The popularity of NFTs has soared over the last 12 months. Search volume in Google has increased 100x since December 2020 while trading volume reached $2.8b in the last 30 days on NFT marketplace OpenSea.org.
But what exactly are NFTs, what makes them so popular and how can you promote your own NFT token?
An NFT (Non-Fungible Token) is a unique and non-interchangeable token that is recorded on the blockchain. Unlike fungible cryptocurrencies such as Bitcoin, which can be traded like for like, NFTs are 100% unique and can be used to verify the digital ownership of real-life assets.
Another way to think of NFTs are as digital tokens or certificates of authenticity that are immutably stored on the blockchain. No more worrying about paper receipts or provenance, everything is stored digitally.
While NFTs have been around for a while, they’re becoming increasingly popular due to the widespread adoption and usage by major brands and companies.
This includes leading European Football clubs such as Barcelona FC using NFTs as Fan Tokens, consumer brands such as Nike (CryptoKicks), Coca Cola, Taco Bell and even US sports leagues such as the MLB and the NBA, which has sold over $700m in digital NBA highlight clips rights via NBA TopShot.
Major developments in the NFT marketplace ecosystem have also helped increase the value and demand of NFTs. Credibility was also boosted earlier this year when auction house Christies hosted the most expensive sale of an NFT for $69m.
The fact that the majority of NFTs are launched on the Ethereum blockchain also helps explain how its market cap has continually hit new highs in 2021.
And the demand and awareness for NFTs is only going to increase as major consumer brands launch their own NFTs (increasing the supply) as well the launch of new NFT marketplaces (increasing the demand).
This includes TikTok (which took out a full page ad promoting NFTs in the back cover of the New York Times earlier this month), as well as Coinbase and eToro, which will soon be launching their own NFT marketplaces. That’s in addition to Crypto.com and Binance of course, which already list NFTs on their site.
How can you promote your own NFT token?
There are a number of ways with which you can promote your own NFT token depending on your budget, goals, target audience, popularity of the project and how much time you have on your hands.
A number of popular ways to promote your NFT include:
– NFT marketplaces and listings (you can find the biggest on DappRadar)
– Outreach to bloggers and influencers
– Hire a specialist marketer on Upwork or PR agency (e.g. CryptoPR.com)
– Promote your project on Twitter/Instagram/Social Media
– Share and discuss your project on crypto communities on Telegram, Quroa, Reddit and Discord
– Promote your project on NFT platforms such as Crypto.com, Binance, Rarity.tools, NFTHunters and Superrare.com
– Conduct interviews and Q and As with your audience
– Spend money on shilling campaigns (to pump your token)
– Share press releases with popular media outlets
– Airdrops and free giveaways for your NFT
– Build a community and website around your NFT project
– Celebrity endorsements
In terms of the best performing channels to promote your NFT we’ve generally found paying influencers and launching crypto shilling campaigns on Twitter/Telegram to be the most successful. It’s all about marketing to your target audience and the majority of enthusiastic crypto fans can be best found on Telegram/Discord communities.
However, even then it can take a lot of trial and error to find the best performing influencers, which is why hiring a specialised agency can save you a lot of time and money.
Another thing to consider is do people have a reason to invest in your NFTs? What’s your background? How easily can I buy your NFT? Have you had success creating NFTs before? Does your NFT provide any ongoing use or support (e.g. a Fan token or other benefits). Are you backed by any big names? Does your NFT have a unique story that you can successfully pitch to media outlets?
All of these things are critical to your success and should influence your ideal marketing strategy.
NFTs have an extremely bright future ahead of them and show the potential that blockchain technology can bring into the consumer and the collectibles market.
Promoting your own NFT in a nascent, crowded marketplace can be confusing, difficult and even expensive. If you’re looking to promote your own NFT, at CryptoPR.com we provide a full range of services in order to help you get started.