NFTs, or non-fungible tokens as they are officially named, are some of the most exciting assets to emerge from the cryptocurrency world. Although they are unrelated to currency because they are non-fungible (more on that later), they typically run on a blockchain developed by a crypto token such as Ethereum. However, while their popularity has exploded over the past few years, it remains an asset class shrouded in mystery for most of the world. Its enigmatic nature has resulted in a situation in which those who wish to create their own NFTs are unaware of how or who to market their product. In this post, you will briefly learn what an NFT is, along with some of the best techniques to sell them to the right people (i.e., those who are interested in acquiring NFT holdings).
What Is An NFT?
NFTs are non-fungible tokens, meaning that each token is unique and does not have any equivalent. This is different from fungibility, where all tokens are the same. NFTs are digital assets on the blockchain that can represent anything from a song or a piece of artwork to a financial instrument. Their unique nature makes them non-fungible, as each token is different from the next.
Fundamentally, an NFT is typically used as the digital representation of physical property or physical goods. This means that NFT can represent anything traded, transferred, or given away digitally. One of the most famous and successful examples of an NFT is The Bored Ape Yacht Club (BAYC) which are digital apes that are unique and cannot be replicated, meaning the ape you purchase will always have its place in the crypto world. Moreover, the BAYC is a fantastic example of how to market an NFT by creating added value via its online “clubhouse.”
Why Is It Important To Market An NFT Correctly?
Marketing an NFT correctly is key to its success. Because NFTs are assets that come in the form of a digital file, their ownership rights reside with the person who downloads them. This means that they can be traded and sold on various marketplaces, which creates a new opportunity for people who want to buy products from popular franchises but don’t want to spend too much money on them. In order to market an NFT correctly, it is crucial to understand why there is demand for this asset type in the first place. It is also essential for marketers of these items to know how they can increase their appeal to rise in the ranks and establish themselves as a leader in the industry.
What Makes An NFT Valuable?
Before going into detail about the techniques you can use to market your NFT/s, it is vital to understand what makes them so desirable? NFTs are unique, and they will not lose their value as time progresses, unlike most other cryptocurrencies, which will decrease in value as more of the coins are mined. Because they lack a ceiling on how much their worth can grow. Unlike many cryptocurrencies, which will decrease in value as more of the coins are mined, NFTs won’t be affected and will continue to grow and increase in value over time.
Furthermore, they are typically created in a limited number; investors are assured that they will own a unique part of history. However, some other things can make an NFT a desirable purchase, such as how examples like BAYC have developed. For example, an NFT can be used as a digital “ticket” that allows its owner to access secret areas reserved for other investors. This can range from basic chat rooms to allowing owners to alter or “mutate” their NFT, further boosting their value.
How Can You Market An NFT Effectively?
NFTs, in contrast with physical goods, have a lot of advantages when it comes to marketing them. They do not take up space in storage or need to be shipped over long distances, and are utterly unique in every way. The problem with marketing an NFT is that it can be challenging to get people interested in something that doesn’t have any form or shape and is just invisible data on the internet. However, these tokens provide unique opportunities that other asset classes cannot match.
First Things First
Once you have created your first NFT, you will have to list it on one of the more popular NFT marketplaces. These are somewhat similar to how a crypto exchange works but are tailored to limited availability and content creators. According to one of the most popular marketplaces, Jungle, it is a place where creators and collectors can join together for mutual benefit. NFT creators get a space to sell their art, and investors have an area where they can build up their collections over time.
Build Hype Using Social Media
Unless you are a well-known artist with an existing following (looking at you, Beeple), NFTs generally require a lot of hype to get them off the ground. Using social media, especially Twitter is an easy way to accomplish this. You can gradually build up your brand recognition by building your audience on Twitter (with notable mentions being Reddit, Discord, Telegram, and Instagram). By creating your profile within the community and offering a desirable NFT (something that has value, whether artistically or functionality), you can begin to direct your followers towards your listing.
These two options are grouped together because they work in tandem and can create a genuine buzz around your NFT if done correctly. The idea is to create a website where you can display your collection and have lots of calls to action to the marketplace in which you are listed. You will use SEO and advertising to direct people to your site, where you will have complete control of how your NFT is portrayed. Moreover, you can enhance your marketing efforts by adding visitors to an email list or any of your relevant social media profiles. Once you’ve built up your brand through your site, you may discover that sales of your NFTs will begin to snowball, and future options will be easier to sell.
In many ways, marketing your NFTs is similar to marketing traditional products; you need to create a brand and then create hype around your product. You can achieve this via social media, setting up a website, and adding value to your proposition. Once you have completed these steps, all that remains is to build up your profile and develop more exciting NFTs for your audience.