Coachella, Super Bowl, Campbell’s, Dolce & Gabanna, Nike, Gucci, and MAC are just a few brands that successfully used NFT as a marketing strategy. In the bigger picture, the use of NFTs grew by 11,000% in 2021, despite polls suggesting that one in four Americans do not understand NFTs! The mainstream adoption of NFTs has let market researchers develop a strategy to promote and engage like never before. Keep reading to leverage the trending market ideas for your NFT campaign.

What is an NFT?

NFT stands for ‘non-fungible token,’ which refers to a digital asset that exists on a blockchain. NFTs cannot be interchanged, unlike cryptocurrencies like Bitcoin or Ethereum, which are fungible and can be exchanged or traded for one another. Each NFT represents real-world objects like images, videos, music, graphics, in-game assets, and so on. They are bought using cryptocurrencies or fiat currencies and are usually built with the same underlying software as many cryptos. NFTs have existed since 2014, but lately, they have been soaring as a way of buying and selling digital artwork. The concept of NFTs is about holding the ownership of the digital item. Trading an NFT is not only about exchanging value (like in crypto) but also about exchanging ownership from the seller to the buyer.

Related Article: Top 10 Doubts And Questions On NFTs Answered

Some popular NFTs include: “EVERYDAYS: The First 500 Days,” which sold for a record-breaking 69.3 million USD by artist Mike Winklemann popularly known as “Beeple.” Iconic video clips of NBA games sell for up to USD 208K. Essentially, NFTs are physical collectors’ items but digital.

How to create and launch an NFT?

NFTs are not created but “minted” in popular blockchain language. NFTs are usually minted on platforms that also allow their trading. To create an NFT, you basically have to have three things.

Let’s expand on these step-by-step.

Step 1: Purchase Cryptocurrency

Most NFT minting platforms demand a minting fee to create an NFT (though the fee is slowly fading as platforms get more competitive). Platforms demand minting fees mainly to maintain the platform and to handle the computational power needed to mint an NFT. The minting fee should be paid in the cryptocurrency based on the same blockchain as the one in which the NFT will be minted.  

For example, Ethereum is the most famous blockchain for NFTs (the second-largest after Bitcoin). To mint an NFT on Ethereum, you pay the fee as Ether (ETH). Some minting platforms accept multiple cryptos for payments other than the native one of the blockchain you have chosen. Other blockchains besides Ethereum, famous for NFTs, include Solana, Tezos, and Flow. In conclusion, ensure you have the crypto that aligns with the blockchain used to create the NFT. 

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Step 2: You need a Crypto Wallet

Just like regular old wallets for money, you need a crypto wallet to store your cryptocurrencies anytime you purchase. The account where we store cryptos is called a wallet, like a digital bank account. For example, Metamask is a widely used and recommended crypto wallet, especially for beginners looking to buy or sell NFTs. It can be used as a web browser extension or a mobile app. Metamask holds numerous cryptos and is compatible with many NFT marketplaces.

A few other popular and advanced wallets for crypto are:

Step 3: Choose an NFT Platform

There are dozens of NFT platforms to choose from that give a lot of choices regarding your NFT. Explore some platforms and find the one that suits your project the most.

Some of the NFT platforms that standout include:

Most NFT platforms are fairly easy for anyone with sufficient internet experience. Usually, there is no need for special technical knowledge or skills. Once a platform is chosen, you must set up a profile and connect your crypto wallet using your wallet’s key or seed phrase.

Step 4: Upload your Digital Art File

Almost all major NFT platforms have an option labeled “create.” Upload your digital art file in the create option and provide a title and description to mint it as an NFT. Any digital media can be minted as NFTs. If you do not have original works, you can also mint digital arts that are not subject to copyright claims or are allowed for commercial use. You can find images released for commercial use or stock photos on platforms such as Creative Commons, Flickr, Unsplash, or Pexels.

You can modify those images to make them your own by adding value with cartooning, filters, or texts. The front-end of creating an NFT is similar to listing any other product you want to sell online.

Step 5: Describe your NFT

Every platform has different descriptions templates, but generally, just tell the buyers what your digital art is. The descriptions are usually a paragraph or two describing the artwork and, if applicable, about the creators.

Royalties: You will earn 100% of the profit when you first sell your NFT (from the primary marketplace). Further, when someone else owns it and resells it (in the secondary marketplace), you can choose to receive a royalty payment. You can set a percentage, and each time your NFT is sold, you will receive that percentage of the share. 

Step 6: Transfer Copyright

In more advanced options, you get to choose if you want to transfer the copyright of your NFT or not. If you want to delve into more advanced details for your NFT, you’ll find the option to transfer copyright or not when the asset sells. If the copyright is transferred, the buyer can use the artwork as they please. They get the right to reproduce, modify, or use it commercially without your permission. And since you have given up the copyright, you can no longer use the NFT.

Step 7: How do you want to sell the NFT?

Depending on the NFT platform you choose, you will get to sell your NFTs in different ways.

Some of them include:

Related Article: Applications of NFTs in Digital Entertainment

Once the sale model is chosen for your NFT, set it up and choose a price. With this, you can launch your NFTs. You can set the price in fiat currencies or the cryptocurrency of your choice.

How to launch your NFT Campaign?

Now that you have created and launched your NFT, it is time to tell the world about it. Like with any other product, marketing and promotion campaigns are essential for blockchain products, too, especially as NFT projects get more competitive daily. When you conduct NFT campaign projects across marketplaces, blockchain communities, and social media, you reach diverse prospects and deliver timely updates to your target audience. It does not matter how attractive, rare, or special your NFT is; you must have a proper strategy to attract buyers.

Related Article: Initial NFT Offering: How to launch an INO

Down below is a complete marketing checklist to help you launch a highly visible NFT campaign. 

  1. OpenNFT
  2. Gary Vaynerchuk
  3. Ty Smith
  4. Kenn Bosak

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A few ideas to use with influencers are:

How are brands using NFT Campaign for marketing?

Popular brands have realized the power of NFTs in marketing. Soft drinks, chocolate, and cereal brands come up with the gamified idea of physical collectibles in the form of cards, wrappers, bottles, or boxes. The same strategy has been extended to provide digital collectibles. Let’s look at how popular brands are strategizing NFT for marketing.

Friendship Loot Box by Coca Cola

To celebrate international friendship day, Coca-Cola released an NFT called “Friendship Loot Box,” a dynamic pack of four NFTs. The NFTs combined metaverse and real-life loot boxes inspired by video games to deliver a multi-sensory experience.

Related Article: Play to Earn NFT: How Players are making a living with NFTs

In addition to all these, the NFT also had hidden surprises that could be unlocked when opened. Coca-Cola used a significant date in people’s lives to favor its NFT campaign. The brand also conducted a live AMA session (Ask Me Anything). Lucky guests won ‘Mythic’ Coca-Cola wearable t-shirts. They also kept the audience engaged before and during the Friendship Box NFT launch by starting a thread on Twitter. The brand donated the proceeds from the campaign to Special Olympics International.

Sunrise Red Digital Shoe NFT Campaign by Asics

Asics is the first sportswear brand to release its own NFTs. In July of 2021, the brand launched a limited edition digital NFT sneakers collection titled “Sunrise Red.” It also released a “Gold Edition” with digital versions of unique items sold by the Asics. The OBJ files of minted digital shoes were sent to successful bidders. The profits from this campaign were invested back into the digital arts community via the ASICS’ new Digital Goods Artist-In-Residence Program.

Transformative Tacos: Taco Bell‘s

A series of taco-themed NFTs were released through Rarible by Taco Bell to Taco Bell to honor the iconic Mexican dish. Four of the designs were cartoon GIFs. The 25th edition, “Transformative Taco,” sold out in the first half-hour. The first owner of Transformative Taco received a $500 e-gift card. The proceed from this campaign were used to support educational causes.

NFT campaign by Team GM

The Great British Olympic was the first Olympic team to release original NFTs. The NFT collection contains five iconic Gold Medal moments of the team, including the pens from the recent Tokyo Olympics 2020. The historical highlights are made in collaboration with the artist Ben Mosley. The NFTs are released regularly, giving fans more chances to engage with the team and support the athletes. All the earnings from this collection go to the British Olympics Association.

Future of NFT Campaign

Advanced technological innovations such as NFT pave the ways for brands to reinvent themselves in everything from marketing to customer experience. This, combined with the metaverse, has brought out novel ideas for brands to advertise, promote and engage with digital versions of products, marketplaces, and even digital ambassadors. Proving the same, Kinahan, the famous whisky house’s NFT and metaverse projects, have digital ambassadors who participate in campaigns in the metaverse.

Through NFTs, customers get unique digital user experiences embedded with physical benefits. “The virtual and augmented reality could boost the global economy by 1.4 trillion pounds by 2030”, says PwC, and this prediction enhances the possibilities of brands using NFT for marketing. With such a development and widespread adoption, NFTs are becoming the new marketing trend. 

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Rahul A R

Rahul A R is a technologist and full stack developer who specializes...

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