Non-Fungible Tokens (NFTs) came into the market almost a decade ago. But they rose to popularity only in 2021. After Beeple’s massive gains in digital artwork auctions, NFTs became the new trend. NFT boom shook the art world and saw record-breaking sales.
Everyone from gamers to celebrities to memers started taking an interest in NFTs. Consequently, NFT marketplaces witnessed a rise in new NFT collections. There was no limit to the number of buyers and sellers for more than a year.
However, 2022 came, and things took a sharp turn. Cryptocurrencies fell to the record lowest prices. We entered the bear market, and there’s a fear of recession because of the ongoing economic and political crisis. So now there is no demand for the same NFTs which got sold for humongous prices a few months ago.
So should you drop your plan of launching an NFT collection? Well, no. Remember that the bull always chases down the bear and captures the market. Once we’re out of the bear market, the demand for NFTs will rise again. Until then, bring innovation in your marketing and selling strategy to launch your NFT project in 2022.
What are NFTs?
Only a person living under the rock would not know about NFTs. They are the rage all over the world. But most people still don’t have clear information about NFTs. So let me explain them to you.
NFTs or Non-Fungible Tokens are unique digital tokens. Owners can tokenize their original digital work like music, meme, video, audio, digital art, etc., to create an NFT. Non-fungible means something that cannot be replicated. Hence, NFTs are unique cryptographic assets that cannot be replaced or exchanged.
Let’s take an example of the famous Mona Lisa painting. There is only one original painting in the Louvre Museum. However, you can find its replicas on the internet, calendars, etc. Similarly, when digital artwork is tokenized, it is certified as an original piece.
Thus only the owner of the NFT will have the original piece; everything else will be its replica. That’s why an NFT digital art does not lose its value even after it is shared a thousand times on the internet.
You can list your NFT collection on the Ethereum blockchain. Although some other blockchains also have the option of listing NFTs. Then you have to promote your NFT collection and find buyers for it. I know it’s easier said than done, but I’ve explained the process under the next heading.
Set Clear Objectives First
NFTs made numerous headlines in the past year. Celebrities also joined the bandwagon and established them as a cultural phenomenon. In addition, there were many headlines of several people earning millions of dollars by selling NFTs. Even those kids who got famous as viral memes sold their NFTs for hundreds of thousands of dollars.
That’s why NFTs attract a lot of attention. After all, who would not want to explore a field giving massive returns. However, the market has changed a lot since the NFT boom happened. So the same strategies won’t work anymore. And just because it’s a bear market, you don’t have to drop your plans to launch an NFT collection.
You must establish your marketing objectives first. There is a fear of recession looming in the market. Hence, you must create your marketing strategies carefully to attract buyers. Moreover, it is not just the artwork that influences the value hike of the NFT. There are other factors involved in it too. Furthermore, you must have plans to tackle the volatility of the NFT ecosystem.
Only after you have clearly specified your marketing objectives will you be able to choose the best marketing strategy for your NFT collection.
Right Marketing Strategy for NFTs in 2022
Numerous NFTs were sold for huge prices in 2022 until now. Innovative and tailor-made marketing strategies in the right direction increase the popularity of the NFT collections. The popularity of NFTs increases their demand and, subsequently, their price.
Read ahead to get a detailed insight into the most reliable NFT marketing strategy in 2022.
Do you know your NFT project?
What makes your NFTs unique? Why should people be interested in your project? What kind of returns can your NFTs give? As a marketer, you have to convey the advantages of your NFT project to your targeted audience. You must know your NFT project in and out to communicate effectively with your audience. Do a SWOT analysis and learn what your competitors are up to. Then communicate why your NFT is better than your competitor’s.
Hype your NFT collection
According to Tim Haldorsson, press releases are still an effective way to promote your NFT. Create a buzz around your project by distributing an eye-catching press release with big crypto and NFT media. The more excitement there will be around your NFTs, the more their demand will increase.
Website makes the wonder!
Make an impactful website- a website that’s not only informative and detail-oriented but also colorful and attractive. For example, your website should feature images, detailed descriptions, the creators and team information, a plan, roadmap, etc. Meanwhile, take care of the SEO to increase your ranking and user experience.
A Roadmap is necessary.
An exciting and promising roadmap shows that the NFT creators have a vision for the future. They aren’t just scammers. An investor would like to know your plans and goals before investing in your project. A great and well-thought-out roadmap will relieve the investor of any concerns. Moreover, a good roadmap is big leverage over competitors as it shows the benefits of buying your NFTs.
Additional benefits increase values.
NFT boom attracted numerous global players. The competition is high. So, why should anyone buy your NFT when other options are available in the market? The answer simply is because you’re not just providing an NFT. You will also give them additional benefits for investing in your project. Adding utility to your project will increase its value and popularity.
The right marketplace for you
NFTs are a rage all over the world. Hence, there are also numerous NFT marketplaces to launch your collection. But unfortunately, NFTs are getting involved in a lot of scams and phishing attacks. This makes it vital for you to choose a legitimate and popular marketplace to prove the authenticity of your project.
You should select the marketplace based on sales history, active user base, premium collections listed, etc. Furthermore, you can also list your NFTs on more than one marketplace to increase your sales.
NFT calenders to increase the popularity
NFT calendar notifies every single airdrop in different NFT marketplaces. Therefore, you should list all your airdrops with NFT calendars to inform your potential collectors about all the updates. Then, fill out all the details on the form available with the NFT calendar without making any mistakes.
Social Media Marketing is still relevant!
Social media is still the most reliable and relevant NFT marketing strategy. No matter the year, social media like Facebook and Twitter will always play a crucial role in promoting NFT projects. Creating social media handles will help you directly connect with your audience and create a robust community. Twitter is especially a powerful NFT marketing tool.
You can find the NFT community on Twitter using only a few hashtags. Moreover, you can update your audience and initiate discussions on your Twitter account. Most NFT collectors and creators are active on Twitter. Instagram and Facebook are the other popular social media apps to connect with NFT fanatics.
Influencers will promote your project.
It’s 2022, and the value of influencers is only increasing day by day. Influencer marketing is different from traditional marketing. Its biggest advantage is that it breaks the barrier, and influencers can directly connect with the audience. Influencers build a reliable relationship, and their audience trusts them enough to take their recommendations. Hence, if any influencer owns or promotes your NFT, their audience is more likely to show interest in your project.
The power of content marketing
Content creation is a powerful marketing strategy that will stay relevant for a long time. Creating written and video content regarding your NFTs will help people understand your project in detail. Hence, they will be more interested and share with others. This will help you create a community for your project. You can choose multiple platforms to spread informational content about your NFT project.
Although 2022 hasn't been a good year for cryptocurrencies and NFTs, it still witnessed numerous NFTs being sold for huge prices. The reason behind their success is a great marketing campaign in the right direction. Your marketing strategy should be unique and tailored to your goals.
You can follow the points we've listed in the articles. Furthermore, you should aim to build a robust community that supports you in your endeavor. You can also use Email Marketing, create strategic partnerships with other influential NFT personalities, promote giveaways and competition, and join an advertising network.
Furthermore, take the help of a good marketing agency to help create a great NFT marketing strategy and promote your project. Moreover, do not spend all your investment on the launch of the NFT project. Lastly, have confidence that your NFT project will be a great success because of your efforts.