This statistic can worry would-be entrepreneurs who want to cash in on the lucrative NFT craze. However, with the right strategy to publicize the project, NFT creators can still set themselves up for success.
To succeed, NFT projects must make their art tantalizing to their target audience.
In addition to the general public who will buy the NFT, an NFT publicity campaign should also target influencers, as they will be able to convince additional audiences that the NFT is worth purchasing.
Some of the most successful NFT lines in recent memory, such as the Bored Ape Yacht Club, skyrocketed into popularity due to widespread celebrity adoption.
Most influencers tend to be canny investors — or are at least advised by people who are — so it is essential to ensure that the PR campaign emphasizes the project creator's credibility.
NFTs are still a relatively new class of digital assets that the general public may not understand how or why to invest in, so people need to know they are investing in something trustworthy.
The importance of transparency and expertise
One of the best ways to communicate why an NFT art project is worth investing in is to legitimize the project's creator, emphasizing their experience launching other successful NFT campaigns.
Assuring consumers that the team behind the project is made up of blockchain experts through a thought leadership campaign can lend further credibility to the creator and the project as a whole.
Transparency about the NFT project itself is also crucial. An easy way to gain support is by being open about the technical specs of an NFT project, which will give potential buyers the confidence they need to invest their hard-earned money into the project comfortably.
This part of the publicity campaign should start as soon as — or even before — the project is launched.
Make its whitepaper(s) public and call attention to the specs that make this NFT project stand out against the hundreds of others that consumers can choose from.
What consumers want in an NFT project
Conveying meaning is another way that some NFT campaigns have found great success. Early NFT projects owed much of their success to the support that buyers had for the artist; consumers wanted to support the artists they loved financially, so they bought their NFTs. However, NFTs have become much more than that. Now, a wide array of NFT projects have been released that support specific charities and causes.
Utility NFTs have also completely changed the way the public perceives NFTs. NFTs that are simply JPEGs connected to a string of blockchain code will no longer cut it with influencers or the general public. Instead, people want NFTs that offer them some real-world utility, whether it serves as a membership card to an exclusive club or entitles them to certain rewards in the real world or metaverse.
The most successful NFT publicity campaigns focus on one specific aspect of the consumer experience: trust. Without being able to trust the NFT project, consumers won't be willing to spend their money on it. Nowadays, there is much more to an NFT campaign than what the project is about — it is also about who made it and why. These factors are just as, if not more important, to a consumer's decision to buy into your project.