NFT Marketplaces and NFT Marketing: How Do the Two Elements Merge?
As the year is approaching its end, we should talk about remembering things, shouldn’t we? You would have guessed what we are going to talk about from the title of the blog, although you are open to speculate on how we relate both these distinctive elements. NFT marketplaces and NFT marketing actually have a pretty good rapport, as both tend to support budding creators and seasoned collectors. The underlying ventures can yield benefits in the long run too, whose work is often undermined by their outlooks and online presence.
“It’s Time to Unwind the Intricacies of the Pioneering Business Domains in the NFT World!”
NFT Marketplaces 101
An NFT marketplace is an application where one can create and trade physical and digital products backed by non-fungible token (NFT) records on the blockchain ledger. These platforms can be based on either horizontal or vertical commerce models, enabling businesses to approach the general or a niche audience. Popular NFT marketplaces typically sell items, such as digital artworks, profile picture images, sports collectibles, gaming assets, and virtual land on metaverses. Top NFT marketplace platforms at the time of writing include OpenSea, Magic Eden, Immutable X Marketplace, CryptoPunks, Elements, Decentraland, and Axie Infinity. These platforms will be the typical points of contact for an NFT enthusiast looking to cherish their first NFT item.
NFT Marketing 101
NFT marketing is a term referring to promotional campaigns conducted for a project focused on NFTs. The process consists of several strategies that should be executed successfully in order for a business to reach its target market. With the levels of competition in the current NFT space, it is only imperative that every project will look to adopt some kind of advertising or the other to shine bright. For any NFT project’s promotions to be successful, it is important to utilize multiple external mediums, including social media, communication applications, media houses, and web publications. It is also essential to have people on board with adaptive communication skills with experience in relevant technologies.
How Do NFT Marketplaces and Marketing Connect?
Well, even though it is evident that NFT marketplaces start as aspiring projects before launch that utilizes NFT-specific marketing tactics to build their user bases, the relationship does not end there. For a start, even after a marketplace takes off, it is essential to manage its social media handles, websites, blogging handles, and community channels.
Secondly, NFT marketing can be an added advantage for marketplace ventures offering it as a premium service to sellers. Also, promotions define a platform’s business approach and redefine its journey of becoming a brand if things go perfectly alright. There are numerous elements that aid NFT marketplace marketing campaigns to bear fruit, which we will see below.
Elements Dictating NFT Marketing for Marketplace Ventures
- The platform’s official Website should be able to function reasonably quickly, even at low internet speeds. If the marketplace’s website is optimized for performing across varied internet speeds by having just enough graphics, content with concise keywords, and efficiently-placed web pages, bounce rates will go lower. This, in turn, enables the site to be placed in the early pages of search engine results.
- Official Communication channels on Discord and Telegram should be maintained efficiently through moderation and intriguing content. It will be best if there are incentives for becoming part of the community or assisting the venture with valuable suggestions.
- Official Social Media Handles on Twitter, Facebook, Instagram, Reddit, and LinkedIn should be managed in accordance with the platforms’ stature with relevant posts with information on updates and new drops. They can even be used as places to conduct contests to pull in people to the community.
- Official Blogging Handles as part of the website can help you to convey more about your business, such as essential updates and collaborations, to gain credibility and not leave any leeway for rumors.
Apart from conducting explicit promotional activities, it is crucial for an NFT marketplace venture to keep up with its promises through open trade records and helpful customer services. At the end of the day, it is all about the platform’s functionality, business model, and user-friendliness that dictate the venture’s profits and fate in the sprawling Web3 space.
So, What’s the Final Message?
We have seen how NFT marketplaces and NFT marketing form an intertwined connection to enable ventures to sustain themselves in the ever-busy Web3 realm. The endless potential of Web3 means more business areas are yet to uncovered, and marketplaces will find themselves thriving in such portions of the NFT space. For such businesses to succeed, though, the need for strategy-based NFT marketing campaigns has to play an integral role.
If you are an aspiring entrepreneur wanting to step into Web3, an NFT marketplace selling any assets can be the go-to option if coupled with target-driven promotional campaigns. It is suggested to get professional assistance from a firm excelling in NFT marketplaces and NFT marketing to ensure that things fall into place perfectly.
