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Getting Ready to Sell your First NFT as a Business

Getting Ready to Sell your First NFT as a Business

Since NFT became quite popular, many brands have considered the idea of creating and selling NFT. And yet today, we see different companies, such as McDonald’s, Gucci, Coca-Cola, Adidas, Dolce & Gabanna, and even many other small startups, have already launched their tokens. “And if they could, why can’t we?” – would entrepreneurs who want to sell their first NFT ask themselves.

NFT as a marketing opportunity

Diving into the world of NFT, there are a lot of marketing techniques that can be applied both for B2C and B2B segments. Companies started to integrate NFTs into marketing campaigns, creating a hype around limited editions: what brand would not like an opportunity to make millions on limited editions? Of course, digital goods are not new at all. There are many examples in eSports, gaming, events, and digital retail.

But what about the opportunities for B2B brands? For example, organizations can turn custom or unique products, such as a research report (which might cost thousands of dollars), into NFTs, thereby pushing them beyond their former functional value. This also includes e-tickets, promo codes, and tokens. Tokenized access to gaining experience will no doubt gain more and more popularity.

In fact, selling NFTs plays several roles for the business. The two most obvious of them are marketing and sales. Nevertheless, there are also certain risks: will the NFT ever be sold? This thought can prevent entrepreneurs from launching NFT. However, the unsuccessful cases of creating company tokens can be caused simply because the business was not ready to sell NFTs and had a weak community around the brand.

Why do brands need a community to sell NFT

Marketing has always required building connections between potential customers and a brand. Building a brand community combines two necessary aspects of marketing: the “matching” people and good supply channels. The ability to foster a sense of unity can reinforce the brand in the minds of buyers.

Speaking about  Web 3.0 and marketing, many brands support the idea that the community emphasizes innovations and collaborations with brands. For instance, Discord claims to have a strong community. This messaging app was initially created for gamers and is now often referred to as the communication platform in Web 3.0. Even though Discord is not the best existing communication channel with poor UX and fraud, the app remains one of the most popular thanks to its community.

Community support for projects leads to digital views and digital purchases in both the primary and secondary markets. By creating a large, extraordinary, and unique community, you will make more people want to join it. One of the prominent examples is Bored Ape Yacht Club NFT. By owning Bored Ape NFT, members also get exclusive access to the Yacht Club, a members-only merchandise store, an exclusive Discord server, and IP address for commercial activations to sell images of their monkeys on t-shirts or TV shows and generate revenue from license fees. That is how creating unique exclusive features attracts new members to the community.

The next question is how to involve potential customers in the community? Traditional channels like email, social media, PR, and mobile advertisement still play a huge role in attracting new users and connecting them with other members, along with promoting the values of the community or brand.


Getting ready

Now is a good time to stop and ask yourself: does my brand have a strong community? If not, we urge you not to despair and not give up on launching NFT. Instead, you can undertake the following steps to prepare your business to launch non-fungible tokens.

Step 1. Strengthen the channels

As mentioned above, traditional channels are still extremely important for Web 3.0 activities. The critical role plays the unique and relevant content, which stimulates the audience to engage in the social community. It will pave the path for the customers to buy NFT.

Step 2. Understand customer preferences

Traditional channels, such as email and social media, give direct access to current and potential customers. Building up a Web 3.0 community will depend on what your current customers are interested in. While NFT activation can highlight your brand to new potential customers, it’s not a magic pill that will help to expand the customer base.

Take time to understand your customers’ opinion on new technology and spot the moment if you see the rising interest. Try to observe and find out about your audience:

  • What communication channel do they prefer?
  • How do they perceive Web 3.0?
  • Do they own NFT?

Knowing if your audience is ready for NFT will create a strong base for making your first token.

Step 3. Change the point of view

From now on, the idea of Web 3.0 should be mentioned in all of your digital strategy discussions. When you talk about your CRM, you have to think about NFT. What share will have NFT in your marketing strategy and how will it benefit the future in the long term perspective?

When you talk about KPIs, you have to consider which ones are best for you that can be carried over to the activations of the metaverse. Some platforms currently prohibit in-game purchases. Others have clunky settings. Some NFTs work well across platforms, and some don’t. These factors will affect your ability to effectively track and measure activation.

This new world of Web 3.0, while revolutionary in some ways, is also in many ways an evolution of the current state. Critical reflection on the tools you are already using that can be used to succeed in Web 3.0 is a concrete way to prepare for the future while keeping your current goals and objectives in mind.

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