Marketing teams that have been reading all of the “NFTs are Dead” articles in the news these days might be scrapping their previously-planned non-fungible token releases—some probably should, and some definitely should. Much more on that in a bit. But for the right play, releasing NFTs—even in the current crypto winter—can be a highly successful gamechanger. For those select plays, we’ll look at a slew of best practices to ensure your project reaches its goals.
22 billion dollars was spent on NFTs last year, and despite current market volatility, that kind of traction is not going away anytime soon. For every big name brand that crashed and burned with a half-baked entry into Web3, there’s an innovative startup out there prepared to reap the rewards from selling digital tokens and collectibles.
Business owners should view the current cooling of NFT sales as more a case of users becoming more selective–rather than completely dismissing this powerful concept. The truth is, humans love the idea of owning rare collectibles—any OG collector who still has their Topps baseball cards can confirm. Also, NFTs offer a unique way to connect a wide audience to worthy causes–more on that below.
As the CEO of a company leveraging Web3 (my metaverse for live, free, veteran mental health will drop in late Q3) and as someone who has personally launched and purchased many NFTs, I’m convinced that there is no reason that the right NFT project can’t still be successful. However, the days of riding a hype wave and hoping for the best have been replaced by sound strategy, consistent engagement, and community service. In fact, there’s practically a blueprint to crafting a successful NFT launch.
Here are the five things businesses should do before even thinking about dropping an NFT in today’s market:
The NFT market is showing some growing pains right now, but the potential of this concept is still in its infancy. I believe the most impactful, perhaps even world changing, NFT projects haven’t even come out yet. While the current NFT reset weeds out the scammers and digital hucksters, stay focused on your goals and don’t be afraid to drop an NFT in a bear market. As the Roman phrase often recalled by today’s military commanders and startup founders states, “Fortune favors the bold.” If you believe in what your business is doing and are in it for the right reasons, NFTs can be a powerful, long-term community-building tool.
Robert Bell is an entrepreneur, investor, and philanthropist who founded 2B3D Inc in 2020 as an all-in-one gaming studio, nonfungible token mint, auction house, and storage system. Bell’s mission was to push the bounds of virtual, augmented and mixed reality technologies as a way to help military veterans suffering from post-traumatic stress disorder. His mission to bring peace and healing to veterans is fueled by play-to-earn games, utility NFTs, and access to exclusive in-game cryptocurrency within a wider decentralized metaverse. Bell is also the founder and CEO of Bell Medical solutions.
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