If you’re reading this, you’re probably pretty clued up on crypto already. But for those that don’t know, an NFT (non-fungible token) is a digital asset designed to represent real-life objects like art, music, in-game items, and videos. The term ‘non-fungible’ means an NFT can’t be replicated, so each token is unique. Though they’ve been around since about 2014, NFTs only really entered the mainstream consciousness in 2021 – with everyone from Justin Bieber to Gwyneth Paltrow showing off theirs.
One year on, and NFTs are still growing in popularity – big brands are even jumping on the trend. In January 2022, Adidas and Prada teamed up to launch an NFT project that gave fans the opportunity to contribute their own design work. And fashion isn’t the only industry dipping its toe into the NFT world. Back in February, Lamborghini announced the 360 Lamborghini Aventador NFT collection.
It’s clear that this new subdivision of the blockchain universe isn’t going away anytime soon. So, if you’re looking to burst into the NFT space, we’ve got some tips on getting it right the first time…
Find the gap
Like with all new concepts, you need to identify the gap in the market. NFTs are designed to be unique, after all, and does the world really need another mutant monkey? Spend time researching the market to see where your NFT might sit within the wider space. And if it turns out that another artist has already launched a similar concept, interrogate your idea:
- Do you need to go back to the drawing board completely?
- Can you create something better?
- Could your NFT complement an existing one? From artist to collector, and collector to artist, NFTs are all about spreading positive vibes.
Build a brand
So you’ve come up with a concept. The next step is developing it. Again, this may seem like a given, but one of the key components for creating a successful NFT is the community around it. Sharing ideas, taking on board feedback, and allowing holders of your NFT to have a real stake in your project means they’ll have a vested interest in its success. To foster community engagement, you’ll need to consider:
- The long-term vision of the project – how does it benefit holders?
- A distinctive tone of voice – this makes you recognisable to holders, and catchy phrases help spread the word.
- Utility – creators are increasingly offering rewards for holders, from perks to exclusive memberships.
Strategy, strategy, strategy
Now you’ve built your NFT brand, don’t trip at the first hurdle. Failing to invest in a comprehensive marketing strategy to back your NFT means you run the risk of falling into metaverse obscurity before you’ve even got started. From creating noise right at the beginning to raising the floor post-mint, sustainable growth requires a long-term strategy with the agility to react to the market in real time:
- Discord – remember, community is king! Discord is fast becoming the go-to for NFT communities, so you’ll need a dedicated server for yours.
- Twitter – along with Discord, NFT communities tend to gather on Twitter, with people often having their NFT as their profile picture. Make sure you develop a strong presence on the platform.
- Shilling – once you’ve amassed a following on the two above, it’s time to start shilling your NFT. To the everyman, ‘shilling’ means hyping your project on various platforms to encourage people to invest.
Focus on community
In the NFT sphere, it all comes back to community. It’s not just about art – it’s about building a network that buys into what you’re doing. Put simply, if you recognise the importance of having a loyal, engaged community from the outset, your project is much more likely to take off. We’ve already discussed creating Twitter and Discord accounts to boost engagement, but this is just the beginning:
- Come up with new ways to attract and retain your audience – like giveaways, competitions and polls.
- Be willing to give up your time to answer questions about your project – this could be in a YouTube ‘AMA’ format, or through Twitter Spaces.
- Collaborate – examine the wider sphere to see what other projects your holders are fans of, then reach out to the creators.
Make it accessible
A lot of people tend to switch off at the mention of NFTs, or even just ‘cryptocurrency’, but this is usually due to a lack of understanding. Though you want to reflect the voice of the NFT world while you establish your position in the landscape, remember, newcomers present a huge opportunity for market share. That’s why it’s important to:
- Make it digestible – if you’ve managed to interest people beyond the ‘crypto’ barrier, don’t have them scrolling through endless pages of content. Keep things short and snappy!
- Be exclusive, but not elitist – you want your holders to feel like they’re a part of something truly unique, but this doesn’t mean you should be aloof. Positivity is key!
- Prioritise authenticity – people will see straight through paid-for followers, and bots won’t facilitate real engagement. Spend time building an organic following instead.
Whether you’re new to the NFT space or have been sitting on your concept for a while, we hope we’ve shed some light on what it takes to carve out a strong presence. Ready to get started? Drop us a line here.