The NFT scene is blowing up! Blockchain technology and the advent of digital scarcity are transforming the way creatives distribute and monetize their works for the better. That’s because, until recently, all digital media (artwork, music, videos, etc.) could be easily copied, stolen, and improperly attributed. NFTs can fix these problems while opening up a new world of digital collectibility by providing collectors with the assurance of authenticity and rarity.
We are still in the early days, but as more creators learn about NFTs and begin to tokenize their works, the scene will become much more crowded. New marketplaces and tokenizing platforms coming online will create an increasingly wider audience and thereby create more noise.
Standing out in the global sea of NFT creators will become more challenging as this digital renaissance goes mainstream. That said, how can an artist or creator find success in their NFT pursuits within this landscape?
As the NFT scene grows, the creators who have a good understanding of why collectors collect will be at an advantage. There are 4 key reasons why someone might consider adding an NFT artwork, song, or video to their collection.
- Love and Support — Emotions run deep. A collector with an emotional connection to a creation is more likely to try to acquire it. It must resonate with them. If it does, the collector will find joy in owning the NFT and supporting the creator.
- Fun and Excitement — There is a certain thrill that comes with collecting. Especially when a collector is trying to complete a set or series of works. Think about how people find pleasure in collecting Pokémon cards, baseball cards, sneakers, watches, etc. This is a very rewarding experience for many people. The same applies to NFTs.
- Investment — Some collectors are looking to make future profits by reselling. They seek to identify and add NFTs to their collection that are likely to appreciate over time.
- Clout and Status — Bragging rights come with owning 1/1 of a particular NFT.
The creators who put themselves in the shoes of collectors and understand the various motivations involved in collecting will have an edge in the market. However, finding success in the crowded world of NFTs requires more. Creators also need a marketing focus.
For some creators, it can be a challenge taking time away from producing their works to focus on marketing. Self-promotion may even feel unnatural to some creators, but it’s basically a requirement in today’s landscape. People need to be exposed to talent regularly.
Social media FTW! Currently, much of the conversation happening around NFTs is on Twitter, Discord, and Clubhouse. Creators looking to gain exposure should be active on these networks, especially Twitter. Many potential collectors are active there, and it’s a great place to engage and build name recognition with the NFT scene.
By understanding collector motivations, tokenizing the best works, and consistently marketing in the right channels, NFT creators can begin to develop a collector base. It takes time to gain this base, but it’s what ultimately can determine success in a creator’s NFT pursuits.