NFT projects are popping up faster than you can say “What’s an NFT?”, and there is already a huge disparity between those that are quick burns and others that are set for success. NFTs are in a bear market right now, so whether you’ve put your project on hold or are about to launch, here are five key factors to consider when marketing to the (bullish) masses.
1. *Really* define your roadmap
Consider your goals as your key messages. If you don’t know what you’re setting up a project for, then why do it? You need to be clear about the value you’re bringing, so that people can actually invest in something they believe in. The days of vague roadmaps (e,g, “When we sell X amount we’ll buy land in the metaverse”) without true clear value are already behind us; audiences are far more savvy about seeking NFT projects with purpose (i.e. utility), so ensure you’re clear about your offering so that audiences build the confidence to invest in your idea.
2. Show up
With the right marketing strategy your project can take off quickly, especially if you’re using a platforms like Discord or Reddit to communicate with your audience, as conversations move particularly quickly. We’ve already seen so many projects drop in audience sentiment and momentum because of a lack of moderators and social community managers to respond to queries quickly, or from a lack of clear communication on various channels. Show up regularly and keep being clear about the project goals and the value props so that your audience feels like it’s a worthy investment – and will convince others to feel the same.
3. Focus on digital marketing channels
Naturally your marketing strategy will differ slightly from other products and services in that all of it will be online. Your NFT strategy should start with building awareness on social channels, driving traffic to a dedicated project website. While Discord and Reddit are popular channels to build niche communities, your best bet is to promote where your existing community already is, be that Instagram, Facebook (including Groups such as Official NFT Marketplace, TikTok or a combination of all.
Interestingly, Twitter is enjoying a renaissance as a key channel for NFT marketing, for those who would like their projects to be exposed to the wider community of NFT and cryppo/metaverse enthusiasts. Twitter Spaces in particular is a great way to network with other NFT project teams via drop-in, live audio discussions, which present a chance to talk about your roadmap and build curiousity and awareness.
That said, some projects are still finding success with traditional forms of PR and marketing. Last year Sneaky Vampires and the Galactic Geckos social club project hired billboard space in Times Square to build awareness. Earlier this year, Australian artist Mulga created banners and a mural along Pitt St Mall in Sydney to promote his MulgaKongz NFT project.
4. Treat your community as your project ambassadors
Influencer marketing in the NFT space is still tricky territory. Don’t be tempted to seek out influencers with huge followings simply to build awareness – tapping into their huge audiences doesn’t necessarily guarantee that your project is going to resonate, so any success is short-lived. For long-term growth that sees increased community interest investment it’s best to seek out influencers with smaller followings comprising more people with the right buying persona. Where better to start that in your own community? Don’t underestimate the power of referrals – be clear and consistent in sharing the long-term goals of your project, how much you value the community and invite them to share ideas and feel a valued part of the projects evolution. If your community feels valued and that yours is a project they really want to be a part of they are more likely to share it with their own networks of similarly minded people.
Another great tactic is to collaborate with other NFT projects. The space is still in its infancy and collaboration with another project – be it joint live streams, discounted mint prices or exclusive access to community channels – is a great way to boost both projects among a highly engaged audience.
5. Slow and steady growth for maximum success
Most projects are in their early days of detailed roadmapping, so it’s important to be aware that community growth will be slow as savvy NFT buyers spend time learning about your project and the long-term value. Slower growth will also keep your community small so that you can manage communication and community management more easily and build up resources as required. It may also be worth considering a closed Discord server or private Facebook Group to slow community growth – and build intrigue!
Are you keen to explore how NFTs could grow your business? Get in touch with our team today!