NFT MARKETING: THE ESSENTIAL GUIDE YOU SHOULD READ!

According to an April 2023 report from Statista, the NFT market revenue is expected to exceed 3 billion dollars by 2027 – the below image reflects anticipated yearly growth. With the NFT market capitalization already nearing 3 trillion dollars, as we write, it is understandable that NFTs are poised for a better future. While new user adoption is a reason for such a meteoric rise in NFTs’ popularity, NFT marketing strategies have their fair share of this in hindsight. Note that most people enter this new-age space to get their favorite NFT item they most probably heard from a promotional campaign of some kind.

What Will We See Here?

Our focus here will essentially be on NFT marketing, where we discuss the topic from all possible angles. Our aim is to give you a comprehensive perspective of how advertising NFTs should be done and how an experienced NFT marketing services team like us can come in handy.

NFT Marketing: A Primer

NFT marketing refers to the process of promoting NFT-based businesses to the intended people. These promotions include traditional, digital, and new-gen marketing techniques that can be tapped into according to a project’s nature. Ever since NFTs first slid into the space in the mid-2010s, promotional efforts can be observed.

With NFTs being a new asset class and still awaiting widescale recognition from regulatory bodies, businesses need to concentrate on how they promote. As the space gets bigger, the competition becomes stiffer, making it challenging for marketers to gain the community’s attention, irrespective of their novelty.

Benefits NFT Marketing Offers

NFT promotions come with a plethora of benefits, and some include the following:

• NFT businesses can benefit from increased exposure and awareness, helping them to build their own brand effortlessly.
• NFT marketing can be a vital way to ensure community engagement through various ways, allowing businesses to gain a foothold in the space.
• Having full-fledged promotional campaigns for NFT ventures can help in driving mass adoption of Web3 technology by tapping into relevant channels.
• NFT advertising efforts can lay the foundation for customer loyalty for businesses by serving as exclusive utility tokens.
• With time, promotional efforts can prove worthy for NFT ventures as they can gain partnering opportunities with major real-world brands.

“Instead of interrupting, work on attracting.” — Dharmesh Shah, CTO & Co-Founder, HubSpot.

Things to Keep in Mind Before Advertising NFTs

As we continue exploring the importance of NFT marketing strategies, we should also remember to keep in mind some points that can transform your NFT promotions from good to brilliant. Firstly, ensure that your project comes within the regulatory provisions in the region(s) you plan to operate.

You should also ensure that your works are unique or have the necessary rights if derived from an existing work. Do not forget to consider the market trends at the time of promotions to be more relevant and appealing to your target audience. There is more to tell, which we will reflect in the appropriate places down the blog.

How Can NFT Marketing be Non-Intrusive?

As we had discussed earlier, NFT marketing is special as it does not intrude into a user’s experience. While this might look difficult in the era of extremely information-based Web2 marketing, things are changing gradually. Many Web3-native applications have begun establishing themselves, such as marketplaces and social media platforms.

Such processes can be made possible by deriving data by incentivizing users, which can lead to increased encouragement among people to share information for marketing purposes. As most NFT marketing efforts include crypto coins, NFTs, and wallets, the level of sensitive information exposed online will be reduced.

The Need for Conducting Thorough Market Research

Market research plays an important role in any NFT marketing campaign. It is even one of the NFT marketing strategies that form the basis for any business promotion. Thoroughly researching the current market before an NFT advertising campaign can give a treasure of information to marketers.

Business analysts excelling in various research methodologies should be used to derive insights from the current market. Research can be conducted in a combination of ways, such as communication, web searches, predictive analytics, and statistical derivations. Using the resultant data, marketers can devise a highly-efficient strategic campaign that can provide optimal results.

Prominent NFT Marketing Strategies in 2023-2024

Community Building & Management

For any NFT business, building and managing a community is one of the fundamental NFT marketing strategies. Since communities form the backbone of an NFT project, extreme efforts are put into creating and engaging them at all times. Platforms like Discord, Telegram, Reddit, and even voice-based apps like Clubhouse are popular for this purpose.

Nevertheless of what mediums you use, it is necessary to indulge in fair engagement practices, as one will be involved with real people. For example, many brands have dedicated Discord servers where they indulge in various kinds of engagement and release exciting announcements. Even the newest of projects create a community following as it will keep them running in the long term.

Social Media Marketing

We know how important social media has become in our current lives. The same applies to NFT businesses, as social media marketing has been a lifeline holding projects together at all times. The power of applications like Facebook, Instagram, Twitter, and LinkedIn lies in the fact that they drive more engagement and traffic to projects.

Any good social media promotion should have powerful words and intriguing visuals that compel users toward action. Sometimes, emotions can be tapped too, which lets users associate an NFT project on a personal level – something that is incredibly important in this era of seconds of attention span.

Influencer Marketing

Influencer marketing is not going anywhere, with numerous celebrities like Snoop Dogg and blue-chip NFT owners like Punk659 influencing enthusiasts with their optimistic take on NFTs. Based on the business size, one can utilize influencers with various follower counts that categorize them into nano, micro, macro, and mega.

Red Bull Racing partnered with top NFT influencers for its NFT collection based on the 2021 Mexican GP. The campaign tapped into the followers of these influencers alongside Red Bull Racing’s own followers to accelerate its mission of being at the forefront of Web3 innovation.

Public Media Relations

Public Media has been a prominent marketing channel for so long that it finds relevance even in this age of decentralization. NFT businesses can create quality and concise press releases that can be posted by media outlets focused on Web3 and technology.

Additionally, brands utilizing NFT PR marketing can make use of mainstream media like television and radio to spread the word to the public. For instance, the NFT gaming company Limit Break marketed its DigiDagaku NFT collection through a QR code displayed during the 2023 Super Bowl, which resulted in the collection’s prices skyrocketing. Such examples show the need to use mainstream media for NFT marketing.

Content Marketing

Content marketing has been one of the mainstay NFT marketing strategies that have elevated numerous NFT projects’ profiles in the long run. This strategy’s relevance before and after launch makes it a powerful way to remain in the eyes of the community.

Greatly-written blogs explaining the project, added with ample research and case studies, can place an NFT venture on the top. They can even serve as quality educational materials for newbie NFT enthusiasts. Many NFT project run their blogs on either their websites or a blogging portal like Medium, where they announce new platform upgrades and significant milestones.

Search Engine Optimization (SEO)

Search Engine Optimization (SEO) has long been a pivotal digital marketing strategy that stormed its way through NFT promotions. With numerous projects emerging with their own websites, gaining online visibility, especially on search engines like Google, becomes crucial. Good SEO practices ensure the project gets ranked higher in the search engine page results (SERPs).

Almost every NFT project had experts who optimized its website to get a higher position on search results for relevant keywords. SEO goes well with most NFT marketing strategies, such as content and social media marketing, as backlinks are built to generate content and the project’s website.

Video Marketing

With access to the internet becoming easy as ever, videos have occupied most people’s time. Applications like YouTube, TikTok, and Reels on Instagram and Facebook have become highly popular among the public. NFT marketers utilize the power of these applications to create insightful and educational videos that contain emotions with a tinge of promotion.

Quality should be ensured in the visual and audio aspects of the videos to intrigue users in your NFT project. User-generated content (UGC) can be tapped via videos which you can share on your social media handles to gain support and community trust in the long run.

Website Design

The official website is the first point of direct contact for a person to learn about an NFT project. Such a precarious position makes it vital for a business’s website to look, feel, and exist accordingly to convince people the project is not another grass on the lawn.

A website should be designed using the appropriate frameworks for appearance and actions empowered by powerful content. The user interface (UI) and user experience (UX) should be directly related to the project’s nature. For example, an NFT collection based on planets can have space-themed content and a mouse pointer looking like a spacecraft.

Search Engine Marketing (SEM)

As one of the original internet-based paid marketing techniques, Search Engine Marketing (SEM) has evolved over the years. Currently, SEM serves as a great tool for NFT projects looking to achieve higher traffic during the last phase before launching. This can come in handy for businesses that could not rank highly due to heavy competition for relevant keywords.

Google, the most popular search engine, offers paid advertising services priced based on clicks. One should note here that SEM coupled with good website design, SEO practices, and impeccable content, could throttle an NFT project to the next level.

Paid Advertising

Paid advertising as we know it today evolved much later, but the fundamentals are the same as SEM. A striking difference is that entrepreneurs would use social media, email portals, and other established websites here as opposed to search engine result pages. Pay-Per-Click (PPC) and Pay-Per-Mile (PPM) are key tools used in such promotions.

Keywords here also play an essential role in displaying the NFT project. While usage history-based suggestions are commonplace, long-tail keywords that reflect people’s thoughts can pull in more audience to an NFT venture’s website. There have been instances where small-profile projects have gained considerable traction due to their investment in paid ad networks.

Email Marketing

Emailing has become common among creators, collectors, investors, enthusiasts, and entrepreneurs in the NFT world. With sufficient Email promotions, one can remind their community to take the next step toward the project. This strategy is primarily used by projects to stay in touch with their community outside of Discord servers.

Mails with inspiring content based on the project with something highlighted can aid a business in encouraging its users to take action. Newsletters, promotional offers, seasonal greetings, and other personalized emails can be sent to users, and metrics like unique opens and unique clicks can be tracked and analyzed.

Real World Participation

Real-world events have been havens for businesses forever, and NFT entrepreneurs realized it a bit late – mostly due to the global COVID-19 pandemic. But things have normalized ever since, and many Web3 conferences have sprung up in popularity, where projects can showcase themselves to global NFT enthusiasts.

NFT.NYC, Eth.Denver, NFT Paris, Consensus, and NFT Tallinn are examples of prominent NFT-focused conferences that occur yearly. Most regions of the world have these events as awareness of NFTs grows. Businesses can utilize these conventions to soft-sell and gain valuable insights from the industry’s best – establishing themselves as an active player in the emerging NFT space.

NFT Listing

NFT listing is an extremely useful promotional strategy if one has a collection to sell. While putting an NFT collection for sale is much easier, presenting it as an opportunity to be visible to people is a bit challenging. NFT listing platforms try to ease such hardships by listing projects on their websites.

These serve similarly to informative dashboards with necessary descriptions of the project, links to social media handles, and the sale listing. NFT Calendar, NFTiming, and NFT Evening are popular NFT listing platforms where interested people can view upcoming NFT drops. Doing so is a powerful way to create quality backlinks, as these websites typically receive huge traffic.

Affiliate Marketing

Affiliate marketing is an underrated NFT marketing strategy that can drive a project to immense success. As we know from the old days, this tactic involves incentivizing users to talk about the business or refer others to the project. In the NFT space, incentives can include NFTs, crypto rewards, and even POAP (Proof-Of-Attendance-Protocol) badges.

According to AuthorityHacker, some top NFT affiliate marketing programs include MintNFTs.co, AI Art Shop, and Sorare. These programs offer commissions of various forms for fixed periods to active users to drive people to use the application and buy NFTs from the collection.

Business Partnerships

As one of the understated NFT marketing strategies, business partnerships can involve multiple entities tapping into each other’s customers. Collaborations can either be business-business or business-individual (such as an influencer or a creator). Partnerships are typically used by established brands, although there is nothing preventing newbie ventures from creating collaborations.

Adidas X Prada and Gucci X SuperPlastic serve as examples of high-profile NFT business partnerships. The German automotive giant Mercedes partnered with multiple artists to create NFTs based on its G-class vehicles. The collaboration between Chiru Labs and IPX is an example of an NFT brand partnering with an established venture – in this case, to bring a spin-off NFT collection from Azuki to pair up with the famous Line app stickers “Line Friends.”

The Importance of Marketing NFT Businesses Post Launch

While it might look weird to promote NFT businesses after launch, promotions should go full throttle at that phase for various reasons. Some include the following:

• A continued NFT strategic marketing campaign can help a business build awareness to emphasize its value to the community.
• Executing post-launch promotions can be instrumental in expanding an NFT project’s user base, which will be vital in the long run.
• Such promotional campaigns can be helpful to unleash new collections and upgrades to the project, which keeps the buzz around the business running.
• Using user-generated content post the NFT project’s launch can be powerful in painting a successful image of the venture.

Ways to Promote Your NFT Business

When it comes to promoting your NFT business, there are two ways you can do it – Through an in-house team and outsourcing to external entities. Both come with their own benefits and tradeoffs. While an in-house marketing team can look easier to control, associated expenses would be higher than anticipated, and hiring professionals with the necessary expertise could be challenging.

On the other hand, external agencies have experts in hand whose services you can tap into while concentrating on other aspects of your business. In our view, as a pioneering NFT marketing agency, we would go with hiring an experienced team and work with them externally.

How Can an NFT Marketing Agency Offer Help?

You might have the question, “How such an NFT marketing agency can help me?” It is our duty to answer you as we had established doing so to be ideal in the previous section. In the case of our NFT marketing company, we present comprehensive services to businesses that can tailor their campaigns to fit their business requirements.

Our NFT marketing services also come with ample industry experience, making it easy for you to stitch collaborations with brands, media outlets, creators, and influencers from over the world. If you want to know more, we are just a message away!

What is the Cost to Advertise an NFT Business?

While generalizing the cost to advertise an NFT business is not possible, we can say that it depends on multiple factors. Some include the quality of strategies employed, time duration, and team size. As a leading provider of NFT marketing services, our team at Blockchain App Factory offers multiple packages – Basic, Standard, and Premium, which you can use to promote your business. We also provide tailored services by customizing your promotional campaign by picking the best NFT marketing strategies suiting your venture. Anyway, we strive to offer top-notch services at competitive prices for NFT businesses of all sizes.

Conclusion

Thus, we have seen everything related to NFT promotions, including the top gun NFT marketing strategies that connect creators, businesses, brands, collectors, traders, and enthusiasts. It is important for any upcoming NFT business to conduct extensive promotions from some front to build a community and obtain web visibility. Having these not only helps the project financially but also morally, as ventures can gain trust from the wider community, hence increasing their chances of long-term success. Want to be a starring NFT business among the competition? Get in touch with one of our seasoned NFT marketers to discuss the prospects of promoting your business!