NFTs or Non-fungible tokens are digital assets that represent real-world items like music, videos, art, and other collectibles. It is a unique identifier in the blockchain marketplace used to verify ownership and authenticity. Let’s have a look at some key terms used while dealing with NFTs.
- Blockchain – You have probably heard this word used time and again when people refer to NFTs. Simply put, Blockchain is a digital documentation of dealings and transactions across computers. Blockchains store data in blocks that are linked together through cryptography. A blockchain is distributed i.e., several copies are stored on different machines, and all these copies need to match one another for them to be valid.
- Cryptocurrency – Cryptocurrency is a virtual mode of payment by which one can purchase or trade NFTs. This currency is secured by cryptography, making it almost impossible to double-spend or counterfeit.
- Wallets – Cryptocurrency and the products one buys with it are stored in what is known as ‘Wallets’. It is vital to store the passwords to these wallets safely to avoid losing the digital assets purchased.
- NFT Marketplace – NFTs can consist of everything from artwork to sports videos and gaming items. An NFT marketplace can be an open, closed, or proprietary marketplace where one can buy, sell, or trade their NFTs. NFTs are now even used to purchase real estate, something that was never heard of in the past. The banking sector is also using NFTs, where people can use NFTs as collateral against debts. Some examples of NFT marketplaces include OpenSea, NBA Top Shot, and Rarible.
How to Market Your NFTs:
Below are a few easy steps to follow to market your NFTs:
- Identify the Correct Audience for Your NFTs – Like any product or item that is being sold, you first need to identify your target audience and define your customer profile.
- Choose the Right Marketplace – Once you have your audience in mind, find a marketplace that caters to your audience and accepts your product. While there are several marketplaces to choose from, choosing a popular marketplace will help you improve your visibility faster.
- Engage with NFT Communities – To promote your NFT, engage with communities on Discord. It will help create value for your business as well as market it. You can engage Discord communities through events, contests, and giveaways.
- Make Use of Social Media – The most widely used tool to market NFTs is Social Media. Twitter, Instagram, YouTube, and Facebook are all used to create a buzz around new NFTs as well as to provide more information about existing NFTs. The popularity of social media has helped several brands build a name for themselves, engage with their communities, market their NFTs freely, and sell their products successfully.
- Hire a Marketing Agency – Given the success and popularity of NFTs, there are agencies that are solely focusing on the marketing of NFTs. While there is a cost involved in the same, an agency will be able to help you define your audience and find the best strategies to market your NFTs.
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