Including the Intangible in Your NFT Initiative
Non-fungible tokens will soon become a sophisticated tool for branding, but there are a few things to consider before diving in.
- Entrepreneur authors’ views are entirely their own.
Thousands of people are buying non-fungible tokens for millions of dollars (NFTs). While some argue it’s just a fad, the large number of sales and experts suggest otherwise.
A non-replaceable digital asset is what an NFT is at its most basic level. The blockchain has created digital commodities. Most tokens have an air of exclusivity, and a well-planned token also has a pop culture buzz.
NFTs are often works of art that are sold on the blockchain. You’re not going to spend all of this money on a JPG, are you?
Introducing marketing to non-profits
A clear vision, a planned marketing plan, and a committed community are the three keys to making your NFT successful, just like marketing itself.
The promise of a return is required for investment. A clear plan is the simplest way for someone considering your project to understand what the pot of gold at the end of the digital rainbow is.
(It’s telling that 42 percent of respondents surveyed in a recent StarkNet poll stated they would invest in crypto apps if they understood more about NFTs.)
Consider the roadmap to be a strategy. When you launch your NFT, you should have a clear plan for what you’ll do with the money you make from sales and a return on investment.
- Exclusivity fosters rumors, and rumors breed desire.
The next phase is to assemble a core team and develop a marketing strategy for the coin and project.
This team’s formation is crucial; their creative genius can design a great marketing plan to establish that all-important sense of urgency. The ability to market the project’s founding staff offers another layer of openness, implying to the community that “we are in this for the long haul.”
- It takes a village.
Understand your surroundings. Know what they desire, what motivates them, and how to use that information to build their loyalty. Unexpectedly rewarding your demo has proven to be a successful strategy. Everyone enjoys a good surprise, and this is what keeps people interested in your project.
Your neighbors are literally buying into your concept. It’s your responsibility to ensure that those intangibles are what keep them coming back.