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What Are The Best Ways To Market NFT Art
For the blockchain community, 2021 will be remembered for many things, with non-fungible tokens (NFTs) being on top of the list. According to recent data by DappRadar, the NFT market hit $24.9 billion, a significant rise from the $94.9 million recorded in 2020.
During this period, users were selling digital items such as videos, images, and even virtual land on the metaverse as NFTs. Collectable NFTs were the most popular among users, followed by art NFTs. The most expensive NFT fetched $532 million in October 2021. The growing size of the market saw significant players such as Tesla, Microsoft, Home Depot, Starbucks, Whole Foods and many more join the market. However, the reports note that this growth had begun slowing down towards the end of the year.
The NFT market is predicted to grow even higher as investors seek new investments, growing blockchain, and a surge in crypto prices. That said, it is pivotal for NFT owners and developers to understand and create the best marketing strategies that will help set them apart from competitors within the market. Yes, similar to other products, it is equally important to market NFTs. Here are a few marketing strategies that can help NFT projects go the extra step.
Building a strong community
Before the NFT buzz, most NFT developers had created their NFT marketplaces that were fundamental in bringing new users and artists alike to trade these digital arts. These marketplaces eventually created a strong community united by a common NFT goal.
Given the interconnectivity bond created by social platforms and the internet, community relations stands to be one of the best marketing strategies available today. A community has the power to increase sales by predicting the word to family and friends. This was witnessed when the cryptocurrency community rallied behind the meme token Dogecoin and helped push its prices to the moon.
Note building the community is just the beginning. The NFT project must keep its community-engaged by sharing recent trends and related content on the particular NFT. This will allow the community members to get updates on new developments while at the same time spreading the news of the NFTs.
Social media and influencer marketing
Social media marketing has changed the marketing and advertising industries for a long time, with top companies heavily investing in it. There are currently numerous social media platforms that allow projects to announce their presence to different communities.
In addition, a project can also combine social media marketing with influencer marketing to get better results. Influencers are personalities that have sway over a large number of followers. Taking on influencers helps spread the news on the NFT faster since the audience has already established a trust system with the influencer. However, it is essential to choose an influencer who best fits the NFT project in question. The person or people chose should be credible among targeted users.
Projects can also use campaigns to market their NFTs. Campaigns serve as educational channels that allow projects to market their products and services. While there might be numerous campaign strategies, teasers give projects a different edge from their competitors. Notably, using a teaser allows a project to tell users about the NFT while at the same time keeping things under wraps until the release dates. Creativity is vital for teaser marketing. When used in the right way, users and investors stay intrigued until the official launch of the NFTs.
Hosting a giveaway and AMA session
Giveaways are a great way to create awareness for NFTs. This can be a great approach, especially for new NFTs joining the market. Giveaways bring new users excited to share in the free tokens, cash and other gifts. The best time to have the giveaway would be a week before the project launch.
A project can combine an AMA session and giveaway to reward users for their engagement. AMA or live stream broadcasts open direct communication between the project team and users. Combined with giveaways, these strategies can massively market the NFT project to a broader range of users.
Forming strategic partnerships
Another great marketing strategy is forming collaborations with artists, companies and event organizers. Strategic partnerships allow the project to harness resources available from the other partner. The partnership also makes it possible to access an already existing market availed by the association.
Using PR articles
Lastly, getting PR articles published on reputable websites can also help market the NFT. PR articles give details on the NFTs and the project in general. In some cases, some media outlets offer a paid interview with the project owner.
A project can combine two or more of the above strategies. No matter the strategy used, it is essential to evaluate the market to better understand the surroundings. Note, the best marketing strategies engage the community and other proponents within the market. The strategy should also consider the possible future needs of the project and its users.