Short guide to NFT marketing — with the latest market analysis for July 2023

Welcome to the comprehensive guide to NFT marketing. As the world of digital assets continues to evolve, Non-Fungible Tokens (NFTs) have emerged as a revolutionary way to buy, sell, and trade digital ownership. This guide is designed to help you navigate the complex landscape of NFT marketing, providing you with the tools and strategies you need to successfully launch and promote your NFT project. From project preparation to optimization, I’ve got you covered.

This guide draws on a wealth of resources, including insights from TokenMinds, Social Media Examiner, NFT Now, NFT Calendar, and many more. I’ve also incorporated valuable lessons from YouTube tutorials and case studies to provide a well-rounded perspective on NFT marketing.

But before jumping into the guide, thanks to my previous employer DappRadar, it’s always worth checking the NFT market using the 3rd August industry report: The NFT Market Slump: An Emerging Trend or a Temporary Dip?

Also worth reading the key report takeaways:

  • July witnessed a 13% decrease in the dapp industry’s unique active wallets (dUAW), averaging 1.7 million daily dUAW. Despite a 0.5% decrease in dUAW, gaming re-emerged as the dominant category with a 41% share in the dapp industry.
  • The TVL in the DeFi sector has slightly declined by 2.27%, settling at $75.91 billion. Tron managed to reclaim its position as the second-largest DeFi platform by TVL, which grew by 3% to reach $5.852 billion.
  • NFT trading volume fell 29% from the previous month to $632 million, while the total number of NFT sales also dropped by 23% to 3.7 million.
  • Polygon experienced a significant uptick in NFT trading, with 772,424 traders, dominating the sales count by 27%. (my pov: so it’s good news for the Polygon NFT ecosystem😇😎)
  • $363 million in crypto assets were lost due to hackers exploiting smart contracts and duping investors.

“Ultimately, the key takeaway from July’s report is that the dapp industry remains a dynamic and rapidly changing landscape. While certain trends and shifts may initially seem negative, they often reflect the industry’s ability to innovate and adapt in response to evolving user preferences and market conditions. As we look ahead, the capacity for continual evolution will be key to the long-term success and vitality of the dapp ecosystem.”

With that industry analyse out the way on with the NFT marketing guide

[I] Project Preparation & Market Introduction

  1. Market research and analysis: Investigate current market trends and conduct a competitive analysis to identify unique selling points for the NFT project.
  2. Branding strategy: Design a unique and compelling brand identity for your NFT project, focusing on distinct aspects that set it apart in the market.
  3. Value proposition: Develop a clear and appealing value proposition for the NFTs, considering elements like digital ownership rights, community access, and potential investment opportunities.
  4. Pricing strategy: Advise on a suitable price range for the NFTs based on your target audience and project objectives.
  5. Search Engine Optimization (SEO): Implement effective SEO strategies to enhance online visibility.

[II] Audience Identification & Engagement

  1. Audience identification: Employ audience segmentation/create user personas to identify potential investors and buyers, understanding their needs, interests, and investment behaviours.
  2. Personalised marketing strategies: Develop tailored marketing tactics that align with your audience’s behaviour and interests.
  3. Influencer partnerships: Identify and collaborate with relevant influencers to reach your target audience effectively.

[III] Community Building & Management

  1. Community creation: Establish and cultivate a community around your NFT project on key platforms particularly Twitter, and Discord, and other relevant social media platforms.
  2. Content creation: Generate engaging content, including news, updates, events, and unique stories around the NFT project.
  3. Proactive community management: Foster a positive environment through prompt responses to community inquiries, discussions, and effective conflict resolution.
  4. Customer service: Offer exceptional customer support to address any issues or concerns related to the NFT project.

[IV] Communication Strategy

  1. Communication channels: Use appropriate communication channels, such as social media, email newsletters, and forums, to keep the community informed and engaged.
  2. Regular updates: Provide consistent updates on project progress, roadmap adjustments, and other relevant information to keep the community engaged.

[V] Campaign Management

  1. Storytelling: Craft a compelling narrative around your NFTs, emphasising their uniqueness, provenance, or the artist’s background.
  2. Influencer marketing: Collaborate with influencers, celebrities, or industry experts to promote your NFTs.
  3. Strategic partnerships: Partner with well-established brands or organisations to increase credibility and expand your reach.
  4. A good working relationship is especially important if working with an NFT marketplace such as OpenSea to benefit from cross-marketing.
  5. Gamification: Incorporate game-like elements or reward systems to enhance user engagement.
  6. Cross-platform promotion: Utilise multiple marketing channels like social media platforms, email marketing, content marketing, and paid advertising.
  7. Analytics and optimization: Track the overall performance of marketing efforts, analyse the data, and optimise your campaign accordingly.

[VI] Media Outreach & PR

  1. PR strategy: Develop a PR strategy to attract media attention to your NFT project.
  2. Media Outreach: Identify and reach out to key industry publications, blogs, and influencers for publicity.

[VII] Project Optimisation

  1. A/B Testing: Implement A/B testing to understand what type of content or campaigns resonate best with the audience.
  2. Data Analysis: Provide regular reports and insights on the performance of marketing efforts, enabling informed decision-making and continuous improvement of the strategy in the longer term.

In conclusion, marketing your NFT project requires a comprehensive and strategic approach, encompassing everything from project preparation to optimization. It’s about understanding your audience, building a strong community, crafting compelling narratives, and continuously optimising your efforts based on data and feedback.

I hope this guide has provided you with valuable insights and practical strategies to help you navigate the world of NFT marketing. Remember, the key to success lies in your ability to adapt and innovate in this rapidly evolving digital landscape.

Now that you’re equipped with the knowledge, it’s time to put it into action. Start by conducting market research, defining your brand strategy, and identifying your target audience. Engage with your community, craft your story, and reach out to the media. And most importantly, keep learning, testing, and optimising.

For more in-depth information, be sure to check out the resources linked throughout this guide, including this comprehensive playbook and this detailed marketing plan. You can also reach out to me directly on Telegram ofc. I have my NFT experience from the marketing campaign for world famous footballer Ronaldinho to draw on too!

Remember, the world of NFTs is vast and ever-evolving. Stay curious, stay informed, and most importantly, stay creative. Good luck on your NFT marketing journey.. 😇

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What does your growth stack look like?

Know what a GROWTH STACK is?

It’s a set of tools that work together seamlessly to drive growth.

The key word here is ‘seamlessly’.

If you’re serious about growth, you should really consider documenting processes for everything you do.

We use SweetProcess for that.

That’s one tool in our growth stack.

Here are the rest:

INTEGRATIONS (to connect different apps together)

  • Zapier – to connect different apps via API
  • Google Tag Manager – to make it easy to install scripts on a website
  • Leadsbridge – to connect Facebook Lead Ads and Custom Audiences with email marketing software
  • Wufoo – to create forms that integrate with everything

RETARGETING (to retarget customers at different stages of the buying cycle)

EMAIL / MESSAGING (to drive email and in-app messaging)

  • Sumo – to grow email list
  • Drip – for email automation
  • Mailchimp – Drip alternative (less powerful)
  • OneSignal – to grow push notification list

PERFORMANCE ANALYSIS (for improving campaign performance)

AD MANAGEMENT (for scaling ad campaigns)

WRITING (for producing content)

UX (for improving the performance of a website)

MANAGEMENT (for managing teams and projects)

  • Asana – to keep track of project tasks
  • Basecamp – to communicate with contractors and clients
  • Slack – for internal communication (to reduce emails)

We use a lot more tools across different campaigns…

…but the tools I’ve listed above are used on ALL campaigns.

Article from Alex Cleanthous, Co-Founder and Chief Innovation Officer at Web Profits (a growth marketing agency).