Marketing NFTs – How to Make People Believe NFTs are Here to Stay?

 

NFTs or Non-fungible Tokens are emerging since 2017, as cryptocurrencies have shown how can blockchain technology be leveraged to real-world applications. As NFTs started coming out as artforms and digital stickers, many people thought NFTs were a scam and just another means of wasting money for something you could not even touch. But, these claims came without even a basic understanding of what NFTs are and how they can be diligently applied across the web, with some people calling blockchains a part of Web3. If you are into marketing and are still wondering about taking up NFT marketing, this blog can give you some valuable insights.

A Bit More on These Fancy NFTs

Non-fungible Tokens (NFTs) are tokens with unique value and can represent ownership and authenticity of an asset. Blockchain stored these NFTs. On the other hand, fiat currency and cryptocurrency are fungible. That is you can exchange one with another and you will still have the same monetary value. 

• Such a nature where authenticity can be easily proved without any third-party intervention made NFTs popular among creators – particularly artists. 
• That is also why people with a lot of money head into buying art NFTs for whooping sums, as they can brag about being the owner of original artwork, with the blockchain entry supporting their claim – which is more than a screenshot.
• Most technological giants have sensed the numerous abilities of blockchain technology as they have started delving into the world of NFTs in one form or the other.
• The human nature of expressing whom they are by boasting would be enough for the NFT stage to be set and rule the world. This can be affirmed by looking at how social media has performed in expressing peoples’ possessions.

Important Cases to Consider If You are Marketing NFTs

If you are marketing your NFTs, then there are some cases where you can apply enough context to make them noticeable to the world. Some of the most useful points are in below :

Minting Out NFTs

The process of creating the NFT tokens from the digital form of the work is referring as minting. Multiple brands have already jumped into NFTs through dropping a few of them and more are planning to set foot soon. Dropping NFTs for brands means that they have a buzz around social media enough to capture the required attention. Also, as NFTs minted are low in number to ensure scarcity. Their prices will go up if the hype is high enough and possessing that particular token gives some premium utilities or rights. 

Some NFT marketplaces even allow the creators to earn compensation for every resale as information on the blockchain. This makes things more interesting and creators might just love the feature.

Forming an NFT Community

A community is needed to create hype for your minted tokens and for NFT marketers, such a community is a powerful tool in itself. As people worldwide strive to make an internet without marketing cookies. Reaching out to people like the current ways would not be affordable in a few years. NFTs offer the provision to create communities where we can advertise. Thus even build a new mailing list for bigger brands.

Offering Utility for NFTs

As the world of NFTs is growing tremendously. There are many businesses and brands that offer benefits added with their NFTs. These can include but are not limited to owning a physical form of the NFT.  Being a part of an exclusive club alongside celebrities, getting access to premium content, and even gaming traits and attributes in some NFT-based games.

Utilizing Smart Contracts

Even though NFTs are explicit just as digital art collectibles, the future of blockchain technology promises a lot more. Smart contracts are one of the many blockchain applications that would potentially revolutionize the legal domain. 

For example, a smart contract issued for a house makes it easy both for the buyer and the seller. it is done without the need for legal intervention from a third party and associated fees. Also, such smart contracts ensure that it is impossible to create counterfeit contracts, as everything is recorded on the blockchain and any such attempt will be caught red-handed.

Supporting Creators

With proof for creation present forever in the blockchain, it is time for creators to popularize. The advent of NFTs would recognize and compensate the original creators of any artform. It can be as simple as an example of a meme creator. With the current technological limitation, it is very tough to recognize for smaller creators.  While their works would go viral on another bigger page, albeit without any credits. With non-fungible tokens, even if one has to repost the meme, they have to buy it before getting ownership rights. Any resale could potentially earn royalties for the original creator.

Advertising in the Future

With the tech giant Google announcing that they will phase out third-party cookies by 2023.  It would be shocking for digital marketers who had an easy treasury of data within clicks. Also, blockchain technology is the main backing mechanism behind Web3. Thus aimed at privacy, advertisers need to employ new methods to reach out. Those in NFT marketing have some of it already. NFT marketers have utilized Twitter, Telegram, Discord, Reddit, and Clubhouse to a great extent while involving themselves in online community portals focused on NFTs and cryptocurrencies.

What can I do as an NFT Marketer?

As NFTs are slowly gaining traction to captivate the mainstream public. So marketers have a huge role in educating and promoting NFTs, just like they did for smartphones. As a marketer dealing with NFT products, it is important to note that more people look for utility-based NFTs. Compare to those which give you only ownership rights. Also, marketing NFTs as a strategy to upcoming creators is an important facet. It is creating new clients for your marketing campaign and experimenting a lot more on advertising for NFTs.