NFTs have become the talk of the tech world!! And they are infiltrating into organizations, celebrities and individuals’ mind spaces. Organizations, big and small, were observing the trends to see if the NFT trend was just another bubble waiting to burst. The trends and growth figures indicate otherwise- it’s a bubble that’s gaining in size and momentum and showing no signs of slowing down.
– Open sea, the largest NFT Marketplace, records visits by almost 250,000 people to conduct NFT transactions. (CNET)
– Coinbase, a popular cryptocurrency exchange platform, has a waiting list of 2 mn users for its next NFT Marketplace. (Fortunely)
But why the sudden spike in interest in NFT? Why are organizations seeking to hire a specialized NFT Development company to chart out their NFT growth strategy?
The reason is that, with the rise of the digital economy and the metaverse, NFTs hold endless possibilities. The metaverse thrives on the digital economy of cryptocurrencies and NFTs. Hence, the quest for knowledge and information on NFTs combined with the right NFT marcom strategy is rising.
This article will list the effective marketing trends to capitalise on in 2022.
The Basics- What are NFTs?
Non-Fungible Token or NFTs are exclusive representations of ownership for any digital item. NFTs are recorded and stored in the distributed ledger technology or the Blockchain. The digital items could be anything from a coupon to an in-game purchase to a tweet or even a meme.
As is the case with the demand-supply chain, the same goes for NFTs. If the perceived demand for an NFT is high, its value rises in proportion.
- Doge, a meme NFT sold for approx. $4 million in June 2021. (Blockwiz)
- Similarly, CryptoPunk #7756 sold for $3.2 million. Crypto Punk is a computer-generated algorithm 24×24 pixel art image. (U-Today)
NFT Marcom Strategies
Advertising and Marketing strategies can decide the fate of your product. An effective strategy will be helpful to start ups and creators to launch their Projects. With a good marcom strategy, they can reach out to the target audience and build brand awareness.
There a plethora of strategies to choose from, but the best way is to approach step by step. Plan a strategy and execute it in phases. This will allow cost control as well as give to assess and reorient direction if required.
List with an NFT Marketplace
To initiate any NFT Marcom strategy, start with listing it first on popular NFT Marketplaces. An NFT listing will add credibility and let your NFT reach out to the intended audience. Joining a prominent NFT marketplace will expose your NFT project to the targeted demographics. And reaching the target audience is more important. NFT marketplaces are business hubs. They connect all stakeholders like digital art creators, NFT developers, NFT Development Company and Metaverse Development Company, buyers etc.
A listing on a good platform can increase your visibility and get users interested to know more about your project. Listing also lends credibility to your project.
An SEO optimised strategy works in the digital age. Identify the right set of keywords and market the product accordingly. SERP rankings are important too. There are many advanced SEO strategies that will be considered for a holistic NFT Marcom campaign. A higher ranking NFT project also collects credibility and can build a reputation leading to higher sales.
Influencers are the new celebrities. Influencer marketing holds a special place in digital marketing. Forbes reports that Influencer Marketing is more popular than digital ads.
Influencers have many followers and share emotional and social connections with their fans. Brands can leverage this fact to their advantage by partnering with them. It is also catching up with NFT advertisers. It’s one of the quickest ways to establish a bond with your target audience.
Influencers have a strong fan base based on targeted demographics. Influencer marketing is a foolproof strategy to launch and popularise your NFT Projects with assured RoIs.
Community Building a fool proof marketing strategy. And in the case of NFTs, it is more relevant. NFTs are a niche topic, and hence developing a community around it will be informative and educative. Developing a community will offer word of mouth publicity as well as enhance the scope of your audience.
There are exclusive communities on Social Media. Brands can tap into them and join them to enhance scope and reach.
Facebook, Google ads and Youtube are emerging as the new advertising platforms for NFT Marcom strategy. Their reach is more and yet more cost effective that traditional print media.
Well scripted ad copies and visually appealing videos can generate interest and leads for your NFT Project. Entrepreneurs can take advantage of paid ads through these platforms.
PR marketing is again old school yet carries more credibility and generates trust. A good PR campaign can create awareness without being overt. Brands can issue press statements regarding the status and updates of their NFT Projects. The publications reporting in that sector will pick it up. Since these magazines have a good readership, the word gets across to all those following the NFT Trends.
NFTs will digitally empower your brand and allow it to be technologically advanced and keep pace with the times. An effective NFT Marcom strategy will raise visibility for your NFT Project and enable the return on investments. NFT marketing strategies will enhance the brand name and reach out to a wide audience.
For a well-targeted strategy, partner with a specialized NFT development company and Metaverse development company.
Read more: Metaverse Potentials