Since the invention of blockchain technology, many things have been built on top of it. NFT is one of the most popular products built on blockchain that took off in 2021 and has seen an accelerating growth curve since then.
Blockchain offers NFT the uniqueness and utility that makes it even more popular. NFT is a non-fungible token that is unique and not exchangeable like a coin. For example, a bitcoin is fungible — you can trade one bitcoin for another and still end up with an equal worth of bitcoin. On the other hand, NFTs are irreplaceable, just like any other high-value painting in the real world, but they are unique because of the unique data value stored on the blockchain.
NFTs can be anything digital (such as drawings, music, tweet, video clip, gif, stickers, your brain downloaded and turned into an AI, or anything else that can be digitized). However, a lot of the current hype is built around selling digital art as NFTs.
Utilities of NFT
Each NFT comes with some utility, or it won’t be there for long. Sometimes, the perk is just owning a digital asset you believe in that will go up in value. The perk can be access to support your favorite artist, be part of an exclusive community, in-person events, own a physical product, service, or anything else you might be interested in.
Their utility ends with your imagination because whatever your audience would be interested in can be turned into an NFT. Owning an NFT usually gives you some fundamental usage rights, like being able to post the image online or set it as your profile picture. Plus, the bragging rights that you own the art or are invested in certain things you believe in.
Using NFTs, one can give value to intangible assets like a person’s reputation, popularity, and social value through benefits like special passes, tickets, and other similar use cases where premium access is provided using an NFT.
Why there is a need to sell NFT
As NFTs are getting traction, it is getting more difficult for artists to sell their digital art as NFTs at a reasonable price. This is where marketing comes in because, like any other product or service, marketing significantly impacts NFT sales.
Every day tens of thousands of NFTs are listed for sale, but not all are of equal worth or gain enough traction. Only 18 out of 1000 listed NFTs cross the minimum value bar of .5 ETH because of their unique positioning, brand, personal brand promoting them, hype and buzz created before the launch, and so forth. The remaining 98.2% of them remain a nook in the sea of thousands of NFTs.
NFT advertising and Marketing 101
When it comes to marketing, there are no hard and fast rules. But here are essential marketing tips to keep in mind while designing a marketing plan for your NFT:
- If you are launching complete new NFT projects, Press releases on niche media will give you a quality audience to engage with your project. It boosts the visibility of your project, and when you increase the number of engagements, you’ll receive more bids for your auctions. This leads to selling your digital assets at satisfying rates.
- Create a solid PR to shape a smooth customer experience. Give customized messages at different levels to assist your audience in their buying journey.
- Utilize Influencers in that particular industry to influence the buying decisions of their followers. These influencers trigger most crypto selling and buying decisions on various social media platforms. Therefore, they can help market your NFT to a bigger audience resulting in enhanced acquisition and valuable bids.
- Target niche crypto communities as your target audience, they are very closely knit, and crypto Influencers can enable you to reach them without the need to develop a community yourself.
- Traditional advertising on relevant websites offers these sites free content, and they will market your NFT. This will create a positive-sum game for both the website and your NFT project.
- Organize some AMA sessions to help you introduce the project to a large audience and guide them in understanding the idea. In addition, these sessions help you can explain what the future of your offering looks like.
The above traditional ways of marketing still work, but depending on your project and competitor in that niche, one should always look for creative ways to stand out.