NFT Strategy: Everything You Need to Know to Get Started

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NFTs (Non-Fungible Tokens) sell for millions of dollars and, as such, they have attracted the attention of investors, art lovers, gamers and tech enthusiasts from all over the world. Now everyone wants to own an NFT. However, not all NFTs fetch a high value.

The price that your non-fungible token gets depends on your NFT marketing strategy, which is created by NFT experts who build a community of users in the digital space, reap numerous influencers, leverage content marketing, and use social media to encourage more bids. Higher bids lead to a better NFT selling price.

In addition to going over the the pros and cons of NFTs and providing a few examples, this guide will take you through the entire process of listing your NFT on the marketplace, and marketing your NFT to attract the attention of art enthusiasts and NFT buyers.


TABLE OF CONTENTS: ↓


A Few Examples of NFTs

A non-fungible token (NFT) is a unique digital asset that acts as a certificate of ownership for virtual or physical assets like photos, videos, Tweets, etc.. Each NFT represents a one-of-a-kind cryptographic item that cannot be interchanged with another and is maintained in a digital ledger called blockchain.

Like any other type of supply and demand, NFT trends will change over time. Let’s take a look at some successful NFTs to spark your curiosity for NFT creation and marketing.

"Everydays. The First 5000 Days" - NFT-Kunst von Beepl versteigert für 69 Mio (Bild: Christies ...

  • A popular animation named Nyan Cat was sold for $590,000:

  • A game called CryptoKitties allowed users to trade and sell virtual kittens. The below kitten named Dragon from the game was sold on the platform for $172,000:
  • Beeple once again made headlines for his latest NFT, Human One,” that sold for $29 million in late 2021. It’s a life-sized NFT sculpture that the artist will continue to update during his lifetime:

Beeple's Latest NFT 'Human One' Sells for $29M, Artist Plans to 'Enhance the Displayed Artwork' During His Lifetime

NFTs can fetch crazy money! Some NFTs get higher bids, of course, and people are ready to pay considerable sums to own them, while others don’t attract enough buyers.

Check out this 7-minute video Top 9 NFT Projects to Follow in 2022:

Book My Free NFT Marketing Consultation

What Are NFTs Best Used For?

The majority of NFTs are still used to commodify digital art creations, and they are best used to obtain ownership of the work, such as digital art, music files and video games. However, anything can be sold as an NFT. It doesn’t matter if you are an artist, a buyer or a collector; NFTs are for everyone.

If you plan to invest in NFTs, start collecting digital art because some of the top-selling NFTs belong to digital artists like Beeple, Trevor Jones, Pak, Fewocious, Mad Dog Jones, XCopy, 3LAU and others.

The key lies in owning a unique piece of digital art with the highest chance of selling it online.

But don’t just buy any NFT; look at the price history, its popularity, and focus on the trend.

Art that is on-trend or artists who are on-trend are the ones to watch out for. Moreover, some famous NFT creations such as the CryptoPunks are evergreen, so you might also think of buying some of them as they are consistent performers in the NFT market.

A word of caution – an NFT is a risky investment, so if you plan to buy an NFT, only invest the amount of money that you can easily risk.

How much you can earn from an NFT investment depends on how much someone is willing to pay for it. There are no guidelines for it. One can’t guess whether you will be able to sell your NFT at a price higher than what you paid for or whether you would even be able to sell it. Therefore, people who can afford it and are willing to take the risk should invest in NFTs.

Advantages of NFTs:

  • For gaming enthusiasts, art lovers and creative people, NFTs are an additional source of income.
  • Sellers can directly connect with audiences. Therefore, the need for agents and intermediaries is reduced.
  • NFTs give you the power to retain ownership of original artworks or digital collections.
  • If you can buy an NFT at a reasonable price, you can sell it later when the market is high, leading to huge profits.

Disadvantages of NFTs:

  • Most people don’t understand blockchain or NFT. Therefore, the chances of making mistakes and incurring losses are higher.
  • NFTs run on DApps, which are controlled by blockchain. DApp stands for “decentralized application,” meaning that these apps do not run on a central server owned by companies like Google or Facebook. Instead, they run on a peer-to-peer network like Blockchain. Therefore, creating a DApp is time consuming, tricky and costly.
  • Buying and selling NFTs can be risky. People buy an NFT in the hope of selling it at a later time for huge profits, but if the market collapses, they have to bear a huge loss. Hence, trading NFTs is a risky affair similar to the share market. You should play only if you can afford the risk.

Dive Deeper:
* 5 Examples of Brands Using NFTs to Monetize Their Work
* What Are NFTs and How Do They Help Business?
* How Social Tokens Will Change Marketing Forever

Leading Marketplace Platforms for NFTs

There are several specialized marketplaces where artists place their artwork for sale. You can browse NFTs and buy an item of your liking after placing a bid (although some listings allow you to buy outright instead of placing a bid).

These top platforms are the perfect choice to buy and sell NFTs:

1) OpenSea

This is the world’s largest marketplace where you can buy, sell and discover rare digital assets.

Some of the popular categories on OpenSea include digital art, virtual world, and collectibles. You need a digital wallet to create your account and store your digital goods and cryptocurrencies. Some of the famous wallets include MetaMask, Bitski, Fortmatic, Dapper, and Torus.

OpenSea

2) Crypto.com

The NFT marketplace from Crypto.com is a great platform to sell art, items from celebrities (like Snoop Dogg’s “Snoop Dogge Coins”), games, and sports NFTs. You need to register for an account before you can begin the transactions. You are informed about every drop (i.e. event when the NFTs are listed for sale) once you subscribe to the Crypto marketplace.

Crypto.com

3) Rarible

You can create both “single” and “multiple” collectibles via the Rarible platform. Connect your wallet and you can list your collectibles for sale. Just upload your file, put it on sale, enter the price for which the item will be sold instantly, and provide the name, description and properties of your collectible.

Moreover, you can search NFTs by entering the creator’s name, collectible or the collection. The platform also has an active community where fellow members can engage in discussions. 

Rarible

4) SuperRare

SuperRare is a community to discover tokenized digital art. Every transaction made on the platform uses Ether, which is the native cryptocurrency of the Ethereum network. You can sign up for the platform and connect your account with the Ethereum wallet.

However, not all artists are accepted. You must fill out this form to submit your artist profile, and they will send you further instructions on profile creation and acceptance. The platform will be launched for all in the next year. Keep in mind that this marketplace charges a 3% fee for every transaction done on the platform.

SuperRare

5) Enjin

Enjin is a complete platform to get started with NFTs and blockchain technology. The marketplace lets you discover, buy and sell rare digital items, and you can create NFTs and integrate them with your apps, games and websites.

There are around 2.1 billion NFTs on the platform, and more than 800K NFTs have been sold. Moreover, it allows you to trade NFTs using the Enjin wallet. You can easily download the digital wallet on Google Play or App Store.

Enjin

6) KnownOrigin

Powered by Ethereum, KnownOrigin showcases some of the world’s rarest and limited-edition digital artwork. The Gallery showcases rare artwork by world-class artists, and artists can tokenize their art and offers instant remuneration after a sale. Users can easily place bids or buy an NFT at an asking price. Sign up for KnownOrigin using a Portis, WalletConnect or Fortmatic account.

KnownOrigin

7) Mintbase

Mintbase is an easy-to-use platform to create and sell digital assets, and charges a flat 2% commission for every sale. Users need to pay a gas fee, which is the fee paid to the Ethereum blockchain network to move data around. You should mint tokens and create NFTs when the gas price is below 12 Gwei.

The marketplace lets you trade art, tickets, photography and digital arts, and users on this platform are known as “minters”. You can sign up for the platform using the Coinbase wallet. 

Mintbase

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How to List an NFT

Now comes the most exciting part of the article – how to list an NFT and become a millionaire! 😉

Ethereum is the world’s largest NFT ecosystem. You can list an NFT on Ethereum by following these steps:

Step 1: Create an Ethereum Wallet

An Ethereum wallet is like an online bank account. You can store the Ether (or ETH), which is the currency of Ethereum apps, in your digital wallet and use it to buy NFTs. Create a wallet that supports ERC-21.

  • Register on MyEtherWallet (“MEW” for short) to get started. Click on “Create A New Wallet”:

MEW - MyEtherWallet

How to Open a MyEtherWallet in Under 5 Minutes

How to Open a MyEtherWallet in Under 5 Minutes

MEW unlock your wallet

Ether is a cryptocurrency built on the Ethereum blockchain. The wallet lets you manage your Ethereum account easily. Also, there are different types of wallets such as web wallets, mobile wallets, desktop wallets, and physical wallets.

All the wallets function the same way. If you wish to keep your Ether offline, you can choose a physical wallet, or if you want to keep your funds accessible from anywhere, you can create a mobile wallet.

Step 2: Add Money to Your Wallet

Once you have created your wallet, now it’s time to add money to it.

Enter your ETH address that you created in the first step and enter the amount of ETH you wish to purchase. For around $10,000, you can buy just 4 ETH.

Step 3: Create an Account on Any NFT Marketplace and Link Your Wallet

Now you can create an account on any of the NFT marketplaces, as listed earlier in this article. OpenSea and Mintable are highly trusted and popular platforms.

When you create an account on any NFT marketplace, you need to link your wallet with your account.

Step 4: Create Your NFT

Every NFT marketplace has an option to create an NFT. For example, OpenSea has a “Create” button that you can click to submit NFTs:

OpenSea - create

After you click on the Create button, you will see a drop-down menu. Click on “My Collections” and then on “Create New Collection“:

Now you can upload an image for your collection and describe it.

Thereafter, you can click on “Add New Item” and upload your NFT item, which can be an audio, image or 3D model:

Note: Some NFT marketplaces charge money to list your NFTs on their platform. The money is referred to as “gas” and you need to spend more gas if more people list their artwork and interact on the platform. The more traffic congestion, the higher the gas, and vice-versa. You can purchase gas using your Ethereum wallet.

When listing your item, you need to enter the amount for which you are looking to sell your NFT. The price should be in the form of Ether currency.

Make sure the NFT you create is worthy of mass attention! You should have a website, good documentation, and all the necessary technical implementation.

Dive Deeper:
* Top 5 OpenSea Alternatives
* NFT Marketing Agencies: Best Way to Promote Your NFT Project

Book My Free NFT Marketing Consultation

NFT Strategy: How to Market Your NFT Project

People won’t buy your NFT unless you market it extensively. Several NFT marketing agencies offer media PR and influencer marketing to attract buyers.

Communication is the key to manage your audience. For instance, keeping your community informed about the next drop (an “event” when your NFT sale begins) is crucial in order to encourage more bids.

Both social media marketing and content marketing plays a vital role in community building and bid participation. Marketing your NFT well is essential to driving more profits from NFT sales. Community engagement is a necessary part of NFT marketing because your NFT community comprises people who will spread the word about your new NFT and (hopefully!) buy it.

Here are some of the best ways to market your NFT project:

1) Build Your NFT Community

Create an account on platforms such as:

  • BitCoinTalk
  • Telegram
  • Discord
  • LinkedIn
  • Facebook
  • Twitter
  • Instagram
  • Reddit
  • Medium
  • YouTube

Then start sharing informative posts that educate people about the value of NFTs. Since NFTs are still new, you should create educational videos and adopt a storytelling approach to make it easy for people to learn more about non-fungible tokens.

Start participating in relevant discussions and help community members. Your posts, advice and comments should provide value to fellow crypto enthusiasts.

Related Content: Social Media Marketing for Business Owners: How to Get Started in 2022

2) List Your NFT on More Than One Marketplace

You should list your NFTs on more than one marketplace to increase the chances of selling them. Make sure to choose a platform that fits according to the scope of your project. For example, SuperRare is an NFT marketplace for single-edition digital artworks, while Enjin is a marketplace for trading any blockchain assets.

Here are some of the largest marketplaces for NFT:

  • OpenSea – For domains, trading cards, sports, and art collectibles.
  • AtomicMarket – Marketplace for atomic assets.
  • Rarible – For all forms of crypto assets.
  • NBA TopShot – The Official NBA collectibles marketplace.
  • MythMarket – Platform for trading cards.
  • SuperRare – For unique digital artworks.
  • Foundation – For buying and selling digital arts.
  • KnownOrigin – For collecting rare digital artworks.
  • Enjin – For trading blockchain assets.
  • MakersPlace – Marketplace for selling digital creations.

3) Conduct AMA Sessions

To actively engage with the community on different digital platforms, you should hold regular AMA (Ask Me Anything) sessions.

Large Telegram chats and YouTube channels are the top preferred mediums to conduct AMA sessions. You can also offer rewards to community members for participating in the community.

4) Increase Organic Visibility via SEO

You want your NFT to remain visible to audiences browsing for NFT marketplaces or looking to buy a specific NFT in your niche. Often, NFT buyers use search engines to locate the best NFTs to invest in. This is where SEO is so helpful.

Partnering with an SEO agency can get your NFT website ranked higher in the search results, which will lead to more organic traffic for relevant search queries. Traffic improves NFT popularity, and you obtain more bids and, thus, better pricing. A small investment in SEO can go a long way to earn profitable NFT income in the long run.

Related Content: 10 Effective SEO Techniques to Drive Organic Traffic in 2022

5) Get the Help of Influencers

People trust influencers. You can collaborate with niche influencers to spread the word about your NFT on different social media platforms.

When influencers share your NFT details and urge their followers to collect NFTs, you can witness an increase in the number of buyers willing to bid higher to buy your NFT.

Related Content: The Ultimate Guide to Growing Your Business with Influencer Marketing

6) Create Educational Videos

Video marketing is a great way to generate buzz for your NFT. Remember, NFTs are still new and most people don’t know how they work and what profits they could obtain by buying NFTs.

You should create educational videos to target audiences who have little knowledge about the working of non-fungible tokens. It’s important to spread knowledge regarding why your NFT is unique and what benefit the buyers will get after purchasing it. Targeting people from different spheres is an intelligent way to reach more buyers and increase the selling price of your NFT.

Related Content: How to Craft a High Converting Explainer Video

7) Leverage the Power of PR

Your NFT launch should be a grand affair. Press releases are an impressive way to reach out to different media outlets and spread the news about your NFT launch and the news of your NFT launch might get picked by other websites that syndicate content from media outlets. This will enable a better reach for your NFT, and a vast audience will become aware of your NFT marketplace.

8) Run PPC Campaigns 0n Search and Social

Social media and search platforms offer an easy medium to generate relevant inbound leads. You can target people looking to buy NFTs by creating specific landing pages and running PPC ad campaigns on different social and search platforms.

Among the social channels, YouTube, LinkedIn, Facebook and Twitter offer targeted ad placement opportunities. You can also leverage banner advertising and search advertising via Google and Bing Ads.

Related Content: How to Gauge the Success of Your PPC Campaign

9) Build Brand Visibility via Content Marketing

You need to explain your NFT project to your community in simple words. There are so many different forms of content marketing you can use to educate prospects about your product. You can create:

  • Long-form research articles
  • Infographics
  • Long-tail keyword focused blog posts
  • Industry interviews

You can also promote your content on platforms such as Hackernoon, Howtotoken and Cryptopanic, as well as on Pinterest, Reddit, Quora, LinkedIn and others.

Related Content: How to Create a High-Performance Content Marketing Strategy in 2022

10) Use Email Marketing

You have to keep your audience well informed about the latest happenings in your NFT marketplace and email marketing is still one of the best way to do that.

Launch drip email campaigns for every new user, send them welcome emails, inform them about every new sale made on your platform, share details about the next drops, send them educational videos, notify them about different price trends, etc. There are so many different ways you can use email marketing for NFT marketing.

Related Content: SaaS Email Marketing: 12 Best Strategies to Follow

11) Apply Different CRO Strategies  

Conversion Rate Optimization (CRO) is a marketing practice that gets you more sales. If you run an NFT marketplace to list your NFTs on different platforms, make sure to apply CRO techniques to increase the possibility of faster sales.

You should convert the traffic you gain via SEO, PPC, Social Media Marketing, Email Marketing, and other channels. CRO is a great bottom-of-the-funnel marketing strategy to convert visitors into buyers.

Dive Deeper: How to Promote Your NFTs the Right Way

Check out this short Marketing School video with Neil Patel and Eric Siu on Why NFTs Will Impact the Future of Marketing:

Conclusion

As we have laws to protect property ownership, now we have NFTs to prove ownership for digital assets in the virtual world.

Most NFTs run on the Ethereum network. They are the gold rush of the 21st century. As people get more informed, new NFTs will be launched, leading to more competition. In the near future, NFT marketing will be required to push the sales of NFT collectibles and specialized NFT marketing agencies will offer services to grow communities to pump up sales. The change has already started. Will you be participating in this NFT gold rush?

Hopefully you learned how to create your own NFT strategies! But if you just want an expert NFT agency to do it for you, click here.

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