NFT marketing & NFT metaverse | Everything you need to know about strategies and trends
NFTs seem to have overcome cryptocurrency in popularity. Since this is simple, available for everyone, and a hassle-free way of gaining revenue, no one wants to miss such an opportunity. Once earning over $2.5 billion in the first quarter of 2021, the market dropped off due to concerns and lack of trust among experts who called this space a constant bubble with no future.
Although the interest in the NFT market is still growing, the last few months have been successful for those invested in it in the early stages. With the help of metaverse, the industry is rich with numerous opportunities for AR/VR and NFT-savvy companies. We carefully curated this article to show you NFT marketing trends that seem to dominate the industry in the upcoming weeks and months.
What is NFT?
NFT is a short name for non-fungible tokens. Therefore, these things can be replaced or changed. Let’s take as an example money in economics. They represent a fungible asset. Money has units, so they can be easily interchanged, like swapping a $30 for three $10s without losing value. Gold, cryptocurrency, and shares in blockchain are also fungible assets.
A non-fungible asset, in contrast, is a one-off asset that can be switched. The most prominent examples of NFTs are painting, first tweet, a painting, a house, a game card, or a sports item. Even though photos can be copied, the original is still only the one, so it has a much higher value.
NFTs, like cryptocurrency, are also stored and operated within blockchain digital ledger. Each token works like a certificate of authenticity, ensuring uniqueness and originality. Compared to cryptocurrencies and other fungible assets, NFTs can never be replaced, adjusted, or changed anyway. This is because blockchain cryptography guarantees the prevention of hackers and thieves.
How does it work?
As we mentioned earlier, non-fungible tokens work in blockchain, which is a database consisting of a series of data’ blocks’ linked together. This chain of blocks creates a shared digital ledger (collection of data) that records the activity and information within the chain.
Each block is stored across numerous servers, making it visible to anyone on the network. Due to its peer-to-peer and distributed foundation, users can feel safe knowing data is protected and can’t be stolen.
What spheres can use NFT?
Today, there are several applications that are used for selling and purchasing digital real estate in the virtual and real-world alike. Talking about virtual one, digital real estate products allow participants to create and buy areas in a virtual world. This is a highly secure property as they are original and unique. Another good example of virtual assets is Twitter profiles. They can be famous or can leave a first tweet which is in high demand among users today.
NFTs in real estate are in their infancy. However, some companies have already used these assets in the real world to ensure ownership history. However, there are still some security concerns regarding this, so experts still verify the opportunities in real-life usage.
Art, Brands, and Sports
As statistics shows, art is one of the most promising industries for the NFT ecosystem. So everyone who can draw or create virtual banners can easily earn revenue. For instance, a few months ago, one digital artist sold a collage for $69 million.
Sports items have also been successfully tokenized. Fans of bid sports players enjoy buying various “moments,” like a clip of the NBA playing in a higher league. In addition, some people also sell sports cards for over $30.000.
Finally, digital artists provide crypto-art of fashion models as a virtual asset. This ensures authentication and guarantees these items are rare and belong to only one person. Like in real life, where highly-popular artists guarantee the originality of their work, NFTs also prevent fraud and plagiarism essential in all these industries.
Supply chain and logistics
The key function of non-fungible tokens in this ecosystem is authenticating items, verifying their uniqueness, originality, and unmatched quality. These assets on the blockchain ledger were designed for logistics software due to their invariability and transparency. This helps to keep supply chain information reliable. For example, in the food industry, manufacturers need to know exactly what goods are provided and for how long they have been stored.
What does “Metaverse” mean?
The term metaverse quickly became a buzzword after Facebook and Microsoft staking claims. Representing cyberspace, metaverse compromises various technologies, such as virtual and augmented reality (AR/VR). It also refers to a digital economy, where participants are able to craft, purchase, and sell goods.
Today, metaverses is a digital 3D universe providing users and companies numerous opportunities for selling real-world assets, services, and products. This system also ensures a transparent and fair economy offered by blockchain technology. NFTs make the bridge to the metaverse and contribute to originality, identity as well as social experiences in the system. Since metaverse is a massive concept, non-fungible tokens are said to serve as a primary concept.
What are NFT marketplaces?
Just like its name suggests, these are platforms where non-fungible tokens are stored, traded, and sometimes created. Think about Amazon or eBay for goods, so you can imagine how it works with digital assets. The process of registration is quite simple and requires the following:
- A crypto wallet: Depending on the marketplace you choose, you will need a wallet to comply with the needed option. The most well-known wallet now is MetaMask, which is supported on most platforms. This is required to create, sell or purchase any tokens within the marketplace.
- Pre-fund wallet: Trading with no coins in the wallet, so make sure you pre-fund it in advance with either real money or cryptocurrency. This should also be done according to the marketplace, depending on what cryptocurrencies are supported by the chosen platform.
- An account: Just like with any app, you will need your account where you will later see transactions, trends, diagrams, and check your balance.
Today’s marketplace industry is varied, with many companies creating their own platforms. However, below we list the most prominent ones that will be suitable for those unknown with the system.
Gaining popularity within the last 7 months, this platform is user-friendly and easy to understand. Today it contains over $10 billion of trading and allows anyone to enter the industry and bring NFT created on different platforms.
This is one of the oldest platforms that allows users to perform various tasks, from linking a seller to minting the NFTs. Experts prefer this marketplace due to its in-depth expertise and transparency. The minting can be done efficiently and hassle-free while also operating within the Ethereum blockchain platform. This makes the platform a perfect option for those looking to invest in the crypto community.
Since we discussed the metaverse above, this platform is based on it. To put it simply, this marketplace works similarly to the real world. The users of the Decentraland have an opportunity to purchase items, lands and perform many other things with the cryptocurrency.
Why is NFT marketing, and why do users need it?
NFT Marketing is pretty much the same thing as the marketing of any other products or services with no special techniques. Since there are numerous assets and their number is growing every day, sellers should know how to distinguish themselves from the competitors and gain more interest.
In addition, companies can also benefit from the right strategy, as it may help enhance business processes through strengthening relationships with the target audience, engaging customers, raising awareness, and more. Experts believe that marketing can be a great tool to update your audience and boost business value.
And taking into consideration that we all live in a fast-speed and high-tech world where everyone wants to gain money, advertising your products is essential to stay in demand and be unique.
What is the best NFT marketing strategy?
Since the world is moving and the NFT market grows every day, there is no “best” strategy for everyone, so below, you will find what strategies have shown the highest results and what you can apply to your business.
This strategy will be an excellent option for artists, designers, or any other professional. All that is required is to convert artworks into digital format and sell them on the preferred NFT marketplace. Some platforms allow minting, which is a process of transforming the work into an NFT.
Just like with any other business, email marketing is a go-to strategy for anyone selling non-fungible assets. For instance, users can use it to attract investors and their audience with useful and engaging emails. Many companies are now relying on automatic email marketing.
Online Forum Promotion
Being one of the hassle-free and easiest ways of promoting your tokens, the method only needs you to stay updated. Try to discuss trends and your works on various crypto forums. You can create a whole article regarding your assets and explain their meaning for the target audience on forums like CryptoTalk, Bitcointalk, and CryptoInTalk.
Other strategies, called Cost Per Click and Cost Per Thousand Impressions, are also widely used for premium advertising. Through this promotion, users can hire a digital marketing expert and attract the right investors. In addition, they can also use Google Ads and Bing Ads to boost their sales.
Since we live in a world where everyone likes to read news, making press releases every week can be a go-to option for anyone on the marketplace. Find what media channels and websites suit your target audience, conduct research, and identify what they want to see. Although it is one of the oldest ways of promotion, it has shown great results and improved sales.
The bottom line
Although most people now consider investing in NFTs, not everyone understands that it is vital to promote their assets or create them with the help of a trusted development team who provide NFT development services. This article is designed to help better get the market, learn the latest trends and gain revenue. If you are still unsure how it works and what you have to do, our team of high-skilled professionals with deep experience in blockchain app development services is always here to help you with any following questions.
What is NFT metaverse?
Metaverse is a virtual reality where players representing avatars can interact with each other, buy and sell digital assets, known as non-fungible tokens.
What is NFT marketing?
This means promotion of your assets, like with any other products and services. Although NFTs are quite new spheres, the advertising techniques are usually the same. So you can either promote them by yourself or hire specialists experienced in this industry.
How much does it cost to create an NFT?
There is no correct answer for all users, as it depends on several factors. When entering the platform, you will pay fees that cost approximately $70 on the Ethereum blockchain. This may also require paying site fees, like those needed for listing the NFT for sale. They can vary from $100 to $900.
You can either hire developers and designers for your project or contact an experienced company like Interexy to take your idea and bring it to reality. Companies also help reduce costs and ensure the quality of the final product.