The ‘To Dos’ of an Effective NFT Marketing Strategy
NFTs are currently among the hottest trends in the crypto space. They are so popular that celebrities like Jimmy Fallon, Neymar, and Stephen Curry are all considering launching their NFT projects. However, the flip side is that NFTs are the highlight of most scam tactics that have haunted a plethora of crypto enthusiasts. Just take a glimpse of the famous Bored Ape Yacht Club, which has made headlines several times this year with discord hacks. Consequently, because of the dark cloud of losses enthusiasts have faced on NFT investments, it is not easy to market NFTs and you need a dedicated team of experts to take care of your NFT marketing. This calls for a brilliant marketing strategy to circumnavigate the hostile barrier limiting the adoption of NFTs.
What are the Steps of Promoting NFTs?
The whole idea of NFT promotion is quite simple. In just the following few steps, you can kickstart and manage the marketing campaigns for your NFT project;
Step 1: Identify the Right Marketing Strategy
Many projects go wrong in NFT marketing because of using ineffective strategies when promoting their NFT projects. Choosing the right approach requires some quality research, especially on the past successes of top NFT projects, to understand the best strategies impacting NFTs. Later in this guide, you will find three NFT marketing strategies that have been tested and proven.
Step 2: Create a Full Marketing Plan
It would be best if you created a proper NFT marketing plan. A marketing plan outlines the promotion strategy and your target audience. You highlight how you can implement your promotional strategy chosen in step 1 to reach the targeted market.
Step 3: Building a Small Community for your Project
Community building is itself a marketing strategy. However, for a brand new NFT project, you must create a good circle of trustworthy community members. These few members will give you constant feedback, encouragement, and engagement as you continue your project. Most projects prefer to open telegram or discord channels for that reason.
Step 4: Implement your NFT Marketing Strategy
After completing the first three steps, it’s time to start implementing your strategy/ies. This is where you start marketing the project. If you choose influencer marketing, start researching the best influencers, contact them, and commence marketing.
Step 5: Review your Marketing Plan and Strategy
Of course, the main idea of a marketing campaign is to attract new traffic to your NFT website or project. Review your marketing strategy from time to time to see if it’s working and what you can do to improve. Remember, the review process is continuous.
Top Marketing Strategies to Promote NFTs
Influencer promotion is an essential component of any NFT venture’s marketing strategy. This approach hinges on getting the help of iconic figures in the crypto space who have the power to influence the investment decisions of their fan base.
Influencers are often early adopters who share the NFT roadmap with crypto communities and offer advice and recommendations to project developers.
One of the main reasons influencer marketing is effective is its ability to improve trust and brand awareness. Influencers often have an established audience in various niche communities that trust their advice and respect their viewpoint on NFT ventures.
Therefore, working with these respected figures in the NFT space can empower projects to create trust with new audiences and build an expansive community of holders. A tweet from an influencer with hundreds of thousands of followers can help a project go viral and attract valuable bids from investors.
When done well, influencer marketing can help an NFT project capture the attention of its target demographics, saving the creator the time and resources needed to penetrate the market.
One example of a successfully deployed influencer marketing project is the National Basketball Association (NBA). In October 2021, the professional sporting entity collaborated with influencers and saw it’s rare ‘Run It Back 2005-06’ collection average seven purchases a minute.
Projects with trouble finding the right influencers for their collection can consult an experienced crypto PR agency to help them reach heavyweights with clout in the NFT world.
Guest Posts and Celebrity Collaborations
Guest posting is one of the most effective ways to promote an NFT project. This marketing strategy allows users to spread the word about their collection on NFT-dedicated blogs and websites.
Project backers often feature as guest writers on popular media channels and publish promotional content to raise awareness about their collections. Using guest posts, digital art curators and promoters can share details about their NFT drop, allowing potential investors to connect with and support the project.
Besides serving as an effective technique for market recognition, guest posting offers a platform for NFT developers to connect with other leaders in the NFT artist community.
Another effective promotion tactic involves tapping the power of celebrities with active involvement in the NFT space. Projects can leverage the influence of actors, musicians, athletes, and tech moguls to raise brand awareness and kick start a community of holders overnight.
One great example of a project that has used the ‘celebrity effect’ to drive mainstream adoption of their NFTs is the Alpha Girls Club. In January 2022, the platform onboarded renowned record executive and DJ Steve Aoki to help promote their collection of 10,000 utility-enabled NFTs.
Social Media Marketing
Social media marketing is another excellent promotion strategy for projects looking to generate hype around their freshly minted collectibles and reach a larger audience.
Community-based media sites such as Twitter, Facebook, Discord, Medium, and Instagram are excellent crypto marketing platforms. Projects can exhibit NFT drops and explain their collection’s core concept on these platforms.
This marketing approach enables NFT developers to interact with crypto communities and learn more about their target audience. Project managers can also drive engagement and excitement among digital asset enthusiasts by hosting regular giveaways on social media.
Finally, Web3 creators can join NFT groups on crypto-centric social platforms like Reddit to attract visitors to the project and boost organic traffic to their websites.
NFT promotion equips projects with the capacity to gain their audience’s attention and seize the lucrative opportunities in the digital collectibles space. As a newer market, the NFT sector requires plenty of work to expose digital pieces to as many investors as possible and accelerate the collection’s journey to fame.
Crypto projects that deploy top-notch marketing tactics can succeed by offering something that other collections lack. That said, there is no one standard marketing recipe for success in the ever-evolving NFT world.
The key to success is experimenting with various marketing strategies and then integrating the ones that best suit the project. Project managers, brands, and art curators should develop an NFT promotion roadmap and constantly engage with community members to improve their marketing plan.
After laying the groundwork for their promotion strategy, projects can consider hiring a top NFT marketing agency to help fine-tune and implement their blueprint.
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