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How to sell out the NFT collection in the 2022 bear market?

How to sell out the NFT collection in the 2022 bear market?

SEP 2022
The issue of launching and successful sale of the NFT collection worried and still worries many parties in the niche of crypto. To answer this question and solve the problem, let’s take a look at the current situation in the market in 2022: during the first quarter, NFTs became extremely popular due to the downtrend in the crypto market when all the tokens and cryptocurrencies plummeted in price. The focus of the crypto community has been shifted to the NFT ecosystem, a more promising and hopeful branch.

For now, the situation has completely changed — the trend has subsided due to such factors:
  • The presence of cyclicality in all spheres;
  • Falling prices (sharp price is always followed by a gradual fall);
  • Season change (in summer, due to vacations, people do not pay attention to the market and do not work that much, buying and selling fewer NFTs).
Even despite the decline in the popularity of NFT, this industry still remains promising and budding, and therefore business owners continue to actively launch their products and get a lot of profit from them.

But what should you do to sell out an NFT collection? Let’s take a look at the key principles and topics that are important to know and follow:
  • Marketing Fundamentals. This is the basis for any crypto or NFT project;
  • Building a community for crypto projects: why, when, and how? The choice of the right strategy will help to gain community and increase the awareness of the brand;
  • How to make a profitable NFT product in 2022? It’s necessary to highlight and consider the importance of the NFT product itself;
  • Common marketing mistakes in 2022. To avoid mistakes and failures, you need to analyze basic missteps in marketing.

Number of active NFT buyers and sellers, Q1 2020 - Q2 2022 YTD

Marketing Fundamentals

First, we need to analyze the marketing foundations which serve as an engine of the whole progress and as a basis on which we need to rely. There are 3 of them:
  • Community;
  • Product;
  • Positioning.

Community is a key source from which we will receive potential customers, users who are interested in our product, minters of our NFTs, and others. To gain such results, the created community should be strong and warmed up.

If you do have an engaged community but do not possess a quality product or NFTs with utilities, you can still achieve success, and the example of Goblin Town confirms it: its team started to launch shilling wherever it was possible, bought a great influence marketing pack, involved influencers and ambassadors, and, thanks to this, developed a high-quality community that helped to sell out the collection. Crypto Punks did the same: they worked hard to develop a strong community, and this played into their hands, making their NFT collection popular and viral.

Product is another important part of NFT collection creation. With a quality product and NFTs with utility, you can achieve great results using a small set of marketing tools.

Positioning is also an essential part of the project’s success. This basis shows how open you are to your audience, what kind of content you produce, and how well you meet deadlines and follow the roadmap in front of your community. The positioning can increase the reliability of your project and, on the other hand, it can decrease it if you have chosen a bad strategy (users don’t trust you, you don’t follow the roadmap, and the content is boring and meaningless). Remember, positioning is your reputation and the way your project looks in the eyes of the community, so try to be as loyal and as open to the audience as possible.

Building a community for crypto projects: why, when, and how?

To gain an audience and build a community, you will need:

  • Bright and memorable content and visuals;
  • Traffic sources;
  • Correctly treat new users.

Bright and memorable content and visuals

Firstly, it’s important to pay attention to the content and visual part of your project. For now, most users belong to Gen Z (who were born during 1997-2012 years) who perceive images and visual content more than text. For that reason, content and visuals (SMM, website design, logo, etc.) need to be bright, stylish, and memorable to catch users’ attention. At the same time, beauty is simplicity and uniqueness, which means you should not create a difficult and image-heavy design.

Traffic Sources

Speaking about traffic, we can highlight 2 main traffic sources:

1. Organic Traffic
  • Collaborations;
  • Airdrops;
  • Contests.

2. Influence Marketing
  • Ambassadors’ Involvement;
  • KOL;
  • Cooperation with Mass Media.

Each of such sources will help to gain an initial audience, expand the community, and arrange users to the project in such a way as to make potential customers out of them.

Organic Traffic ranked 1st place because it can bring the most appropriate and open-minded users to the project who will be motivated to purchase our NFT collection. To receive organic traffic, try using the methods that are described below:

  • Collaborations — cooperation with other crypto-related projects (in the field of NFT, Metaverse, etc.) which consists of posting the info about each other to switch users and gain a warmed-up and engaged audience who can already be interested in your products;
  • Airdrops — a marketing strategy when you give your tokens (or another crypto) to the users for free or in exchange for minimal promotional work (subscribe, like, retweet, etc.);
  • Contests — launch of giveaways, quizzes, or other contests with a prize that will be given to a random participant who followed the rules (subscribe, like, retweet, etc.).

Influence Marketing is another source of traffic which lies in the involvement of influencers — people or projects who can influence the decisions of their followers because of their relationship with their audience and reputation. This traffic source includes:

  • Ambassadors' involvement (influential people, bloggers, or other well-known personalities in the world of cryptocurrencies);
  • KOL (Key opinion leader (KOL) marketing involves brands working with people who have expert knowledge on a specific subject);
  • Mass Media (posting an article or info about your project on mass media platforms).

You also can use supporting traffic sources, such as word of mouth and shilling — publication of unobtrusive and native messages about the project in the comment section under the related posts to make the project become discussed by real people.
Want to promote NFT collection?
Get in touch with us.

Treatment of new users

To build a strong community, it’s also important to involve users properly. In our case, the main social network we will work with is Discord where the bulk of our future audience will be concentrated. Here you need to pay attention to the following stages of management:

  • Onboarding (welcome posts, greetings, etc.);
  • Engagement (contests, giveaways, AMAs, and so on);
  • Friendly atmosphere (no spam, abuse, or mockeries);
  • Community management and FAQ (answer the users’ questions, communicate with them);
  • Product promotion to sell the NFT collection out.

You can also hire a Community Manager who will help to cope with all the tasks and keep the chat active and the community engaged.

How to make a profitable NFT product in 2022?

To develop and launch a profitable NFT collection, pay attention to the aspects that impact the collection's success:

Utility. Utilities are some additional perks and bonuses connected with the project or with the blockchain on which NFTs are made, and received by the user after purchasing these tokens. The presence of such tokens’ usefulness makes it twice as easy to create a community and reduces the marketing budget by half. Furthermore, by creating NFTs with utility, your chances to be noticed by big investors increases.

Utilities can be different, but the most trending are NFT staking, yield farming, and access to private communities. As the example of the Bored Ape Yacht Club and their private community showed, this worked and still can work very nicely — the users really want to buy NFTs to enter the unique private club.

Ideology and storyline. To gain success, you should also create thoughtful lore (storyline) and build an ideology on the basis of which the project will function. It can be fiction, real-life events, or even a unique fantasy world, created by you.

Bright and unique visual. As we said before, the bright and unique content, images, and visual is the key to success due to the fact that people are visual and memorize the images more than the text. Remember, beauty is simplicity and uniqueness.

Partnerships. The probability of a project's success increases when the project cooperates with the leading NFT marketplaces, such as OpenSea, Avalanche, Polygon, Binance NFT, Magic Eden, and any other well-known platforms. Partners are investors who invest in the project and get their own benefit from it.

For example, if you partner with Binance NFT, then you will get an increased chance to sell your collection on this marketplace. In addition, Binance as a platform can promote your collection on its own if it’s unique and worthwhile. To partner with famous platforms, you should take care of your NFT collection by making it qualitative, unique, and worthwhile.

If your NFTs do not have utility, and your project hasn’t entered into partnerships, use these methods of promotion and improvement of your product:

  • Strong marketing strategy and campaign (a large budget is required);
  • Essential and unique visual and content;
  • Memorable and catching storyline;
  • Collaborations with influencers and ambassadors.

Common marketing mistakes in 2022

To avoid mistakes and failures, pay attention to the most common marketing missteps and try not to make them:
  • Incorrect product positioning — when you don’t know how to represent your product properly;
  • Wrong users’ attraction — when you can’t keep and engage people (often caused by Community Manager’s mistakes);
  • Wrong choice of the target audience — when the selected geo/interests/age group/etc. is incorrect (for example, NFTs were popular in the USA a year ago, and now it’s a trend in Europe);
  • Unsuccessful users’ handling — often caused by Community Manager’s mistakes;
  • Poorly made and low-quality content plan;

Conclusion

In this article, we found out how to sell out an NFT collection and what factors impact the project’s success. Hope our advice will help you to create outstanding, unique, and worthwhile NFT collection that will be sold out right after its launch. Good luck!
  • Misunderstandings by users of product goals — when users can not understand the usefulness and the uniqueness of the project;
  • Non-compliance with the Road map and Tokenomics;
  • Wrong Geo selection.
#Articles
#Tokensal
#Shilling
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