Businesses are starting to pay attention to the highly trending blockchain topic, non-fungible tokens (NFTs). Even high-profile individuals haven’t been left behind. However, most of those getting into the rend are established businesses, brands, individuals, and corporations. But NFTs can benefit startups and small businesses equally as much. That’s why you should also start familiarizing yourself with them and learn how NFTs can help grow your business.
While some of the NFT initiatives have been really impressive, it can be challenging to know how to use NFTs to generate more than a few bucks, if at all. For your startup, you might also be curious to know what role NFTs can play in pushing your business’ growth. In this article, you’ll see the various ways to build a following, loyalty, and an identity for your brand.
But why would you do that? Popular blog research has shown that 39% of those businesses experimenting with NFTs have seen an incased return on interest in the channels they’ve used NFTs.
What is an NFT?
An NFT is a unique digital asset built on the blockchain that you can’t exchange for another with equal value. To put it into better context, money is fungible because if you have a ten-dollar bill, you can exchange it for $1 coins and get the same value. Now take a piece of art. Its value can be anything, depending on the market circumstances. It’s unique, and nothing else can make its value.
And while NFTs may not be appropriate for every business, it’s good to experiment with them. But that will only work if you consult and get a green light from reputable NFT development services providers. Look at the ways you can get started with NFTs.
Educate yourself on the NFT Ecosystem
If you want to gain from any technology or trend, the best place to start is by learning everything you can about it. NFTs are no different. Instead of diving into the deep end first, start slowly and learn about the ecosystem as much as possible. A good understanding will help you separate the myths from the facts and make more educated decisions on which path to walk in.
The essential questions you should seek answers to include the following:
- What’s involved in creating an NFT?
- What can and can’t become an NFT?
- What are NFT marketplaces, and do you need to develop one?
- What are the business’s long and short-term objectives in creating an NFT?
- What has research shown about NFT patterns? Can you use them to forecast?
Ideally, you should only get started when you have complete information and are fully prepared and equipped with adequate knowledge. Don’t be carried away by the hype. Remember, this is a new technology, an unchartered ground for startups and small businesses. Tread carefully. Educate yourself.
Build a community
NFTs only thrive if there’s a community backing them. A huge part of succeeding in your NFT strategy lies in creating a thriving community through brand engagement. Your first job should be establishing a rapport with your target audience with relevant, valuable, and regular updates. Whether on social media, a dedicated website blog, or through influencers, you need a thriving community behind your NFT.
Ultimately, your aim should be to create a brand-driven campaign and ensure your audience can recognize and know why they need to follow you and buy into your NFT idea.
Aim at telling a unique story
The aim of any marketing strategy is to draw people and then sell to them. Without people, you have no sales, and your business will fail. Take an NFT strategy as any other marketing campaign you create and ain to attract people. One of the best ways is by telling a relatable story.
When everyone else is rushing to create art pieces because a piece like Everydays by Beeple sold at a record $69 million or from seeing other exciting statistics get your own unique story to tell. Something that will leave a lasting impression on your audience’s mind that they’ll remember it stays in their memory for a long time.
You don’t want just to duplicate other people’s ideas. Stand out and speak to your audience in a language they can resonate with. One of the reasons NFT projects fail is because they lack something to tell. Failure is inevitable if you create an NFT to make money rather than as part of a long-term marketing strategy.
Get a reason and an objective for your NFT. Know your audience and what you want them to identify your brand with. Then create a comprehensive marketing strategy and campaign along that line. The point is to drive value to your audience and generate revenue for your business.
Focus on the utility
Another crucial thing is to focus on the utility quality of an NFT. This is the best way to create a productive and personal experience for your audience. NFT may not be the main product and could just be as simple as a ticket to your brand’s exclusive content or events. However, it needs to hold more. Show your audience what is in it for them down the road. This means giving them a unique representation of your products — something they can eventually acquire and use. For example, wine NFTs can be tickets to a wine-tasting event. But there should be something else the customers can take home or keep receiving from your brand.
Of course, there’s still a lot to learn about ways NFTs can help startups and small businesses. However, that’s not a big enough reason for you not to learn and experiment with them. The best practice is to seek the guidance from experienced NFT consultants and developers. Understand the ecosystem and best applications for your industry and business. Start with the objectives and create a compelling story with which your audience can resonate. Keep your targets engaged, and aim at building a community and value before revenue. Hopefully, the information above will help you get started with NFTs for business.