During the last bear market, NFT projects flooded onto the market and most were relatively primitive. Most PFP projects lacked genuine communities around them or value in being part of the community, whereas game and metaverse NFTs were entirely tied to speculative usage.
Now, as the market matures, NFT projects or non-Web3 organizations who want to launch an NFT collection, need to be much more tactical in their marketing — conducting data-driven user-research and measuring their marketing campaigns. All these are the building blocks of an updated NFT marketing plan.
While some of the basics remain the same, new developments in Web3 analytics tools have added an element of scientific rigour to the marketing process, which you can integrate with your NFT marketing plan.
1. Identify the target audience
Defining the target audience is a crucial step in creating an effective marketing plan for an NFT collection. It involves understanding who the potential buyers of the NFTs are and tailoring your marketing efforts to their preferences and interests.
For example, if the NFT collection is focused on gaming, the target audience might be gamers and collectors who are interested in gaming-related NFTs. If the NFT collection is based on a popular TV show or movie, the target audience might be fans of that show or movie.
Once the target audience is defined, the marketing plan can be tailored to their preferences and interests. This could involve selecting the right channels to promote the NFTs, creating content that appeals to the target audience, and offering exclusive benefits or perks that appeal to their interests.
**Using a blockchain analytics solution like Footprint, you can also use data to uncover and define your ideal users. **Using filters like trading volume, buying vs. selling, and number of NFTs held, you can narrow down who will receive your marketing campaigns. As an oversimplified example, if you’re launching a penguins-themes PFP, you can research the top holders of a collection of Pudgy Penguins, then airdrop them your NFT or token.
By defining the target audience, the blockchain company startup can ensure that their marketing efforts are focused and effective, and that they are reaching the right people with their NFT collection.
2. Develop a strong brand identity for the NFT marketing plan
Developing a strong brand identity for an NFT collection involves creating a unique and recognizable visual identity. This can be achieved by designing a logo that reflects the values and characteristics of the collection. A good logo should be simple, memorable, and easy to recognize.
In addition to logo design, it’s important to select a color scheme that is consistent with the NFT collection’s brand identity. The color scheme should be distinctive, visually appealing, and aligned with the overall tone and style of the NFTs.
Creating a consistent visual style for the NFTs is also important. This could include selecting a specific art style or theme for the NFTs, as well as using consistent fonts and design elements across all marketing materials.
To understand the market, you can use Footprint Analytics’ NFT research to see which collections are trending.
However, due to the prevalence of fraud and wash trading, it is easy to mistake genuine hype with artificial pumps. Luckily, you can use Footprint’s dashboard to further explore collections and research the branding and strategies of those with genuine community engagement.
When developing a strong brand identity for an NFT collection, it’s important to consider the target audience and what will appeal to them. For example, if the target audience is primarily collectors, the brand identity should be sophisticated and high-end. If the target audience is younger and more tech-savvy, the brand identity should be more contemporary and visually engaging.
Overall, a strong brand identity can help to differentiate the NFT collection from competitors, establish trust with potential buyers, and create a more cohesive and memorable user experience.
3. Create a compelling story
Creating a compelling story behind an NFT collection as part of your NFT marketing plan can help to engage potential buyers and make the NFTs more meaningful and valuable to them. A strong story or concept can also help to differentiate the NFT collection from competitors and create a more memorable and cohesive user experience.
To develop a compelling story for an NFT collection, it’s important to consider the target audience and what will resonate with them. This could involve creating a backstory for the NFTs that adds depth and meaning to the collection, or developing a theme that ties the NFTs together.
For example, if the NFT collection is focused on a particular artist, the story could revolve around the artist’s journey and inspiration for their work. This could be communicated through marketing materials such as videos, blog posts, or social media content.
Similarly, if the NFT collection is based on a particular theme, such as nature or sustainability, the story could revolve around the importance of these concepts and how they relate to the NFTs in the collection.
Ultimately, the goal of creating a compelling story for an NFT collection is to engage potential buyers on an emotional level and make the NFTs more meaningful and valuable to them. By developing a story that resonates with the target audience, the blockchain company startup can increase the likelihood of successful NFT sales and build a stronger brand identity for their collection.
4. Choose the right blockchain ecosystem
Choosing the right blockchain platform is a crucial aspect of launching an NFT collection. Different blockchain platforms offer different features and capabilities, so it’s important to select the one that best suits the needs of the collection.
For example, if the NFT collection is focused on gaming, it might be a good idea to choose a blockchain platform like Immutable X that is optimized for gaming NFTs. Immutable X is a Layer 2 scaling solution built on Ethereum that offers fast and inexpensive transactions, making it well-suited for NFTs that will be used in games.
Other factors to consider when choosing a blockchain platform for an NFT collection include transaction speed, security, and the platform’s community and user base. It’s important to do research on different platforms and weigh the pros and cons of each before making a decision.
To see which ecosystems are strong in the NFT space, and analyze which types of collections gravitate to which chains, you can explore the Single Chain and Chains Stats analysis in Footprint’s NFT Research.
In addition to selecting the right blockchain platform, it’s also important to ensure that the NFT collection is compatible with the chosen platform. This may involve working with developers to ensure that the NFTs are designed in a way that is compatible with the platform’s standards and specifications.
Overall, choosing the right blockchain platform is a critical step in launching an NFT collection. By selecting a platform that is well-suited to the needs of the collection and ensuring compatibility, the blockchain company startup can increase the likelihood of successful NFT sales and create a more seamless user experience for buyers.
5. Mint and launch the NFTs
After creating the NFTs and selecting the appropriate blockchain platform, it’s time to mint and launch the NFTs. Minting refers to the process of creating the NFTs on the blockchain, and launching involves making the NFTs available for purchase.
To mint the NFTs, the blockchain company startup will need to follow the specific instructions for the chosen blockchain platform. This may involve using specialized software or working with developers who are familiar with the platform. Once the NFTs are minted, they will be registered on the blockchain and can be viewed and purchased by potential buyers.
Launching the NFTs involves making them available for purchase on a marketplace or through other channels. Your project should provide clear instructions on how to purchase the NFTs, including any steps that buyers need to take to connect their wallets and complete the transaction.
In addition to providing clear instructions for purchasing the NFTs, the blockchain company startup should also consider marketing and promotion strategies to increase visibility and attract potential buyers. This may involve creating social media campaigns, partnering with influencers or other brands, launching airdrops, or leveraging existing networks to reach a wider audience.
Overall, minting and launching the NFTs is a critical step in the NFT marketing plan. By making the NFTs available for purchase and providing clear instructions and marketing strategies, the blockchain company startup can increase the likelihood of successful sales and build a stronger brand identity for their NFT collection.
6. Leverage social media
Leveraging social media can be a powerful tool in promoting and building awareness around an NFT collection. Platforms like Twitter, Instagram, and Discord offer unique opportunities to connect with potential buyers and fans, and can be used to drive engagement and excitement around the collection.
One effective strategy is to partner with influencers in the space, who can help to promote the NFT collection to their followers and fans. These influencers may include artists, collectors, or other figures who have a strong following in the NFT community. By collaborating with these influencers, the blockchain company startup can tap into their networks and leverage their credibility to build buzz and interest around the collection.
In addition to influencer partnerships, the blockchain company startup can also create social media campaigns that are designed to drive engagement and excitement around the NFT collection. This may involve creating unique hashtags, running contests or giveaways, or sharing behind-the-scenes content that gives fans a glimpse into the creative process behind the NFTs.
Discord is another valuable platform for building community and engagement around an NFT collection. By creating a dedicated Discord server, the blockchain company startup can connect with fans and potential buyers, answer questions, and provide updates on the NFT collection.
Overall, leveraging social media is a critical component of any NFT marketing plan. By connecting with influencers, creating social media campaigns, and building communities on platforms like Discord, the blockchain company startup can drive engagement and build excitement around their NFT collection.
7. Provide value to NFT holders
Providing value to NFT holders is an important aspect of building a strong and loyal community around an NFT collection. By offering exclusive perks or benefits to NFT holders, the blockchain company startup can incentivize people to invest in the collection and foster a sense of belonging among NFT holders.
One approach is to offer NFT holders access to future drops or releases, giving them the opportunity to purchase new NFTs before they are made available to the general public. This can be a powerful incentive for people to purchase an NFT from the collection, knowing that they will have exclusive access to future drops.
Another approach is to offer NFT holders VIP access to events or experiences related to the NFT collection. This may include invitations to exclusive parties, meet-and-greets with the artists, or other perks that are only available to NFT holders. These experiences can help to build a strong sense of community among NFT holders and foster a deeper connection to the collection.
Additionally, the blockchain company startup may consider offering early access to new features or updates related to the NFT collection. This can include access to new functionality on the blockchain platform or early access to new NFT collections. By providing early access to these features, the blockchain company startup can demonstrate their commitment to NFT holders and build loyalty among their community.
8. Continuously engage with the community
For example, let’s say the blockchain company startup is launching an NFT collection called “Crypto Cats”. The target audience is crypto enthusiasts and collectors. The NFTs are designed to be cute and collectible, with each cat having a unique personality and backstory.
To execute this marketing plan, the company could develop a brand identity that incorporates playful cat imagery and bright colors. They could create a story or backstory for each cat, and leverage social media platforms like Twitter and Discord to build buzz and engage with the community. They could also list the NFTs on popular marketplaces like OpenSea and Rarible, and offer exclusive benefits to NFT holders such as access to future drops or early access to new features. Finally, the company could continuously engage with the community through regular updates, contests, and giveaways to keep the momentum going.
This piece is contributed by the Footprint Analytics community.
The Footprint Community is a place where data and crypto enthusiasts worldwide help each other understand and gain insights about Web3, the metaverse, DeFi, GameFi, or any other area of the fledgling world of blockchain. Here you’ll find active, diverse voices supporting each other and driving the community forward.
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