Whether you’re an artist, individual investor or a collection group, there’s value in knowing how to market NFTs so that more people understand the value in this new commodity. And, more accurately, why your NFTs are more valuable than the next.
If you work in the rapidly growing industry of NFTs, this blog will give you examples and strategies for marketing your collection.
While on the flip side, if you’re someone who hears words like ‘crypto’ and instinctively recoils, but you work for a marketing agency, then this blog will also give you an opportunity to learn the basics of NFTs so that you’re able to serve clients within this flourishing field.
What Are NFTs?
These days, it may feel like NFTs are at the center of the zeitgeist— but still, many of us don’t actually understand what NFTs are, and maybe are too embarrassed to admit it. Fear not, because it’s really not as complicated as you might think.
NFT stands for non-fungible token, and it’s associated with a particular digital or physical asset. The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. What this means, more simply, is that NFTs can be anything digital— such as drawings, music, and even funny tweets. People buy and sell digital original copies of something online for sometimes millions of dollars at a time.
What Gives An NFT Value?
An NFT has value because the buyer and their community believe it has value—which is true for all art and collectibles. And as time goes by, an NFT gains more of its own character, based on factors like who’s owned it and how they’ve used it.
How Do You Market NFTs?
Without understanding what NFTs are, and what their traders and owners find valuable, NFTs can be difficult to market. This goes without saying: after all, how well can you market something you don’t understand?
That’s why the best first-step NFT marketers should take is to understand the basics of NFTs and communicate what’s appealing about them to the right audience.
Again, marketing NFTs is no easy feat, because unlike apparel or beauty products, their value isn’t so straightforward.
Really, their value is determined by nothing else than people’s perception. With that being said, this means that the right marketing approach can play a really powerful role. When it comes to NFTs, perception is everything— which means marketing is everything.
Experiential Marketing For NFTs
Because NFTs are commodities that exist in the digital space, a great way to market NFTs is with an in-person experience that makes a digital asset tangible in real life. At this year’s NFT.NYC Conference, Food Truck Promotions partnered with NFT investment firms and collection groups to promote their digital art in an immersive and interactive way, which brought awareness around these NFTs and drove up their value.
Experiential marketing is a great approach to marketing NFTs because it allows people to associate an experience with the commodity that they’re thinking of purchasing.
Examples of Marketing NFTs With Experiential Marketing
Below are some examples of NFT marketing that Food Truck Promotions has taken on this year!
1. Sneaky Vampire Syndicate
Sneaky Vampire Syndicate is a collection of 8,888 unique Sneaky Vampires, 12,345 Sneaky Vampiresses and Sneaky Bats by Bored Ape Yacht Club Artist Migwashere. Using MetaMask, Coinbase, WalletConnect, or Fortmatic, you can purchase the spooky and fun digital art pieces.
To get the word out about their collection, Sneaky Vampire partnered with us to have a food truck branded just outside the NFT.NYC conference in Times Square, where they could effectively reach their collectors, and bring awareness to a high-volume of potential buyers.
Serving complimentary tacos, the truck engaged face-to-face with hundreds of collectors and garnered thousands of impressions. We even branded a QR code on the truck that took people straight to Sneaky Vampire’s collection in a few clicks!
2. Menches Bros
Similarly to Sneaky Vampire, we partnered with Menches Bros and Metaversal at the NFT.NYC to celebrate burger history— twice. Menches Bros is accredited with creating the first-ever burger back in 1885, and this year, the company took their Mainstreet Burgers to the Metaverse with lil Mench NFTs.
The company handed out burgers following their famous recipe from a flashy red branded truck right in the midst of the NFT.NYC conference.
3. Bored Ape Yacht Club
Last but not least, Food Truck Promotions used our company’s experiential marketing expertise to help promote three collections from the famous Bored Ape Yacht Club. For those of you who are not familiar with NFTs at all, BAYC might be some of the most notable NFTs that even you recognize!
Partnering with Bored Taco, Dr. Bombayse, and BorednHungry, we lined up three food trucks at Pier 17, offering three different cuisines for BAYC holders: tacos, burgers, and ice cream.
How Brands Leverage NFTs for Marketing
At the same time, it’s not just marketing NFTs that is valuable— it’s also using NFTs to market a certain product, service, or company. Many businesses and brands have found that NFTs and crypto as a whole are a great way to expand their marketing strategy.
3 Examples of Brands Using NFTs For Better Marketing Results
1. Coachella Music & Arts Festival and the NFT Blooming Flower
This year, in addition to quintessential Coachella features from years past, a specific attraction caught the attention of the festival-goers: NFTs. The festival offered all paying participants an NFT digital image of a flower that bloomed on the two Fridays of the festival. This brought the real-life experience of Coachella into the digital space.
Coachella 2022 also brought other technologies, like Metaverse and cashless payment, to mix up in-person experiences with virtual marketing, and it became a good example of the importance of engagement Marketing in the post-pandemic era.
2. NFTs as Event Tickets
Some companies realized the attraction of their consumers towards collectibles from their brands and decided to join the passion of collectors of physical items to the world of NFTs.
In order to provide the experience of collecting tickets from their consumers, some brands have already decided to launch their tickets in a fully digital version. This is the case of the NFL franchise, which decided to turn tickets from its biggest annual event, the Super Bowl, into collectible NFTs.
3. NFTs as digital merchandise
Last March, the virtual platform Decentraland held its first fashion show, creating a completely virtual and immersive Fashion Week. Brands such as Dolce & Gabanna, Tommy Hilfiger, Forever 21 and Paco Rabanne walked the runway at fashion week, and the platform generated fan engagement, opened new precedents for fashion shows and ways of approaching the public. In addition to the experience of participating in a fashion show, the event also sold NFTs of clothing and accessories from the brands present in the shows.
Potential Drawbacks and Cons of Branded NFT Marketing
With all the positives and exciting opportunities that NFTs can offer, it’s equally as important to know the potential drawbacks of NFT marketing Here a couple you should look out for:
It may come as a surprise, but NFTs are at least partially responsible for the millions of tons of planet-heating carbon dioxide emissions generated by the cryptocurrencies used to buy and sell them.
Like mentioned before, NFTs don’t have any intrinsic value; their value is contingent on public perception, which means that their value can be volatile.
Whether you’re marketing NFTs, or you’re using NFTs to bolster your marketing, we hope we could provide you some useful insight into this growing industry.
NFTs are a relatively new commodity, but they have taken the world by storm which makes them opportunous for all kinds of businesses. Contact us if you’re interested in marketing NFTs or using NFTs to expand your marketing!
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