The concept of marketing through influencers is not new. We started seeing an increase in influencer marketing around 2010 with the rise of social media platforms like Instagram, TikTok, and Youtube.
It’s important to appreciate that the value of a cryptocurrency can be affected by the advice of crypto and NFT influencers, with nearly 90% of consumers relying on a friend’s or colleague’s advice when making a purchase decision.
So, that personal touch and making a connection with people is essential to gaining the best outcome for your NFT offering. In this guide, we’re going to take a closer look at the world of NFT influencer marketing.
Who is an NFT Influencer?
If you have a depth of experience in the NFT field, people are looking to you for guidance and insight, and you have a sizable online following, then you might be considered to be an NFT influencer.
Generally, there are two types of influencers: “builders,” who have credibility because of the actual NFT products and projects they’ve created, and “observers,” who primarily discuss the actions of others. The opinions of both of these types of influencers can be hugely significant.
These are the people who have become the go-to source for advice and direction in the NFT industry, and their followers look to them for guidance.
How does Influencer NFT Marketing Work?
In the context of NFT marketing, influencers’ primary function is to foster organic engagement by educating consumers about your digital assets.
The percentage of millennials who put money into NFTs has hit 40% in 2022. With such huge numbers of potential investors, your project’s reach can be increased by tapping into the audiences of NFT influencers.
The goal of influencers here is to inspire natural interest, expansion, and new opportunities. It’s worth noting that, just like in the technology and wellness industries, influencers in this field enjoy devoted fan bases.
Identifying The Right Influencers
Appropriate influencers are invaluable resources for NFT marketing because they allow you to communicate more efficiently with your intended audience. Working with the right influencer can multiply your exposure and fan base quickly and cheaply. But how do you know who to approach to spread the word about your NFT?
Find NFT enthusiasts with a sizable following on the platforms where you plan to run your campaigns. The influencer you pick should resonate with the crypto brand’s audience.
Investigate their audience engagement and metrics; then, once you’ve found some promising NFT influencers to follow, you should check in with them regularly to ensure their posts are genuine, interesting, and in line with your brand. A mismatch at this stage could have dire effects on the outcome of your NFT project.
Finding the right influencers for your project can be challenging, but social listening is one useful strategy that can help you do that. Knowing the industry like the back of your hand will yield invaluable insights during the strategic planning of your campaign.
The key is to determine what your target audience wants and whether that audience comprises millions or just a few.
Brands can select influencers to promote their NFTs based on their campaign’s expected return on investment (ROI) and the level of engagement they seek. So, it’s important to consider influencer compensation when searching for content creators for your NFT project.
It’s safe to assume that well-known influencers will cost you more than their less well-known counterparts. Many of the most popular influencers are represented by NFT influencer marketing agencies, so that’s likely to be your first point of contact.
Creating a financial plan for your NFT influencer marketing campaign is essential. How much money you allot for an influencer marketing campaign depends on how much you expect to make back.
With a smaller budget, you’ll have to dig deeper to find appropriate NFT influencers for your campaign. Focus your resources where they will do the most good, and adjust your messaging to align with the NFT influencer marketing initiative.
How Are NFT Influencers Paid?
Like any other service provider, you can compensate NFT influencers in fiat or cryptocurrency. Payment is often made in the form of free NFTs because of the risky nature of many project launches, with this being done partly to incentivize the NFT influencer financially.
Some common methods of compensating influencers include:
- Money order/cryptocurrency (flat fee)
- Preemptive coinage rights
- No cost NFTs or free minting
- Sales of Reserved Ultra-Rate Non-Ferrous Securities
Among the most successful strategies for boosting NFTs sales now involves enlisting influential users’ help. However, it’s important to do your due diligence before deciding to partner with any NFT influencer.
Be open and honest about the terms of any agreements you make, and with the right NFT influencer, you could see gains that far surpass your expectations.