What you will get from this article
- Understand what NFTs are
- Get an insight into the rise of NFTs
- Understand why businesses should try NFT marketing
- Explore the best practices for NFT marketing
- Learn how to choose the right NFT marketplaces and platforms
- Discover how major brands are using NFT marketing successfully
Introduction
So you want to get in on the NFT action? That was a wise decision.
NFTs or non-fungible tokens are one of the hottest trends right now, and for good reason.
These unique digital assets are unlocking new revenue streams and fan engagement opportunities for brands, creators, and businesses.
However, launching an NFT requires more than simply a few tokens.
You need a strategic marketing campaign to spread the word, build hype, and drive primary and secondary sales.
This tutorial will help you through the processes necessary to create and execute a successful NFT marketing campaign.
We'll look at real-world examples of businesses that have used NFTs to increase brand awareness and revenue.
What Are NFTs?
NFTs, or Non-Fungible Tokens, are a type of digital asset created using blockchain technology.
The term "non-fungible" means that each token is unique and cannot be replaced with something else.
This is in contrast to "fungible" assets like Bitcoin or traditional money, where each unit is exactly the same as the next.
An NFT can represent ownership of a piece of art, a music album, a video clip, or even virtual real estate in a digital world.
When you buy an NFT, you gain ownership rights to that unique piece of data on the blockchain.
The Rise of NFTs: Why They Matter for Marketing
NFTs, or non-fungible tokens, are one of the hottest trends in crypto right now.
Why does this matter for marketing?
NFTs represent an exciting new opportunity for brands to build hype and engage audiences.
The first NFT emerged in 2014 and between Q2 2021 and Q3 2021, NFT trading volume rose by 704%.
Some major companies like Nike, Louis Vuitton, and the NBA have already experimented with NFTs.
By launching unique digital collectibles, they’ve tapped into their fans’ FOMO (fear of missing out) and passion for the brand.
The Appeal of Digital Collectibles
For collectors, NFTs scratch an itch for scarce and coveted assets.
They’re willing to pay big bucks to own a rare piece of digital art or memorabilia related to their favorite brand or celebrity.
As an example, an NFT of LeBron James dunking recently sold for over $200,000!
For the companies and creators behind these NFTs, that represents a new revenue stream and a chance to build a devoted fan base.
Major Brands Embracing NFTs
Nike acquired an NFT studio and launched digital shoes that sold out instantly.
Louis Vuitton released an NFT game where players could win in-game items to use in the real world.
And the NBA partnered with Dapper Labs to release NBA Top Shot, a platform for collecting and trading NBA highlights NFTs.
NBA Top Shot has generated over $500 million in sales, showing the huge potential of NFT marketing.
Why You Need an NFT Marketing Strategy
NFTs are a chance to tap into hype, build brand loyalty, and generate revenue. Even if the NFT bubble eventually pops, the technology behind them is here to stay.
Brands that get into NFTs now will gain valuable experience engaging their audiences in new ways.
The key is finding how to adapt the NFT model to your unique brand and community.
With the right strategy, NFT marketing could be a slam dunk for your business.
Why Your Business Should Try NFT Marketing
NFTs are all the rage right now and for good reason.
These digital assets are unlocking new revenue streams and opportunities for brands.
As an innovative business, you need to start experimenting with NFT marketing to stay ahead of the curve.
Why should you care about NFTs? For starters, they allow you to create scarce digital goods that people will pay real money to own.
That could be anything from collectible items and artwork to gaming gear and virtual real estate. The potential here is huge. Some NFTs have sold for over $69 million!
NFTs also open up new ways to engage and build loyalty with your customers. Imagine offering limited edition NFTs that provide special access or perks.
Your biggest fans would jump at the chance to own something rare from your brand.
Finally, NFTs give you an opportunity to push creative boundaries. You can design truly unique digital goods that capture people’s imaginations.
Partner with influencers and artists to make collaborative NFTs. The best marketing strategy is to join hands with powerful people!
While NFTs are still a new frontier, fortune favors the bold.
Start brainstorming how your brand can leverage NFT technology in innovative ways.
Even if you stumble at first, you’ll gain valuable experience that will serve you well as NFT marketing becomes mainstream.
The time to get in the game is now. What are you waiting for? Hop on the NFT bandwagon and start riding the wave of the future.
Best Practices for NFT Marketing: Dos and Don'ts
When it comes to NFT marketing, there are a few best practices you should keep in mind.
Following these dos and don’ts will help ensure your campaign is effective and avoids common mistakes.
Define your goals
What do you want to achieve with your NFT launch?
Do you want to build awareness, drive primary sales, increase secondary market activity, or all of the above?
Be specific in your goals so you can develop a targeted plan. Some examples could be:
- Sell 50% of the collection within the first month
- Gain 5,000 new followers on social media
- Have a floor price of 0.5 ETH after 3 months
Identify your target audience
Who are the people most likely to be interested in your NFTs?
Crypto enthusiasts? Digital art collectors? Gamers?
Once you know your audience, you can determine the best way to reach them.
Choose your marketing channels
The most popular channels for NFT marketing are:
- Social media (Twitter, Discord, Instagram, TikTok)
- PR and media outreach
- Paid advertising (Google, Facebook, Reddit, etc.)
- Community building (AMAs, giveaways, collaborations)
- Influencer marketing
Use a mix of organic and paid strategies across channels your target audience engages with.
Build hype
Generating excitement around your NFT drop is key.
Tease details about the project on social media, share sneak peeks of the artwork or collectibles, and start building an email list of interested collectors.
This hype will drive demand on the actual launch day.
While the hype is important, your NFTs still need to be high quality and valuable to buyers.
Choose the right marketplace.
The NFT marketplace you list can make or break your launch.
Consider options like OpenSea, Rarible, or Foundation, and determine which platform’s audience and features best fit your NFT collection.
Listing on a reputable marketplace builds credibility and exposes you to serious collectors.
Don’t ignore your community.
NFT collectors want to feel like they’re part of an exclusive club.
Engage with your buyers, build personal connections, and provide them special perks or early access to future drops.
A strong community will drive repeat customers and word-of-mouth promotion.
Promote on social media.
Leverage platforms like Twitter, Instagram, TikTok, and YouTube to spread the word about your NFT collection.
Post teasers, announcements, behind-the-scenes content, and spotlights on notable owners.
Engage with influencers and ask them to promote your NFTs to their followers.
Run social media contests and giveaways to increase the buzz.
Paid ads on social media can also help raise awareness and drive traffic to your collection.
Collaborate with influencers
Collaborating with influencers, celebrities, or powerful people is the best strategy to promote your NFTs.
Influencers can help boost your brand or message to reach a wider audience on social media platforms and potentially bring their loyal fans to get interested in your brand which can lead to conversion.
Consider partnering with well-established brands or companies to increase your credibility and reach a broader audience.
Top NFTs Influencers
Set a Mint Price Strategy
Carefully consider your mint pricing strategy based on the popularity and scarcity of your NFT collection.
If demand is high and supply is low, you can set a higher mint price.
For a new collection with an unproven track record, you may need to start with a lower mint price to attract buyers, then raise the price over time as popularity increases.
Monitor the secondary market to see how much your NFTs are reselling for and adjust your mint price accordingly.
According to research shared by NonFungible.com, the average price of NFTs was about $150 per NFT for Q3 2022
Choosing the Right NFT Marketplaces and Platforms
Choosing the right NFT marketplaces and platforms is key to launching your marketing campaign.
With so many options out there, how do you decide?
Focus on major marketplaces first
Places like OpenSea, Rarible, and SuperRare are popular for a reason.
They have huge user bases and see lots of activity.
Getting featured on these platforms can make a big impact.
Top Marketplaces for NFTs
Sell on secondary markets
Most primary sales happen on the NFT marketplace you minted with, but buyers may resell on other secondary markets.
Cross-promote to increase exposure and potential profits.
Pay attention to fees and features
Marketplaces differ in the fees they charge and what they offer creators.
Make sure any platform you choose aligns with your business needs and goals.
Some provide extra promotion tools and analytics that can enhance your marketing.
Don't forget about social platforms
While marketplaces are important, many collectors discover NFTs through social media.
Build a presence on platforms like Twitter, Discord, and Clubhouse.
Engage with your audience, promote new drops, and form connections.
How Major Brands Are Using NFT Marketing Successfully
More and more major brands are experimenting with NFT marketing to connect with customers in new ways.
NFTs offer innovative opportunities for community building, brand storytelling, and customer loyalty and rewards programs.
Nike
Nike made headlines as one of the first big brands to enter the NFT space. They acquired RTFKT, a digital studio that makes virtual shoes and collectibles.
RTFKT and Nike collaborated to create NFT sneakers called “Cryptokicks” that can be used in virtual worlds.
This shows Nike’s forward-thinking vision to meet customers in digital spaces.
NBA Top Shot
For sports fans, seeing a great play happen live is one of the most exciting things that can happen.
The NBA has taken advantage of this love by making NFTs out of great moments.
The NFT collection is called NBA Top Shot, and it has some of the best plays the NBA has ever seen.
Fans can buy NFTs directly on an open market or buy packs with random moments from the NBA's teams, which is similar to buying and selling sports cards.
Since they came out, NBA Top Shot NFTs have been bought by more than 350k people, for a total of $750 million in sales.
Adidas - BAYC Collab
One Adidas' new NFT collection is the product of collaboration with a number of NFT Artists, including Bored Ape Yacht Club.
Where, this Adidas NFT collection is sold for 0.2 Ethereum or about 812 USD, which is equivalent to IDR 11.1 million when converted.
Adidas released 30,000 NFT collections, which were quickly sold out, making a total of 23 million USD.
Taco Bell
Taco Bell issued a collection of 5,000 limited-edition NFT tacos on the WAX blockchain.
The NFTs feature unique taco designs and come with the chance to win real tacos for a year.
This campaign built buzz and excitement, with all NFTs selling out quickly.
It’s a prime example of using NFTs for promotions, giveaways, and customer rewards.
Charmin
Yes, even toilet paper brands are getting in on NFTs! Charmin issued an NFT collection called “NFT(P)s” or Non-Flushable Toilet Paper.
Each NFT features an animated toilet paper square.
While a bit silly, the campaign shows how NFTs can be used creatively for brand storytelling and to spread social chatter.
Introducing NFT(P) by Charmin.🎨
— Charmin (@Charmin) March 17, 2021
Sometimes a better bathroom experience goes beyond the seat, that’s why were rolling out the first-ever NFT art by a toilet paper brand!
Bid on the digital art using the link below. All proceeds donated to @directrelief!https://t.co/hZkNwEWbDG pic.twitter.com/uJgWtPQDvy
Arizona Iced Tea
Arizona Iced Tea partnered with Nifty Gateway to sell 99 cent NFTs, staying true to their affordable brand image.
The NFTs feature unique can designs and the brand’s classic esthetic. Arizona built hype by promoting the drop on social media, and all NFTs sold out instantly.
The campaign strengthened brand loyalty by offering customers a chance to own a digital collectible.
Final thought
NFT marketing offers innovative ways for brands to build communities, enhance customer experiences, increase brand awareness and drive revenue.
As more big brands follow suit, NFT marketing will likely become an important strategy for businesses to remain competitive.
The key is finding a strategic angle that aligns with your brand story and values.
With Sanka automation tool, you can connect social media and NFT data, build and manage web3 communities, and streamline workflows, all effortlessly, all in one place.
