Prefer reading? 👇🏼
NFT Marketing Strategy to Sell NFTs in 2022
Learning how to sell NFTs can bring in hundreds of thousands to even millions of dollars.
But because new technology keeps making it easier and easier to create NFTs, the market has become very crowded.
We launched our NFT project during what many were calling an "NFT bear market" when 95% of projects weren't even getting close to selling out.
That number is from Rich over at Mint Bot who sees lots & lots of NFT launches.
You can look up the project, it's called Pit Crew.
It was inspired by my dog, Marlow... who now at the age of 4 years old has taken up digging in the trash when I'm not home.
Now of course none of this is financial advice. I am not a certified financial advisor, therefor I cannot give financial advice. I'm just here to share what worked for me.
So as we were approaching our launch date, we were getting more and more people coming to our website, our discord, our twitter profile.
But what I had seen with many many projects is that they would get some buzz leading up to the launch, but then the launch opens and it would be crickets.
They'd only sell a small fraction of their collection.
And I realized what was happening...
NFT buyers are always hunting around for their next purchase...
Lately I've been too busy with stuff for our private coaching group, but when I was more actively buying and selling NFTs, I would be checking twitter, discord channels, and different websites to try to find good projects before they launch.
Oftentimes I would come across something that looked cool and that I wanted to buy when it launched. But then life would happen and I would forget about the launch because I got distracted by 100 other things.
It's a busy world with a lot of shiny objects and people get distracted a lot, so we need to be reminded.
Most projects try to handle this by building an audience on Twitter since that's where a lot of NFT discussion takes place.
The problem I found is that when you post on Twitter, you only reach a small fraction of your followers.
This means that if your tweet IS GOOD... The tweet would only be shown to 1 out of every 5 Twitter followers
Twitter is incentivized to keep users on their platform for as long as possible to show them as many ads as possible.
The way Twitter keeps people on Twitter is by having their algorithm serve the most engaging and viral content.
So when you tweet, that's what you're competing against. Which is why a "good" reach on a twitter post is considered 20%.
Which means when you post, 1 in 5 of your followers sees it.
Besides Twitter, the other platform that most NFT projects focus on is their Discord server.
Like most NFT buyers, when I'm looking into an NFT project, I'll pop in and check out their Discord to get a vibe of the project.
The problem is that when you join a bunch of these servers you end up getting an insane amount of notifications.
So a lot of people, myself included, will just turn off all the notifications.
Because what happens is that a lot of people are sitting on the fence and waiting to see if they should buy or not.
So when the launch opens and only a few sales trickle in on a project that has 1,000 or 10,000 NFTs, all the people sitting on the fence see that and they assume that the market just wasn't interested in the project.
So they don't buy either.
But if the mint opens and sales and sales are flying in, the fence sitters don't want to miss out, so they start buying in, which can set off a FOMO chain reaction and sell out the project.
So the start of the launch can propel a project or it can be a nail in the coffin.
And we know that if we want to have someone waiting at their computer to buy, we need to be able to reach them.
So what would be the best way to reach our audience?
I come from an online marketing background and one way that's as old as the internet is email.
90% of people check their email at least once a day.
But what blows even email out of the water is text messages.
They get a 98% open rate.
So if we were able to communicate with potential buyers over emails and texts, we would be able to actually reach them.
But it also has another benefit...
If you tell everyone to only trust links that come from your email or texts, you can reduce the amount of people who fall for scams in Discord.
But this would go against what all the other projects are doing.
NFTs and web3 have become synonymous with allowing everyone to remain anonymous by using Twitter and Discord as their preferred platforms.
So I was worried we might get a negative reaction asking for people's contact information.
But I also knew that relying on twitter and discord wasn't likely to cut it.
So we put an opt-in form on our website where people could sign up to get early access to our launch by providing their first name, phone number and email.
This way people were only going to sign up if they were interested in buying our NFTs.
What we found was that about 25% of our website visitors were signing up to our early access list, which at one point was over 700 sign-ups per day coming in totally free.
But I still wasn't 100% sure how people felt about it, so in our Discord I asked how annoying were all the texts I was sending and I didn't get a single negative response.
Many people liked that they didn't have to constantly be in Discord to get updates.
The reality is that most people in the NFT space haven't been in it for very long.
Most are pretty new to using Discord.
But they're already used to being contacted by text and email.
Plus people were always free to opt-out or unsubscribe.
Now leading up to to our launch the main goal was building up excitement and anticipation.
We ran giveaways and contests, sent out emails and texts, and we even paid someone to get a tattoo of our NFT.
Tattoo of a Pit Crew NFT
But I was still worried.
Because most projects that were launching we not even getting close to selling out.
So I asked everyone to take a survey, with a few goals in mind.
I'll tell you some of the questions I asked - see if you can figure out what my goals were.
First, obviously was to get an estimate of how many NFTs we were likely to sell. But that actually had an added bonus that I'll tell you about in a second.
But that actually had an added bonus that I'll tell you about in a second.
If someone wants apples and all you're talking about is oranges, you're gonna have a bad time.
The third reason is that it re-frames the entire interaction by making potential buyers jump through a hoop.
Now this goes against a lot of what you hear about selling advice.
Usually people will tell you to make the process as frictionless as possible and reduce as many steps as possible.
But the flip side to this is that people don't value what comes easily.
People get free NFTs sent to their wallets every day.
Does anybody value them? Nope.
When you put in effort towards something, with or without realizing it, you tell yourself that you value that thing.
Otherwise why would you be putting in effort to try to get it?
If you can get people to jump through hoops for the opportunity to buy something from you, the ones who do will be much more likely to buy.
Now like I said, the first reason for the survey was to me an estimate on how many NFTs we were going to sell.
What I found was that the average respondent planned to buy 3 NFTs.
This actually ended up serving a double purpose.
Because we let everyone know that the survey responses indicated that the average buyer planned to buy 3 and since we had about 1,500 survey responses, we expected a sellout since we were only selling 3,500 NFTs.
So if someone was on the fence about buying, do you think they're going to be more or less likely to want to buy now?
I had to make sure the the launch opened with a bang, otherwise it could be the death of the project, so I was playing all the cards I had.
So finally when it was time for the launch, the texts and emails started rolling out.
Within minutes sales started flying in.
We had the Mint Bot in our Discord server that showed an image of every NFT that got minted and it felt like when you win at solitaire.
Remember this feeling??
You know what I'm talking about, on windows computers when the cards go all over the screen. it was like that but with pictures of our NFTs.
After a few hours it started to slow down and we had to pull out some tricks that I'll have to save for another video.
So it ended up taking 4 or 5 days, but we were able to sell out the entire collection.
Then I finally got some sleep.
If you're looking to sell your own NFTs and you want to make sure you get your launch right, you can apply to join my private coaching group using the button below.
© 2022 blokstreet | All Rights Reserved
blokstreet.com is not a registered investment, legal or tax advisor or a broker/dealer. All investment / financial opinions expressed by blokstreet.com are from the personal research and experience of the owner of the site and are intended as educational material. Although best efforts are made to ensure that all information is accurate and up to date, occasionally unintended errors or misprints may occur.
© blokstreet.com - All rights reserved. Do not share, copy, reproduce or sell any part of this document unless you have written permission from blokstreet.com. All infringements will be prosecuted. If you are the personal owner of the blokstreet.com End User License then you may use it for your own use but not for any other purpose.