NFTs create a new challenge for crypto marketers
NFTs are the first crypto related asset that provides more than just a store of value, but an easily transferable visual asset. This creates new challenges for crypto marketers.
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One of the hardest things about marketing cryptocurrencies is that you’re asking someone to buy something that is completely intangible. You can’t hold it. You can’t do anything physical with it at all. But NFTs have created a category of this industry where we have visual representation of digital assets. Photos, paintings, fine art, and sports highlights are just some of the things that have popped up this cycle.
NFTs create a new challenge for marketers to figure out how to both market something intangible and sell the value of a digital image. I asked my friend Franklin Fitch of Blockparty to help explore how he approaches marketing in the NFT space.
Blockparty is a really interesting platform. It’s more than just a place to buy and sell NFTs. It also allows artists to create their own NFT stores. Think Shopify, but for NFTs.
And they’re no crypto kitties platform. These guys are selling some pretty top-notch crypto art. Press play on this thing:
Cool right?
Let’s dig in…
1- What is your elevator pitch for NFTs to the average consumer?
I tell people NFTs are tags you assign to digital goods to make them real, authentic, and tradable on open liquid global markets. It’s a way to provide legitimacy to digital goods.
2- When you think about marketing NFTs, what do you consider to be the strongest value proposition for the asset class?
Probably attribution of royalties back to artists. This is super motivating for the creative class. Gives them power back. Also NFTs being connected to global crypto payment rails and markets is really powerful.
3- There are a few popular NFT marketplaces now. How would you say they differentiate? How does Blockparty differentiate?
They differentiate in terms of centralization. Nifty being centralized, OpenSea not being centralized for example. Blockparty is somewhere in the middle, a sort of semi custodial model where any user can interact with the platform using decentralized OR centralized means. Both in terms of wallets and in terms of payment methods. We accept both crypto and credit card. I’d also say the level of curation is a differentiator. Some platforms are highly exclusive/curated while others take all comers
4- Does the traditional art world influence the NFT market at all?
More like vice versa. NFTs have forced the traditional art world to adapt and take notice.
5- In this market cycle, what kind of attention has been paid to NFTs from the traditional art world?
Quite a lot. You have Sotheby’s and Christie’s running NFT auctions and other major galleries trying to dip their toes in. Of course there are some haters amongst legacy art world, but most see the potential of this technology as a force for good.
6- How do you approach identifying your ideal NFT customer? What does that customer profile look like?
It’s a multi faceted profile. Someone who is internet savvy, a fan of someone or something, who has disposable income, and a mindset for wanting to collect something. That’s the ideal person we are looking for. Someone who wants to support and collect that which they love
7- Top Shots has been a huge driver of the current NFT popularity. What role do you see NFTs will have in mainstream culture going forward?
A major role without a doubt. I think we will see the creation of entire digital fan ecosystems around basically everything one could be a fan of, and those ecosystems will be driven by NFTs.
8- As a marketer, how how do you look at these different areas of the NFT space and which do you see as leading the space into the future (Top Shots vs DeFi randomly generated NFTs vs Art NFTs)?
I think sports have large markets so that’s why top shot blew up. Also their UX is great. But over time it will all balance out. Art, sports, other mediums. It’ll balance itself. Generative art interests me but I don’t see it becoming that mainstream. I do think randomization is key though. Any digital goods that have an aspect of randomness will be really popular.
9- What do you think is next for NFTs?
I think NFTs will bridge the physical, digital, and meta verse, and become keys to each in a seamless way. A point of connection to bridge real and online life. I also think we will see economics of NFTs improve. Possibility for higher numbers at lower price due to chain scaling and new competitor chains. Finally I think we see the rise of composable NFTs. NFTs that evolve over time. Adds so much exciting dimension when you consider that possibility.
If you’re interested in diving into the intersection of fine art and NFTs, check out Blockparty for more.
Who else would you want to see a Q&A from in crypto marketing? Reply to this email and I’ll try to make it happen.
Who’s Hiring Marketers in Crypto?
Head of Growth @ Lolli [APPLY]
Marketing Manager, CRM & Email @ CoinDesk [APPLY]
Senior Product Marketing Manager, Crypto Brokerage @ Paxos [APPLY]
Growth Marketing Manager @ Ava Labs [APPLY]
Social Media Manager @ TQ Tezos [APPLY]
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