How to do NFT marketing in 2021
August 4, 2021
NFT (Non-Fungible Token) has become quite a buzzword in the tech and crypto world. It has already attracted the attention of art-lovers, gamers, investors and tech enthusiasts from all over the world and is being sold for millions. $2.5 billion worth of NFTs were sold in the first half of 2021 alone, showing the traction it has gained in a short period.
NFTs provide proof of ownership of virtual or physical assets like photos, videos, tweets, houses, even memes using smart contracts and are maintained on a blockchain.
With NFT you can commodify digital art creations such as paintings, music, files, video games, etc. NFTsS are for everyone, anything can be sold as an NFT and anyone can create an NFT.
- NFTs can be an additional source of income for gamers, art lovers and creative people in general.
- You can directly connect with your audience to sell your NFTs reducing the need for agents and intermediaries.
- NFTs gives you the option to own original artworks or digital collections and since it uses blockchain the NFT cannot be accessed by someone without permission.
How brands and artists are using NFTs
Artists are using NFTs to directly connect with their audience and earn additional revenue from their creations. NFTs have also opened up new doors for brands to do storytelling and increase audience interaction.
NFTs are super versatile and can be used for different purposes. Individuals and brands can leverage the NFT trend to increase their brand awareness and differentiate their brand to draw attention to their brand or product.
Let’s take a look at how NFTs have been used by some major brands:
1. Nike Cryptokicks
In 2019, Nike patented a system of blockchain-based sneakers called Cryptokicks.
When a customer buys a Nike shoe, a digital representation of the shoe gets generated as an NFT. If the person sells the shoe to someone, the ownership of the digital asset also gets transferred to that person.
2. Pizza Hut’s Non-Fungible Pizza (NFP)
Each week Pizza Hut released a new pizza slice of a different recipe on Rarible. The first-ever slice was listed for 0.0001 ETH which ended up being sold for $8.824.
3. Taco Bell
To boost their marketing, Taco Bell launched taco themed NFT GIFs on Rarible. The listing price for each GIF was $1, but they ended up being sold for thousands of dollars in just 30 mins after launch.
4. ‘CryptoCrisp’ by Pringles
Pringles created a virtual flavour of chips called ‘CryptoCrisp’ which ended up being sold for more than $2000. Crazy right?
Let’s take a look at how NFTs have been used by artists:
1. Crossroads by Beeple
For those of you who don’t know, Beeple is a digital artist with a massive following on social media and his creation “crossroads” was sold for $6.6 million.
2. Nyan Cat Animation by Chris Torres
An animation named Nyan Cat by Chris Torres was sold for $590,000 on Foundation.
Cryptokitties is a game that allows users to trade virtual kittens. A kitten named Dragon was sold for $1,72,000.
4. “Everydays” by Beeple
A digital artwork named ‘‘Everydays: The First 5000 Days” by Beeple was sold for a whopping $69.3 million at Christie's. It is a collage of 5,000 digital images created by Mike Winkelmann.
Non-fungible token marketing strategies
In order to get high bids for your NFT, you need to stand out from the crowd and distinguish yourself from others. There are multiple instances where people have created something unique but have failed to create awareness and generate profits because they did not market it properly.
Let’s have a look at how you can generate the much-needed awareness for your NFT drops:
1. List your NFT on several marketplaces
First and foremost, you need to list your NFT on marketplaces like OpenSea or Foundation. These are specialized marketplaces where you can list your artwork for sale and people can bid on them to make a purchase.
Choose a platform that is relevant to your niche. For example, MythMarket works best for buying and selling trading cards, while SuperRare is a marketplace for single-edition digital artworks.
List your NFT on more than one marketplace to increase your chances of selling them.
You could also check out our article, where we cover the 7 leading NFT Marketplaces and see which one best fits your NFT project.
2. Build your own NFT community
Having your own community will help you in spreading awareness about all your current and future projects quickly and efficiently. Moreover, people who are part of your community are the people who are most interested in your work and therefore, are potential customers for your NFTs.
You can use platforms like BitcoinTalk, Telegram, Discord, Reddit etc to build your own community. Here’s a guide that’ll help you build communities through Discord, Twitter and Reddit (link to the blog).
3. Conduct AMA Sessions
‘Ask Me Anything’ sessions are very popular in the tech and crypto space. They are a great way to actively engage with the community on online platforms and spread awareness around your NFT project.
Twitter, Reddit, Discord & BitcoinTalk are the preferred channels to conduct AMA sessions. You can also offer rewards to the community members for participating and sharing value in your community.
4. Collaborate with influencers
Influencers have an excellent reputation and trust among their followers. You can collaborate to spread the word about your NFT among their audience. There are certain influencers who focus on specific niches and have an audience around those niches, which ensures that you’ll reach the right audience for your work.
5. PR & Social media presence
Your NFT launch should be a grand affair, and press releases are excellent to reach out to different media outlets and spread the news about your NFT drop. A successful PR will also result in other publishers and content creators picking up the news and sharing it among their audience, therefore, creating a buzz around your launch.
Having an active presence on social media platforms like Facebook, Instagram, Twitter, etc will help you promote your NFT drops. Focus on creating educational content and providing value to your audience on these platforms.
Participate in community discussions, share your insights and engage with the users in those communities. However, don’t spam the conversations with self-promotion, but instead, look for constructive feedback from the community members.
As more people are getting involved with this world, NFT marketing will be required to push the bids and grow sales. While most people and brands are still getting familiar with the concept of NFTs, you can be the one to make a breakthrough. If you want to launch your own NFT someday, don’t hesitate to promote and educate others about it.
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