The decentralised finance (DeFi) industry is super confusing, there hasn’t been anything like it before, many of us are freaking out Black Mirror style and there are no real regulations in place at the moment. Nevertheless, NFTs offer a strong proof-of-concept for the transaction of digital goods. It’s crucial to understand that NFTs are a key contender as the optimal currency for the metaverse.
Before we get into the nitty gritty, if you’re still unfamiliar with NFTs and the metaverse we recommend checking out our other articles first which clearly outline these hot topics.
When it comes to marketing your NFTs there are a couple routes you can go down.
Build a Community
If you’ve read about NFTs you have probably heard about Discord and Twitter being hotspots for building a community and gaining knowledge on how to market and sell your NFTs. NFTs are a product and thus it’s crucial for an NFT project to build a community where people can interact with you and stay up-to-date on your project’s progress. The first step is creating a dedicated place for your investors and users to stay in touch. Crypto investors regularly check Twitter, Reddit, Discord and other social media platforms for quick updates and tips about the market. Your brand can gain the audience’s attention and easily engage with them by having an effective social media strategy.
Most popular on Twitter, giveaways are a way to increase your NFT project’s brand awareness and familiarise the audience with your unique offering. NFT giveaways also can assist in increasing signups for NFT marketplaces by requiring users to sign up in order to claim the NFT. This also could be a requirement for users to participate in the giveaway by having a profile on your NFT marketplace. This is very similar to Instagram contests where users must follow an account and like the post in order to be entered.
There are influencers for everything and in this case, crypto influencers will prove most helpful. For the DeFi industry, this is something you may want to incorporate in your NFT marketing strategy since there are a number of people with concerns as mentioned above. If people are unfamiliar with your NFT project, tapping into this level of credibility can assist in converting users. Influencers and press have the ability to drive social influence and even normative influence to the prospective audience. By incorporating influencers and generating some press around your NFT project, you can lower the barriers to trial. One example of this is Snoop Dog’s NFT which achieved bids as high as $108,000!
There is competition in every industry, getting a product to show up on the first page of Google for relevant keywords is key for any business’s growth. With more NFTs becoming available, artists and creators will need to get their product in front of their ideal target audience. If an NFT project is utilised for buying and selling NFTs, retaining liquidity through adequate trading volumes is important for users to sell their NFT’s without undergoing a long waiting period. One NFT marketing strategy is having a strong SEO strategy for your NFT project and targeting keywords commonly used by your target audience.