NFT projects for business: A six step guide on everything you need to know to be successful

NFTs (non-fungible tokens) have grown in popularity since their inception in 2014 and have been a hot topic of discussion over the last 18 months.

Most people would associate NFTs with art and artists, which is a valid and successful way that they have been used, however there are many other use cases of NFTs in the digital and real world — including, but not limited to, gaming, event ticketing, music, real estate, intellectual property, decentralised finance, retail and the metaverse.

But with so many opportunities for NFTs in the business landscape, how can you make sure your NFT project is successful — especially when 99% fail?

Here are a few steps that can help you get started.

Key takeaways

1. It is all about your community; they are the heart of your NFT project. Keep them informed, engaged, and inspired. Without the community, you don’t have a NFT project.

2. Twitter is the most popular platform for community conversations; build dialogues, share stories, mission, and vision. 

3. Listen to community feedback, and make continuous iterations.

4. Be honest and transparent in all communication.

Have a clear strategy

Every NFT project starts with a strong strategy. When developing a strategy, make sure to review these questions: 

• What are your goals and objectives?
• What is unique and different about your NFT project?
• What are the values you want to share with your community? 
• What do you want to achieve short-term and long-term?
• Who is your ideal community member/avatar?
• What is your audience after and how can you help them achieve this?
• What will a successful campaign look like to the brand?

The main goals of your strategy are to: 

• Build brand awareness across multiple channels; 
• Generate interest, building an authentic community; 
• Understand your community on a deeper level; and
• Ultimately, make sales and revenue. 

Community building

NFT communities are essentially everywhere online, however the four main platforms are Twitter, Discord, Reddit and Instagram. 

Twitter

This is where the real action of NFTs got started, as many famous artists, collectors, and builders share frequent updates on their projects. 

Twitter tips: 

• Use Twitter Spaces to establish your brand, voice and build awareness; 
• Join other popular spaces and listen to what other Web3 creators have to say; 
• Be a part of a session and collaborate as a co-host; and 
• Showcase your thought leadership and ultimately promote your NFT project.

Discord

Discord is a free voice, video and text app used by tens of millions of people internationally to talk about many things, including NFT projects. 

Discord tips:

• Join different servers, both relating to existing projects and ones that are solely dedicated to promoting new NFT collections; 
• Integrate your discord with other apps if appropriate – Reddit, Facebook, Twitch, Spotify; 
• Create and attend Discord events to generate hype; and
• Conduct regular AMAs (Ask Me Anything sessions). 

Reddit

Reddit is a massive collection of forums where people can share news, content, or comment on topics they are passionate about. 

Reddit tips:

• Develop a roadmap for your NFT story — how you came up with the NFT collection, the story behind it. Introduce the founders, the tech team — your goals and long-term visions are all important; 
• Don’t repost content and stay away from self-promotion; and
• Don’t downvote posts, this will damage your brand in the long run.

Instagram

Instagram is an aspirational platform, with world’s leading NFT artists using it to build hype and to get more eyeballs on their upcoming releases.

Instagram Tips:

• Catchy images and videos are far more powerful; 
• Create Reels, interactive stories and make use of highlights; 
• Find hashtags relevant to your project and community; 
• Add multiple keywords for each image you upload and add relevant captions to maximise reach; and
• Instagram, much like Facebook, is pay to play so allocate some funds behind each campaign to reach larger audiences. 

Create a hype video

The best way to share content, start with a teaser video to build hype and excitement.

• Video must be sharp and snappy, keep it 30 seconds, just enough to tease potential buyers;
• Pick a topic to focus on, don’t share everything in one short video. You can focus on promotional, educational or technical videos; 
• Show off your brand in a high-energy way; and
• Create a powerful call to action. 

Hosting AMA sessions

Conducting an Ask Me Anything (AMA) allows you to directly communicate with your audience to build trust and connections.

AMA tips:

• Best to host on Discord, Twitter and/or Reddit ;
• Allow your community to submit their questions beforehand so you can prepare; 
• Keep the sessions short and to the point — a 30-minute session works best;
• Allocate the last 10 minutes to Q&As; and
• Reward your users for attending your AMA session e.g. an NFT giveaway as a token of your appreciation.

Running competitions, giveaways, and promotions

One of the best ways to build your community quickly is running competitions and giveaways.

• This will helps grow your followers and drive engagement;
• Capture attention from crypto enthusiasts;
• Make the competition interactive where they have to take “action”. This can include following your project on Instagram or Twitter, tagging a friend in comments, or sharing the post on Instagram stories, or encouraging them to showcase your project in their profile picture;
• Run a giveaway at least a week before the launch of your NFT project; and
• Run competitions in conjunction with influencer campaigns, media releases and paid advertising to amplify reach.

Influencer marketing

Influencer marketing strategy is a powerful way to reach a new audience for NFT projects if executed correctly.

How to find the best influencers:

• Research — look for NFT influencers that have a decent following, we say minimum 10K+ followers. The influencer needs to appeal to the fan base of the audience you’re targeting;
• Reach — look at the influencer’s overall reach and engagement levels. You can use free tools like Hype Auditor to give you this information. Sadly, influencers can buy fake followers – this is something to be mindful of;
• Type of content — discover the type of content the influencer is looking to share. Video content is always better than static posts. Livestreaming is also a great way to build brand affinity; and
• Price — how will you be compensating the influencers? Established influencers are more expensive than smaller ones, some are managed by agencies. 

Remember

Your community is everything. Focusing on building trust and transparency within your community is the only fool-proof way to better your chances at an NFT project’s success.