NFTs are the future, and we’re ready for takeoff! As a marketing agency with an eye on current trends in tech–including cryptocurrencies like Bitcoin and Ethereum—our team saw this as an exciting time to enter what has quickly become one of today’s most popular new industries: Non-Fungible Tokens (NFT).
NFTs are unique digital items that can possess unique attributes or traits, which makes them valuable in the game world. But while NFTs are still in their infancy, they hold tremendous potential for adoption across many industries and applications.
Most notably, NFTs have grown in importance for the gaming community–which has embraced them as a new way to collect and trade digital items. In fact, there are over 1400 games on the Ethereum Blockchain that use NFTs. Another example is CryptoKitties, an app where users can buy breed different types of cats using real-world dollars. Each Crypto Kitty is unique and cannot be replicated.
Today’s article will guide you through three of the most important factors to consider when launching any new product, especially one in a highly competitive field, so you can be better poised to launch an NFT successfully.
1) Identify your target audience
This is probably the most important step in creating any new product. Why? Because without a clear idea of who you’re targeting, it’s significantly more difficult to know whether or not your product will actually resonate with them.
So, how do you identify your target audience for an NFT?
- Who do you want to purchase your NFTs, and what will motivate them?
- What is that person interested in (gaming, blockchain, art, etc.)?
At this point, it’s important not to open the process up to everyone. This can lead to a major lack of focus that can be difficult to overcome down the road. However, it’s also important to note that knowing your target audience doesn’t mean you have to restrict this information from everyone else, but it is vital to decide which path your NFT will take.
In our case, we were lucky enough to have an idea of who we wanted to target from the start, as our agency is built around a specific concept: bringing Metaverse and IRL interactions together.
Operation Crypto Matryoshka’s gives token holders access to our OPERATIONS database full of missions. When missions are completed prizes are awarded both virtual and physical. Creating a connection between the Metaverse and IRL.
2) Give your NFT a clear, unique purpose
Having a clear, unique purpose is especially important when creating an NFT. Why? Because it allows for the product to resonate with its target audience immediately–and in some cases, can even give that audience incentive to take action right away.
So how do you go about giving your NFT a clear, unique purpose?
- Create a specific use case for your NFT.
- Ensure it serves a singular function.
In our case, we wanted to bring gamers and nongamers to the NFT world to interact, complete missions, and win prizes. Our unique purpose is to build a community and bring the gaming and non-gaming world together with a single token we call OCM.
3) Create a road map
You’ve identified your target audience and created a clear, unique purpose for your NFT: Now, it’s time to create a road map that will sell your vision to potential members.
In this step, you’ll need to make a list of all the features and benefits your NFT will offer. You should also include the use cases for which these features will be intended while noting how each one differentiates from other NFTs in the market.
Finally, it’s important to note that not every new feature or added benefit must be listed in the road map. Of course, you want to take enough time imagining your ideal NFT, but you should also be realistic about what can be done within a specific timeframe.
To begin our road map, we created a list of unique features for Operation: Crypto Matryoshka’s:
- Virtual Reality and IRL Missions–varying from simple to complex.
- Physical and Virtual Prizes–players collect tokens through their VR missions and redeem them for real-life items.
- To further incentivize players, we created a leaderboard of the most active participants who complete the most VR Missions.
- We will also hold physical and virtual events for token holders only.
Creating an NFT is a significant undertaking. However, it’s also important to note that this process doesn’t have to be done in one sitting–especially when there are multiple members behind the creation of your NFT.
If you’ve gone through this entire process and it seems overwhelming, know that you’re not alone. This is where our team can come in.
At Branding Bosses, we have the experience and know-how to help launch your NFT into an exciting new area. And if you’re thinking of launching a brand new project on the blockchain but need assistance with the entire process, contact us to schedule a 1-on-1 session to better understand how we can help.
You can also connect with us on social media via Instagram or Facebook . Or, if you prefer an old-fashioned phone call, our direct line is 813-474-8836.