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Trends can be as fickle as the moon-swept tide, and it seems as though a new one has just washed up on our shores. NFTs, or non-fungible tokens, have hit the digital market and it is quickly becoming a favorite pastime for many Americans. With the upswing in NFT interest, it was only a matter of time before NFT marketing came into existence.
We’ve already seen the impact of NFTs in some of our incoming news headlines. Beeple, an artist otherwise known as Mike Winkelmann, sold a JPEG file of his digital artwork for $69.3 million after fees. The crazed adoration for this new form of art doesn’t stop there. Twitter’s very own founder, Jack Dorsey, sold his first tweet as an NFT at just over $2.9 million.
just setting up my twttr
— jack⚡️ (@jack) March 21, 2006
With these prominent influencers and their stellar winning bids, it is futile to deny the growing popularity of NFTs and the potential they offer to score a hefty payout.
With the arrival of a new product in a digital art market, new marketing strategies come into play. This article will show you exactly how to approach this new world of NFT marketing, including what an NFT is, how they work, and how you can successfully market them to the public.
What is an NFT?
NFTs are essentially a digital certificate of ownership. From large companies to freelance artists, anybody can use these blockchain-based, digital assets to their benefit. These assets can be either bought or sold and are completely unique to the original owner. To summarize, an NFT is a digital asset that does not have a tangible form and cannot be replaced or traded like other fungible assets.
How Does an NFT Work?
First, the basics. NFTs use blockchain technology to ensure that the unique credentials of an NFT can’t be hacked or messed with. It is also used as a database that securely stores digital records and communication techniques, or cryptography. Another function of the blockchain is as a ledger for many cryptocurrencies.
Some cryptocurrencies used in blockchains are:
- Ethereum (ETH)
- Litecoin (LTC)
- Cardano (ADA)
- Polkadot (DOT)
- Bitcoin Cash (BCH)
- Stellar (XLM)
- Binance Coin (BNB)
If you would like to learn more about blockchains and the top influencers you should watch out for, click here.
From there, a person can tokenize their digital assets through the Ethereum blockchain. The digital token can then be bought and sold throughout digital platforms. However, this doesn’t prohibit copies of the NFT to be sold. Many NFT contracts allow the artist to keep the copyright to the NFT and sell copies for additional profit. Only the original buyer of the NFT will have the authentic piece of art.
4 Ways to Successfully Market your NFTs
NFTs are sweeping across the nation and are steadily gaining more news coverage and credibility. However, it is still a relatively new topic and not everyone will have a basic understanding of what an NFT is or whether they should invest in online art. This brings about a need to develop NFT marketing skills. To begin, you should get in touch with like-minded people with similar interests. By doing this, an individual will be able to build an online identity and gain a following.
1. Identify and Connect with your Target Audience
When trying to sell a product, it is best to focus your marketing on the target audience. Especially when an individual’s resources are limited, those same resources could potentially burn out abnormally fast if the advertisements are sent to everyone, everywhere.
Think about the product that you’re trying to sell and who would be most likely to buy it. Those are the people that you should build relationships with and give your time to. Conversations with the right groups of people will allow your NFTs to take off. Additionally, those same groups might very well spread the word about your NFT projects to other buyers and gather an even larger audience for your products.
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2. Become a part of the Community
One of the best things you can do to put your name out there and into the right circles is to interact with the NFT marketing community. There are many other buyers and sellers just getting into the game. By integrating yourself into the right associations, your name, artwork, and credibility as a seller will start to spread around NFT platforms.
A great place to start would be through social media. Any platform such as Twitter, Reddit, Discord, or Telegram are websites that have active NFT communities. Share your thoughts and participate in relevant discussions. Ask for feedback from potential customers and elevate both yourself and your NFTs to a level that will garner better success.
3. Evaluate the Best Forums to Sell your NFTs
There are many different open forums in which you can operate to sell your NFTs. There are certain platforms that specialize in different types of NFTs, so it would be best to go through a few of them and find the one that is the best fit for you. Some of the most popular ones are:
- OpenSea- This is one of the largest trading platforms for NFTs at the moment. There are many different NFTs displayed here but it might be better to start on a smaller website to build a loyal clientele.
- Rarible- This specific platform also offers a wide variety of NFTs with the added bonus of having discussion boards. These chat rooms could prove very beneficial when connecting with the community.
- MythMarket- Many platforms specialize in certain NFTs. If an individual is looking for any sort of digital trading card, this would be the place to go.
Logan Paul is a great example of specialized NFTs. Earlier this year, Logan Paul sold $5 million worth of his trading card NFTs. His Pokemon-esque crypto cards sold $1 million worth during the first 30 minutes of the drop.
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4. Collaborate with Popular Influencers
If you’re wanting to make a bigger splash into the NFT market, partnering with some known names could do wonders for your credibility. Not only would it be a great endorsement for your own NFTs but your NFTs would reach audiences it would have otherwise taken months or years to achieve. Keep in mind that some compensation might be required for an influencer to promote your NFT but depending on the audience that your NFTs would reach, it could be a great NFT marketing solution.
If you’d like to read more about NFT influencers and their moves within the NFT marketing world, read about it here.
3 Examples of NFT Marketing Campaigns
- A popular NFT campaign that you might have already heard about is Nike’s CryptoKicks. Each asset contains a digital shoe and an ID code that is unique to that specific NFT. The purpose of the CryptoKicks is to discourage counterfeit sneakers and allow patrons to customize their own Nike shoes.
- Pizza Hut Canada also entered the NFT game with its “One Byte Favorites.” This campaign was created to promote new pizza flavors and the company would drop a new NFT every week.
- Pringles became an NFT member when the company released its very own CryptoCrisp. Only 50 versions of this all-new flavor were ever released and the starting bids of $2 quickly jumped to $600 a pop.
Needless to say, this new age opportunity is overflowing with potential for both the common man and the rich. Armed with this newfound knowledge, the NFT marketing community is ready for the taking. As NFTs become more mainstream, the possibilities will only continue to grow. With these creative marketing strategies and just a little bit of perseverance, you will definitely be able to separate yourself from the rest of the crowd.