Non-fungible tokens (NFTs) are all the buzz these days, and with good reason. These money-not-money tokens have brought more than a brand new acronym to the scene. And they’re also more than a passing fad.
NFTs are here to stay. And they have far more utility than you may realize, especially when it comes to NFT advertising. That said, they also remain among the most misunderstood assets in the blockchain world.
Of course, there’s a good reason for this. Not only are NFTs unfamiliar to most, but they remain on the fringes of the mainstream. That’s where an NFT advertising campaign can help you gain greater brand recognition.
Here’s what you need to know about NFT advertising strategy and how to make it work for your business.
NFT Advertising 101
As NFT tokens continue to become more popular, NFT marketing will also grow. This shouldn’t surprise you since this is an area of incredible potential. After all, NFT tech lets users design, exchange, and sell a wide variety of assets, including game artifacts and art objects.
For this reason, NFT platforms attract a wide variety of individuals, including developers, artists, and projects. Of course, you’ll also find plenty of traders and collectors attracted to these sites.
To give you an idea of how much NFT platforms have grown in recent months, consider this. In January 2021 alone, the NFT market on Ethereum expanded ten times. This rapid expansion translates into plenty of possibilities for brand promotion.
Many brands are already taking advantage of an NFT marketing strategy. For example, Pizza Hut Canada recently created and sold an NFT pizza via the crypto marketplace and platform, Rarible. This one slice of NFT sold for $8,824 while promoting Pizza Hut’s four new pizza recipes.
But Pizza Hut isn’t the only brand that’s gotten in on the action. For example, Taco Bell sold a “Swivel Taco” NFT for a whopping $187,000. And Charmin brought in $1,822.21 for a roll of “NFTP.”
What can you do to take advantage of an NFT strategy to promote your brand? You’ll need fortitude when it comes to experimenting. But to be successful requires discernment and the ability to know when a branded NFT concept does and doesn’t make sense.
You’ll also need to bear in mind how NFTs are evolving. At the moment, they’re still largely considered an advertising gimmick used to garner headlines and enhance social media engagement.
For this reason, brands that do best with NFTs prove most plugged into internet culture and social media channels such as Twitter. But this will change over time.
As the “hype” associated with NFTs goes away, and they become more mainstream, buyers will continue to gravitate towards collectible assets rather than tokens for speculative reasons. As this shift occurs, NFTs will become an increasingly effective brand-building resource.
Strategies for NFT Marketing
What does an effective NFT advertising strategy look like? It requires a phenomenal marketing strategy involving the following steps:
- Idea generation
- Education of your customer
- Understanding your brand’s target
Let’s take a closer look at each of these steps and how they can ensure your NFT marketing success.
What’s your top priority when developing an NFT advertising strategy? Begin by developing knowledge of your product.
Doing this will involve mapping analytics with a focus on delivering what customers want. In other words, no matter how creative the NFT world proves, you’ll need a solid understanding of what your customers want and how to deliver it in a collectible emblematic of your brand.
Education of Your Customer
Education is at the core of advertising. It can attract customers to the innovative features of your products. For this reason, educating customers should always remain a vital part of your marketing strategy.
When you educate your customers, you also have the opportunity to elaborate on features and concepts associated with the products and technology that your brand delivers.
When prospects and customers understand your products and how your NFT advertising relates to them, you’ll be better positioned to make a splash.
Understanding Your Brand’s Target
Of course, your NFT marketing efforts won’t go very far unless you have a thorough understanding of your brand’s target. Like other advertising efforts such as influencer marketing and PPC ads, you must appeal to your ideal demographic.
Otherwise, your campaigns may never reach the right audience. You’ll also need to have a thorough grasp of what the NFT marketing looks like. That way, you can make an educated decision about whether your target audience will be interested in a proposed NFT in the first place.
Finding the Right NFT Advertising Strategy
If you’re a company that appeals to the same demographic as NFTs, then now’s the best time to get on board with NFT advertising. Not only can you still get in on the ground floor of this rapidly expanding technology, but you also stand to make money on NFT sales.
To achieve success, you’ll need to clearly define a concept and how to implement it. You’ll also need enough familiarity with the NFT market to decide whether a concept makes sense in the first place.
And any campaigns you launch must ultimately target your ideal audience. Otherwise, what’s the point?
Are you looking for proven ways to make your crypto brand go viral? If so, you’ve likely noticed a steady increase in competition over the last handful of years.
Instead of losing your footing in the market, it’s time to enlist the help of experts who can help you grow brand awareness and customer loyalty with various strategies, including NFT marketing. Learn more about our services and how we can help you.
Want to learn about NFT Marketing? Check out Coinbound’s Founder, Ty Smith’s recent Crypto Marketing Podcast episode on NFT Influencer Marketing.
Wrapping Up: The Best NFT Advertising Strategies
There are many NFT strategies and an agency like Coinbound has worked with some of the biggest crypto companies in the space and have years of experience working with every type of crypto project including exchanges, DeFi and casinos.
Are you looking for NFT marketing services? Reach out to Coinbound, the leading cryptocurrency marketing agency. Coinbound has helped grow top crypto brands like Cosmos, eToro, ShapeShift, OKEx, CoinStats, and more via influencers, community management, publishers, PPC, and SEO.