Non-fungible tokens, or NFTs, have become a big sensation in the last few years, popularizing a giant part of the cryptocurrency sphere with it. Gradually more and more people are becoming interested in the NFT landscape, making the market more profitable for companies to delve into.
A lot of the success NFTs have governed over the years comes from an integral part of their design – uniqueness. The notion of acquiring a piece of artwork that is wholly unique and unlike any other in the world is very intriguing to most people.
Additionally, it’s a great way to support an artist that you like or art in general while also profiting from it.
Although, with how profitable and commercially successful NFT projects are, people often find it hard to develop a concise and thoughtful marketing plan for their own non-fungible token project. Within this article, you’ll find a complete and thorough guide on how to develop and publish your project in the NFT space.
NFT Marketing Strategy Step-By-Step
Define Your Target Audience
In the process of creating and marketing NFT projects, it’s crucial to understand the people that you are expecting to pull in with your NFT marketing strategy. NFT marketing plans especially need to be very concise and to-the-point as to reach as many potential buyers as possible.
To find your target audience, you need to determine the things that will make your NFT unique besides the visual aspect of it. You need to decide what blockchain technology it will be using, what trading strategies it will be most successful with, what token standard will it use and etc.
Choose a Blockchain for Your NFT Projects
Choosing a blockchain is a hard task but one that is going to pay off tremendously if you manage to advertise it well. The blockchain you decide on your NFT to host will decide what possible benefits and utility investors can gain from supporting your project. Hosting your NFT on a popular blockchain network is a great marketing strategy, as investors will immediately understand what your NFT will be like and what they can expect to gain from investing in it.
Although, sometimes you might desire to develop your own network and host your NFT on it. This development avenue rewards you with additional control over your NFT. You can decide how currency is going to be traded on your marketplace, decide what utility the NFT is going to have, and so on.
Albeit a very flexible way to design your NFT, developing your own blockchain has drawbacks; the amount of time and money that you’re going to spend on developing your blockchain might not be reasonable for your business plan, but if you manage to fit it into your development plan it will surely pay off.
Choose a Blockchain for Your NFT Projects
One of the most successful NFT projects educates its investors and community members while also providing them with a chance to earn money and trade. It is crucial that your NFT project includes educational videos and other material that will help members of your NFT community learn about your project specifically and NFT marketplaces in general.
The best thing you can do with your marketing NFT strategy is help cultivate new talent that you can later incorporate into your active development.
The most advantageous way of creating educational material is to act on the hurdles you yourself had to overcome when first entering the NFT marketplace. Make sure the most common questions about your project and the NFT market are answered to help stimulate a sense of belonging for members of your community.
Choose a Blockchain for Your NFT Projects
The nature of NFTs is having ownership over a piece of unique art, so obviously, it is crucial for you to design your art around your audience. Digital art is the most valuable part of an NFT, and more importantly, it is the most marketable part.
When creating artwork for your NFT, consider themes that either feature in the most popular projects or on social media platforms. Find something that people are currently interested in and build off of it by putting your own spin on it or just cranking up the quality of the idea.
Although conforming to recent social media movements is a good tactic for creating artwork for your NFT project, it isn’t the only one. Focusing on a niche theme or aesthetic can also bring you a lot of following and can act as a marketing tool in and of itself.
An NFT with a niche aesthetic will target a demand that isn’t met by the supply that many other projects offer and could lead to people investing more into your project as it’s the only project that fulfills the said niche.
Additionally, once investors find out about your niche-themed project, they will make advertisements of their own by spreading the word and sharing their experience with your NFT project.
Moreover, in the development stages of your NFT project, it is valuable to share work-in-progress digital art to stimulate excitement and bring more and more attention to your work. This isn’t strictly mandatory, as there were many NFT marketing strategies that didn’t employ this trick, but with the NFT market growing larger and larger in size each and every day, it’s going to become that much harder to shine a spotlight on your creation without dropping tidbits of what your project is going to look like.
Advertise Additional Benefits
Another important aspect of any NFT marketing strategy is providing advertising bonuses that a holder of your NFT will gain. For example, the holders of your NFT can possibly gain access to trading within secluded specialized platforms using either foreign or native cryptocurrency.
Maybe holders of your NFT can use it within a gaming world to gain an advantage against other gamers. Additionally, you could schedule private in-person or online events, and the only way to get an invitation is through NFT investment.
A different but reliable avenue for your NFT strategy to go in is staking. Staking is when an NFT holder secures their possession of an NFT by putting it into a limited wallet from which the NFT can neither be transferred nor traded. In return, the NFT holder gains a steady passive income from crypto. This is a popular and potent way for investors to show how loyal they are to the project.
Moreover, a holder of your NFT might get a rare opportunity to buy your other products at a discount, or maybe the products are completely relegated to NFT holders, making them sought-after items of art collectors.
Create an Honest and Transparent Plan for the Future
A detailed plan for future developments in your project is an essential part of a successful NFT project. Within this roadmap, you can include various features that you’re going to include as the development of your project continues.
This part of NFT marketing is definitely the most important one, yet sharing a thought-through and honest plan for future developments will bring in most of your audience and investors. The main features to include in your roadmap are plans of art releases, the inclusion of additional benefits, and more.
This roadmap doesn’t necessarily need to include dates, though! Keep your roadmap flexible, so you have some sort of leeway that you can fall upon if the development process becomes complicated at a specific point.
One of the most pivotal aspects of a future plan is the right communication with your target audience. Whenever you need to adjust the plan or remove a feature rollout, if you precede the change with good and honest communication, it will go that much more smoothly.
Create a Community Around Your Project
Social media platforms are the way people communicate within the digital era, which means they are the prime market for advertisements within the NFT space. Building a strong and engaged community around your project will bolster the popularity of your new NFT and guarantee support through all the stages of your development.
It is important to spread out your advertisements between many social media like Twitter, Youtube, and Instagram and later pull audiences gathered on those popular platforms into your own site or server where active development is taking place.
Although the more people you gather, the better, it isn’t necessarily required to build a gargantuan following. A small group of dedicated investors and supporters is all you really need. The more this small group of people engage in your project, the more they will advertise your NFT launch themselves.
The success in building a strong core community lies in a point that we talked about previously – transparency. Transparency and honesty are crucial parts of building a trustful relationship with your audience. You can accomplish it in different ways, but the best way we found so far is to share your development process with your audience, update and promote your roadmap and ask your community for feedback.
However, if your corporate strategy gets to this aspect of advertisement relatively late in the digital assets’ creation, it means that you would need to postpone the launch date of your project much further. This step is the most efficient if introduced early in the project’s development.
Launch the Project Into the NFT Market
At the end of this lengthy development journey, it is finally time to bring your NFT to the market and launch it. Now before you launch your NFT, you need to think carefully about the asking price and minting. An NFT can start at any asking price you want, but you should once again fall back on your target audience for guidance.
Depending on what people you’re trying to market the NFT to will affect what asking price you should set to start off with. Are you aiming at new people in the scene that aren’t yet confident about spending a big sum of money on a project, or are you looking to interest veteran traders that can sink giant funds into a project they see as promising?
Thinking about this is crucial, and a lot of the time, it will determine the success of your NFT project and whether or not it can take hold of the market immediately or only after a few months out in the space.
The minting process, on the other hand, is solely dependent on the blockchain you’re choosing to run your project on. Some blockchains require more steps before your NFT is properly minted, and some restrict the amount of money you can mint your NFT for.
Although, most blockchains are fairly lenient with this process and will allow minting for varying amounts of money.
Again we want to point out an advantage that having a community built up before your NFT release brings. Even though the process of minting an NFT is usually quick and easy, it doesn’t mean that the time after launch day will be just as easy for you to manage.
Releasing an NFT project without a community behind it in the modern era will most likely not lead to great results. Of course, there is a chance someone might stumble onto your project by chance and invest in it, but the chances of it happening have been steadily diminishing over the years.
It is crucial for any NFT project to have a sizeable and eager community set up before launch.
At the End of It All
The development and marketing process of an NFT project is complicated and lengthy, but it doesn’t mean that it’s not worth it. With the right precautions and preparation, you can easily make a new sensation in the NFT field.
Hopefully, this article has helped you understand the process more thoroughly and pointed out a few crucial steps that you can use to include in your NFT strategies.