Brand managers and marketing managers tasked with business expansion often look to enter new markets and expand their business through market development. With Collins Dictionary declaring NFT as the ‘Word of the Year 2021’, it is clear where the next battlefield is at.
Exploring and tapping into the NFT market is an imperative task for brands. But how? What kind of products should they sell? Where should they sell them? With the right approach and the right market development strategy, entering the NFT market can give your business increased reach, more awareness, and more profits.
We will walk you through four tips on how to step into the NFT market successfully.
1. Determine the NFT Value
Imagine you were the customer, what NFTs would you like to purchase? It will not be just a JPEG, MP4, or GIF file. When customers buy an NFT, they are buying into the future of your brand, and it is therefore important to create value propositions behind the NFTs. In the early days, investors and traders will determine the value of NFTs based on rarity which literally translates into how rare and ‘hard-to-get’ a specific NFT is. Good examples of rarity are a first-of-its-kind artwork from a renowned creator in the digital arts industry or an NFT created by a famous celebrity. Nevertheless, product strategies that succeeded in 2021 may die a lonely death in 2022 if brands are not one step ahead of the market.
There is a massive untapped NFT market that must move beyond the digital collectibles approach to build greater utility into NFTs at every stage of the customer experience journey. Utility NFTs are NFTs that offer clearly defined intrinsic value in addition to the usual scarcity associated with NFTs. Their valuations are based on the access, perks, and opportunities they provide to token holders. To name a few, for example, holding a utility NFT can grant access to exclusive experiences, early access to products, airdrops, exclusive invites to events with top celebrities or athletes, and much more. Moreover, the evolving utility of NFTs can be applicable either in the physical or digital worlds, and they are associated with the different aspects of our daily lives — for example, gaming, social media platforms, healthcare, real estate, etc. Examples of such NFTs are the Euro 2020 NFT Tickets, Decentraland property, or collectible cards like Geralt of Rivia in The Witcher Universe Gwent Card Game.
Remember it is not the JPEG file your customer is buying, it is the value behind.
2. Sell it through Your Own Branded NFT Marketplace
You have the NFT products and values ready. The next step will be to choose your mode of entry — where to mint and sell your NFTs. There are two ways brands can sell their NFTs, either through an open NFT marketplace or a branded, tailor-made, and self-owned NFT marketplace. Both have their place, but if you want to brand your NFT platform as part of your existing ecosystems, configure your marketplace product features to improve your customer experience, control the look and feel of your NFT platform to reflect your brand identity and marketing objectives, and gain control over your NFT sales data, then you should look into whitelabel NFT marketplace solutions like VereNFT.
VereNFT is a whitelabel NFT platform and service provider that guides brands in the creation of their own NFT marketplaces with limited technical expertise required. It is your inhouse NFT technical and product team that will customise the product features, and the look and feel of your whitelabel NFT marketplace, and, in this way, help you to build a strong brand image and attract your target customers more effectively. By selling NFTs through your own branded NFT marketplace powered by VereNFT, you will convey a very important message to the NFT community — you are creating the NFT project and the values behind for the long term that it is worth investing in.
More about VereNFT: please click here
3. Engage with the NFT Community
The NFT market changes very quickly, and so does the NFT community. Brands should invest time and resources to analyse the latest trends in the NFT community and engage with them effectively — What are the marketing channels and social media platforms to reach them? Which one of them performs the best for your target market? What are the latest hidden languages or slangs among the NFT collectors? What kinds of marketing campaigns will keep the vibe within your community?
For any NFT community, there has to be a shared vision that unifies its members. There can’t be a community without an idea that people believe in. Thus, for your NFT project, think about what are people coming together for? What is the underlying passion? Chances are, if you have a story behind your NFT project, like a mission or interest that inspired you to create an NFT, there is probably a community on the internet with like-minded people.
The most successful NFT project will be able to turn NFT collectors to be your brand ambassadors, meaning that they will conduct free positive word of mouth advertising for you. That is why marketers always say “the best advertising for business is free”. It is a good sign if your NFT project can develop into that stage.
4. Analyse and Revise your NFT Strategies
Results speak. The success of an NFT project depends on how you devise and execute the product, pricing, promotional strategy, and more. Whether each of them works or not to achieve the business goals can be manifested in your NFT sales and revenues. Hence, it is crucial to keep tracking of your NFT sales data, analyse what works and what doesn’t, and revise your strategy to consistently grow your customer base and accelerate sales. This is where whitelabel NFT marketplaces will benefit your brand.
Unlike open NFT marketplaces, VereNFT empowers you to gain powerful insights of your customer profile and NFT sales data through data ownership. You own the data from your sales, your customers, and any other analytics coming to your branded NFT marketplace. What is more, every NFT transaction has a unique ID from which you can retrieve the transaction data at any time.
There is no one formula that will always work, especially in a fast-moving industry like NFTs and metaverse. Therefore, gaining insights into your marketplace data and being able to make the right changes at the right time is a major key to success. VereNFT understands that, and we are here to provide you with the solution.
Entering into new niche markets like NFT and metaverse is a challenging task. VereNFT is here to help you so you will not repeat the mistakes that failed NFT companies did. We will assist in calibrating your go-to-market strategy and building your own whitelabel NFT marketplace that attracts your target customers and boosts sales. Partner with VereNFT to invest in your brand today!
Book a demo with VereNFT: info@verenft.io
About VereNFT
Powered by the Aventus Network, VereNFT is an enterprise-grade whitelabel NFT platform that supports established businesses in the creation of their own NFT strategies. Its solution is deeply customisable and flexible, enabling businesses to create a completely bespoke marketplace. To date, VereNFTs use cases span art, music, video games, film, sports, horse racing, data and many more.
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