Non-Fungible Tokens (NFTs) have become a popular and lucrative way for creators to monetize their digital content. However, with the growing popularity of NFTs, it’s becoming increasingly challenging to make a project stand out from the crowd. So, in this article, we will share some valuable tips on how to make your NFT project popular, from creating high-quality and unique content to marketing and community-building strategies. Whether you’re an artist, musician, or entrepreneur, these tips will help you increase the visibility and success of your NFT project in this fast-evolving market.
What makes NFT valuable?
Let’s first address what makes NFT valuable. Much like paper cash, NFT does not have much physical value, but where its true power lies is in its perceived value. The recognition of having your name associated with something unique or exclusive on a public ledger that is accessible to everyone around the world is what drives the value of NFT.
So, you have to position yourself in such a way that makes it easy for the customer to develop an emotional attachment to your token. People buy emotion, and that’s exactly what you need to provide.
Building a thriving community
One of the most important steps of a successful NFT project is to focus on creating a strong community. Engagements, sharing opinions, and polls can be an excellent way to establish a sense of importance among the community that can help you grow your NFT project. Let the community fall in love with your product, let them have a voice, and allow them to relate to your NFT. It is also important to have your divine attention on the first few people you have in the community. It is better to have 100 true fans who engage in the community and promote your project than to have 1000 people who have little to no engagements.
The principle of economics where scarcity drives the price of a product holds true for NFT as well. This simple yet powerful strategy can be used to make your NFT project popular. In our first example of the tweet selling for millions of dollars contributes to the fact that there will never be the first tweet ever. The first tweet is gone forever, and there is just one of these in the entire world, thus this skyrocketing price in the auction. Marketers have always used scarcity in their business models, like expensive car companies only creating a fixed number of models to make their existing customers feel special. This same technique can be used in terms of NFT, and you can have a set number of NFTs each; thus, it will be more desirable and exclusive. This strategy is what drives CryptoPunks which sells only 10,000 NFTs and has a number for every sale they make so customers can easily understand the exclusiveness of their product.
Building a brand
NFT is becoming so important for brands as they allow brands to share their own unique story among the community. The physical brand-building strategies that have historically helped corporations like Nike and Gucci are quickly being replaced by its digital metaverse. How often do you post the expensive Nike shoe you own on your favorite social media? But brands like CryptoPunks have created communities of enthusiasts who are always online and hardly interact with other brands. They made avatars of their favorite NFT projects and set them as their display picture promoting the product. So, having a brand with an enthusiastic fan base can seriously speed up the popularity of the NFT project.
Creating a use case
Although we discussed the perceived value of NFT projects, often it is a great strategy to offer a special privilege to customers and give them certain benefits for owning an NFTs. These benefits can range from being part of an exclusive club or having access to certain events and programs. To create effective strategies for getting involved in NFT marketing, you may first look into the benefits and quality the end-users will be subjected to. Next, you must devise a way and integrate technology so that the NFT itself can entertain the request to grant access to the user. The seamless access to a certain privilege due to owning an NFT token will certainly enhance and open a whole new reason to buy NFTs. Finally, the utility must be improved, and new features must be added to make customers feel wanted and that you have not abandoned them after selling the NFTs.
Support a good cause
Another great way to get your NFT project up and running is by supporting a good cause and creating NFT tokens that would directly help and benefit people’s lives. This will give members an interactive and fun way to take part in building their community. This will also make people feel a sense of achievement and thus be a part of a story that can change someone else’s life.
Moving forward, NFT projects are likely to increase in popularity, and more and more brands will cash into the success of NFTs. Major brands like Nike, Taco Bell, and coca-cola have already boarded the hype train, and now is the best time ever to start your NFT projects. But you should not only prioritize making money when creating an NFT project, but a deep understanding of what the audience wants and creating a community that thrives by participation is really important. You should also create a sense of exclusiveness among your customers and offer additional privileges for owning an NFT token.
Each NFT token is a small piece of a puzzle that, as a whole, tells a story. Everyone wants to be a part of the history of owning something that truly delivers value in their lives, whether physical or perceived. To create a successful NFT project, you must be able to deliver value to your potential customers. Creating a successful NFT project is not going to be an easy task; many people consider selling your first NFT token as an event as they only listen to that part of the story, but rather, it is the outcome of a continuous process that you have to follow. You have to understand and engage with your target audience, add value to their life, and then only you can devise a successful NFT project.