‘Trend is your best friend,’ and if one is careful enough with their trend analysis, it would be safe to say that a boost in their ROI could be expected. The market witnesses various trends come and go, but rarely a trend is stable and steady. A trend that is stable needs consistency and certainty, and the promise of providing benefits to the users. One such promising trend is NFT and NFT marketing.
NFTs state the ownership of unique items, and for all digital creators, NFTs have proven to be incredibly helpful.
Last year, $23 billion worth of NFTs were exchanged, representing a staggering 20,000% rise.
Non-fungible tokens or NFTs empower digital creators to trade and own digital assets and increase their real-world profits. For a better comprehension of the term, let us break it down into two parts –non-fungible and token.
Non-fungible translates into non-transferable or non-exchangeable. Any item can be termed as non-fungible when it has a unique value and cannot be exchanged with other similar items.
To better understand this, consider Mona Lisa’s painting. No one can duplicate or exchange it for any amount of money. The original picture will remain priceless, regardless of whether it is redrawn n-number of times. So, in this case, the Mona Lisa portrait is a non-fungible item.
Moving on to the term token, it is a proof that a person has digital ownership of something. The records can be tracked by the public as all of the transactions are available on a blockchain (A blockchain is a directory of all the transactions and includes all the members on the platform). A token works like a validation certificate that the person is the owner of a certain element in the marketplace.
Compounding the two phrases together, an NFT is valuable in the real world, even though it is not regulated by any company or government because the asset is verified and validated on the blockchain. The first known NFT, ‘Quantum’, was minted by Kevin McCoy in 2014. Since then, NFT has only gotten more attention and acceptance in the crypto world.
A few types of NFTs are – Collectibles, Art: Paintings, videos, music, etc., Gaming, Metaverse, and Utilities.
Creating an NFT and listing it on the NFT marketplace is the most important step for gaining monetary benefits from it. It can be done in the following manner:
Creating a MetaMask wallet is the first step towards selling your NFT and getting monetary profits. It is an extremely uncomplicated task and starts with downloading MetaMask , it is available for multiple operating systems such as Chrome, iOS, and Android. Then you need to fill in some basic details, and it is done. The catch here is the password, be mindful of selecting a password that is easy to remember, and note down the phrase that is given to reset the password, because resetting the password is an uphill battle.
The NFT marketplace has seen a 200-fold growth since the year 2021 and even though a lot of NFT marketplaces have gained popularity, there are a few factors that need to be considered before choosing the right one for you. The few popular ones are WAZIR X, OPENSEA, and RADIABLE.
The following criteria should be kept in mind before selecting an NFT marketplace:
Once a suitable platform has been selected, the next step is to link the MetaMask wallet to the platform.
The final step is listing the NFT and putting it up for sale. This step allows choosing a preferable cryptocurrency, adding some unique content (it is something that will only be visible to the person who buys a collectible), and selecting whether or not royalty needs to be paid. Post making all the selections, one can complete the listing and it will be up for sale.
NFT marketing is bringing people towards NFTs through advertising by all means possible. It is similar to any other marketing and requires focusing on the target audience for higher conversion rates. NFT marketing will give an idea about the level of interest of the target audience in an NFT. For promoting an NFT, leveraging tactics such as community building, and collaborating with other creators is something that always pays off well.
NFT marketing means promoting the NFT artworks over social media channels, blockchain communities, and NFT marketplaces, so here are a few reasons why NFT marketing should be considered:
Promoting the NFTs on various channels, especially Discord and Telegram enables the creator to build a close-knit community of people who are enthusiastic about their NFT creation. The community acts as a great asset, as the members are their product advocates who influence others to become a part of the community.
Promoting will automatically generate a higher reach in the market. If the correct channels are used and the content is targeted, the chance of selling will be higher even in the saturated marketplace.
Analyzing the Target Audience
Marketing and promoting the NFTs helps in analyzing the preferences of the target audience. If the creator is inexperienced, promoting the NFT will also help in discovering the target audience.
When any product is marketed, creating awareness is one of the primary goals. NFT can be sold only if the audience is aware that it is up for sale.
In today’s date, Digital marketing is a critical aspect for every creator, even in the crypto community. Ranking better with the help of digital marketing is always a good option.
Here are a few ways which help in utilizing various social media platforms for marketing and promoting the NFTs.
Influencers have the power to affect conversion rates. People place their complete trust in influencers more than they do in anybody else. Going for an influencer for getting the job done is the best way one can go about marketing the NFTs.
Paid advertisements offer great help in reaching out to a wider audience and building an active online presence in very less time even in the world of NFTs.
Leveraging Discord and Telegram
With Telegram and Discord being active players in the marketing industry, better marketing is guaranteed. Moreover, it is a viable option for businesses that are trying to hop in. A workable option for newcomers in the market, Discord and Telegram marketing is an easy gamble as it offers a wide variety of options for engagement.
Email marketing permits creators to stay in touch with potential buyers by sending relevant newsletters, announcements, press releases, and other information. It creates trust and increases brand credibility. For an email marketing campaign to succeed, the most important thing to keep in check is determining the target audience, once that is checked the rest of the work is an easy task.
NFT is a blooming trend, but it is always better to only invest an amount that will not poke a hole in the pocket even if there is a loss. To make sure, that the creators get the most out of this thriving trend, NFT marketing should be leveraged in a way that a close-knit community is created with members who are fully invested in it. The fear of losing should not stop creators from stepping into the competition as NFT has many big names associated with it and has paved the way for many talented individuals. For creators who have the potential of putting out their talent for the world, NFT is something that can help gain credibility and visibility in the industry.