While NFTs began as quirky digital art projects like “Every day,” they are now growing in importance as a corporate marketing tool.
NFT is the abbreviation for “non-fungible token.” NFTs are blockchain-based assets that are one-of-a-kind. That is, a person can buy and sell them in the same way that they would a bitcoin. For starters, an NFT is, first and foremost, a data unit. This information is kept on a digital ledger and added to or ascribed to a digital file or a digital representation of a physical thing to certify its uniqueness and document its ownership, using the same blockchain technology that underpins cryptocurrencies. The term “NFT” is also used to refer to a type of digital asset that has been validated as unique. And what exactly does one get when they purchase an NFT? The NFT’s legal wording might allow you ownership of something digital, such as artwork. Alternatively, your NFT may entitle you to a tangible asset such as 50% ownership of a Bali property, access to an industry conference, or lifelong free beer.
Either way, it is essential to keep in mind that the blockchain ledger can verify the legitimacy and ownership of non-fungible digital assets. Nonetheless, even though NFTs have existed since 2014, they’ve gotten more popular in the last one or two years. This is thanks to the advantages and applications of converting digital files into digital assets using blockchain technology.
First of all, NFTs are a solution for licensing digital creations. Turning a digital material, such as a picture or video clip, into an NFT is essentially the same as licensing it for authenticity and ownership, with the option of transferring ownership or rights to use, distribute, and sell it. NFTs can’t be replicated or copied indefinitely. Since each non-fungible token resides on a decentralized and public digital ledger based on blockchain technology, each one has a different value. Tokenization is at the heart of the NFT frenzy, and it allows digital content providers and artists, such as musicians and software developers, to license and turn their works into digital assets.
Secondly, NFT technology provides people with the possibility of profiting from digital assets. NFTs work well in this way because they can be monetized. The process of converting digital goods into digital assets includes assigning a monetary value to them. The monetization of digital artwork is the first early use case for non-fungible tokens. Note that in March 2021, Michael Joseph Winkelmann, as Beeple, sold his digital artwork “Everyday—The First 5000 Days” for USD 69.3 million, while Kristy Kim sold her 3D-rendered house model “Mars House” for USD 500,000. A number of internet memes have been turned into digital goods as well. The Charlie Bit My Finger viral video clip, the Disaster Girl meme, and the Nyan Cat YouTube video are just a few examples. In June 2021, the popular Doge meme was sold for USD 4 million.
NFTs also have an impact in terms of collectibles, fundraising, and gaming. A number of companies have released digital collectibles based on NFT. Physical collectibles like baseball and NBA cards have been transformed into digital assets by creating digital counterparts and converting them into non-fungible tokens. NFT minting can also be used to raise revenue by allowing people to tokenize and auction digital masterpieces like movies and literature and digital collectibles, other digital materials, and documents like contracts and patents. The rise of non-traditional games, or blockchain games, is also noteworthy. NFTs can be used to represent in-game assets like digital land plots, playable characters, and goods. The tokenization of these in-game assets can also be used to create play-to-earn video games.
The fourth advantage of NFTs is that they can be invested and traded. Supply constraints or limitations are created when digital files are converted into non-fungible digital assets. The scarcity of a tokenized digital asset is created by its one-of-a-kind nature. Scarcity and supply constraints can increase the value of a given asset in certain circumstances, especially when there is high demand. Many people have purchased NFTs as part of their asset collection, similar to the way people collect tangible artworks or with the goal of trading them in the future when their values rise. An advantage of purchasing an NFT is the opportunity to generate profit through investing or trading. For instance, in 2017, the collectible digital object “CryptoPunk #3100” was initially auctioned for USD 2127. When it was sold to another collector in 2021, the original collector received more than USD 7.5 million in return on investment.
To summarize, NFTs are fascinating, and businesses appear to be quickly adopting them.
A good example of a branded NFT that has been successful is Coca-Cola. For example, for $400, Coca-Cola sells a real set of Norman Rockwell prints showcasing the drink. On the other hand, Coca-Cola recently made $575,883.61 from the sale of four NFTs. In the virtual reality platform Decentraland, the NFTs included a digital animation of a Coca-Cola cooler and a branded digital puffy jacket that an avatar could wear. In addition, the corporation included a physical asset: a real-life refrigerator packed with Coca-Cola.
Coca-Cola received considerably more than half a million dollars in cold cash for a fridge full of icy soda and some 3D graphics. As a result, the company gained brand-enhancing exposure and reinforced the image that drinking Coca-Cola brings happiness and cultural relevance to its customers.
However, it was not on a whim that Coca-Cola’s NFTs were able to succeed; it took a lot of time, energy, and effective promotion to get to the position it is today. So, how can you promote your branded NFT collections? Let us take a look.
NFTs, like any other product, require good marketing to attract the attention and interest of potential buyers. NFT collectors may be hesitant to acquire products from unknown artists or firms, preferring to buy NFTs from well-known people that are more likely to gain value over time. As a result, you must utilize all marketing techniques and routes accessible to you to increase your consumer reach. With that in mind, here are a few venues and tactics that you may use to advertise your NFT collection.
1) NFT calendar
The NFT calendar is the industry’s first event calendar, showcasing launches and events across a variety of marketplaces and platforms. This is where NFT collectors go to find out about forthcoming drops, read industry news, and discover new artists and innovators. Adding events for your releases to the Calendar will increase the visibility of your NFTs, which promotes interest in you and your art. The NFT Calendar’s best feature is that it is entirely free. All you must do is fill out the form with the following information about your NFT drop:
- Title of your NFT artwork or collection
- Description of your artwork or collection
- Cover image of your NFT drop
- Date and time of your drop
- The blockchain you are using
- The marketplace where you are facilitating the sale
- Details about you
2) Marketplace listings
You can sell your tokens on a variety of NFT platforms. Different specialties exist among these platforms, focusing solely on digital artworks, virtual games, trading cards, or even real estate. You can advertise your NFT on multiple marketplaces to reach a larger audience. The following are some of the largest NFT marketplaces:
- SuperRare — This is a genuine digital art marketplace where you can purchase and sell tokenized art items that the Ethereum blockchain has verified.
- Raible – This site specializes in unique crypto assets like digital prints, GIFs, and even avatars. It’s based on the Ethereum blockchain and takes a 5% cut of your final sale price as a commission.
- OpenSea is a popular marketplace for selling art, collectibles, and other valuables. This platform charges a lower commission than Rarible – you only need to pay a 2.5% fee on every sale.
Most marketplaces offer a dedicated page for featured drops, along with teasers and a countdown to release. Some people use social media to promote their featured NFTs. Securing a space on the featured drops page increases the visibility of your NFTs, ensuring that they don’t get lost among the other listings.
3) Telegram and Discord
The crypto community’s primary communication mediums are Telegram and Discord. These platforms are excellent for building a crypto community, including both loyal consumers who eagerly await fresh drops and potential purchasers who are interested in your NFTs. On Telegram, you can also join larger NFT communities. These platforms are great for NFT creators who want to promote their work, making them cost-effective ways to publicize your releases. You should, however, avoid spamming or flooding channels with your promotions. Additionally, be confident that anything you’re marketing is related to the community’s interests and specializations. You should also keep in mind that these channels are primarily designed for creating relationships; thus, posts or messages that are solely commercial will be ignored. In order to make your messaging appear more conversational and less advertorial, you can solicit feedback from the community.
4) Reddit, Quora, and Bitcointalk
These sites are helpful in getting the word out about an NFT collection. You can join subreddits related to crypto and NFTs on Reddit. You can either start your own thread or join one linked to NFTs. The goal is to become active in these online forums by participating in discussions so that NFT collectors, purchasers, and enthusiasts remember the company’s name. Nevertheless, before promoting anything, you need to understand the rules of the subreddits since most moderators will not tolerate aggressive advertisements or adverts uploaded without permission. Following these guidelines ensures that you do not inadvertently upset anyone in the group, which helps in the establishment of a positive reputation for the company.
5) NFT Marketing Agencies
Finally, you should think about collaborating with NFT marketing agencies. Some digital marketing firms have already entered the crypto and NFT industries, and developed successful advertising tactics for upcoming projects as well as projects that have already launched. NFT marketing services will help you to use social media and digital platforms to expand your audience reach, hence increasing the visibility of your NFT collection. They also provide you with access to the most recent digital marketing trends, allowing you to quickly alter your strategy to meet the needs of your customers. The most significant benefit of partnering with an NFT marketing agency is the ability to track results. A good NFT agency will give your corporation reports on the success of your campaign so you can see if you’re on track. A professional marketing team will also devise ways to strengthen your current approach and help you stay on track with your objectives.
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 Pressfatm 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.
As much as developing valuable NFTs is crucial for success, it takes a lot of time and effort to make an NFT successful. Even brand NFTs require a lot of strategizing if you want them to capture attention in this niche space. When you adopt the right strategies for promoting an NFT, you reduce your risk of failure. With the right approach, you can capture the attention of thought leaders and journalists who can help tell your story, ultimately drawing NFT investors to your product.