NFTs have shown remarkable resilience despite experiencing some fluctuations in recent years. The continued interest of individuals in investing their hard-earned money in this concept is not without reason – when approached strategically, it can yield profitable outcomes.
Furthermore, NFTs provide an exceptional opportunity for emerging artists who seek to monetize their passion without the financial resources required in traditional avenues. Consequently, this captivating concept holds immense potential for both investors and artists alike, promising success in the years to come.
Are you eager to learn more? Look no further as we present a comprehensive guide on NFT marketing, offering invaluable tips and insights. Without further delay, let’s delve into the world of NFT marketing!
What Is an NFT?
But first, let’s talk briefly about the central concept of this article – NFT. NFT (Non-Fungible Token) is a newly introduced concept in the whole crypto sphere. It is a digital asset that proves the ownership of a digital asset. An NFT can be pretty much anything, from music, and videos, to collectibles and even virtual real estate.
The tokens are “residing” on a blockchain network. Unlike cryptocurrencies, which are fungible and can be exchanged for each other with no change in the substance, they are unique and indivisible. It means you cannot freely exchange one piece of an NFT for another.
Blockchain
NFTs usually use Ethereum’s blockchain to prove their authenticity. It is important to note that NFTs are not essentially artworks but tokens that guide the owner. You don’t usually put the NFT on the blockchain but show that you own the original through the NFT. They utilize smart contracts to prove the uniqueness and ownership of the digital assets they represent. Each has a distinct digital signature that distinguishes it from any other token.
Digital Ownership
NFTs became a global sensation as they addressed a significant problem in the online community – a way to buy, sell, and trade digital assets with proof of ownership. Because of that, they enabled creators and artists to monetize their artwork, as we’ve seen on the regular market. NFTs allowed them to certify the authenticity and provide means to earn royalties from subsequent NFT sales of their works.
The main drive of the NFTs is that all the owners and transaction history of certain NFTs are recorded on the blockchain. It allows potential buyers to see a transparent record of ownership transfers. It makes all the NFTs a stable investment for all the potential funders, as they can be sure that all the NFTs on the blockchain are legitimate assets they can be sure of. Of course, it does not give the owners of a token any rights to the content or intellectual property rights. Ultimately, it proves that the tokenized item is their property, but multiple parties can still view and copy it.
Why Should You Get into NFT Marketing?
As we have stated, NFT is the talk of the town, and everyone seems to want to get a piece of this cake. Well, there are many reasons why they would like to do that. Of course, those presented are just some of them, but you can imagine the appeal by just going through them. Ultimately, it’s still a new concept, so try to see if it fits you.
New Markets and People
NFTs unite many people, even those who may not typically engage with traditional art or anything creative. So, getting into NFT marketing can give you access to entirely new audiences. By expanding your potential customer base and unlocking the potential of NFT markets, you will be able to create new demand in a completely new environment. And, for an investor, it’s the greatest thing you can do.
Connect with People
Just simply – you can connect with people through NFT marketing. As an artist or creator, you can connect with your fans and potential collectors to better understand their line of thought and needs. With NFT marketing, you can engage with your audience on a deeper level while fostering a sense of community and exclusivity. NFTs are not only the raw token of ownership you can exchange for money. They have a lot of additional perks, rewards, or even access to special events. It’s a unique proposition for your supporters that they will love.
Additional Money Stream
Of course, one of the critical elements when it comes to NFTs is money. NFT marketing can get you far if you want to generate substantial revenue for your creation. Minting an NFT gives you a unique opportunity to set royalties for the original creator. It means you can earn a percentage of each subsequent sale of the NFT on secondary markets. This provides you with an additional revenue stream, a passive income, and the possibility of even more money in the future if your NFT appreciates.
New Tech
NFTs are getting too big to ignore, so getting in front of it may benefit you or your company. It’s a new and rapidly evolving tech in one of the biggest growing industries in the world. Getting involved in NFT marketing allows you to be at the forefront of this innovation and participate in the early stages of something that can change the world.
If you stay informed, experiment, and adapt your marketing strategies to the new and wonderful world of NFTs, you can start from a much better position than your competitors. An early start is always better.
Great Exposure
Next thing to remember: NFT marketing can help you increase your brand’s exposure. As the next big thing, it can attract the attention of collectors, fans, and media. If you can effectively market your NFTs, you can create buzz around your brand and get you new followers, customers, and investors that can further develop your brand and business. It’s a win-win and a little bit of a success at the top.
Unique Digital Assets
Another reason to get into NFT marketing is that those tokens represent unique digital assets online. Having an early start in this environment and utilizing some of our NFT marketing strategies can allow you to get into the ever-growing market for digital collectibles, artwork, and virtual real estate. It’s an excellent opportunity to present your work to a broader audience and monetize it.
Diversification of your Assets
Additionally, on top of everything, NFT marketing can give you access to diversifying the portfolio of your revenue streams. In the modern world, traditional methods of getting stacks may not be sufficient enough, and there is a need for something new and improved. Here is where the NFTs kick in. Getting revenue from digital creations can change the outlook of your portfolio and can give you some exciting ways of upgrading your wallet in a new digital landscape.
What Is NFT Marketing?
Let’s not go over the topic – what NFT marketing are we all discussing? Well, there are a couple of ways of going about it. It’s using NFTs to promote products, brands, or content. You can utilize them to promote your Pay2Earn games, get additional support for your Metaverse empire, or simply sell them to the highest bidder. Brands use NFTs to engage with their audience and generate interest, increasing sales and brand recognition. To make it easier for you to understand, we have prepared some critical elements of NFT marketing that can help you in your endeavors.
NFT Auctions
It’s one of the critical elements in NFT marketing services as it is often involved in conducting auctions for NFTs or even sales events. It allows the creators to promote their works on social media and get higher bids for their NFTs. With the proper marketing, those sales events can get you pretty far regarding monetary gains. And they create a sense of urgency and excitement that can result in higher prices and more money spent on your NFTs.
Networking
One of the critical elements of NFT creation is networking. Brands and artists often collaborate with different creators to optimize their reach and brand awareness. Doing so can attract an even larger audience for their products. When it comes to networking, it’s never enough, so if it’s something you are not doing, be sure to get on the bandwagon and start using NFT marketing to meet new people and fire off new networks.
Exclusive Rewards
NFT marketing does not only revolve around selling said goods. It is often associated with getting some additional perks associated with the concept. It may involve offering exclusive access or bonuses to token holders. Even some rewards that they can later sell on the secondary markets. Brands may provide some early access to products, VIP experiences, or special discounts to those who own their NFTs. Sometimes it’s something as trivial as NFT airdrops that you can get before everyone else.
Scarcity
NFTs are about speculations, so scarcity is critical when creating good NFT marketing; you cannot go without it. It can be as simple as limited editions, a predetermined number of copies, and even some additional restrictions on who can buy those tokens. For example, like in the previous point, it can be exclusive only to the owners of previously released tokens. This scarcity can increase the perceived value of the NFTs and drive demand to the highest of highs.
Social Media
Social media can be critical in building an effective NFT marketing strategy, as it relies heavily on word of mouth and online communities to generate buzz around the project. It can help you engage with potential customers of your work and even get some influencers onboard with contests or giveaways that can create awareness. People need some kind of community, and they need to feel like they belong. These kinds of social media activities are the key to growing a well-functioning society and fostering a sense of camaraderie among the people involved.
NFT Creation
And finally, one of the critical elements of NFT marketing is the sole creation of NFTs. You can mint anything digitalized, artwork, music, collectibles – whatever you want. Then, you can limit the supply of those NFTs and sell them only to the chosen ones, give them out to celebrities, and do other fun activities to enhance your brand and get you closer to sealing the deal for a significant sum of money/exposure.
Benefits of NFT Marketing
Every NFT marketing agency can tell you that getting your NFT projects out there, with some good promotion and influencer marketing, can help you sell NFT art in no time. Social media platforms and experienced NFT marketing agencies can be a hit on any popular NFT marketplaces. So, what good can come from the NFT promotion? Let’s review the benefits of getting your NFT projects on the NFT market.
Monetization
The first thing that you need to keep in mind when getting your NFT project out there is the monetization aspect of it. NFTs enable creators to monetize their art directly by selling unique or limited-edition tokens. It can be an excellent opportunity for struggling artists or companies trying to grow.
You can compare it to going public for a company that sells its shares. Similarly, in the case of an NFT sale, you can get it out in one push to gather money to develop your NFT collection. NFT creators utilize this concept all over the NFT marketplace. It allows the creators to retain more control over their work by having passive income through royalties and a greater connection to their audiences.
Secondary Markets
Speaking of royalties, let’s talk about the secondary markets. The NFT industry is about passive income, so get on as many NFT platforms as possible to get yours out in the open.
Because NFTs can be resold or traded in secondary markets, they can provide additional revenue streams for creators and investors. They can contribute to the value of NFTs, as their prices may increase based on demand and rarity, and, most importantly, hype. NFT marketing agencies know and utilize it to benefit the NFT space.
Fan Engagement
With good NFT marketing, you can create deeper engagement with the audience or fan base. With exclusive access to additional rewards, perks, parties, or limited-edition items through NFTs, companies, brands, and artists can give their supporters and NFT collectors even more reasons to participate in the NFT communities. Those are some proven NFT marketing strategies that can garner many additional fans for the NFT artists and the NFT community.
Reach and Visibility
Using the NFT marketing channels, you can create innovative NFT marketing strategies that can become an excellent asset for your social media channels and reach. Using NFTs can help brands and artists generate widespread visibility and reach new audiences all over the internet. The uniqueness of NFTs and the fact that you can collect and exchange them in a semi-exclusive club can drive a lot of interest among potential customers and collectors. NFT audiences have excellent community engagement, so get your NFT out there.
Authenticity
And finally, NFTs provide a transparent record of ownership. In the somewhat shaky cryptocurrency world, those stand out as the beacon of “rightfulness” for digital assets. Every transaction can be traced back in the smart contracts; everything is on the table for everyone to see. Additionally, it makes the industry look more and more legitimate and prone to even more advanced investments.
The Best NFT Marketing Examples
NFT and blockchain technology are here to stay. Here are some of the best examples of using NFT advertising techniques by the best NFT marketing agencies. Let’s go through the examples of the best content marketing in the NFT business.
CryptoPunks
CryptoPunks is one of the best and most successful NFT projects ever created. It is one of the OG NFT collections that started the digital marketing era for NFTs. Featuring 10,000 unique pixel art characters of zombie-like creatures, each one equipped with different traits and characteristics.
NFT pieces from these collections sell like hot cakes; everyone wants their own NFT zombie. The concept also started the popularity of NFT drops and PR strategy centered around community building. NFT creators all over the internet found this comprehensive marketing strategy thrilling and decided to get on with the hype.
Nowadays, those punks are worth millions of dollars. CryptoPunks collection exemplifies the concept of scarcity and exclusivity like no other on this list. It gives every investor a dream to look out for when thinking about their very own NFT cat they have bought recently.
Beeple’s “Everydays: The First 5000 Days”
The second entry on our list of the best NFT advertising techniques is one of the most expensive NFTs ever created. The work is a collage of digital creations the author – Beeple (Mike Winkelmann) – was making daily for over 13 years.
The digital artist sold his collection of NFT artworks at Christie’s auction for 69 million dollars. We repeat – 69 million dollars.
The marketing campaign surrounding this sale showed the value of NFTs in the art world (and they had to listen, whether they liked it or not). It has also gathered a lot of media attention. This campaign was all about proving that NFT assets and hard work can result in a successful NFT project that can have a reach over the digital world.
NBA Top Shot
Another excellent example of a marketing firm doing its job right is the NBA Top Shot. It’s an NFT platform that allows fans to collect and exchange officially licensed NBA highlight videos as NFTs. Those virtual collectibles have gained significant popularity in recent years. The success of this platform was the combination of the legitimate NFT market platform, with brand ambassadors and other aspects, together with the introduction of digital tokens made by fans for the fans under the NBA umbrella.
Taco Bell’s NFT Art Drop
And then we have something completely unexpected. Taco Bell, as you probably know – the fast-food chain, has created a limited series of NFTs called “NFTacoBells.” It’s something utterly unique in the NFT field and crypto art. A taco-themed collection marched through the NFT marketplaces to attract buyers with active wallets who, on the one hand – wanted to own their very own digital file NFT products but, on the other – loved some Mexican food.
But that’s not all that’s incredible about this digital artwork. Apart from people being able to buy those Taco Bell-inspired tokens on NFT art marketplace Rarible, it was also combined with real-world perks, like exclusive access to Taco Bell events and discounts. This campaign tapped right into the NFT Discord community without having to put up millions of dollars in paid advertising. To this day, it’s one of the best NFT marketing strategies ever created.
Kings of Leon’s NFT Album
And finally, we have an actual NFT artwork—the Kings of Leon’s NFT Album. Yes, the guys from “Sex on Fire” are now in the NFT business. Who would have thought? The album, “When You See Yourself,” is available as an NFT with exclusive bonus content and a vinyl record limited only to owners of NFT collectibles. Additionally, the band added some special perks for potential NFT buyers, like front-row concert seats for life. They effectively promoted their NFT assets and gathered great community feedback from the NFT world and the real one.
Also read : NFT Marketing Examples to Inspire Your Next Campaign
What Are the Best Ways to Market NFTs?
So, we know what we are talking about, its benefits, and the most important examples in the history of NFT marketing. But the question remains, what are some of the best ways to market NFTs? Is it promoting it on social media sites? Maybe creating an NFT roadmap? Well, let’s find out!
Unique Experience
The first thing you need to know if you want to market your digital art is that it is all about creating a unique experience for the targeted audience. The digital wallet is in their hand, so you need to do everything you can to transfer your digital artwork from your possession to theirs. And – there are many marketing solutions you can utilize to do that. Like in the case of the Bored Ape Yacht Club, where you got accepted to a unique Discord server or invited to real-life social events.
The most important one is providing unique benefits and experiences to those who buy your NFT. It can be something from exclusive access to special events, VIP experience, network in safeguarded communities, early access to new NFT airdrops, or even real-world perks like in the case of the Kings of Leon album.
Create a Narrative
Another great way to market the NFT token is to create a narrative for the NFT fans. As we have seen times and times again in every single reality show on the planet, emotional stories sell. And you need to create the best inspirational story you can think of to connect with your audience on an emotional level.
Maybe show them some backstage from your work. Share what inspired you, and let them know your creative process or why they should invest in your story. Storytelling can create a deeper connection with potential customers and make them resonate with your NFTs.
A great example is the Beeple’s 5000 days, where he created a story based on the artwork he created daily.
Online Presence
Establishing a solid online presence across various NFT-related platforms is essential. The most important ones are social media like Discord, Instagram, and Twitter, but be sure to gather fans on different NFT-related websites and NFT marketplaces. How to do it? Well, be online! Regularly update your fans, present the behind-the-scenes content and previews of upcoming NFTs you plan. It was very well done by Larva Labs when they released their CryptoPunks collection.
>> Find out more about : How to Build NFT Discord Community
Collabs
Another great reason to consider is the NFT collaborations. Those are some of the most essential marketing tactics in the saleable NFT world. Partnering with influencers and artists who align with your brand or target audience can significantly boost your views. NFT owners love when their favorite creators collaborate and can create a great NFT system from both. And – you can gain both the reach of your fans and collaborators.
For example, Beeple collaborated with TIME magazine for his groundbreaking NFT artwork “TIME Magazine Covers by Beeple.” Both parties have benefited from this collaboration, growing in their respective fields.
Community Engagement
As we have stated before, getting your community engaged is one of the critical elements when creating hype for your online NFT presence. You can do such basic things as responding to comments, liking your fans’ submissions, and just giving them a place to talk to each other. Additionally, you can host contests, giveaways, and even some challenges to help them better engage with your material.
For example, Pudgy Penguins hold (or held, depending on when you are reading this article) regular “Happy Hour” events on Discord, where every member could join the voice chat and engage with creators.
Exclusives
One of the most common elements of NFT promotion is offering exclusives to your customers. For example, you can provide your fans with exclusive sales or auctions restricted to them. It can create a sense of exclusivity in the community. Limited editions and one-of-a-kind items or drops are great ways to promote your virtual artwork.
Many brands utilize these tactics as an integral component of their effective strategy. Coming back to our Bored Ape Yacht Club, in-person meetings with celebrities definitely change the outlook on this particular collection.
Cross-Promo
And finally, you cannot go wrong with some cross-promotion. Wherever possible, add your link in some chatbox or website to prompt your NFT and increase the audience reach. Many creators are looking for an additional promo, so they will gladly give you a like-for-like deal.
You can also pay for other creators to include your links in their promotional materials and even Google ads or a page in media outlets to gain additional promotion and get prospective buyers of your goods and services. In this case, we can point to the famous Axie Infinity x Kawaii Islands collaboration, creating a metaverse full of Axies to catch!
The Best NFT Marketing Tools
Some tools can get you closer to getting some optimal goals than others. With NFT systems getting increasingly popular, artists, creators, and brands need to do much more to distinguish themselves from the competition. A successful NFT launch brings you a lot of traction, like in the case of Bored Ape Yacht Club, with millions invested and celebrities backing.
Be sure that your project team does everything they can when it comes to marketing NFTs the right way. And let them know about all these tools we have prepared for you to utilize.
Banners and NFT Ads
One of the exciting ways to attract your potential customers is to distribute banners on popular websites and utilize NFT ads to create awareness and generate interest in your project. Some can get you far when spreading awareness, especially on the most popular NFT marketplaces and crypto exchanges. For example, as NFT was highly popular on Twitter, people used hashtags like “DigitalArt, #CryptoArt, #NFTCommunity to boost their visibility on social media.
SEO and CRO
Another great way of getting your product out there is to utilize search engine optimization (SEO) tactics to boost the organic visibility of your NFTs. It could be particular keywords you use in your communication, taking care of internal and external linking, user experience on the website, excellent illustrations, etc.
Combining it with conversion rate optimization (CRO) strategies can improve your sales significantly. It’s a long-term strategy, but good SEO practices will boost your Google’s quality score, so when someone searches for NFTs in Google, you will be the first choice. SEO is especially important in that regard, as people usually try to find information on the latest trends via search engines, so being there is essential for your growth.
NFT Podcasts
We live in the era of podcasts; you just need to live with it. Or – use it! Find out the most popular podcasters you can get attention from and get some strategic partnerships. Many times it can be of great benefit to your product as well. Reach your target audience that way, and we can guarantee that there will be some buzz about your product.
There are plenty of those, but you can check out “The Nifty Show” by Joel Comm and Travis Wright, “The NFT QT” by Jesse Walden and Jacob Horne, or “The Blockchain Gaming World” by Andrew Stenwold.
Blogging
Additionally, you can create informative blog content about NFTs to attract potential buyers and improve your search engine rankings. Of course, make sure you are on top of your game, as plenty of people who are well-versed in the topic will fact-check you, and if you make a mistake – it will show up!
Some of the more popular ones are “NonFungible.com,” “NFT News Today,” “CryptoArt.wtf”, and “NFT Plaza.”
Guest Posting
Additionally, you can get some guest post contributions to the relevant websites in the crypto sphere to increase the exposure for your NFT projects. It can give you additional gains in search engine optimization and help you market our NFTs more efficiently. You can check out the blogs we have mentioned above to post about your NFTs, maybe use the Twitter (now X) hashtags.
Even highly regarded individuals like Gary Vee or Mark Cuban used guest posting or appearing on different platforms to promote their NFTs.
Email Marketing
Email marketing and newsletters are still big when creating an effective marketing plan. Keeping your audience informed about the new releases and engaging with them effectively can do some real damage if you want to market your NFT.
For example, OpenSea creates a newsletter that is being sent out to all of the users to highlight popular artists and inform them about the improvements that they have made to the marketplace.
Affiliate Marketing
Implementing an affiliate marketing program is another exciting way to improve your work in the NFT department. That can incentivize your potential buyers to affiliate with your company, brand, or collection and then promote it on their social media accounts while also trying to develop the art/brand for their benefit.
Here, we can point to CryptoKitties as pioneers of NFT affiliate marketing. Here, you can invite other users and get a commission if they sign-up for the game.
Social Media Promotion
Of course, the most important thing to consider is the social media platforms that can make or break your crypto investments. Ad campaigns are one thing, but a significant social media presence is entirely different. When it comes to Instagram, Twitter, and Discord marketing, each one of those has its specific ways of how it’s being run.
The most important thing is to be active on multiple platforms, not only try to focus on only one. You can use the hashtags we have provided before or find some new ones relevant to the present situation. It can change quite rapidly, as the NFT is a space full of fluctuation.
>> Find out more about How to Promote NFT on Twitter
Influencer Marketing
Another great thing to put in your NFT calendar is Influencer marketing. As we have seen repeatedly, it always works and is one of the leading ways for companies to reach their customers. So, collaborate with crypto influencers to get their audience and boost the visibility and value of your NFTs simultaneously.
You can even point to Logan Paul’s situation with his very own collection of NFTs, which he promoted furiously with the help of his platform and other online influencers.
Community Building
Another thing to consider when it comes to NFT marketing is community building. We have spoken time and time again in this article that reaching out to your community is an essential element of creating a well-established product. That way, you will be able to get your social media management in order and create a supply of potential customers for your goods.
We can point to the previously mentioned Pudgy Penguins and its regular “Happy Hours” community-building efforts.
NFT Airdrops
Another big thing in the NFT industry is the NFT airdrops. Getting out the free tokens to people all over the internet can create buzz and allow you to appreciate the value of your NFTs. Conduct airdrop campaigns, distribute free tokens to your community members, create giveaways, and more. There is no ceiling when it comes to it. Of course, be sure not to spam promotions everywhere, but a little reminder from now and then is great.
For example, there was an NBA Top Shot Pre-registration Airdrop, Axie Origin Coins, and even CrpytoPunks.
How to Sell NFTs?
Now that we know how to market our NFTs, let’s review some selling steps. As you may have imagined, it’s a pretty simple process, but you need to know which steps to take to complete it. So, let’s review some key elements you need to know about to create a successful NFT launch.
Create an NFT
First of all – you need to create an NFT. It may sound silly, but getting started with it is crucial, and how you approach it can define your outcomes. There is a lot of talk about formats and such, but it doesn’t matter in the end. The most important thing is the artwork itself. Have fun with it. Make something creative, enjoyable, and unique among all the others. Stand out!
Choose NFT Marketplace
Next, you need to select an NFT marketplace where you want to list and sell your art. The most popular platforms include OpenSea, Rarible, SuperRare, Binance, Nifty Gateway, and Foundation. We especially recommend OpenSea as a starter, because it’s the most inclusive of them all.
Create an Account
The next thing you need to do is to create an account on your chosen NFT marketplace. Add all the necessary details and complete any required verification processes. Some platforms may require connecting a compatible cryptocurrency wallet, such as MetaMask, to facilitate transactions. Be sure that your NFT wallet is compatible with any top NFT marketplace, as you may sell them in different places, so you would not need to get other wallets for each.
Set up the Details
After that, set up all the details of the NFT art you want to sell. Add the potential value of your artwork and see if it’s similar to what you have seen on the marketplace. Then, add all the essential details to your NFTs, such as the size, all the technical information, etc. Remember to add all the royalty fees you will receive whenever your NFTs are sold on the secondary markets. Each NFT marketplace will let you know the crucial elements to add.
Mint your NFT
The next step is minting your NFTs. It means – putting the token onto a blockchain. There are a couple of steps and ways to accomplish that; we will go into more detail on that topic in the latter part of the article. In most cases, your NFT marketplace will get you tips on accomplishing that task.
How to Mint NFTs?
So, as we have stated before, the NFT minting process is not rocket science, but it takes a few things to consider. Here are the steps you need to follow to secure a successful minting process.
Choose an NFT Platform
The first thing you need to do is to select a blockchain platform that supports NFTs. Currently, the most popular one is Ethereum. It is widely used in the NFT world, but it is a bit expensive to mint it that way. Although it has advantages, like accessibility or connectivity with most digital wallets, it costs a lot of money to mint it this way. There are other options, like Solana or Polygon, that you can consider, so be sure to keep that in mind.
Get Your Wallet Ready!
The next thing you need to do is to set up your wallet. You need to find one compatible with the blockchain you want to interact with and the NFT marketplace where you will be selling your NFTs. The most popular wallets include MetaMask, Trust Wallet, and Coinbase Wallet.
Get Crypto!
Next up – get some crypto! You will need to obtain some of the native cryptocurrency of the blockchain platform to pay the gas and transaction fees to mint your NFTs. Gas fees are the payment for the miners who keep the blockchain secure by providing their computer power in exchange for some cryptocurrency. There is a way of going over this issue called lazy minting; we will get to it later in the article.
Mint Your NFTs!
Next – mint your NFTs! Usually, it involves just following the instructions provided by the platform you have chosen to mint your NFTs. You will need to connect your wallet to the venue, upload your digital file, fill in the relevant details and that’s pretty much all.
Lazy Minting
But – you don’t always have to pay the gas fees! As it turns out, you can skip that part if you opt for the lazy minting option. It’s putting the costs of minting NFTs onto the buyer. So, if you would like not to be paying it, just add the lazy minting option, and the price of creating NFT will be added to the cost of the NFT.
There are, of course, some issues with that. Your NFTs will be a tad more expensive than you would like them, as they will not be as competitive on the market as you would wish.
Additionally, you could own some crypto you bought for a better price than it is at the moment of sale. Then, you would be saving some money by minting it with the crypto you already have rather than driving the price of your NFT. Ultimately, it’s all in your hands, and you need to decide what’s best for you and your brand.
NFT Marketing!
You are pretty much all there! The next thing you need to do is everything we have already spoken about, which is to market your NFTs. Generate the buzz, get on the hype train, use the SEO (search engine optimization) tactics we have spoken about, and go all out regarding marketing efforts. It is the key to success!
Finish up the Loose Ends
And finally, finish up the loose ends that may have been left over. When someone expresses interest in purchasing your NFT, speak to them, be active in your community, follow the marketplace’s procedures to end the transaction. This usually involves confirming the purchase and transferring the ownership of the NFT to the buyer’s wallet.
NFT Marketing – Potential Challenges
NFTs are getting bigger and bigger, but it does not mean they are commonly known everywhere. As with everything, there are some challenges you need to consider if you plan to get into this market. Here are some of the most pressing ones for today.
Awareness
It is still a relatively new concept to many people, and there is a lack of awareness and understanding about NFTs and their work. You can encounter many weird faces if you explain some basic NFT concepts to others.
Scams
Unfortunately, there is some scamming in the NFT world, as with all decentralized markets with no oversight, so people can get pretty sensitive about NFTs. Be as transparent and honest about your communication and projects as possible.
High Entry Costs
Although you can opt-in for the lazy minting options, the minting and listing NFTs can often be associated with high costs, especially with Ethereum. These costs can pose a potential problem for artists and collectors who want to participate in the market but may not have the resources to do so.
Copyright Issues
The world is not yet ready for the decentralized revolution! Especially when it comes to the topic of copyright and NFTs. A lot of potential problems come from introducing this concept into the world. Especially when understanding who has the legal rights for this particular NFT. Is it the art that is protected by copyright? Or maybe it’s just a token? There are many discussions on this topic, and each country has its laws surrounding it.
Environmental Issues
Another thing to keep in mind is the fact that blockchains are not environmentally friendly. With so many computers working together to create a blockchain that works, it can be problematic for the environment, especially concerning carbon emissions.
Speculative Markets
Like art, NFTs’ worth is what you say they’re worth. Why is it a problem? Well, those can change significantly on a dime. One day your precious NFT token of a pretty funny cat can be valued at 1,000,000 dollars, and the second day it’s worth nothing. Of course, that would be an extreme example, but there are a lot of risks associated with price fluctuations that you can experience in this space, so be ready for that.
NFT Perception
Despite the best effort of NFT promotors and the growing interest in the concept, people are still not convinced that this is a legitimate form of creating art and earning money. Some skeptics will still question the long-term value of those NFTs and consider them a speculative bubble, as we have described before.
New Regulations
Additionally, we still do not know how the NFTs will look. Regulatory frameworks are still evolving and growing strong. That can add another layer of issues, as compliance with legal requirements, tax implications, and intellectual property laws can be hard to swallow, especially if they will take a significant amount of the sales.
Market Saturation
And finally – market saturation. A growing business is great for investments. But – growing business can also pose some potential threat of oversaturation. It’s not the simplest thing to be different from hundreds, but standing out in a crowded marketplace of millions may require additional marketing.
NFT Marketing – Conclusion
Here we reach the end of our journey, where we have explored the vast possibilities of NFT marketing. With a well-crafted marketing strategy, this continuously evolving market can be conquered. However, it’s important to note that there are both effective and ineffective strategies to be implemented, as different markets have unique requirements.
While engaging in NFT marketing, it’s crucial to acknowledge potential challenges such as market saturation, legal complexities, environmental concerns, and general skepticism surrounding NFTs. Nevertheless, this innovative technology still holds immense potential for brands and creators seeking to connect with their audiences.
Thank you for joining us, and we look forward to our next encounter.
Related posts: