NFT Marketing: 10 Tips That Actually Work in 2023
Marketing such complicated products as NFTs (Non-Fungible Tokens)NFTs are unique tokens recorded on a blockchain, which used to prove the ownership of the token. NFTs cannot be replicated. is challenging, even for experienced marketers. This is because NFTs require a specific approach, and some traditional marketing methods and instruments are not applicable in the blockchain world.
Sounds pessimistic, isn’t it? But no need to worry.
As a crypto marketing agency, we’ve faced dozens of NFT marketing cases since 2017; based on that, we’ve created a list of 10 tips to keep in mind promoting your own NFT. But before that, let’s dive into theory.
What is NFT Marketing?
NFT marketing refers to the specialized marketing strategies and tactics employed to promote, drive awareness and increase sales for Non-Fungible Tokens (NFTs).
NFT marketing aims to create visibility, generate interest, and attract potential buyers and collectors to specific NFT projects. It requires a deep understanding of the unique characteristics and value propositions of NFTs and leverages various marketing channels and techniques to reach the target audience.
Sounds easy, but in fact, the structure of NFT marketing is complex and consists of the following elements:
Any marketing activity starts with strategy development. This essential process includes setting up correct goals using OKR or SMART principles, researching of main problems of the target audience, and choosing relevant channels to reach potential customers.
Distribution relates to choosing the right marketplace. Each platform, like Opensea, Binance, or Rarible, has its own features, fees, and specifications. That’s why it’s important to define what distribution channels you will use before taking any marketing actions.
The third crucial aspect of NFT marketing is traffic management. Driving relevant traffic is essential if you want to increase sales of NFTs. Using several traffic sources will increase your exposure and provide detailed statistics of the channels that perform the best.
Besides traffic acquisition, NFT marketers should also pay attention to outreach. Creating a buzz around NFT projects and increasing visibility is a must for NFT marketing.
Analytics has always been a driving power since marketing is based on data. This is a key element of NFT marketing, as analytics helps you identify channels delivering results and those that just waste your marketing budget.
How to Create NFT Marketing Strategy?
Okay, now it’s clear what NFT marketing is; let’s figure out how to create an effective strategy. Here are some steps to help you develop a successful NFT marketing strategy:
1. Define your goals
Identify your marketing objectives. Are you looking to increase brand awareness, attract collectors, drive sales, or establish partnerships? Setting specific and measurable goals will guide your marketing efforts. To make sure your goals are set in the right way, implement OKR or SMART methods.
2. Identify your target audience
Determine the demographic and psychographic characteristics of your ideal NFT collectors. Understand their interests, preferences, and online behavior to tailor your messaging and reach them effectively.
3. Research the market
Study the existing NFT market to understand trends, successful projects, and potential gaps or opportunities. Analyze competitors’ strategies, pricing models, and promotional tactics to gain insights and differentiate your NFT project.
4. Create strong USP
Identify what makes your NFT project stand out. Is it the concept, the artist behind it, the rarity, or the utility it offers? Create a powerful message and clearly communicate the unique selling points to your target audience.
5. Define marketing channels
Define the marketing channels you’ll use for NFT promotion based on your target audience characteristics. Focus both on traffic acquisition and increasing outreach. Consider using several channels at once.
6. Test launch
Get prepared for the test launch of a marketing campaign. As soon as the previous 5 steps are done, you can create a media plan and allocate a small marketing budget for the test launch.
7. Analyze your performance
After the test launch, it’s vital to evaluate the results of your campaign. Make a comprehensive report and explore what was delivering the best results for you during the test. When you find gaps and best practices, you can adjust your marketing strategy and make a second launch with a more significant budget.
10 NFT Marketing Tips
So, you already know how to create an NFT marketing strategy, and nothing actually stops you from taking the first actions, but hold on for a while; we have something more to share. It’s time to show you some insights we’ve learned in recent years in NFT marketing. Here you are:
Utilize influencer marketing
Influencers are essential for NFT marketing. They can increase your awareness, build your credibility and drive referral sales – what can be better?
Collaborate with influencers, artists, collectors, and industry experts with a significant following and influence within the NFT community. Their endorsements and engagement can amplify your reach and let you stand out from other offerings.
Companies mostly look for macro-influencers when it comes to influencer marketing. For example, here is the awesome collaboration of Binance and Cristiano Ronaldo aimed at promoting his collection.
It’s a perfect case of utilizing a macro influencer for company goals. However, such large media persons will cost you millions. If your marketing budget is small, you should remember about influencer marketing.
You can always come to micro-influencers, and in fact, this is an underrated option. The thing is that micro-influencers have 47% more engagement compared to macro-influencers. So, keep these little guys in mind if you decide to try influencer marketing for your project.
Try inbound marketing
Inbound marketing is a crucial part of NFT marketing. Produce visually appealing and informative content to educate, entertain, and engage your audience.
It has significant value for business, as you build credibility and loyalty by creating valuable content and educating your audience.
The value of inbound marketing for NFT promotion is clear. But what type of content can be utilized? Here are the most common yet effective formats:
- How-to Guides
- Case Studies
- Customer Stories
Besides the branding impact, inbound marketing positively influences Search Engine Optimization. So, by utilizing it, you’re killing two birds with one stone.
Build your community
Community building plays a significant role in NFT marketing. Building a vibrant and engaged community around your NFT project fosters a sense of belonging, trust, and loyalty among users, collectors, and enthusiasts. Here’s why community building is essential for NFT marketing and how it can be effectively utilized:
- Cultivating Brand Advocates: A strong community comprises passionate individuals who genuinely believe in your NFT project. These brand advocates become vocal supporters, spreading the word about your NFTs and bringing new community members through word-of-mouth.
- Enhancing Brand Credibility: A thriving community adds credibility to your NFT project. When potential buyers see an active and supportive community, they are more likely to trust the value and authenticity of your NFTs, leading to increased interest and potential sales.
- Generating User-Generated Content: Engaged community members often create user-generated content, such as fan art, reviews, and testimonials, which can be shared across social media and other platforms. This organic content serves as social proof and helps attract more attention to your NFT project.
Take advantage of PPC marketing
Search, banner, or video ads can increase your exposure and deliver warm traffic. Utilizing PPC marketing for NFT promotion, you can target high-purchase intent users already looking for NFTs. Moreover, you can easily track key metrics such as CAC, AOV, ROI, and more.
Here are some performance marketing platforms you can apply to your NFT marketing strategy:
Don’t forget about email marketing
Email marketing offers a direct and personalized way to communicate with your subscribers and potential NFT buyers. Here’s why it is valuable for NFT marketing and how it can be effectively utilized:
- Building an Engaged Subscriber List: With email marketing, you have the opportunity to build a list of interested individuals who voluntarily sign up to receive updates about your NFT project. These subscribers are highly engaged and have shown genuine interest in your offerings.
- Direct and Personalized Communication: Emails allow you to have direct and personalized conversations with your audience. You can tailor your messages based on their preferences, segment your subscribers, and send targeted content, updates, or exclusive offers to specific groups.
- Nurturing Leads and Driving Sales: Through strategic email campaigns, you can nurture leads by providing valuable information, showcasing new NFT releases, and offering exclusive previews or discounts. Email sequences can guide potential buyers through the sales funnel, increasing the likelihood of conversions.
Leverage PR & Branding
One of the key goals of NFT marketing is to increase awareness and build a trustful and reliable brand. This is where PR and branding comes in.
By distributing press releases across the major crypto media, you can not only create a proper image of your NFT collection but also drive sales due to increased exposure.
Furthermore, by providing valuable content in press releases, you can expand your outreach due to viral reach. It can be market research reports, how-to guides, or predictions based on data – all of these will boost your PR performance.
Implement end-to-end analytics
Implementation of end-to-end analytics will let you see what hides behind the last-click attribution. Due to multichannel analytics, you’ll find out what channel performs better and drives the results.
The u-Shape attribution model shows the real picture of your current marketing performance, as it distributes the conversion value between all channels paying the most value to the first and the last channels.
Conduct giveaways is a field-tested marketing ploy. Here’s how it can be utilized as a powerful marketing strategy for NFT projects:
- Attracting New Audiences: Giveaways incentivize people to join your community and follow your NFT project. By requiring participants to like, share, or follow your social media accounts, you can quickly grow your online presence and reach a broader audience.
- Rewarding Community Engagement: Giveaways are an excellent way to show appreciation for your existing community members. By rewarding their loyalty and active participation, you can foster a sense of belonging and encourage ongoing engagement with your NFT project.
- Generating Viral Buzz: The nature of giveaways, where participants are encouraged to share the contest with their friends and followers, can create a viral effect. This organic word-of-mouth promotion can significantly increase the visibility of your NFT project within various online communities.
Simplify customer experience
Make sure that the customer journey is simple and that customers don’t face any problems or concerts during the NFT purchase process. This is a crucial point as the buying process has to be smooth and easy.
Conduct UX research and try to find out any possible remarks which may stop users from the purchase. Review your product page, ensure that everything is clear on the marketplace platform, and check out if the purchase button and cart are working correctly.
By optimizing purchase flow and bug hunting, you’ll minimize the abandon rate and increase your conversion.
Monitor and adapt
Continuously track the performance of your marketing efforts. Analyze metrics such as engagement, sales, AOV, ROAS, CAC and feedback. Adjust your strategy based on the insights gained to optimize your marketing approach.
How Much Does NFT Marketing Cost?
NFT marketing pricing depends on particular goals and objectives, but the minimal budget to drive the minor result starts from $10,000. With this budget, NFT projects can afford some publications in crypto media and a few influencers.
In fact, NFT marketing pricing does not have any borders. Companies can spend thousands and millions on promotion. Each case is unique, and how much to spend on NFT marketing depends only on your goals and current resources.
How to Mint NFT?
I hope the marketing aspects of NFT promotions are clear now, so let’s find out how to mint your NFT. Minting involves creating and registering a unique digital asset on a blockchain platform. Here’s a general guide on how to mint an NFT:
1. Choose a Blockchain Platform: Select a blockchain platform that supports NFT creation. Ethereum is the most popular choice, but other platforms like Binance Smart Chain (BSC), Flow, and Solana also support NFT minting.
2. Set up a Wallet: Create a digital wallet compatible with the chosen blockchain platform. Wallets like MetaMask, Trust Wallet, and Coinbase Wallet are commonly used. Ensure you have sufficient cryptocurrency in your wallet to cover transaction fees.
3. Prepare Your NFT Assets: Decide what digital asset you want to turn into an NFT. It can be digital artwork, music, videos, virtual real estate, or any other unique digital item. Ensure that the asset meets the platform’s guidelines and requirements.
4. Choose an NFT Marketplace or Minting Platform: Decide whether you want to use a dedicated NFT marketplace or a platform that provides minting services. Examples of popular NFT marketplaces include OpenSea, Rarible, and SuperRare. Minting platforms like Mintable and Rarible also offer direct minting options.
5. Connect Wallet and Create Metadata: Connect your wallet to the chosen platform. Create a metadata file that contains information about your NFT, such as its title, description, image or video link, and any additional attributes or royalties you want to include.
6. Set Minting Parameters: Determine the supply and pricing model for your NFT. You can create a unique NFT, a limited edition, or even a dynamic collection. Set the desired price or decide to auction it off.
7. Mint Your NFT: Follow the specific instructions the chosen platform provides to mint your NFT. This usually involves uploading the metadata file, setting the parameters, and confirming the transaction using your wallet.
8. Pay Transaction Fees: Complete the transaction by paying the required gas fees on the blockchain platform. These fees cover the computational resources needed to validate and record your NFT on the blockchain.
9. Verify and Promote Your NFT: Once the transaction is confirmed, your NFT is officially minted and recorded on the blockchain. Share the NFT’s unique identifier (typically the contract address and token ID) to promote and sell your NFT to potential buyers.
Remember to thoroughly research the chosen blockchain platform, marketplace, or minting platform to understand the associated costs, user guidelines, and community reputation. Additionally, consider the legal implications and copyright considerations associated with the content you plan to mint as an NFT.
The Bottom Line
NFT marketing is a complicated process that requires significant effort and investments. However, it becomes much more manageable with passion and the right approach. So, if you will promote your own NFT, remember the tips mentioned above. It will let you avoid plenty of mistakes we made in our experience. Cheers!
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