A marriage made in heaven? NFTs and the Metaverse

The Web3 Wave event at the Biltmore Mayfair wasn’t just talk—it was where next-gen innovation took center stage, shaping the digital future in real-time. Among the plethora of sessions, “The Future of Interactivity: NFT Integration in the Metaverse” chaired by Dr. Christina Yan Zhang, stood out.

Des Agyekumhene, founder of Cohort, began with a compelling assertion. “NFTs have revolutionized the music industry, turning easily duplicated digital files into prized assets,” he proclaimed. He showcased a music event where NFTs were intertwined with albums, offering attendees an unparalleled, immersive experience. “The main beauty about NFTs is to ascribe value to digital creations. Before, digital files like JPEGs had no monetary worth. Now, with blockchain, they do,” he emphasized.

Jonscott Turco, a visiting professor and executive coach, introduced a behavioral angle. He urged organizations and leaders to confront their unease with innovations. “NFTs aren’t a fleeting trend; they’re reshaping our interaction with media and entertainment. Embrace this shift,” he insisted. “We have an opportunity to reimagine how this will influence our daily lives and professions,” he elaborated.

Charlotte Meyer, an expert in government affairs and policies, grounded the conversation. “The UK’s recent Electronic Trade Documents Act 2023 is pivotal for NFT regulation,” she highlighted. She stressed the importance of not only embracing new technology but also sculpting the legal landscape for the impending digital era. “The digital shift isn’t solely technological; it’s about establishing supportive legal and regulatory frameworks,” she said. She also noted the regulatory ambiguity surrounding NFTs, especially in Europe where clear guidelines are scant.

Benjamin Whitby, transitioning from a background in quantum physics to coding and regulation, brought a unique perspective to the panel. He emphasized the importance of tools within ecosystems, noting the overwhelmingly positive feedback they’ve received. “It’s still such a fundamental tool within ecosystems. But the teams are getting into some amazing feedback and they’re loving the data,” he remarked.

Whitby also highlighted the sophisticated nature of their collaborations, stating, “We work with very sophisticated users. We’re not just kind of a buy-and-hold type organisation.” He expressed confidence in the current maturity of the technology, foreseeing its potential integration with various government channels. And he also consistently stressed the importance of returning to the fundamentals, asserting, “You have to get back to the fundamentals.”

In crypto PR mode!

Looking ahead, the fusion of NFTs in the metaverse will redefine our digital engagements. The session underscored the vast potential of NFTs and the challenges accompanying them. As the metaverse burgeons, NFTs will be instrumental in its evolution. Every industry, from music to real estate, has the potential for radical transformation. Listening to the panel speakers it’s clear the future beckons a world where every interaction is valuable, creativity is acknowledged, and the digital seamlessly intertwines with the tangible. The horizon of this new era is upon us, and it’s an exciting journey we’re all part of.

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Short guide to NFT marketing — with the latest market analysis for July 2023

Welcome to the comprehensive guide to NFT marketing. As the world of digital assets continues to evolve, Non-Fungible Tokens (NFTs) have emerged as a revolutionary way to buy, sell, and trade digital ownership. This guide is designed to help you navigate the complex landscape of NFT marketing, providing you with the tools and strategies you need to successfully launch and promote your NFT project. From project preparation to optimization, I’ve got you covered.

This guide draws on a wealth of resources, including insights from TokenMinds, Social Media Examiner, NFT Now, NFT Calendar, and many more. I’ve also incorporated valuable lessons from YouTube tutorials and case studies to provide a well-rounded perspective on NFT marketing.

But before jumping into the guide, thanks to my previous employer DappRadar, it’s always worth checking the NFT market using the 3rd August industry report: The NFT Market Slump: An Emerging Trend or a Temporary Dip?

Also worth reading the key report takeaways:

  • July witnessed a 13% decrease in the dapp industry’s unique active wallets (dUAW), averaging 1.7 million daily dUAW. Despite a 0.5% decrease in dUAW, gaming re-emerged as the dominant category with a 41% share in the dapp industry.
  • The TVL in the DeFi sector has slightly declined by 2.27%, settling at $75.91 billion. Tron managed to reclaim its position as the second-largest DeFi platform by TVL, which grew by 3% to reach $5.852 billion.
  • NFT trading volume fell 29% from the previous month to $632 million, while the total number of NFT sales also dropped by 23% to 3.7 million.
  • Polygon experienced a significant uptick in NFT trading, with 772,424 traders, dominating the sales count by 27%. (my pov: so it’s good news for the Polygon NFT ecosystem😇😎)
  • $363 million in crypto assets were lost due to hackers exploiting smart contracts and duping investors.

“Ultimately, the key takeaway from July’s report is that the dapp industry remains a dynamic and rapidly changing landscape. While certain trends and shifts may initially seem negative, they often reflect the industry’s ability to innovate and adapt in response to evolving user preferences and market conditions. As we look ahead, the capacity for continual evolution will be key to the long-term success and vitality of the dapp ecosystem.”

With that industry analyse out the way on with the NFT marketing guide

[I] Project Preparation & Market Introduction

  1. Market research and analysis: Investigate current market trends and conduct a competitive analysis to identify unique selling points for the NFT project.
  2. Branding strategy: Design a unique and compelling brand identity for your NFT project, focusing on distinct aspects that set it apart in the market.
  3. Value proposition: Develop a clear and appealing value proposition for the NFTs, considering elements like digital ownership rights, community access, and potential investment opportunities.
  4. Pricing strategy: Advise on a suitable price range for the NFTs based on your target audience and project objectives.
  5. Search Engine Optimization (SEO): Implement effective SEO strategies to enhance online visibility.

[II] Audience Identification & Engagement

  1. Audience identification: Employ audience segmentation/create user personas to identify potential investors and buyers, understanding their needs, interests, and investment behaviours.
  2. Personalised marketing strategies: Develop tailored marketing tactics that align with your audience’s behaviour and interests.
  3. Influencer partnerships: Identify and collaborate with relevant influencers to reach your target audience effectively.

[III] Community Building & Management

  1. Community creation: Establish and cultivate a community around your NFT project on key platforms particularly Twitter, and Discord, and other relevant social media platforms.
  2. Content creation: Generate engaging content, including news, updates, events, and unique stories around the NFT project.
  3. Proactive community management: Foster a positive environment through prompt responses to community inquiries, discussions, and effective conflict resolution.
  4. Customer service: Offer exceptional customer support to address any issues or concerns related to the NFT project.

[IV] Communication Strategy

  1. Communication channels: Use appropriate communication channels, such as social media, email newsletters, and forums, to keep the community informed and engaged.
  2. Regular updates: Provide consistent updates on project progress, roadmap adjustments, and other relevant information to keep the community engaged.

[V] Campaign Management

  1. Storytelling: Craft a compelling narrative around your NFTs, emphasising their uniqueness, provenance, or the artist’s background.
  2. Influencer marketing: Collaborate with influencers, celebrities, or industry experts to promote your NFTs.
  3. Strategic partnerships: Partner with well-established brands or organisations to increase credibility and expand your reach.
  4. A good working relationship is especially important if working with an NFT marketplace such as OpenSea to benefit from cross-marketing.
  5. Gamification: Incorporate game-like elements or reward systems to enhance user engagement.
  6. Cross-platform promotion: Utilise multiple marketing channels like social media platforms, email marketing, content marketing, and paid advertising.
  7. Analytics and optimization: Track the overall performance of marketing efforts, analyse the data, and optimise your campaign accordingly.

[VI] Media Outreach & PR

  1. PR strategy: Develop a PR strategy to attract media attention to your NFT project.
  2. Media Outreach: Identify and reach out to key industry publications, blogs, and influencers for publicity.

[VII] Project Optimisation

  1. A/B Testing: Implement A/B testing to understand what type of content or campaigns resonate best with the audience.
  2. Data Analysis: Provide regular reports and insights on the performance of marketing efforts, enabling informed decision-making and continuous improvement of the strategy in the longer term.

In conclusion, marketing your NFT project requires a comprehensive and strategic approach, encompassing everything from project preparation to optimization. It’s about understanding your audience, building a strong community, crafting compelling narratives, and continuously optimising your efforts based on data and feedback.

I hope this guide has provided you with valuable insights and practical strategies to help you navigate the world of NFT marketing. Remember, the key to success lies in your ability to adapt and innovate in this rapidly evolving digital landscape.

Now that you’re equipped with the knowledge, it’s time to put it into action. Start by conducting market research, defining your brand strategy, and identifying your target audience. Engage with your community, craft your story, and reach out to the media. And most importantly, keep learning, testing, and optimising.

For more in-depth information, be sure to check out the resources linked throughout this guide, including this comprehensive playbook and this detailed marketing plan. You can also reach out to me directly on Telegram ofc. I have my NFT experience from the marketing campaign for world famous footballer Ronaldinho to draw on too!

Remember, the world of NFTs is vast and ever-evolving. Stay curious, stay informed, and most importantly, stay creative. Good luck on your NFT marketing journey.. 😇

Four recommended sources:

  1. https://www.socialmediaexaminer.com/how-to-get-started-on-your-nft-project/
  2. https://growthchannel.io/blog/ultimate-guide-to-nft-marketing-7-case-studies
  3. https://medium.com/geekculture/the-ultimate-guide-to-creating-an-effective-nft-collection-marketing-plan-d616220992a1
  4. https://hackernoon.com/nft-marketing-guide-the-most-complete-and-detailed-playbook-2023

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