GoViral Case Study: Setting Up an NFT Campaign
As we venture deeper into the Web3 era, many marketers wonder what role NFTs play in their work, and how they can get more hands-on with this new type of digital asset. At GoViral Blockchain we recently tackled these questions for a client, artist Jennifer Strings.
We’re committed to learning from experience, and we invite you to learn along with us.
First things first: Are you still fuzzy on what NFTs are and how they can be useful for marketers? Start with our essential guide, Intro to NFTs for Marketing.
Got the basics down? Great. Let’s go over the process of minting NFTs and listing them for sale.
How to Mint NFTs on OpenSea
Our client, artist Jennifer Strings, created a new collection of stop-motion animations during the COVID-19 pandemic. She wanted to share them with the world as NFTs, so GoViral got to work on the first step of making NFTs available: minting them.
Minting an NFT is another way to say creating an NFT. In simplified terms, minting means converting a digital file (in this case, a stop-motion video) into a digital asset to be stored on blockchain.
Because it is stored in a decentralized database or distributed ledger, the newly minted NFT cannot be edited, modified, or deleted.
OpenSea, which operates the largest NFT marketplace, is the gold standard NFT platform. See the overview below for the steps involved in minting NFTs on OpenSea.
1. Set up a crypto wallet and connect it to OpenSea
In order to mint NFTs on OpenSea, you will need cryptocurrency stored in a crypto wallet.
OpenSea accepts a range of cryptocurrencies, with Ethereum being the most popular. If you don’t already own Ethereum or another accepted currency, get started by buying cryptocurrency on an exchange such as Coinbase or Binance. These exchanges accept “fiat currency” (traditional currency like US Dollars or euros) in exchange for cryptocurrency.
How much do you need to get started? The number can vary based on your goals, your budget, and the ever-changing gas fees. A good range to have in mind is the equivalent of $100-$300 USD.
After purchasing cryptocurrency, choose a crypto wallet for storage. We recommend using MetaMask, the most popular wallet.
2. Create an OpenSea collection
After you’ve connected your crypto wallet to OpenSea, follow the steps below to create a collection:
A. Click the menu icon in the top right corner of the OpenSea homepage.
B. Select “My Collections” from the dropdown menu.
C. Click “Create a collection.”
D. Fill out the form with your collection’s name, description, and other relevant information, including categories and tags to help potential buyers find your work.
E. Choose a Logo Image, Featured Image, and Banner Image for your collection.
F. Choose whether to use your own contract or use the “Lazy Minting” method. If this is your first time minting NFTs, we recommend using Lazy Minting. The benefits include not paying any gas fees until someone buys your work.
G. Click on “Create” to finalize the creation of your collection.
3. Upload your work
You’re in the home stretch! Now it’s time to decide which of your assets you’d like to make available as an NFT in your collection.
Visit your new collection page and click “Add item” to mint and add an NFT.
OpenSea accepts the following file types for the creation of NFTs: JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, and GLTF.
How to List NFTs for Sale on OpenSea
Once you’ve uploaded your work to your OpenSea collection, you can list each item for sale. Simply click on the Profile icon on OpenSea and select the NFT you’d like to list from your wallet.
When listing an NFT for sale, you can choose Fixed Price or Auction. There are pros and cons to each.
In general Fixed Price is a good choice for those who are new to OpenSea, don’t want to negotiate on price, and have limited time to monitor the sale.
Auctions can be unpredictable and require more monitoring. Consider choosing Auction if your top priority is generating excitement and having the chance to sell for greater than a chosen list price.
Tips for Campaign Success
Congratulations! If you’ve followed the steps above, you’ve entered the new and exciting world of NFTs. A few more important tips from GoViral to ensure campaign success:
- Tell the story. Use descriptions that hook readers’ interest. Consider creating buyer personas for your work to help understand the mindset of potential buyers.
- Supplement your NFT listings with other digital marketing assets. Take a look at the video introduction to our client Jennifer Strings’ work, which GoViral supported from start to finish.
- Build the buzz. Our client has built an impressive Instagram following, whom she also keeps updated on her NFT listings.
Interested in starting your own NFT campaign? Tell us about your idea and we’ll be in touch.
Intro to NFTs for Marketing
What’s the deal with NFTs? You may have heard “non-fungible tokens” defined as digital artwork, but the applications of NFTs are so much greater. Here we explain what NFTs are, and how you can include them in your marketing strategy.
What is an NFT?
NFT stands for non-fungible token. No, it doesn’t have anything to do with fungi. Non-fungible means the token is unique and can’t be replaced or duplicated.
And what’s a token? A token is a cryptographic asset that lives on the blockchain and acts as a certificate of ownership.
In short, an NFT is a unique certificate of ownership.
NFTs are not synonymous with digital art. An NFT can represent art, either digital or physical, but it can also represent music, images, or clothing. Almost anything can be tokenized.
Why should I care about NFTs?
The movement from Web2 to Web3 promises to empower individuals by giving them ownership over their content and data. This includes decentralizing control—from a few large companies to individuals—through technology such as blockchain.
NFTs, which use blockchain for ownership verification, have become a symbol of the greater transition to Web3. An enthusiastic market for NFTs exists, waiting for brands to embrace decentralization and the shift in ownership from the few to the many.
Reasons to Use NFTs for Marketing Purposes
First things first, NFTs are relatively new, and the NFT market can be volatile. Think carefully before you use NFTs for marketing, and keep in mind there isn’t a long history to draw on to define best practices. That said, let’s take a look at how you can use NFTs for marketing to build your brand awareness, increase customer loyalty, and create new sources of income.
1. Increase Brand Awareness
You can use NFTs to build awareness around your brand. Awareness can be difficult to measure, but it’s essential to your success. If you create and sell NFTs in conjunction with a new product or service, you can gain attention while also communicating your brand’s values.
More and more, customers care about your values, and investing time and energy in NFTs can show that you’re committed to decentralization and individual ownership of content and data. In short, that you believe in the democratization of the internet.
Norwegian Cruise Line recently minted six NFTs to mark the launch of a new class of cruise ships. The initiative created buzz and attention for the brand, and communicated Norwegian’s commitment to freedom, flexibility, and cutting-edge technology.
2. Convert Customers Into Evangelists for Your Brand
When you’ve engaged a lead enough to become your customer, it’s time to delight them. One way to do this: create NFTs out of the building blocks of your brand. For example, you can mint a series of unique versions of your logo, or the original hand-drawn concept for your brand’s visual identity.
Think of this as pulling back the curtain for your loyal customers to more deeply connect with your brand. Giving them the opportunity to own a piece of your creation story will demonstrate your openness and transparency.
3. Raise Money by Monetizing Exclusive Content and Experiences
Once you have a group of loyal customers who evangelize your brand, consider using NFTs to monetize exclusive content. Evangelists may be willing to pay for videos, how-to articles, or other content they wouldn’t otherwise have access to.
Exclusive content can make your evangelists feel appreciated. You could set up an NFT that unlocks this content, much like a one-time charge for premium membership. You can also hold in-person events in which ownership of an NFT acts as a ticket for admission.
Take Anheuser-Busch’s recent event, NFT Beerfest, which gave Budweiser NFT owners a chance to tour their flagship brewery, participate in giveaways, and enjoy live performances.
Interested in using NFTs for marketing but not sure how to get started? Share your ideas with our GoViral Blockchain team, and we’ll be in touch!