Marketing & NFTs: 5 things to keep in mind
Marketing is vital to its survival when starting to promote NFTs, AKA Non Fungible Tokens. Businesses get into them because they want another source of revenue.
Even if they give them away for free, they can take advantage of a secondary marketplace where people resell the NFTs and still accrue a profit that way. They also give exposure to new audiences, which is exactly what every business is looking for.
Successful marketing is essential to any business owner as it means building a community around you, and they are a great way to do this. Here are things to consider before getting into the NFT space:
Understand NFT’s Financial Side
The first thing you should do is learn the business side of NFTs. If you start a new business, there’s a chance that it could fail or succeed. NFTs work similarly; you take a risk buying one, such as the value going down as they’re traded or the community folding.
Remember that the community is who puts a value on your work, particularly in that secondary marketplace. When you’re buying and selling, focus on what impacts the value of NFTs. You may struggle if you don’t understand how to invest your NFTs or sell them for higher prices in these secondary marketplaces.
Educate Your Audience
NFTs are still in the early stages, so not many people have engaged in them yet, but they’re already proving a new way to create a community without relying on organic searches or algorithms that could push smaller businesses to the side in favor of corporations.
If you want to cultivate a community, you should first help them understand their value and the positive impact they’ll have on businesses like yours before you launch an NFT.
It would help if you took the time to teach your audience where and how to create their wallet, what they get from purchasing your particular NFT, and how Ethereum works. Without this education, you may lose your audience right out of the gates.
Explore NFT Communities
A majority of the NFT community now is on Discord and Twitter. Still, there are many similarities to building your brand on social media platforms such as Facebook or Instagram. However, it’s still different depending on what platform you use.
For instance, most of those inside the NFT business work anonymously and hinge on what you bring to the community and the quality of your work.
This is the opposite of Facebook, which requires you to use your name, or Instagram and TikTok, where your merit comes from seeing a face on the screen. It will be an adjustment, but that connection they get through a picture they can instead get through engaging in a conversation with you.
Have A Long-Term Plan and Strategy
Creators are excited about NFTs and often will jump into the hot water without a plan, a marketing strategy, or without educating their audience. This can lead to an NFT’s failure. If you don’t dive in with a plan to support your community, you will lose their support in turn, and the value of your NFTs will subsequently drop.
Many think of NFTs as projects, short-term ideas, rather than long-term concepts such as a brand. You don’t think of projects lasting longer than ten years, but a brand is meant to. Create and stick with a long-term plan for your NFT as it correlates to your new brand or an already existing one.
What To Expect in NFT’s Future
NFTs aren’t going anywhere. But we have not yet seen involved they will become in our day-to-day lives. They’re subject to change, from what platforms the communities frequent to the name of NFTs themselves.
Along with the Metaverse, they are still in their earliest stages and will continue to adapt to people and what they need from it as it develops.
However, the immense potential they have for businesses across all industries to enhance their brands is enough to take a risk.