You Should Know About NFTs and Public Relations
Non-fungible tokens, or NFTs, have taken the world by storm for the past year or so. Independent artists and creators are getting on board the ship, as well as international brands like McDonald's, Louis Vuitton, Adidas, Mac, and more.
Whether you’re a fan of music, fine art, photography, or memes, you’ll find an NFT to your liking. There’s certainly a possibility to take a business to new heights with the help of these limited digital assets.
But how are NFTs linked to your business's public relations and how can they help you launch a successful PR campaign? Let’s take a closer look.
All You Need to Know About NFTs
Before you dive deep into the world of NFTs, it’s vital to understand what they entail. After all, it’s important to do research no matter what. This will not only give you valuable insight but also help you understand the best approaches when it comes to implementing NFTs in your PR strategy.
For starters, it’s important to know that these digital assets can be purchased with cryptocurrency, most prominently Ethereum, and not regular currency as we know it. Additionally, NFT collections can be created with anywhere from a handful of digital assets to a few thousands. In any case, the number is limited, and each asset can be owned by only one person.
That allows for certain NFTs, most popularly avatars and digital art, to have a high resale value when there is high demand for ownership. This approach creates a sense of exclusivity among users which is an important consideration for those who are looking for a captivating angle to market their NFTs from.
How to Implement NFTs in Your PR Strategy
Knowledge of NFTs can be a major asset for the brand or individual you are representing, whether you opt to create your own NFTs or simply tap into the community. Here are a few key ways that utilizing NFTs can help you navigate the needs of the modern viewer and consumer:
Increase Brand/Business Owner Exposure
When you utilize NFTs, you immediately become a part of a new community that engages in the same interests. That lets you tap into a brand new crowd of people that can potentially be interested in what you do.
For that reason, immersing yourself in the world of the Metaverse, Web3, and NFTs can help you expand your scope when it comes to brand exposure. The best part is that you can expand your audience in several different directions.
Social media is a given platform, but don’t forget about places where NFT enthusiasts gather most. Those are typically platforms like Discord and auction house websites like Opense, where the majority of trading and nft marketing takes place.
The only thing to keep in mind is that you need to determine whether or not the needs and preferences of this new audience align with what your brand has to offer.
Launch your Next Best PR Campaign
Developing and launching your own collection of NFTs can offer immense benefits. Aside from simply generating sales when marketed well enough, NFTs are an innovative way to approach traditional PR campaigns.
For example, if you hold regular fundraisers, you can switch the format to gathering donations with NFT sales instead. Release a limited collection and boast about the exclusivity to draw in loyal clients. Give away NFT prizes at a product launch, and so on. This way, you can expect to achieve PR wins through campaigns and PR plans where NFTs and Web3 are at centre stage.
Be Equipped for Crisis Management
It’s no secret that PR specialists are vital not only for the high points of a business or individual but also for when issues come to the surface, such as miscommunication, scandals, and more.
When you know all the ins and outs of this new phenomenon, you have a greater chance of keeping issues at bay because you know what you’re up against. There’s never any harm in having knowledge about newly emerging trends.
When faced with a PR nightmare that revolves around Web3, you’ll know exactly how to approach it. You can use your newfound knowledge to produce press releases and social media posts whenever the need arises to address an NFT-related issue.
When you take a closer look, you’ll find that NFTs and the Metaverse are closely tied with PR for businesses and independent business owners alike. The more informed you are about how to adapt to new market trends and demands, the greater success you’ll be able to unlock.