When it comes to collectibles in gaming, NFTs are the next big thing and NFT developers everywhere are implementing NFT marketing strategies to boost the visibility of their assets. You might have noticed the NFT trend making headlines recently in various crypto media. For example, Beeple’s artwork scooped $69m during its sale at an auction, just recently. There have been many other big stories about huge NFT sales in the last year or two. Besides art, there are other assets you can tokenize. A good example is Jack Dorsey’s first tweet from back when he founded Twitter. It sold at around $2.5m.
The NFT buzz is real and – with the right strategy – you can reap the rewards. You can convert any digital art or collectible you own into a non-fungible token. Thereafter, you can cash in from the NFT trend. However, you need to do more than just convert your collectibles into NFT to be successful in this realm.
You’ll need a powerful marketing campaign to succeed in the competitive bid for attention in the NFT space. Luckily; we’ve got tips to help you in this guide. Our guide covers all that you need to get started with NFT marketing. Beyond that, we talk in detail about what an NFT actually is and how the technology works.
What are NFTs?
Non-fungible tokens are collectible virtual assets based on the blockchain. They are unique to one holder and they can be bought and sold. Once you buy an NFT, the fact that it’s non-fungible guarantees that you are the only owner.
With the use of blockchain tech, the safety of your tokens is guaranteed. Once the creator mints a token, it becomes permanent and no one can counterfeit it or delete it.
As non-fungible tokens, you cannot trade NFTs with something else. They’re not like cryptocurrencies which you can exchange and substitute for one another. In summary, NFTs are one-of-a-kind virtual assets that you can buy and sell like actual assets. Unfortunately, they’re intangible.
For instance, you can get digital music or a valuable piece of art in form of NFT. Instead of getting the actual asset after buying its NFT, what you receive is the digital token. This token serves as the ownership certificate of that particular collectible or item.
How do NFTs work?
To create an NFT, you only need to tokenize a digital asset with the Ethereum blockchain as its basis. This digital token can take various forms, but the standard options include music files, videos, GIFS, and JPGs. Once minted, the NFTs can be sold or bought.
While you cannot delete or counterfeit an NFT, that doesn’t prevent similar copies from being minted. This is because most NFT contracts permit the creator to maintain copyright ownership. With this permission, they are free to develop multiple copies of the NFT and sell them.
However, the difference comes in the value. You see, the actual or original NFT holds the highest value.
NFTs also present other opportunities, especially if you are an artist. With the use of a smart contract, you can get a percentage from each successive sale of your token in the future. That’s a lucrative deal for both artists and musicians. As a content creator, you can also create a limited edition NFT and enjoy the same benefit.
For the last few weeks, people’s interest in NFT has grown exponentially. This is all because of the mouthwatering headlines proclaiming NFTs sales worth millions of dollars. For instance, the NBA video highlights are worth around $230m, and Beeple’s art is $69m.
Media organizations such as the Associated Press and Quartz have also started experimenting with selling NFTs. Similarly, digital influencers and YouTubers are minting their own NFTs for sale. NFT technology promises a drastic change when it comes to the creation and distribution of digital goods. Simply by enabling journalists, musicians, artists, and individuals to transform their original works into digital collectibles, the technology is transforming the content creation landscape.
Anyone can become an NFT creator. That means you can create a unique piece of art and convert it to an NFT based on blockchain. Thereafter, you can sell it on the crypto marketplace and earn your income. The open market is the best place to sell your NFT.
Even so, there are multiple marketplaces that you can leverage for the auction of your token. One such marketplace is the Foundation (this is the marketplace where the renowned “Nyan Cat” was sold for a fortune. Other marketplaces include Raible, OpenSea, and super rare.
Once you register with one of the marketplaces, you need to create an Ethereum Wallet and link your account to it thereafter. This is where you’ll be holding your NFT before selling it. It’s also where you’ll receive the crypto payment from the sale.
That said, you should first create the wallet. Thereafter, you need to set up the wallet. Once you are done with the setup, you can move the file holding the digital asset to the wallet. These wallets support both video and image formats. You need to move the file to the IPFS (InterPlanetary File System) in the wallet, or decentralized storage.
Now you’ve got to create your token mapped on this file to develop a distinct cryptographic signature. This signature will be based on the Ethereum blockchain. As a result, the file you upload will become the original NFT. Finally, you’ve got to list your NFT on a marketplace for sale.
You’ll need to determine the minimum bidding and how long the auction for your NFT will last. Lastly, you can make the deal more exciting by incorporating perks like concert tickets.
NFT marketing strategies
At this point, you know what NFT is and how to issue it. If you’ve tried creating one, you should be having your NFT ready for sale. The next important step when it comes to the NFT venture is product promotion. Unless you put your NFT up for auction, you’ll never know its actual value. Before the auction, thorough marketing of your NFT is important.
You need to let the public, specifically NFT enthusiasts know, that you’ve got something to offer. The public auction will be a great place to start for a startup company or business. With the following marketing tips, you should be able to host a successful auction:
1) Build your community
Like most crypto projects, it’s essential to have an actively engaged crypto community. The members of your community will be the major promoters of your products whether it’s through investment or brand awareness. Therefore, you’ll need to interact with your followers and build a community for your NFT. With a community behind your startup, your project will have the solid foundation it needs to succeed. The members of the community will boost your project through referrals and buy your tokens.
To maximize the benefits of the community, you should develop one from the very start of your project. Engaging with these people early is important as they will help you create the kind of hype that drives more prospects to your project. When building a reliable NFT community, the ideal platform, to begin with, is social media.
Most blockchain enthusiasts are active on social media. You can consider Reddit, Twitter, Facebook, and Medium for starters. These platforms will help you develop the primary community. After building the community, you can’t afford to put your feet up and relax. Instead, you need to enlighten the community about your upcoming NFT.
Educate them about your project and then convince them to invest. If they take part in the public auction, the chances of selling your NFT at a good price are higher. Additionally, note that NFTs can be ideal for the novice as well. Therefore, don’t focus your effort on crypto enthusiasts alone.
Don’t forget to create a community on Telegram. It’s among the best platforms where you can promote NFT projects. To maximize the potential of this platform, your team should portray themselves as professionals. After all, their competence plays a crucial role in your brand image as well as how much trust you can earn from the community. Beyond that, they should be polite, know your project well and prepare FAQs.
Most importantly, the people in this team must be quick in responding to feedback. Lastly, you should tap into the gaming community. Your team can create a Discord channel that they can use to engage members of the gaming community.
2) Engage the community
With a community, the best way to keep the members around is through engagement. This is an effective way to initiate talks about your project. Whether it’s on Twitter, Telegram, Reddit, or BitcoinTalk, active engagement is important. As the brains behind your NFT collection, you’re the best person to initiate it. You can think about an interesting topic and start a conversation about it.
Additionally, you can diversify your discussion by switching between the trending topic in your niche and your project. The target here is creating a hype that will boost the awareness of your project. This also helps in generating important feedback from your audience.
Some of this feedback can be constructive in the development process of your project. Keep in mind that you’re bound to encounter critics. Keep emotions down and learn to respond to them professionally.
3) Choose a marketplace
As we’ve discussed earlier, you’ll need access to a marketplace if you wish to sell your NFTs. While there are many marketplaces to choose from, don’t rush to pick the first one. The kind of marketplace you pick determines whether your token sale will be successful or not. Therefore, when sampling the marketplaces, consider those that are in line with your project goals.
There are other factors to consider before listing your NFT with a particular marketplace. For instance, some of them only work with specific online wallets. Therefore, consider this before choosing one. Additionally, most of them charge a gas fee, however, this fee is different on different platforms.
Beyond that, confirm other fees, especially transaction fees the marketplace will charge you. Some of these fees may pile up and exceed the amount your NFT may sell at. Luckily, different marketplaces charge differently, therefore, you can find one with a better deal.
4) Host AMA sessions
Ask Me Anything is a great way to campaign for your NFT and grow your following. It also helps prospects understand what your project is all about. To hold the AMA session, consider platforms like YouTube and Telegram. They can accommodate large sessions and attract more audiences to your project. You can also run an AMA within the primary community on Discord, Twitter, and Facebook you built earlier on.
5) NFT PR
The blockchain industry is tainted with mistrust. As such, it’s essential to foster trust among your audience from the beginning of the project. With NFTs, you cannot overlook building trust if you want your project to succeed.
Note that you cannot buy trust. You’ve got to be prepared to earn it from your community members. The best place to start is getting the crypto media to talk about your project. You can also collaborate with NFT influencers to write a review or an informative article that prospects can read.
To generate more trust, make sure your project features in both general media and crypto media. Additionally, you can try different formats. These include articles, quotes, mentions, and interviews, among others. With good PR, you will gain trust, credibility, and reputation.
The technology behind NFTs is still new and many companies may be unfamiliar with it. Nevertheless, learning how to use NFTs can help you if you want to disrupt the status quo. To venture into the NFT space, your company will need a set of marketing strategies to take advantage of this opportunity. For example, if you are pursuing the minting of NFT tokens based on blockchain, you’ll need assistance from a powerful PR and marketing agency.
Do you need help putting your NFT product in front of the right audiences and generating positive media coverage? Pressfarm is a PR agency that works with startups and companies of various sizes to help create newsworthy content like email pitches, press releases, guest posts, and press kits. Their PR professionals and expert writers will also create customized media lists to help clients find their perfect media match. The experts at Pressfarm also come armed with a content distribution strategy that has worked for hundreds of brands across different industries.
By submitting your content to the right media outlets and startup directories, Pressfarm can help your brand to rank in relevant search results across various search engines. Additionally, Pressfarm can build custom media lists in addition to offering clients access to a comprehensive database of over 1 million journalists across industries. By giving you these media contacts, Pressfarm can help you to continue doing media outreach for up to a year after you’ve signed up.