How to Realize Your Brand’s Digital Potential with NFT Marketing
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Remember when collecting and trading baseball cards seemed like the coolest thing to do? Today, those baseball cards and other coveted collectibles have been largely replaced by NFTs, or non-fungible tokens. These tokens are digital goods – assets – that can be bought and sold. In this respect, they resemble other collectibles.
What sets NFTs apart from other collectibles, however, is that each one is unique and not interchangeable. The token referred to in the name is a digital certificate of ownership. To keep track of tokens, they are stored in a digital ledger known as a blockchain. This technology allows NFT creators to receive royalties each time a token is resold, based on contract details.
According to Statistaby Beeple Daily: first 5,000 days remains the world’s most expensive NFT to date, having sold for $69 million. This coin is also credited with starting the NFT craze and pushing sales. By November 2021, NFT sales had exceeded $10 billion.
Related: Here’s Why NFTs Sell For Millions
Now the question is, will NFTs revolutionize digital marketing?
How to Market NFTs
NFTs can be a unique asset, but using digital marketing to promote your NFT product follows similar guidelines as any other digital marketing process.
To be successful, you need to start with a solid digital marketing strategy in place, define your marketing goals, and create a path to them. Without a well-defined strategy, it is difficult, if not impossible, to stand out from the NFT crowd on NFT trading platforms. Although the platforms are extremely accessible, they are becoming increasingly crowded as NFTs continue to grow in popularity.
Most creators aim to generate short-term sales while building medium to long-term customer relationships. Diversifying your approach helps you achieve both.
Building relationships is essential
Even if you’re only considering NFTs at the moment, don’t underestimate the potential of the underlying blockchain technology. Blockchain allows you to establish a closer and more direct relationship with your fanbase and build your brand from a community base.
When choosing your marketing channels, remember to prioritize relationship building and channel fit with your product and target audience. In our experience, these channels work best with most NFTs:
- Advertising on social networks.
- Public relations.
- Advertisment display.
- Advertising by e-mail.
Advertising on social networks
Social media advertising is a highly targeted way to connect with potential customers and generate instant NFT sales.
As the creator, you remain in control of the associated costs. You also get sophisticated analytics to measure how well this part of your campaign is working for you. Combined with organic social media activity, this tactic can help you increase your reach and build a strong brand.
Public Relations (PR) not only helps promote your NFT, but also builds credibility for your NFT brand and product. Posting or sending our press releases can seem almost old-fashioned. However, it’s a great way to connect with journalists and bloggers looking for the next NFT hit.
Public relations allows you to reach your target audience and build long-term relationships while encouraging short-term sales. It is a very profitable marketing channel.
Related: How PR Can Attract Investors and Add Value to Your Startup
Display advertising through channels like Google Ads is another great way to drive sales for your NFTs in a highly targeted and measurable way.
By monitoring your cost per 1,000 impressions or cost per click, you control your marketing budget. Plus, you can see at a glance how much each sale is costing you.
Combining display advertising with other marketing activities such as search engine optimization creates synergies and leads to even better results.
Advertising by e-mail
Like press releases, email marketing has been around for a while. Top marketers keep coming back to this channel because it gets results – and can do it for your NFTs too.
Email allows artists and other creators to put their work directly in front of an investor. You can’t get much closer than someone’s personal inbox. In addition to driving direct sales, email marketing is also a great tool for building relationships when done consistently.
Related: 5 Tips for Better Email Marketing Performance
NFTs offer your business the opportunity to sell more than tangible items. They can add a whole new strand to your brand. Additionally, non-fungible tokens are a great way to open up your brand to new audiences that you might not have reached otherwise.
Almost anything can be an NFT. As long as the asset is presented as a GIF, Jpeg, digital music, etc., it can be traded on NFT platforms. It’s a perfect opportunity to explore your brand’s digital potential like never before.