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What Are NFT Giveaways?

Jul 26, 2022 2:15 PM

The topic of NFTs is absolutely inescapable these days and they seem to be on the tip of everyone’s tongue at the moment… so, if you’re new to the NFT party, where have you been all this time?

It might sound a little complicated but the reality of the NFT market is deceptively simple. NFTs are non-fungible tokens, digital units of data that can be used for a range of different formats and creative mediums, everything from photos and audio files to videos, drawings or paintings.

Once a unit of data has been created, it’s then stored on a blockchain (also known as a digital ledger), with all the relevant information attached to it, such as identity and ownership. This means that whoever buys the NFT will enjoy complete security once they’ve completed the purchase.

One of the main reasons that NFTs are attracting so much investor attention is that only one person at a time can own any given token… and growing numbers are starting to see the appeal of amassing a beautiful - and valuable - collection of these digital tokens.

Another reason why NFTs are proving very popular - especially from a creative perspective - is that you don’t really have to have any particular coding skills to be able to get started transforming your own masterpieces into tokens.

With just a little bit of research and study, you’ll soon have a solid understanding of what goes into it and what you have to do in order to stake out your own corner of the NFT market.

Of course, coming up with ideas for your NFTs is only half the battle and it’s important that you know how best to go about marketing your tokens once you’ve created them and stored them on the blockchain.

Marketing and advertising is an essential part of the process if making money from your NFTs is your endgame… and the good news is that there are a lot of techniques to employ and places to go online that will help you create a bit of a buzz about your next big project.

Instagram, for example, is one of the very best places to go for NFT marketing and brand awareness because it’s image-led.

Some of the biggest artists in the world use the platform to build hype around their upcoming releases, so it could be worth checking out what they’re up to for ideas and inspiration… and not only that but you’re also now able to sell your NFT art on Instagram, so there’s an added reason to head over to the site to see what’s up.

When it comes to selling, however, there’s one very effective strategy that businesses of all shapes and sizes, and across all sectors and industries have been using for years… and that’s the freebie!

People love getting stuff for free and it can prove to be very enticing indeed, luring them in with a little tidbit of your product offering so that they can then browse your other creations and, all being well, become a loyal follower.

In this particular digital sphere, you’ll surely find that NFT giveaways deliver a big return on investment… and you’ll also likely find that your competitors are discovering the same, so now’s the time to consider how you could tap into this aspect of the market to ensure you don’t lose out on a slice of the pie.

What are NFT giveaways?

Giveaways are very common among project owners, with tokens distributed free of charge to promote others in the collection. This helps creators build communities of collectors quickly, with social media sites like Twitter, Reddit and Discord the go-to places for promotion.

Finding and following hashtags like #NFTGiveways on Twitter (arguably the best place for token promotion) can help you see how it’s done and perhaps give you the tools you need to see success in this regard.

Discord giveaways are a little different to those you might encounter on Twitter, Reddit and other such sites.

This is because Discord is a multidimensional platform and a lot of the audience you’ll find here are gamers, so it may not be a relevant market for you and your brand. That being said, what’s the worst that could happen? You might be pleasantly surprised if you give it a go.

Come up with a set of rules for your giveaway and make sure that you include lots of features that help drive engagement online, enabling comments and resharing options, as well as tagging, to allow for digital conversations to take place.

A week or so before your project launch, set the giveaway live so that you can give your audience enough time to take a look at your work and share it online. Don’t forget to make it clear where people need to go to buy your NFTs.

When considering marketplaces for your NFTs, it’s important to make sure you take note of market volume and liquidity, as this will allow you to determine whether it’s a lucrative opportunity or if it would be a case of maximal output for minimal return.

In terms of content to shout about on social media, make sure you include any and all NFT features, as well as little sneak peeks for your followers as to what’s coming next. This should help drive interest and conversation around your projects - and remember that the key is to engage with people as much as you can, developing trust and communication.

Regardless of where you decide to market your NFTs and where you want to run your giveaways, having an idea of what you want to achieve from the advertising ploy is key to its success. Knowing what your objectives are will help you work out the best strategy to suit your particular project.