Non-Fungible Tokens or NFTs are one of the topics of hot discussion in the marketing domain. Although they have been present in the market for more than a decade, marketers have started discussing it recently. However, NFTs have been popular among business giants, gamer NFT lovers, and art lovers. They consider NFTs as digital assets that allow people to trade with cryptocurrencies on an NFT platform.
You can tokenize any digital artwork to an NFT, including films, video game skins, tweets, video clips, digital property, and more. Additionally, you can represent other tangible assets using NFTs as well. However, it is important to note that NFTs are not interchangeable.
As NFTs can be purchased for huge sums, an important part of the business is to ensure the minting of rare NFTs. Their explosion on social media in 2020 was sudden and not foreseen. Gradually, multiple companies observed the power NFTs have and how they can be utilized for advertising and marketing.
Blockchain technology has made NFTs pretty secure. Similar to crypto, NFTs are maintained across several computers globally. Thus, NFT collections might serve as a good prospect to earn money. If you transact wisely, you can generate a considerable amount by buying and selling NFT collections.
You can draft an NFT calendar to plan and carry out the transactions. Considering the profits on the cost of selling an NFT, you should look for NFT platforms to sell your collections. You should also take care of the NFT transaction safety. At times, the popularity of NFTs results in more than 80,000 NFTs being sold in a day.
Why Should You Start Promoting Your NFT Collection?
Most consumers wonder why they need to create money using their NFT collection or how NFT games make money. The NFT domain is already saturated. With more and more listings coming up for sale every day, the competition will not decrease any time soon. If you wish to stand apart from the crowd and attract high bids, you need to run an NFT promotion without wasting time.
By promoting your product, you are getting a chance to pitch it to potential buyers. If you manage to attract an audience for your NFT collection, they would want to have some of it as well. Thus, you should work on building an engaging marketing strategy to achieve the best results.
How to Market NFTs at NFT Marketplaces?
Having read the need for NFT marketing services, it is integral to be aware of a few marketing strategies for NFTs. A well-formulated strategy can allow you to converse with the audience about and pitch the product to them. Though there are several NFT marketing strategies available, below are a few common ones to help your business expand organically:
Finding the best-fit keywords for optimizing your rank in the search engine results is an integral part of a marketing strategy. The right keywords will enable your target audience to search for and arrive at the NFT marketplaces without hassle.
In the current digital era, influencer marketing is one of the most popular and effective methods to promote your product. Gradually, more and more companies are starting to adopt this strategy. With the onset of the pandemic, the popularity of social media and social media marketing has risen, so has the impact of influencers. They are trusted individuals with a significant number of followers on social media.
A considerable portion of the audience buys a product if their favorite influencer promotes or approves the product. As users find influencers reliable, their words will have an impact when they promote NFTs. Thus, all you need to do is search for the right influencer who can drive a large audience towards NFTs.
A result would be the establishment of a credible brand among the audience.
Curing content as videos might prove to be a decent move to attract the target audience.
Your NFT marketing checklist must include campaigns. The marketing campaigns can be conducted on any social platform – LinkedIn, Twitter, Instagram, or Facebook. They should be designed in a way that engages the masses. To attract the necessary traction, the campaigns must be relatable to the clients and align with the target market.
Campaigns, among other things, have been used as a PR strategy to spread awareness among the masses. They have been crucial in marketing products and services. Earmark your NFT audience and their specific needs and demands to devise a campaign catering to those.
It is an intriguing and productive strategy that garners their interest and helps in effective communication. Social media marketing on platforms like Facebook, Instagram, Twitter, Linkedin should be utilized to maximize the results.
Primarily, you should establish a community for your brand. To have stability in the market, brands must communicate with their audience and stakeholders about their principles. The top priority of brands should be to create a healthy and organic corporate ethos. It would be instrumental in earning their employees’ faith.
Another way to communicate effectively and to create a community is by using social media marketing. Social media plays a crucial role in helping you connect with your audience in this digital era. You must engage with your audience and make them aware of the NFTs through social media.
Be vigilant in updating them regarding the trends in the market and ask them to provide feedback about your services.
eCommerce Practices to sell NFT
An e-commerce platform creates a centralized environment for trading goods and services. The presence of intermediaries excludes the involvement of a third party by activating the NFTs. Nowadays, several companies are trying to connect NFTs and e-commerce platforms. For example, the crypto industry is employing e-commerce sites with NFT.
Some real-life examples of e-commerce platforms with NFT are given below.
Several users want to add NFT to eCommerce. NFTs can be adopted in eCommerce platforms in several ways. These are:
The immediacy of buying things in-store and taking them home will always be a better option as compared to instant e-commerce delivery. Same-day deliveries cannot satiate the consumers’ need to receive instant gratification, making it more challenging for firms that cannot adhere to such stringent delivery deadlines.
eCommerce businesses can bridge this experience gap through their hybridized product assortment of NFTs and other tangible items. It can facilitate the consumer experience of immediate possession of things, including NFTs.
Although physical items may take days to arrive, virtual items do not. Therefore, it allows consumers to be more creative in their purchases. The profit margin on the cost of selling NFT could be enhanced by offering free shipment or storage.
Many e-commerce sites have had loyalty programs in place since the outset to encourage repeat purchases. Over 40% of consumers do not partake in loyalty programs, according to Retailwire, due to a perceived lack of value.
A loyalty program must deliver actual value to be effective. It should allow consumers to use their hard-earned points in several ways. As a result, supplying NFTs and NFT-based collections to customers adds a new layer to loyalty programs by providing them with unique items that they won’t find anywhere else.
It could generate exclusivity in NFT marketplaces and bring value to the loyalty program by not just limiting monetary changes. It could prove to be a good eCommerce practice to sell NFTs.
Augmented reality(AR) has already been employed in eCommerce, especially by direct-to-consumer (D2C) businesses that do not have physical stores to display their goods. For example, in 2017, Waby Parker added substantial value by inventing augmented reality software that allowed potential purchasers to “try on” different styles of eyeglasses before making purchases.
These NFTs take things a step further by letting customers visualize the items in different dimensions.
The NFT marketplaces experience cut-throat competition. Adoption of the blockchain technology has been able to make NFTs attractive to users. Experts believe that the perceived value of clothing that makes use of NFTs is bound to increase. Additionally, combining NFTs with real-world products might prove to be an exciting addition to the NFT crypto marketplace.
Businesses have taken several advantages from the fact that NFT projects are flexible. With proper usage, NFT collections offer attractive prospects to eCommerce sites. In the near future, customers should be able to explore NFT marketplaces without any difficulty.
With the developments of blockchain technology, several organizations would wish to implement platform scalability and benefit from the first-mover advantage.
Waypoint has a team of dedicated individuals in the field of NFT marketing. We are a trusted name in the Gaming Industry and offer full production services to our clients. With a proven record of working with marketplace features, we have worked with some of the biggest names in the business.
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