What does NFT stand for?
NFT marketing strategy
NFT stands for Non-Fungible-Token, or nifty. It began from the first ERC-721 standard smart contract. With each passing day, the trend for Non-Fungible-Tokens (NFT’s) gains momentum. The ability to own and trade digital assets, be it land, art objects, tweets or gaming artifacts are an attractive prospect. The trend has proved popular among a large number of collectors, traders and artists.
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NFT’s as we know it are digital files that are stored on a public ledger, i.e. the Blockchain. Each NFT is certified by the Blockchain as Proof Of Ownership. The technology is similar to what is used by popular decentralized cryptocurrencies like that of Bitcoin, Litecoin, Ethereum, etc. Owning an NFT is the equivalent of buying a digital recording of ownership that can then be transferred to a private wallet.
The following image shows the popularity of NFT’s according to Google Trends.
Data indicates that the interest for NFT’s peaked around the time Beeple’s NFT sold for a whopping $69M and has since then taken a significant hit. Therefore it is vital for you to differentiate and advertise your NFT platform in a suitable manner.
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According to popular coin tracking app – CryptoMarketCap – the total market capitalization for Meme coins as of currently is just a shy of a staggering $30Bln
What is NFT Marketing?
NFT marketing strategy
Despite the NFT trend witnessing a decline in popularity, Billionaire Investor and Shark Tank Celebrity, Mark Cuban claims that your next game card might be an NFT. The sector definitely holds potential and has a valid use case.
Albeit their criticism, NFT’s are in it for the long term and hence it is quintessential to ensure your NFT project gets the hype and marketing it deserves. The following are ways on how you can do exactly this.
What NFTs Sell Best?
The very basics of Marketing for NFT platforms is ensuring that your product is not marketed as homogenous in comparison with your competitors. With a plethora of NFT based protocols, it is crucial to have strong fundamentals and ensure product differentiation. A good way is talking about your NFT based project’s features and what makes you stand out.
Brand differentiation is achieved by optimizing your site with an Immersive UI (User Interface) and making it look appealing. A catchy site, description or why you started your NFT project is crucial. Keep in mind that ‘less is more’ and focus on explaining your features through as small of a description as possible.
In the case of Cryptopunks – a popular NFT collection, it has been popular because of its limited quantity, meets the requirements of age (the platform is almost 4 years old) and no two sets of NFTs are alike as each NFT is one of a kind and unique. Today even the cheapest Cryptopunk NFT can set you back a whopping $30,000 and recently an anonymous Ethereum whale is set to have bought a set of 16 Cryptopunks for a mind-blowing $6Million!
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Crypto Community Engagement on Telegram, Discord, and Reddit
NFT marketing strategy
Now that you have your NFT project set up, the next step is building a community around your project. Doing so allows you to stay in touch with your investors and users, constantly update them on your project’s progress and have a healthy discussion of what the ‘future’ for your NFT project could be like.
The go-to platforms for setting up your community are Twitter, Telegram, Discord, Bitcoin talk, Reddit, etc. It is important to note that the community for NFT’s is somewhat similar to the Gaming community and hence discord may be a wise option (also the platform of choice for many NFT Marketplaces, more details here). Make sure that the support team/administrators are considerate, polite, competent and have an in-depth knowledge of NFT & Blockchain. If you need more information about crypto community management, read our guide here.
Moreover, as much as it is crucial to diversify and spread your project’s reach on a good chunk of Social Media platforms, it is equally important to not spam, and come across as organic. Meaning, give more value than you take, don’t just try to shill your project.
Protip: The NFT community loves memes so feel free to share one every now and then.
Top Telegram Chats for sharing your NFT’s with the wider Community Include:
On the other hand, discord has a rather convenient method of browsing NFT Discord Servers. You can simply view a comprehensive list by clicking here. Top servers include:
The most vibrant community appears to be that of cryptopunk since each user has a cryptopunk based avatar.
NFT Giveaways/Airdrops/Bounties as Marketing Campaigns
NFT Giveaways have become the talk of the town and are often seen across Twitter. The goal for doing a giveaway is to increase your brand exposure and announce to the world what you have on offer. Moreover, doing so would also increase signups for your NFT Marketplace as in order to claim the said NFT you have to create an account. You could have this as a condition for participating in the said giveaway to ensure that it is guaranteed to bring in new users.
Optimizing Crypto Search Engine Optimization (SEO)
NFT marketing strategy
Focusing on specific and trending NFT trends (e.g. Marketplaces, NFT Gaming platforms, etc) in the realm of crypto achieves great success. Using specific keywords helps divert prospective users to your site and sparks an element of curiosity. If your NFT project is a place for buying & selling NFT’s, having a decent trading volume is important to ensure that it retains its liquidity and your users are able to sell their NFT’s without undergoing a long waiting period. Thereby a good way of doing as such is targeting Search Engine Optimizations (SEO) and Latent Semantic Indexes (LSI) words that are commonly used by those searching for an NFT based protocol.
An example of achieving this is by having a Twitter Bio that specifically mentions the sector you’re operating in, using the appropriate Hashtag (if any) and adding a link to divert some of the impressions/clicks towards your website.
Cross Promote on other NFT Marketplaces
Already there exists NFT Marketplaces where you can sell your NFT’s and tokens. There are an abundance of options to choose from, so choose wisely. In doing so it is important to consider the options you have and the type of service you intend to offer.
Top NFT Marketplaces
The top 3 NFT Marketplaces are as follows:
Opensea is perhaps the world’s most popular NFT Marketplace and has a staggering valuation of $1.5Bln with heaps of NFTs traded on the platform. It serves a peep-to-peer (p2p) NFT trading Marketplace and allows users to mint, buy and sell NFT’s as they please.
In addition, you can read more about the NFT space in general on Opensea’s blog. From interviews of aspiring artists to exclusive NFT collections, its newsletter has it all!
Rarible and Opensea are somewhat similar in that they both serve the same purpose, i.e. serving as a Marketplace to enable P2P NFT Trading. What makes Rarible stand out and catches your eye is that the User Interface is massively different in comparison with its competitor, Opensea. The UI is appeasing with a mild color contrasts coupled with immersive and interactive NFT’s, Rarible stands out. From an NFT of Steve Jobs’ Job application to live auctions, the Marketplace has it all!
An NFT Marketplace that focuses on featuring a wide variety of artwork from various creators rather than focusing on generic art work. Each NFT on display on their landing page has an immersive display in 3D. Animation, comics, etc can all be purchased on the Marketplace. Therefore, it comes across more as a platform to display and design unique, significant artworks as opposed to a typical NFT Marketplace. This particular Marketplace has a diverse variety of artworks on display so it is likely you’ll find one that is perfect for you!
Take a look at the above sites and draft what features you like and what could be further improved if you were to start your own NFT platform. After all, unique features and strong fundamentals are vital for your NFT project to stand out.
Target Crypto Advertising Networks
NFT marketing strategy
While Google may have restrictions on using its advertisement services for crypto-based projects, reaching out to your specific cryptocurrency target base is one of the oldest tricks in the book. Having a targeted marketing campaign on popular coin tracking sites for your NFT project often achieves a considerable and moderate ROI with massive impressions.
Top NFT Crypto Advertising Networks Include:
Setup NFT Strategic Partnerships
Partnering up with like-minded and similar NFT projects allows for cross-promotions and both sides to benefit from doing so. Partnerships may not be limited to cryptocurrency & NFT but you may as well test the waters outside of it.
The following is an NFT of a digital bubble jacket from CocaCola that is up for auction on Opnesea. Your NFT based protocol is likely to get traction from not only existing NFT users but also from enthusiasts of the brand alike (in this case, CocaCola fans).
Create an NFT Roadmap of Future Growth
A roadmap is defined as “a plan or strategy intended to achieve a particular goal.” The roadmap serves the purpose for an indication of commitment to transparency and outlines the upcoming targets for your NFT Marketplace.
The following is a roadmap of NFTTech – an upcoming NFT Marketplace in which it clearly outlines its goals to achieve exponential growth and set up a solid footing in the sector.
Use Crypto Influencer Marketing and PR Press Mentions
Press Releases (PR) and Influencers are a powerful tool for sharing information on various Social Media platforms, be it cointelegraph articles or hiring influencers to create buzz and hype around your project.
The following NFT belongs to popular Instagram Celebrity, Rae and she has put up her artwork for sale. They have reported to sell around a whopping $3,500!
If you think that Rae’s NFT sold for the big bucks, wait till you hear about the bids Snoop Dog’s NFTs went at. Snoop Dog is an American songwriter and rapper with a loyal fan base. This NFT is said to have achieved bids as high as a staggering $108,000!
Lastly, Beeple managed to sell an NFT for a mind blowing $69 Million by partnering up with Christie’s – a well renowned auction house for artworks. You can do the same by partnering up with major art houses.
Popular Art Houses where you can display your NFT collection are:
- Sothebys – One of the world’s largest brokers of fine and decorative art, jewels, and collectibles. It managed to have an auction turnover of $623M.
- Christie’s – Needs no explanation to the NFT industry, comes in second with an annual auction turnover of $481M
Therefore given that you have a successful PR/Marketing Campaign, you’re likely to create waves throughout the NFT ecosystem. Note that brand perception is key so focus quality over quantity.
Host AMA Sessions on your NFT’s
NFT marketing strategy
Conducting regular AMAs (Ask Me Anything) are an efficient way to spread word around your project and target prospective users of why they should use your NFT project. Have the AMA Organizers ask you the most trending and burning questions that you’ll answer comprehensively.
The following is an AMA recap that was hosted for an NFT Marketplace.
Tip: Make sure to give out rewards for participation
Create NFT Limited Exclusive Collections
Another way to attract prospective users to your NFT Marketplace is having an exclusive NFT Collection. A well known NFT Marketplace doing this is Rarible.
Make sure the exclusive NFT collection is animated (as that looks immersive) and has a valid concept. Most NFT Marketplaces just start a new category for this purpose.
Conclusion on NFT Marketing Strategies
NFT marketing strategy
Many within the crypto industry have claimed NFT’s to be a gold rush and while they clearly have found a valid use case, it is important to keep up with the latest NFT Marketing trends. While most NFT based platforms are getting familiarized within the newly formed sector, feel free to stretch the horizons and explore what is best for your project. Don’t be shy to think outside of the box and explore NFT Marketing hacks or techniques to achieve exponential growth.
As a rule of thumb, you can always check the PR mentions and whether or not your NFT based protocol is trending on Social Media Listening Site, Lunarcrush. The website tracks this by using Artificial Intelligence (AI) and Machine Learning to analyze data from a wide and comprehensive list of sources.
Whatever strategy you may choose, we here at Crowdcreate can help you out with your NFT Marketing Strategies. Contact our team at Crowdcreate and let us discuss the strategy that’s best for you and get your NFT project the marketing and exposure it truly deserves.
