NFTs took the internet by storm, and now NFT communities are reshaping the future of marketing.
CryptoPunks has an average trading volume of AUD $3.87 million, the most expensive Cool Cat NFT was sold for $53k, and about 22,000 The Sandbox members (an NFT community) own more than one token from the collection. With such a massive reach, it was just a question of time before brands started using NFTs for marketing purposes. Blindly launching an NFT marketing campaign without a thought-out strategy and just hoping that the rest will fall into place, though, won’t do the cut.
“99% of NFTs actually fail in the first 3 months after their launch.”Judy Sahay, Founder and Managing Director at Crowd Media Group
But why did that 1% become such booming successes? And how is this related to marketing? Behind every transaction, there is a human. And NFT communities cracked the code of how to use social dynamics to their advantage.
The golden ratio for a successful NFT community
An NFT community is an online group with limited membership that can only be joined when you own at least one NFT from the group’s collection. Their success can be traced back to how NFT communities put three social principles into practice:
#1 Investment leads to emotional commitment. Buying, receiving, or trading – obtaining an NFT will usually require that the person invests at least time and money to secure at least one NFT that will then represent their identity as a personal avatar or profile picture.
#2 Exclusivity enhances demand and value. As the size of the communities is limited to a few thousand tokens available, the demand for some projects can go through the roof. So much so that joining the desired Bored Ape Yacht Club now can throw you back at least $91.4k AUD.
#3 Return powers engagement. Acquiring an NFT (usually through buying) means that you become a shareholder. The more time and energy you invest into the NFT project and its promotion, the more every member will gain – and the profits can reach the millions mark.
All of this together unleashes a marketing power that most brands can only dream about: Thousands of members proactively take up the brand ambassador role and restlessly promote the project through social media. After all, the stronger the NFT project is, the more profitable it is for them.
Those learnings can be applied to launch a successful NFT marketing campaign. It is not impossible, you just need the right strategy in place. And we can help you with that. Join Fintech22 Forum Sessions, to get insights directly from the experts in the field.
Learn about the NFT universe and its marketing potential from market leaders who have successfully managed to make this leap into web3. You will be joining industry leaders from Fanchismo, Chubbiverse, Meadow Labs and Valyou X as they delve into their real-world insights.
If Marketing in the Metaverse sounds more like something you want to explore, make sure to attend the sought-after keynote from Judy Sahay, Founder and Managing Director at Crowd Media Group.
Don’t miss out on what the future holds for you and join us at Fintech22 Sydney Masonic Centre on 30 Nov-1 Dec, 2022.
By: Giovanna Silva Altemani