Looking for the best promotion approach for your NFTs? Get the ball rolling pre-launch and keep the momentum post-launch.
This article gives you the NFTs marketing blueprint while including other insights on how to manage your community, among other things to focus on prior to and after launching your NFT project.
Merging Business and NFTs
It goes without saying that the NFTs trend in the crypto space is creating an unending revenue stream for businesses. You have to view your project as a business entity because that is what it is; an enterprising entity engaged in both commercial and professional activities for-profit and the betterment of society.
Now, as a business prior to launching you can plan on giving away your NFTs to pull in digital asset investors, but your eye is on a unique goal, the secondary NFTs marketplace. This is where you will generate revenue since NFT holders will see your products due to the hype the giveaway creates, buy them, hold them, and resell them to someone else. This not only generates profits for your business but also increases the value of your digital assets as the holders will retain them for a while before reselling.
For those projects that have not yet boarded the NFTs train, I am sure you realize that with time the consumer base tends to thin up with time. Onboarding NFTs as a new business venture for your project exposes you to an unchartered market niche that has more rewarding results.
Marketing is Everything
You have to understand that regardless of the venture you choose to focus on, the key to its success lies with the marketing team. As it stands right now in crypto, successful marketing is all about the power and morale you inspire in your community.
Getting into NFTs gives you a new approach to building a successful community. That being said, if you have succeeded in other blockchain avenues like alternative coins, decentralized finance, gaming, and so on, the skillset and requirements for building NFT communities intertwine with what you are used to already.
To a crypto marketer right now, the communities have changed the landscape that centralized marketers are used to. To start with, social media has come out as the key ingredient to bringing like-minded individuals together. The power of social media can best be seen in blockchain gaming where literal social platforms have to be built before game development for gamers to chat with one another while playing. Online marketers and businesses have realized the potential held by social media especially when it comes to promoting organic growth; however, you need the right marketing team to drive this kind of growth for your business.
Despite NFTs making billions in 2021, they are in the inception stages if you look at the promising future they have. Through NFTs businesses and marketers can create new project promotion techniques and learn how to connect with like-minded communities without relying on organic reach from a feed or a platform’s algorithms to reach a wider audience.
If you and your business are ready to take the leap into the NFT ecosystem, listed below are the main points to focus on.
1. The Financial Aspect of the NFT Space
Prior to launching your NFT venture, you should always do the research on what this field calls for, and the expectations that lie ahead (both positive and negative). As we mentioned earlier, look at your project as a business and look at what lies ahead for your budding investment.
In any journey, there are multiple avenues for failure along the way. Launching an NFT is the same way, there is a risk that your venture might not attract the right buyers to push it up the ladder. Another point of failure might come through the community. Yes, your project has been growing steadily, but without the right marketing team to keep your community engaged, the community might fold and members might sell off their digital arts, lowering the value of your business.
These are some of the financial implications to keep in mind.
The most important one for an upcoming NFT project is that the community is the determining factor of how fast your project will reach a wider audience with gradual growth in value. This is why prior to launching, you can release some free and yet unique digital arts to hand out to people with a large social media reach. When these individuals sell or trade these assets, they will be assigning value to your community through their secondary market. The higher they sell your NFTs, the more value your business gains, so the next bunch of NFTs that you release later will have a specific value attached to them.
Choosing the right marketing team prior to launching your NFTs will determine if you really can grasp the attention and curiosity of the NFT secondary market.
You have to be very keen on what makes an NFT go up or down in value. One of the determinants of value as explained is the community that sells and trades your NFTs. However, without the right tools to keep them invested and wanting not only to buy your digital art pieces but also to sell them at a higher price, then you might not thrive in the secondary market.
2. Enlightening your Target Audience about NFTs
I want you to go to those successful NFT businesses and look at what the owners did before launching their digital arts. Take your time, learn more about the Bored Ape Yacht Club and even take a look at Beeple’s work. What you will realize is that prior to releasing their collections, they spent a substantial amount of time educating their audience about digital arts.
You have to borrow a leaf from the book of the successful individuals that came before you so that you can follow in their footsteps. This means that for you to successfully lead your project into the NFT arena, you will need to educate your audience on what pertains to non-fungible tokens (NFTs) and how you will integrate them into the services you offer. Also, touch on how they will benefit from this new venture as investors and community.
You have to enlighten people before pointing them towards a certain direction because for NFTs, this is a new concept to most and their skepticism lies in what they can do with these digital assets.
Start your enlightening lessons from the bottom going up; explain to them what blockchain technology is all about, let them know the use of a wallet in the decentralized world, teach them how to securely set up their wallets, and enlighten them on how they can keep their digital funds secure once they have understood what the space is all about.
Taking your time to educate your audience not only makes things easier for them when they join the space, but it instills confidence in the project. The time you take before launching to enlighten your audience goes a long way towards helping them accept and move into this new business venture with your business.
Please remember that with the right marketing team leading the way, this step will be a walk in the park as they are experienced with the needs and wants of crypto newcomers and aficionados alike. Get the right team to help prepare your existing audience for this business opportunity; this lowers the risk of losing the existing community after launching your NFTs.
With a primed and eager audience, they will be ready to buy your digital assets and help any incoming potential buyers join the community and find the process smooth sailing. Go beyond the simple tutorials with your audience, let them know the value held in your NFTs and what they will get out of these assets.
3. Understanding NFT Communities
Just like any other blockchain venture, NFTs give digital art creators and project owners a chance to build a community with the audience they attract during their inception stages.
For the best results, you have to research the best social media platform to build your community on. As of right now, the majority of NFT communities are on Discord and Twitter. As opposed to the more traditional social media platforms like Instagram and Facebook, Twitter and Discord offer a more social approach to communities and encourage healthy discussions on varied topics.
As a creator or business owner, you have to understand that the unwritten rules of decentralization mostly call for anonymity; therefore, many people inside the NFT realm work anonymously. A good example is how Beeple started off; completely anonymous without using their real names, photos, or even public branding. This is where Discord and Twitter come on top of Facebook, Instagram, and TikTok, which heavily rely on seeing the face behind the project.
So, if you are starting an NFT project, your community will lead you to unchartered grounds. If they ask for anonymity when engaging with other NFT enthusiasts, give them that by opening up a Discord and Twitter discussion board.
Within your NFT community, your merit dictates how far the users are willing to push your project. What you’re bringing on the discussion board such as the connections you have and the conversation will help to keep them engaged. In addition, NFT communities don’t judge a project based on followers or platform size, or how good the photos look.
Your audience wants to connect with you and see the unique approaches you bring to the field, that is what matters in NFTs communities.
4. Focusing on a Long-term Business growth Strategy for your NFT Venture
If you are just getting into the blockchain space, I am sure you have heard of the term ‘utility.’ Actually, projects are usually advised that utility should always come first, the rest of the developments will come at their own time. With that in mind, you have to answer these questions, what utility does your NFT offer? What role does it fill in the NFT arena? What can it unlock or what access does it grant holders?
Before you can settle on a specific utility, you have to strategize with your project team. This means involving the services of the right marketing agency to draw up the plan on the existing utilities and then you can look at the unsolved problems that your NFTs can help solve in the crypto space, be it in gaming or finance.
Before launching your project, coming up with a plan and a solid marketing plan are two vital steps you should not skip. These two perspectives help you look into the proven techniques that have helped your predecessors attain new heights. Doing this gives your community an upper hand as they will acquire more knowledge of the project at an early stage, they will also interact with the team and ask burning questions prior to launch, while still gaining access to how-to guides early on buying or trading NFTs.
If you see an NFT project failing, most likely they lacked the plan or capacity to build and support the community that is necessary to support the project from the ground up.
The strategy you choose therefore has to lean towards both utility provision and your community. The value of your project lies within the community behind it, especially the secondary market where members trade or resell their digital assets. Planning on your community shows that you value them, thereby creating a positive ripple effect that brings this value back into the project.
As you create your NFT project, approach it like a brand. Don’t look at the short-term wins that you can acquire; steer clear of a 5 to 10-year plan. Instead, create a brand to stick around for the long run by creating a utility that adds value to the larger decentralized community.
To conclude, always be transparent with your community. This transparency is best revealed within your roadmap which lays out the action plan and vision of your NFT brand. Through the roadmap, the potential buyers can see what kind of utility plans you have laid out to push the project forward and attract new audiences into what they have invested in.
5. What the Future Holds for your NFT Business
Blockchain tech is here to stay and the upward growth curve we see in different sectors is not slowing down any time soon. This goes to show that NFTs are here to stay as their potential is seen in multiple industries that are looking into incorporating them into their brands. The potential we are talking about goes beyond digital assets and membership programs into wearable digital devices and other physical products.
As the old adage goes, necessity is the mother of invention. When the need for NFTs becomes essential, you are forced to find ways of getting or achieving it. Strategize early, plan on it, focus on utility, and growth will come to you organically.