcategories of people that share common traits. For instance, MacDonald’s and Wendy’s target students looking for a cheap and fast meal as well as adults with families and business folks who want to grab something fast for their break lunch.
Identify The Most Suitable Channels
After you find who your target audience segments are, you have to find the most suitable channels to interact with them. But, if you are a newbie at this and want to build a more active following, here are some ideas:
Discord, Reddit & Telegram – All these social platforms have large communities and groups of people with crypto interests. If interacting with fellow NFT creators, art buyers, and fans is in your list of targets, you’ll have to be active on the above websites.
Facebook – Facebook still remains the biggest and most popular platform in terms of active members. Despite their attempts to cater to an older adult population, 86% of people between the ages of 18-29 use Facebook on a regular basis. There are also Facebook groups relevant to NFT works and listings, which are perfect for engaging with an active community and promoting your work.
Instagram – Instagram is a social media platform used mainly by millennials and generation “Z” groups (18-35). The gender demographics of the platform are also equally distributed. It’s a great channel to develop a business page as a high figure (83%) of users claim they find new products and services on Instagram.
Twitter – Twitter is the most suitable site to share brief news and updates as well as interact with your followers directly by replying to their tweets. Tweet shares, retweets, and mentions are solid ways to get some visibility. Keep in mind though that users of Twitter spend only 3 minutes per session and thus you have to strategically arrange and time your posts. You also have Twitter Spaces which can provide a great springboard for your NFT projects. Look out for potential Spaces to join and engage with as much as possible to get your name known in the community.
Rarity.tools – Rarity.tools is a site that focuses on finding and ranking new NFT works. The platform provides a wide range of data on NFT curations such as their rarities, making it a good resource for valuing your NFT token. There is also an area with upcoming NFT drops packed with info on drop dates, mint value, and social media outlets for new NFTs. This is a targeted and high-traffic website for finding the next top NFT.
Materials for All Phases of a Buyer’s Journey
A buyer’s journey, in a nutshell, is an active procedure and path that a person navigates until they buy something. From an NFT promoter point of view, the main phases of a buyer’s journey feature:
Triggering & Awareness – This is where a prospect finds out more info about NFTs and identifies opportunities for generating and trading NFTs.
Consideration stage – At this stage, a lead has gathered enough info about NFTs and is now juxtaposing various creatives and trading methods.
Conversion stage. A lead has made their final choice and buys their preferred NFT.
Delight and Advocate – An after-sale stage where a lead has bought or placed a bid on your NFT work, and your aim is to make them feel honored so they are more likely to buy from you again and share your NFTs with others.
The thing is, not all buyer journeys are the same. For instance, some person may come across your NFT projects on an NFT trade platform and purchase it right away. Another prospect may see one of your Facebook posts, head to your website, check a blog article on NFTs, and then place a bid on your work.
In most cases, someone has to interact with your brand numerous times before buying something from you. Therefore, you’ll have to generate or nurture various kinds of content for each phase of a buyer’s journey to encourage a person to buy your NFT.
You want to boost awareness around your NFTs, entice contacts, interact with them, and please them once they become buying clients. Here are some good content ideas for every phase of a buyer’s journey:
Awareness stage – At this stage, it’s best to inform your audience. Assume that the people in this phase know little to nothing about our NFT works. Consider using educational and insightful videos, blog articles, and social network posts. For example, share your artwork and the stages you go through on your social media profiles. Sharing your process helps to see behind the scenes and your potential collectors can see the real you and effort that goes into each NFT.
Consideration – Here, you want to establish yourself as an authority. Prospects at this phase are likely informed about your NFTs and so your content can be more focused and professional. Create blog posts or content that highlights your plans for the NFT collection that you are creating, what value it will bring to the collector, why collectors should take note and share this across social media and communities.
Conversion – At this point, you want to demonstrate that your projects are better than your rivals. This will solidify the message of why people should be purchasing your NFTs and the reasons why they should be purchasing your work. Promotional materials and giveaways are good content ideas for this phase.
Delight – At this stage, you want to keep on interacting with clients. The target is to make them advocates who will share or promote your projects on their behalf. Customized content like a gratitude email, a special deal or discount, or a social media post, is great for this phase.
Other NFT Marketing Campaigns
Now that you are aware of the NFT marketing fundamentals, let’s jump into the strategies that are more targeted to the promotion of NFTs
Develop a website – A website is a great platform to gather all the necessary info about your NFTs and publish your materials. Unlike social media content, you’ll be freer to share your personal work through a website, tell your creative story, and maximize a user’s experience.
Join relevant discussions on NFTs and Crypto – The most relevant sites with NFT groups are Discord, Reddit, Clubhouse, and Telegram. Share your insights, get insights from other creatives, address questions, and interact with potential clients. However, avoid spamming or bombarding the discussions with self-promotion. Instead, seek feedback on your work, content, and website.
Have AMA sessions – AMA (Ask-Me-Anything) sessions enjoy vast popularity in the technology and cryptocurrency communities. They are a great place to interact with your target audience on several platforms and generate some buzz around your NFT work. Reddit, YouTube, Facebook, and Discord are good outlets to have AMA sessions.
Partner with influencers – Reaching the audiences of popular NFT influencers can enhance your project’s visibility. You may find influencers on nearly every social network out there e.g. Facebook, Instagram, Twitter, as well as authority crypto blogs. Bear in mind though you have to pay these influencers to promote your NFT works.
Generate some hype around your next NFT drop – If you handle your NFT drop like a grand event, your target audience will likely see it that way as well. Spread the word about your work through all social platforms, team up with influencers, share your NFTs in relevant discussion forums, and contact media channels. Generate some excitement and buzz around your NFTs through a countdown timer, a special interview, or a mystery social post. If people see your NFT as something special and valuable, the bid prices will likely go up.
Utilize cross-promotional tactics – A common marketing strategy is to combine multiple projects and offer special perks such as giveaways to those that follow both works. This enables two parties to join their communities and provoke some extra social juice for an upcoming NFT drop or a current NFT collection. You should give incentives to users to like, comment, and share your postings to join their giveaway. Due to the fact that collectors are typically loyal to a specific NFT community, working together for a new project can raise user engagement dramatically.
Give Incentives To Referrals – Giving special perks to early followers and promoters of your project is a solid way to enhance awareness of your brand. Future projects have lately adopted various incentives for enticing new members to social channels such as Discord. One incentive is pre-sale access which enables investors to access an NFT before its official sale date. This will enable buyers and investors to ditch competitive drops and get an exclusive ownership place.
List your project on Rarity.tools or Howrare.is – These platforms provide a tab for upcoming NFT projects and make a famous resource for potential NFT clients. They feature info on your social media channels, official release times, and prices of NFTs.
Add some utility to your NFT – Look for ways to enhance the utility value of your NFT to make their investment-worthy. Many projects are employing NFTs for in-game materials so holders of these can engage with their digital artworks in the metaverse. Other projects are offering utility through tangible perks for holders e.g. special deals, and in-person hangouts.
Giveaways – This can be one of the best methods of growing your social media presence as a good giveaway competition can provide a huge reach through sharing, likes, and engagement. People love free stuff especially if it’s from an up-and-coming NFT artist that provides early access or something of value. Many well-known NFT projects have become popular because of this method by showing off their talents early in the process.
There’s More to Do
Marketing yourself and your project is a huge part of NFT success, it’s well and truly overlooked by many of the artists who mint their work. They, unfortunately, expect the success that Bored Apes have seen or Beeple $$$. In reality, NFT art is based on either FOMO which is created by awareness and knowledge via marketing, or as the old saying goes ‘beauty is in the eyes of the beholder’ meaning that an NFT is purchased because of personal interest.
Imagine going to a charity shop, you will see countless artwork for sale which more than likely will be sold for a very low price or sit there for a considerable amount of time. Now if it’s a well-known artist, chances are it will be gone in no time at all. The keyword is ‘well-known’ which only happens through awareness and conversation.
We will release more in-depth content on strategies and ideas for the successful marketing of your NFTs.