What are NFTs?
Before we discuss NFT marketing let’s establish exactly what an NFT is! As described by Investopia a NFT (Non-Fungible Token) is “a cryptographic asset on a blockchain with unique identification codes and metadata that distinguish them from each other”. The current NFT marketing is largely centered around the notion of collectibles in the form of digital artwork, sport cards and rarities.
What is NFT marketing?
Simply put, in the same way goods and services are sold by a business and require a marketing strategy to get awareness so do NFTs. NFT marketing is a little more niche in terms of the specific tactics, channels and platforms required to promote your NFT.
NFT marketplaces, blockchain communities, and social media platforms are where you will reach potential buyers interested in your crypto art.
How will NFTs affect the marketing industry?
A couple of years ago, Non-fungible tokens (NFTs) were just future gazing. These unique, non-interchangeable units of data that have a piece of identifying information making them distinguishable from all other tokens, fell into the crypto category and had previously been used under the radar, with data being untraceable.
However, with the emergence of Web3 and the Metaverse, over the past year, these one-of-a-kind assets are now becoming a popular tool.
If you’re new to this topic, then one of the best places to see examples is through the gaming industry with companies using NFTs to let players create and own unique game skins. In some games, such as Minecraft, players can also earn NFTs which can then be traded in for cryptocurrency.
And other industries have also taken this onboard. This includes CryptoArt – crypto-themed pieces that tie blockchain into their cultural, political, economic topics and are sold at great value. Musicians are also using these to add exclusive content to new and re-released albums, with Akon, Eminem, DJ Steve Aoki, and Shawn Mendes all taking up this tech.
But what does this mean for marketing and brands? And how can they get a piece of the action?
Let’s look at the brands that are already using NFTs in marketing
Starbucks
Starbucks has been working on bringing in this technology since September this year. It’s new programme gives its Starbucks Rewards members and employees the opportunity to earn and purchase digital collectible NFT assets that unlock access to new benefits and immersive coffee experiences, while creating a digital community that will enable new ways to engage with its members and partners.
Nike
Nike’s clever inroads into the NFT market comes in the form of its Cryptokicks programme. This uses an NFT that ties to a physical purchase. When customers by a pair of physical trainers, they get the digital version as well, and this is sold on if the trainers are. Taking this further, the sports company also lets its shoppers splice trainers together, giving a unique pair of digital trainers unavailable anywhere else.
Charmin
Even toilet paper brands are embracing this technology. In March 2021 Charmin launched their digital toilet paper. Going by the branding of “NFTP,” – “Non-fungible Toilet Paper,” the new collection takes NFTs into the charity sector, with this company using them to raise money for the the Direct Relief charity, with 5 designs that donate to the cause.
Budweiser
This beer brand has just released a limited number of “Budverse x FIFA World Cup™ digital collectibles. “Stored on the Ethereum blockchain, these NFTs that can be traded and exchanged online, for a topical and unique way to commemorate this year’s World Cup.
How can businesses embrace NFTs into their marketing?
Like with any piece of marketing, these NFTs should form part of a strategy, offering consumers a unique way to get into this space.
Hosting an event and want to give your customers a unique take home while also being able to create follow ups? Consider gifting a unique NFT on the day of the event. Once these have been downloaded into a consumer’s wallet, these can then be used to offer exclusive access to VIP events, discounts and much more.
These could also be used for loyalty programmes – taking an example from Starbucks. Once data has been collected the marketing possibilities are endless.
How to market NFTs
Of course, without the correct marketing, building these into your brand could be deemed as pointless. So how do you create a successful marketing strategy? The fundamentals are of course, the same as you would any other part of your business.
Social media NFT strategies
Let’s first focus on social media NFT strategies, which include both paid and organic posts. However, it’s also worth looking a little bit deeper and creating crypto communities to create a buzz around your NFT offerings. Here you can leverage competitions, live stream NFT events and share exclusive news.
NFT SEO
Next, it’s time to review NFT SEO that will help build your NFT visibility on search engines. Some top tips here include researching keywords that should be implemented into your website to build up higher web rankings, blog pages to increase traffic and keyword inclusion and links that will boost your authority. A regular site audit with these in mind will also ensure you remain top of the ranks and people’s minds.
Launchpads
Look at launchpads. If you’re new to the world of NFTs then let us explain. These are communities for artists, creators, and organisations to mint or release their projects.
Some of the most used launchpads are:
With these small NFT marketing tips you can really push this piece of marketing to the next level.
Want more info on NFTs and Web3. Give us a shout and see how we can help you – Contact – OnBrand
