The NFT hype is in full swing, and there's no sign of it slowing down. Even with Crypto markets recently taking a huge tumble, NFT mania continues to roar on. But what makes NFT mania so market-proof and how to become a vibrant participant of this industry without wasting your budget on tools you don't need?
The answer? Thanks to a solid marketing strategy pre-launch. With this in place, every man and their dog will know about your collection and want to get their hands on a slice of the action. So, let's dive into why marketing your NFT collection pre-launch is so important and give you a few tips on how to get the most out of your budget!
What's All the Hype About?
Humans love to show off their power, wealth, and status through their purchases, so if you give someone the ability to show everyone on the internet just how wealthy, powerful, and hip you are, they're going to dive on it like a stack of free waffles. NFTs have become the epitome of success, so getting your hands on one is almost necessary if you care about keeping up appearances. The more valuable the NFT that people can show off, the higher status they feel it gives them. This is comparable to wannabe influencers equating "likes" to success.
On the other hand, you've got the get rich quick crowd. These guys love to buy up collections the second they become mintable. They then list them on secondary marketplaces for a 10x markup and usually sell their hoard in a few hours to the wannabe influencer crowd. This is fantastic for NFT creators as it creates an almost endless demand from buyers all around the globe.
So, whatever you can dream up and design, go for it. Creating a minting smart contract to use on your collection site does require technical knowledge, but there are alternatives. You don't need to be a technical wizard to be able to make money with an NFT collection, you just need some basic artsy skills. With that in mind, let's dive into the cost of actually creating an NFT.
What's the True Cost of Creating an NFT Collection?
When it comes to creating your own NFT collection, you've got a mountain of choices. You can create your own minting smart contract, you can hire someone to do it for you, you can make the art yourself, you can hire someone to make the art for you and you can even pay companies to do all of this for you.
Now, your specific costs will depend on your choices from that pool of methods. Generally speaking, to hire someone to do the art for you, you could be looking at $1,000 or more, depending on their skill and quality. To pay someone to create the smart contract for you, you'll be looking at a bill of $5,000 plus. Then you have the actual minting fee. This depends on the current state of the blockchain that you're using. Ethereum is the most popular blockchain for NFTs, so we'll use this as an example here. The network fees to mint an NFT on Ethereum range from $60-$800, depending on network traffic and gas fees. With that being said, if Ethereum continues to fall in price, this fee will become cheaper!
If you don't have the skills to build your own minting smart contract and you aren't good with Photoshop, then you might want to use an ancillary NFT service provider. There are some fantastic ones out there, but 8Biticon takes the crown. This pixel avatar creator has been around since the dawn of 8-bit art, meaning that you'll have a massive range of tools available to design and mint your own NFT collection without hassle. It really is a fantastic tool to use, allowing you to customize your NFT collection with sliders, toggles, and tons of pre-made features. Minting is then done with a couple of clicks. Gas fees are also optimized, meaning you pay as little as possible, which is always a bonus!
Should I Spend on Marketing or A Technical Team?
Nobody has an infinite budget, that's just fantasy land. If you want to get the biggest bang for your buck, you should opt to allocate the majority of your budget to marketing. There are enough resources and apps out there, such as 8Biticon, that allow you to skip the need for a technical team. With a solid and effective pre-launch marketing campaign, you can drum up interest and hype. This will attract the buyers that you want to come in, buy up your entire collection and pass it on to the wannabe influencer crowd at an inflated price.
You'll want to look at running crypto display ads, targeting the crypto crowd. Crypto display ad platform Bitmedia has fantastic targeting, whitelisting and ad fatigue prevention tools built in, all specifically designed for NFT marketing. What's more, the account managers on such platforms would normally even jump in and help optimize your NFT display ad campaign, helping it achieve the best results possible. You will struggle to get more bang for your buck when it comes to advertising your NFT collection than you do with a crypto display ad network.
Here are a few powerful tools to make your NFT marketing campaign more specific:
- Geo-targeting. Select a group of people by their location or display your campaign worldwide.
- Device and daytime targeting. Choose whether you like your ads to be displayed only on desktop or mobile devices. Specify the hours when your ads should be shown.
- Ad Reruns and Frequency Caps - Program how many times prospective audiences should see your ad. Some may visit your NFT landing page and then leave to return. This is when it is always good to remind them of your existence.
Start Your NFT Collection the Right Way!
By allocating your pre-launch budget in the right way, you can generate the maximum amount of hype and interest. This will help you sell out on launch day, faster than you can imagine. After all, if you spend all your money on technical aspects before launch, you'll have no crowd to sell to and no funds for promotion. Bring the crowd to your backyard, get them hooked with the hype then deliver the goods!
