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NFT Business Plan — A Whitepaper & Deck of an existing startup.

You probably won‘t build the new CryptoPunks. But here‘s the beauty of NFTs — They are extremely unpredictable. You might create something much bigger than CryptoPunks. Alternatively, your NFT project might not say the light of the day. Your NFT business plan could end up archived.

The truth is, it‘s a challenge. I won‘t be writing one of those traditional SEOd articles that are telling you an NFT project will make you hundreds of thousands. In fact, based on experience, there is a high chance it won‘t make anything at all.

But you know what? So is starting a restaurant, a coffee place, a freelancing career, or any business whatsoever. Every business has a risk. So if you‘re thinking of creating an NFT project, I should not be the person who would stand in your way. No one should.

I‘ve created a whitepaper and a pitch deck for a client in the NFT and crypto industry. Let me showcase it to you; may it guide you in creating yours. Oh, and if you want to download it to share it with a colleague, you‘ll find the PDF available.

Finally, before starting this article, you need to know that we do not endorse BTCEN‘s product whatsoever. The article is meant to show you how we wrote a whitepaper and a pitch deck for an NFT project and how you could too.

If you have any questions, we always check the comments!

The NFT Business Plan

Whenever I get a client request whether they want an NFT Business plan or a white paper, I always explain that at 99% of the cases, they‘re the same thing. In the crypto world, the word whitepaper is just more common than the word business plan.

The contents are almost exactly the same. Yet, instead of financials, we put tokenomics.

Here‘s the whitepaper. (Oh, and the company is BTCEN .)

After you check it out, take a look at the pitch deck.

That being said, here‘s the structure of this NFT whitepaper.

NFT Whitepaper Structure

Executive summary.

The executive summary is what we usually write at the end of the whitepaper or business plan. It simply states the most important elements mentioned in the plan. Think of it as something that would summarize the plan for an investor who is in a rush.

Hence, it ought to be showing the opportunities in investing in this project quite well.

After that, we start showcasing the market opportunity. It is crucial to convey the market opportunity in an NFT project. That is simply because it‘s quite volatile. So investors might want to invest in a dip, or to generally ensure that the market is growing in this industry.

The Project

What the project does is what should be pitched at this exact time. After conveying that there‘s a big market opportunity, it‘s time to tell the world what the project is. In this case, it‘s BTCEN.

This was the most time consuming section, and you can predict that seeing how complex it is. We had to create a token release schedule based on researching similar NFT Business plans.

A fair amount of projections had to be placed. As mentioned earlier, this market is volatile and unexpected. Yet, after communicating with the BTCEN team quite well, we were able to reach the perfect projected token release schedule and Tokenomics.

It‘s crucial at each NFT project that one states what‘s the plan. There will be a community and they will be investing in your NFTs. For that, you need to convey to them in your business plan the details of your NFT future plan. Are you now raising funds? What are you going to use them for? How long is the expected date for minting the NFTs? Etc…

Finally, showcasing the team is, I would say, the most important aspect of an NFT project. BTCEN‘s final whitepaper showcases their team. When this was in the works, they were still hiring a team to manage this. However, before investing in any NFT, you ought to know who created it.

NFT Pitch Deck Structure

The BTCEN team requested a pitch deck derived from this whitepaper, and so we delivered.

Now this is not very connected to the NFT project. The problem is one that they‘re targeting. That was the supply chain issues that were happening in the past few years.

They‘re focusing on a niche of beverages and trying to help them with their supply chain management.

Business Model

This is the most suitable connection to the whitepaper and the business plan. Their business model resides around their NFTs and their crypto token.

Market Size

It‘s not only about the beverages market (or the niche focus of energy drinks). It‘s also the NFT market, the gaming market, and any other market that could potentially invest in their NFTs.

Competitors Analysis

Then the deck showcases some of the competitors in terms of tokens and their market caps.

Displaying this similar to displaying a financial model in a typical pitch deck is what we‘re intending to do in this slide. Rather than pitching a lot of details, the token information and what they intend to invest the token‘s budget in is sufficient.

Following that, this slide showcases what they intend to do with the investors fund at that stage. Remember that this is an investor deck at the end of the day; so it is supposed to raise funds pre-token launch.

For the above slide, they‘re mentioning how much they‘re raising and what equity they‘re giving accordingly.

As mentioned in the whitepaper, a timeline is critical to allow investors to understand what the plan of the startup is.

Again, as mentioned earlier as well, showcasing the team is critical.

NFT Business Plan Consultants

If you like this NFT white paper and deck, do hit a like below or tell me in the comments. If you‘re looking for someone to help you in creating your own whitepaper, pitch deck, or NFT business plan, simply search on Albusi for NFT whitepaper, and you‘ll find freelancers to do that for you with some samples.

Meet The Author Of This Article

I’m Al Anany , the CEO of Albusi.

My articles are here and on Medium, whilst my videos are on Youtube.

I specialize in Tech, hence NFTs and the crypto market are markets that I highly believe in.

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Metaverse Business Plan Template

Written by Dave Lavinsky

Metaverse Business Plan

Growthink has have helped over 500 entrepreneurs and business owners create business plans to start and grow their metaverse companies.

If you’re unfamiliar with creating a metaverse business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a metaverse business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Metaverse Business Plan?

A business plan provides a snapshot of your metaverse business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Metaverse Business

If you’re looking to start a metaverse business or grow your existing metaverse company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your metaverse business to improve your chances of success. Your metaverse business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Metaverse Businesses

With regards to funding, the main sources of funding for a metaverse business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for metaverse companies.

Finish Your Business Plan Today!

How to write a business plan for a metaverse business.

If you want to start a metaverse business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your metaverse business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of metaverse business you are running and the status. For example, are you a startup, do you have a metaverse business that you would like to grow, or are you moving into a larger digital platform in metaverse?

Next, provide an overview of each of the subsequent sections of your plan.

• Give a brief overview of the metaverse industry.
• Discuss the type of metaverse business you are operating.
• Detail your direct competitors. Give an overview of your target customers.
• Provide a snapshot of your marketing strategy. Identify the key members of your team.
• Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of metaverse business you are operating.

For example, you might specialize in one of the following types of metaverse businesses:

• Metaverse entertainment: Already well-known in gaming; such as Minecraft and Roblox, this type of business is focused on sales of various forms of entertainment, including AI, AR, and VR selections.
• Metaverse enterprise: In enterprise, c orporations engage in metaverse for purposes of systems management; such as onboarding employees, and technology growth; such as development of digital assets.
• Metaverse real estate: The purchase or trading of metaverse real estate creates wealth and/or entertainment in this type of metaverse company.
• Metaverse marketing: Marketing in metaverse includes product branding, social media marketing, NFT sales or promotions and, in some cases, sales of physical goods to promote digital branding.

In addition to explaining the type of metaverse business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of customers served, the amount of real estate purchased, reaching X number of gamers , etc.
• Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the metaverse industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the metaverse industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your metaverse business plan:

• How big is the metaverse industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential target market for your metaverse business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your metaverse business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals and corporations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of metaverse business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

Finish Your Metaverse Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your business plan?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other metaverse businesses.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes brick-and-mortar retail stores, real estate brokers, DTC products marketed and sold to consumers. You need to mention direct competition, as well.

For each direct competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

• What types of customers do they serve?
• What type of metaverse business are they?
• What are their digital assets?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to explore your competitors’ customers to determine what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you buy metaverse real estate with the strategy of renting out that real estate and managing shops ?
• Will you offer products or services that your competition doesn’t?
• Will you sell custom headsets that work only with your augmented reality games?
• Will you offer physical goods in conjunction with product branding ?

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a metaverse business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of metaverse company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide metaverse onboarding for employees of your clients?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.

Place : Place refers to the site of your metaverse company. Document where your company is situated and mention how the site will impact your success. For example, is your metaverse business located in a busy retail district, a business world, or a gaming district? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your metaverse marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

• Advertise via social media
• Use 3D or augmented reality to demonstrate products
• Market your experiences or events in metaverse
• Use product placement to promote your products or brand

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your metaverse business, including oversight of NFT sales or functions within your metaverse company, communicating with clients, buyers or vendors, and purchasing metaverse real estate.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to launch your Xth game, or when you hope to reach XX in cryptocurrency revenue. It could also be when you expect to expand your metaverse business to a new world.

Management Team

To demonstrate your metaverse business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing metaverse businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a metaverse business or successfully running a small metaverse advertising agency.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you buy X real estate locations each month, and/or offer rental and management services of that real estate? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your metaverse business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a metaverse business:

• Cost of computer equipment and software
• Payroll or salaries paid to staff
• Business insurance
• Other start-up expenses (if you’re a new business) like legal expenses, permits, computer accessories, and other equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your metaverse real estate holdings or a list of corporate contracts you hold.

Writing a business plan for your metaverse business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the metaverse industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful metaverse business.

Metaverse Business Plan FAQs

What is the easiest way to complete my metaverse business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your metaverse business plan.

How Do You Start a Metaverse Business?

Starting a Metaverse business is easy with these 14 steps:

• Choose the Name for Your Metaverse Business
• Create Your Metaverse Business Plan
• Choose the Legal Structure for Your Metaverse Business
• Secure Startup Funding for Your Metaverse Business (If Needed)
• Secure a Location for Your Business
• Register Your Metaverse Business with the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your Metaverse Business
• Buy or Lease the Right Metaverse Business Equipment
• Develop Your Metaverse Business Marketing Materials
• Purchase and Setup the Software Needed to Run Your Metaverse Business
• Open for Business

Where Can I Download a Free Business Plan Template PDF?

Click here to download the pdf version of our basic business plan template.

Our free business plan template pdf allows you to see the key sections to complete in your plan and the key questions that each must answer. The business plan pdf will definitely get you started in the right direction.

We do offer a premium version of our business plan template. Click here to learn more about it. The premium version includes numerous features allowing you to quickly and easily create a professional business plan. Its most touted feature is its financial projections template which allows you to simply enter your estimated sales and growth rates, and it automatically calculates your complete five-year financial projections including income statements, balance sheets, and cash flow statements. Here’s the link to our Ultimate Business Plan Template.

Don’t you wish there was a faster, easier way to finish your Metaverse business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s business planning advisors can create your business plan for you.

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How Your Brand Should Use NFTs

• Arun Sundararajan

Wading into a new space always comes with risk — but so does staying out of it.

Suddenly, NFTs are everywhere. For brands, wading into a new space can be daunting, but there’s also risk in not engaging at all. So how should they proceed here? First, recognize that releasing collectables is a good place to start, but it’s also just a first step, like registering a domain name way back in the early days of the internet. Next, look for ways to tie your NFT project to your brand and core product. Finally, experiment, but with authenticity and an eye on the future. There’s little to gain here by trying to mimic what others are doing if it feels obviously out of step.

Non-fungible tokens ( NFTs ) are going mainstream in 2022. You can now show off your favorite NFTs as your Twitter or Reddit profile picture, with Facebook and Instagram soon to follow . Driven in part by a FOMO reminiscent of the 1990s dotcom anxiety of bricks-and-mortar companies, mass-market players and luxury brands alike are launching NFT collections at a dizzying pace.

• Arun Sundararajan is a professor at NYU Stern School of Business who studies how digital technologies transform business and society. Follow him on Twitter @digitalarun

Partner Center

The Most Promising NFT Business Models For Brands And Content Creators

March 31, 2023

In the world of digital marketing, Non-Fungible Tokens (NFTs) are quickly becoming the talk of the town. As NFT adoption increases, brands and content creators are exploring new opportunities to leverage this technology to enhance their business models.

However, with the growing popularity of NFTs, it can be overwhelming to navigate through the various business models and determine which one is the best fit for your brand. That's where we come in. We understand the pain points of businesses struggling to adapt to the ever-changing digital landscape.

In this article, we will look into the advantages of integrating an NFT business model into your brand or offering, different NFT business models, and how to market your NFT collection.

Why should you consider using NFTs?

You may be wondering about the benefits of integrating NFTs into your digital strategy. Here are a few reasons why you should consider using NFTs:

1. Authenticity and ownership of digital assets

One of the best things about blockchain technology is that it makes it easier to verify the ownership and authenticity of digital assets. This is especially important for artists, musicians, and anyone else who wants to protect their intellectual property and prevent their content from being stolen or misused. NFTs can create a permanent and transparent record of ownership on the blockchain, making it easier to determine ownership and enforce copyright laws.

2. Creates new revenue streams

NFTs also provide new revenue opportunities for brands and content creators. Because NFTs are one-of-a-kind and cannot be replicated, they can fetch high prices in auctions and marketplace listings. This means that your digital asset has the potential to generate significant earnings.

Furthermore, NFTs can be sold multiple times, and original creators can earn royalties on secondary sales, allowing creators to generate revenue from their work long after it has been sold.

Read more: How NFT Artists can Create a Buzz on Social Media

3. Build engagement with your audience through an NFT community

NFTs can also be used to engage with your fans and build a community around your digital collectibles. Your audience can buy NFTs to show their support for what you're doing. This instils a sense of ownership in your audience and nurtures a personal connection with them. Moreover, NFTs can be used to create token-gated experiences for NFT owners, such as backstage passes, meet and greets, and exclusive access to new releases.

Read more: NFT Token gating: How can brands leverage NFTs to build new brand experiences?

4. Potential investment opportunity

Because NFTs are one-of-a-kind and scarce, their value can increase with time, and certain NFT projects have already turned into investment opportunities. NFTs, just like traditional investments, can be bought and sold on several other NFT platforms and marketplaces, making them a desirable choice for investors.

Top NFT business models to watch out for in 2023

Let's look at some of the most popular NFT business models and their examples to gain a better understanding of the NFT market and its future potential.

1. Turning digital artworks into NFTs

Generating NFT artwork and launching NFT collections is a well-known NFT business model that has contributed to the popularity and mainstream adoption of NFTs. Launching NFT projects involves creating one-of-a-kind digital artworks that are verified on the blockchain network.

When you own an NFT, you own the original work of art, which you can sell on marketplaces. These digital artworks might take the form of paintings, sculptures, or animations. Artists that sell their artwork as NFTs can earn a lot of money, and NFTs give artists a new opportunity to commercialize their work.

Beeple's "Everydays: The First 5000 Days" artwork, which sold for $69 million at Christie's auction, is one of the most well-known examples of NFT art.

2. Launching music as NFT

Music NFTs are digital tokens that represent ownership of a particular music track, album, or even concert ticket. These tokens allow fans to invest in the artist's music, participate in revenue sharing, and gain access to exclusive content. Music NFTs can also provide an additional revenue stream for artists, who can sell them directly to their fans.

A popular example of a music NFT is Kings of Leon's album "When You See Yourself," which was sold as an NFT for $2 million.

Read more: NFT for Music - How Musicians Can Use NFTs to Increase Profit?

3. Fashion NFTs

Fashion NFTs are digital tokens that represent ownership of a unique fashion item, like a limited-edition sneaker or a designer handbag. These tokens can be used to verify authenticity, track ownership, and enable peer-to-peer trading. NFTs in fashion can offer a new way for fashion brands to engage with their customers and offer them exclusive, one-of-a-kind products.

For example, fashion brand RTFKT Studios has released limited-edition sneakers as NFTs that sold for hundreds of thousands of dollars.

Recommended reading:

NFTs In Fashion: How Brands Can Capitalize On This Emerging Trend

How are brands embracing marketing in the Metaverse?

4. In-game assets

In-game assets are digital items that can be purchased, sold, or traded within video games. They can include things like weapons, skins, avatars, and other virtual things that let players change how they play. Players can own and control these in-game assets thanks to the development of blockchain technology and the use of non-fungible tokens (NFTs).

Moreover, these new NFT business models can provide a new revenue stream for game developers. By creating unique and desirable digital assets, game developers can generate additional income from players who want to purchase these items. NFT-based gaming assets can also provide a new way for players to monetize their gaming experience by allowing them to sell or trade their unique digital assets and items with other players.

Axie Infinity is a prime example of a blockchain-based game that utilizes NFT technology-based in-game assets. In this game, players can earn and trade NFT-based creatures called Axies. These digital creatures have unique characteristics and abilities, making them highly valuable and sought after by players. As a result, players can sell or trade their Axies for cryptocurrency, providing them with a new way to earn money through their gaming experience.

Web3 Gaming Adoption: Best Strategies To Reach Mainstream Audience

Blockchain Gaming: Best Blockchain Networks To Build Web3 Games

5. Create token-gated content

Token-gated content is a unique business model in which digital content can only be accessed by people who have a certain NFT. A token-gated NFT platform is a good business model as it creates scarcity and exclusivity, driving up demand and increasing the value of the NFTs.

It also lets creators make money from their work and give their most loyal fans special access. The NBA Top Shot platform is a prime example of this business model, where users can buy NFTs representing iconic basketball moments and gain access to exclusive content.

Token-gated content makes fans feel like they are part of a community and gets them involved. It also gives creators a new way to interact with their audience while giving collectors and investors access to rare and exclusive digital assets. 

NFT Token gating: How can brands leverage NFTs to build new brand experiences?

Shopify NFTs: How To Setup A Shopify NFT Store

6. Launch NFT-based loyalty programs

NFT-based loyalty programs are a promising business model that rewards customers with digital tokens for their purchases or engagement with a brand. These tokens can be traded or redeemed for discounts, exclusive content, or other rewards, creating a loyal community around the brand.

For brands, NFT-based loyalty programs can incentivize customers to make repeat purchases, create a new revenue stream, and provide a new way to engage with their customers.

An example of an NFT-based loyalty program is Starbucks Rewards, which rewards customers with stars for their purchases and is exploring the use of blockchain technology and NFTs to enhance its program.

NFT-based loyalty programs give brands a unique chance to build a loyal customer base while trying out new ways to make money and interact with their customers. 

Read more: How To Build An NFT Loyalty Program For Your Brand

7. Launch an NFT marketplace

NFT marketplaces are online platforms where creators can sell their digital art directly to buyers without intermediaries such as art galleries or auction houses. These marketplaces create a sense of exclusivity and rarity, as each NFT is unique and valuable.

NFT marketplaces offer a good NFT business model for creators to monetize their digital creations and for buyers to invest in one-of-a-kind digital assets.  Examples of popular NFT marketplaces include OpenSea, Rarible, and SuperRare. As the NFT market continues to grow, NFT marketplaces will become increasingly important in facilitating the sale and trade of digital assets.

8. Create an NFT community

NFT communities are groups of people who share an interest in NFTs, blockchain technology, or digital art. They give artists a place to show off their work and get to know potential buyers. They also let collectors find new artists and connect with people who like the same things they do. Members of NFT communities feel like they belong, which makes them a good model for both creators and collectors.

NFT communities are a good NFT business model for creators, as they provide a platform to increase visibility and build a following. The Bored Ape Yacht Club is an example of an NFT community that offers members exclusive access to events and merchandise, creating a sense of exclusivity and value around the Bored Ape NFTs.

9. Build an NFT launchpad

Launching an NFT launchpad can be a lucrative NFT business model for entrepreneurs as it provides a platform for creators to showcase and sell their digital assets while also offering a new way for collectors to discover and invest in up-and-coming artists.

By launching an NFT launchpad, Web3 entrepreneurs can attract a wide range of creators looking for a platform to sell their digital assets. These platforms provide a place for creators to gain exposure and reach a wider audience, which can lead to increased demand and higher prices for their NFTs.

Furthermore, NFT launchpads can also be a good investment opportunity for entrepreneurs. By charging a commission or transaction fee for every NFT sold on the platform, entrepreneurs can generate a steady stream of revenue.

Examples of successful NFT launchpads include Nifty Gateway and Foundation. These platforms have attracted a large and dedicated user base and offer a diverse selection of digital assets from established and up-and-coming artists.

How brands and content creators can leverage NFT marketing?

As the popularity of non-fungible tokens (NFTs) continues to rise, brands and content creators are looking for ways to capitalize on this trend and incorporate NFT marketing into their business strategies.

If you're looking to leverage NFT marketing for your brand or content, consider partnering with us. We are a web3 marketing company that specializes in helping businesses grow in the NFT space. With our expertise in NFT marketing and our deep understanding of the blockchain ecosystem, we can help you create a successful NFT marketing strategy that resonates with your audience and drives results

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The business models of NFTs and fan tokens and how they build trust

Journal of Electronic Business & Digital Economics

ISSN : 2754-4214

Article publication date: 21 October 2022

Issue publication date: 16 December 2022

The sale of NFTs and the interest in them has “exploded” recently. While there is a lot of information on them, it is not clear what final form they will take. There are several reasons to be uneasy, such as the prevalence of scams, but there are also reasons for optimism and confidence in NFTs. First, they solve the problem of how to own digital assets. Additionally, some of the more reliable and proven cryptoasset exchanges are offering them. However, this innovation will have difficulties reaching a wider audience until more clarity is achieved on two main issues. Therefore, this study aims to clarify what the NFT business models are, and how do they build trust.

Design/methodology/approach

This research attempts to identify the NFT business models with case study analysis in three stages. The first stage is a focus group, followed by 16 short case vignettes and finally four longer case studies.

The findings show that there are four NFT business models: (1) NFT creator; (2) NFT marketplace, selling creators’ NFTs; (3) company offering their own NFT (fan token) and (4) computer game with NFT sales.

Originality/value

This research brings the literature on business models and NFTs together to offer clarity on the proven NFT business models.

• Non-fungible tokens
• Cryptoasset
• Business model

Zarifis, A. and Cheng, X. (2022), "The business models of NFTs and fan tokens and how they build trust", Journal of Electronic Business & Digital Economics , Vol. 1 No. 1/2, pp. 138-151. https://doi.org/10.1108/JEBDE-07-2022-0021

Emerald Publishing Limited

Copyright © 2022, Alex Zarifis and Xusen Cheng

Published in Journal of Electronic Business & Digital Economics . Published by Emerald Publishing Limited. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this licence may be seen at http://creativecommons.org/licences/by/4.0/legalcode

1. Introduction

A non-fungible token (NFT) is a unique token on a blockchain that is unlike most other tokens on a blockchain that are not unique and are interchangeable. This means that ownership of a specific asset can be recorded in a secure way with an NFT ( Das et al. , 2022 ). By recording all the previous owners on the blockchain, it also proves the authenticity ( Regner, Schweizer, & Urbach, 2019 ). This is similar to what is referred to in the art world as provenance. The most common and widely publicized application is the sale of digital artwork to be used as an avatar. The sale of NFTs and the interest in them exploded between 2021 and 22 and continues to be strong ( Chainalysis, 2022b ). Beyond the sales that capture the headlines with their high price, there is also a large volume of sales at lower prices. Some consumers like the feeling of owning something digital and having some exclusivity ( Chohan & Paschen, 2021 ). Creators and businesses want to benefit financially from their digital assets. There are several reasons for optimism and confidence in NFTs. The most popular technologies solve a real problem and NFTs do that. Ownership of digital assets has been a concern since the Internet was widely adopted and people got access to free digital content. Additionally, despite still being early days, some of the more reliable and proven exchanges are offering them, e.g. Binance NFT.

While there is a lot of information on them, it is not clear what final form they will take. The current regulation does not seem to be sufficient, and the security companies have not given them sufficient attention yet ( Das et al. , 2022 ). There are several reasons to be uneasy: There are outright scams such as artists purchasing their own NFTs for a large amount of money, and there is ambiguity around owners’ rights. The fact that NFTs emerged out of the notoriously unstable cryptocurrency and cryptoasset area is concerning in itself for some people. So, while NFTs and the blockchain technology they use is known for reducing the need for trust, there are risks that increase the need for trust.

What are the NFT business models?

How do the NFT business models build trust with the consumer?

This research does not intend to give a prediction to investors on whether prices of NFTs will go up or down. The purpose is to give clarity on the NFT business models and the whole value chain. Due to the recent and dynamic nature of NFTs, the literature does not sufficiently cover these topics. At this point, there is, however, a sufficient sample and a sufficient track record to draw some initial conclusions about how NFTs are used.

This research uses case study analysis in three stages: first, a focus group with experts; second, a broad and exploratory study of 16 short cases to identify the types of business models and lastly the third stage that is more focused on understanding the four types of models found. The findings show that there are four business models: (1) NFT creator; (2) NFT marketplace selling creators’ NFTs; (3) company offering their own NFT (fan token) and (4) computer game with NFT sales.

The following section reviews the literature on NFTs and fan tokens and identifies the issues that should be explored further in the case studies. The methodology section explains how the focus group and the first and second stages of the case study analysis increase the scientific rigor and richness of the findings ( Voss, Tsikriktsis, & Frohlich, 2002 ). This is followed by the analysis and the discussion. Lastly the conclusion gives an overview of this research and proposes future avenues of research.

2. Literature review of NFTs and fan tokens

2.1 the nft and fan token ecosystem.

NFTs are the most recent, but probably not the last addition to “tokenomics”, the token economy that is considered by some to be leading us to Web 3.0, a decentralized Internet where ownership of digital content is supported better ( Murray, Kim, & Combs, 2022 ). Fan tokens are another form of NFT that are typically issued by sports teams to their fans offering them some utility. The center of the NFT ecosystem is the NFT marketplace where consumers can peruse and purchase their NFTs. Three examples of popular NFT marketplaces are Binance NFT Marketplace ( www.binance.com/en/nft ), OpenSea (OpenSea.io) and SuperRare ( superrare.com ). These marketplaces take a commission that is typically 2–5%. Dedicated NFT marketplaces are not however the only ones selling NFTs. Some are sold directly by the creators, and there are also other selling platforms of a specific category such as galleries, museums and auction houses ( Ross, Cretu, & Lemieux, 2021 ). Most of the marketplaces use the same fundamental NFT technology as they are on the Ethereum blockchain using a standard such as the ERC-721 Non-Fungible Standard or variation of it. This token technology utilizes smart contracts to store some metadata about the token. This becomes possible when a digital file is attached to an NFT, a process known as minting. The person who has the unique key to the specific NFT owns it. As discussed, it is the token with smart contract functionality that enables an NFT to be unique, but as the smart contract functionality is there, it can be utilized in additional ways. For example, an NFT can enable the payment of royalties based on its use. This can happen automatically without the need of intermediaries or any actions by humans.

NFTs are not just purchased so that the owner can proudly display them as their avatar, they can also fulfill the role of collateral when taking out a loan through distributed finance (DeFi). In the same way, as other cryptoassets, such as cryptocurrencies, they can be staked in exchange for a loan ( Ross et al. , 2021 ).

2.2 The criminal activity in NFTs and fan tokens

The vision behind NFTs, as with other technologies built on the blockchain, is that rules can be encoded in software so that it can be self-regulating and self-governing to some extent. NFTs are a form of cryptoasset. Their specific application can also make them a form of artwork, smart contract for virtual assets or a smart contract for a physical asset. Therefore, it should not be surprising that NFTs attract criminals and forms of crime from all of these areas. The immaturity of the regulation and security, and the difficulties in applying them further exacerbate the situation ( Chainalysis, 2022a ). This leads to a large volume, and breadth, of criminal activity that increases the level of risk for the consumer and the whole NFT ecosystem. The immaturity of the technology and its application means that proponents often make convincing cases for the hypothetical security blockchain, smart contracts and NFTs can offer, while the iteration the consumer invests their money in now, does not meet that theoretic level of security ( Castonguay & Smith, 2020 ).

One of the crimes specific to NFTs are the various forms of insider trading. A price of an NFT can be manipulated, or information on the trades on an NFT marketplace can be utilized for an employee’s personal gain. In a recent case, criminal charges were brought against an employee of an NFT marketplace. It is claimed that the employee purchased NFTs because they had insider knowledge that they were going to be promoted by the marketplace ( Stempel, 2022 ). This case is still being investigated, but it is at the very least an example of what can be done in theory.

A second form of crime is counterfeiting an NFT. In a similar way to a counterfeit paining, an image is made to appear as something more valuable ( Das et al. , 2022 ). Alternatively, an image is turned into an NFT by a person who did not own the image in the first place ( Woo, 2018 ).

The risks to the user and other stakeholders do not end with the security concerns but they extend to privacy concerns. The consumers, sellers and others involved in the supply chain must authenticate themselves so their identity, along with their activity may be leaked ( Das et al. , 2022 ). The criminal activity outlined above increases the risk for the consumer. Research into the adoption of other technologies shows that as risk increases, so does the need for trust ( McKnight, Lankton, Nicolaou, & Price, 2017 ).

2.3 Business models of other digital assets

Business models cover how the activities and actors come together to complete operations ( Amit & Zott, 2012 ). A business model is more focused on the operations and the specific processes than a strategy that also considers the external competition ( Snihur & Zott, 2020 ). Analyzing business models is particularly useful when complex technologies and complex processes come together ( Zott, Amit, & Massa, 2011 ). Business models can offer an optimal level of abstraction for everyone inside the organization and other stakeholders to understand what their business does. Business model innovation is happening in many areas of the economy but the rate of innovation seems to be faster in the token economy than elsewhere ( Tönnissen, Beinke, & Teuteberg, 2020 ). The business model innovation happens every time the blockchain technology or its application changes. These innovations typically focus on either mitigating existing challenges (e.g. the trade-off between scalability, security and decentralization) or adding new services. Blockchain technologies make decentralized platforms more capable and reliable ( Chen & Bellavitis, 2020 ).

The literature on business models from the token economy and elsewhere shows what issues to focus on. When trying to understand and communicate business models, it is necessary to focus on a small number of areas, typically four to six, that cover the most important issues ( Zott et al. , 2011 ). This is particularly important when a cross-case analysis is attempted. In many business models, what is not there is as important as what is there. In a song, the empty spaces, the notes that are not played, are often as important as the sounds that are created. When the right categories are identified for business models, these important voids can emerge from a cross-case analysis, when they could have been overlooked otherwise. For example, when doing a cross-case analysis of cryptocurrencies one may notice that while some have a clear utility, others have no clear utility beyond speculation. Identifying the right categories gives a template to research several businesses.

There are a variety of categories used in research on business models depending on the topic being explored ( Zott et al. , 2011 ). This can be perceived as weakness, as some may aspire to move towards one accepted structure, but it can also be perceived as strength, giving a researcher some flexibility to adapt to their specific topic. Two typical categories include (1) the processes and (2) what gives the competitive advantage ( Snihur & Zott, 2020 ; Zott et al. , 2011 ). Competitive advantage, in the context of a business model refers to how a given business model gives a sustainable competitive advantage in a specific market ( Morris, Schindehutte, & Allen, 2005 ). The word sustainable in this explanation is very important as there are many short-term strategies, like a closing down sale, that can give a company a temporary competitive advantage. For NFT business models the competitive advantage may come from the security, smart contract features and subsequent trust created.

3. Research method

Given the relative immaturity of this area, with NFTs having gained popularity in the past two-three years, an exploratory approach with three stages was taken. This included one focus group with experts, followed by 16 short case studies and finally 4 more detailed longer case studies. Case studies can be used to develop theory ( Miles & Huberman, 1994 ), and a case study approach with many iterations builds more accurate, valid and reliable findings ( Eisenhardt, 1989 ) (see Figure 1 ).

3.1 Data collection

Focus group: The focus group was particularly necessary as the literature on this new technology is not sufficient. Experts in the area could, potentially, provide a deeper understanding on the current activities in the NFT area and also their future plans. A focus group was chosen ahead of interviews because they have some advantages when exploring a topic. For example, a discussion in a focus group enables useful questions to emerge that a researcher may not have thought of. The professions of all the focus group participants were related to NFTs. Two worked at NFT marketplaces, two were creators of NFT content, three were full stack developers and the final participant was an enterprise architect. All eight participants are German citizens. The focus group was implemented online using videoconferencing software. It was not possible to bring these experts to one location physically. Further focus groups were not implemented because sufficient clarity was given so that the next stage of the iterative process could start.

It was agreed with the participants of the online focus group that no voice recording would be made and only anonymous notes would be taken. This is widely referred to as “Chatham House Rule”, and it encourages a more open discussion, particularly when the participants are professionals working in the area being discussed and they do not want their personal opinions to be construed as their company’s position. Each participant introduced themselves, their role in their company and what their experience of NFTs are. The topics put to the focus group were: (1) What benefits do NFTs offer your organization; (2) what is your business model related to NFTs, have you seen any other business models with NFTs; (3) how do NFTs build trust across the supply chain; (4) how do NFTs build trust with the consumer and lastly (5) is there something else you would like to add. The topics chosen are based on the literature review and give an opportunity to start exploring typical dimensions of a business model, the processes and the sources of competitive advantage (see Table 1 ).

Short case vignettes: The case study approach favors in-depth analysis of a small number of companies. However, in order to develop a comprehensive taxonomy of business models, some broader, preliminary steps are needed. The primary purpose of the short case vignettes is to identify the different types of organizations in the NFT ecosystem. Simply checking what companies claim to do is not sufficient, especially in the digital assets ecosystem where companies sometimes claim to be in areas that are attracting the most investment at that point in time. The case vignettes are implemented by desk-based research utilizing databases (e.g. Crunchbase), company reports, academic and practitioner research.

Longer case studies: The longer detailed case studies go beyond desk-based research and include two interviews with people working in each of the four organizations. There were two interviews so that once the first round of interviews was completed for all four cases, the researchers could reflect on all the cases and go back with more targeted follow up questions. The interviews were done online and lasted from around 20 to 50 min. The answers were transcribed, they were not recorded. The interviews were semi-structured with the questions being based on themes that had emerged from the previous stages of the research. This approach reduces the challenges around validity and reliability that are inherent in qualitative research ( Voss et al. , 2002 ).

The interviewees for the first case were an NFT creator and a manager. For the second case, they were both managers. For the third case, the first was a software developer, and the second was a manager. Lastly, for the fourth case there was one software developer and one manager. All eight participants are German residents. Six are German citizens. One is Cypriot and the other is Hungarian, but they have lived in Germany for three and five years, respectively.

4. Analysis

4.1 focus group.

Participants shared their beliefs on five topics as outlined in Table 2 . Several benefits NFTs offer an organization were identified. Participants pointed to it being a “single source of truth” across the supply chain and ecosystem. This technology also enables loyalties to be paid through smart contracts. The transparency of ownership, and the ability to trace the previous owners back to when it was created, was also seen as a benefit. More abstract notions of consumers wanting to own something were also discussed. Ownership of an NFT is particularly valued if something is rare or unique.

This research attempted to identify the business models focused on NFTs and not any organization that uses them in a more peripheral way. While there was some discussion on traders speculating on NFTs, this was not considered as an NFT business model for two reasons: First, there was not a sufficient difference in speculating in NFTs to speculating on other assets, and second, the focus group believed most of the speculators were not just focused on speculating on NFT but speculated on several cryptoassets. This logic also applies to collectors that resell some of their NFTs. Therefore, collectors, whether they resell or not, are not considered a business model. The business models that were put forward were NFT creator, NFT marketplace selling creators’ NFTs, an organization offering their own NFTs for promotion and engaging the community around them (fan token) and NFT sales in games.

The focus group participants believed the technology supported trust both across the supply chain and with the consumers by its irrefutable nature and higher security that made it harder to steal. When organizations that had an existing relationship with their consumer, like a football team offering fan tokens, or a video game offering unique items, the existing trust in the organization transferred into trust in their NFTs. One participant pointed out that people have a tolerance to a certain degree of “newness” so the familiarity of the football team or video game helps.

4.2 Short case vignettes of NFT businesses

The focus group provided some insight on NFT business models and how they build trust, but further desk based research was necessary to triangulate those results. The short case vignettes would either align with the insights of the focus group or give a different perspective. An overview of the key processes and competitive advantages across the sixteen vignettes is provided in Table 3 .

NFT creator: The creators of NFT art were in most cases artists before this medium appeared. This is what a review of the 20 most popular NFT artists suggests. So the creators are not particularly different to other forms of art, but what is different is the process. One of the most popular methods is to use an algorithm to create the art. In some cases, specific instructions are given so that the algorithm creates a clear vision the artist has, while in other cases, more vague instructions are given without a clear specific end-goal in mind. Some artworks are very simple, like many of the Bored Ape Yacht Club NFTs, while others like the work of Murat Pak can be quite sophisticated.

NFT marketplace, selling creators’ NFTs: Several NFT marketplaces are identified, and they have the same fundamental processes. There are some differences on the commission they request and the blockchain that is used to complete the transaction. While the most popular blockchain for NFTs currently is Ethereum, others like Solana are also used. The use of different blockchains happens for various reasons. It is not clear which blockchain will be the most effective and the most popular ( Chainalysis, 2022b ).

Perhaps unsurprisingly, traditional galleries are moving into auctioning NFTs. For example, Sotheby’s had their first auction of Murat Pak NFTs totaling 17 million GBP ( Sotheby’s, 2021 ). A model that may be sufficiently different is the NFT marketplace aggregator. While aggregators are popular in many online services, they are particularly popular in all aspects of cryptoassets and DeFi ( Piech, Chua, & Sharma, 2022 ). Therefore, it may be more useful to consider an NFT marketplace aggregator to be part of the very popular DeFi aggregator business model.

Company offering their own NFT (fan token): The processes and competitive advantage of fan tokens may appear clearer and easier to understand than other NFT models. Sports fans’ passion for their team and willingness to engage in a variety of mediums is beyond doubt, so the NFT technology offers one more tool or medium for this to happen. Nevertheless, fan tokens are by definition a niche as the appeal to someone who is not a sports fan is limited. Fan tokens are sold primarily by dedicated marketplaces like Socios.com , but some of the other NFT marketplaces like Binance also offer them in a separate section. Typically, if a football team is going well, the value of their fan token goes up so the fans can make money. This makes them more invested in the team’s success. There appear to be less incidents of crime with NFT fan tokens in comparison to digital art minted as NFTs. This can be considered logical as the fan token is usually in a “closed system” of a specific marketplace’s application, e.g. Socios.com and the fan.

Computer game with NFT sales: Several mainstream games tested NFTs with mixed results. It is not clear if these games will permanently adopt them. There is a record of resistance from fans to NFTs being brought into existing games that started without them. It can be perceived as having to pay for something they could earn for free by playing, something some refer to as “bait and switch”. Games that focus on NFTs from the start, like the four explored here, do not run that risk.

Cross-case analysis: The cross-case analysis involves comparing the sixteen cases between themselves by construct. So first they are compared based on their NFT processes, and secondly they are compared based on their competitive advantage. The purpose is to identify the characteristics that are common across all cases and those specific to each model. Looking across the 16 cases for the construct of NFT processes, it is clear that these are similar or identical for the cases with the same proposed business model, but significantly different between the proposed models. This is an indication that the proposed models are valid as organizations with the same model have consistent characteristics while organizations with different models have fundamental differences.

Looking across the 16 cases for the construct of the competitive advantage the NFT provides, once again within the same proposed business model they are either very similar or identical. Between models there are both similarities and differences. The ability to own something unique is a competitive advantage in all cases apart from the fan tokens.

4.3 Longer case studies of NFT businesses

The longer case studies are the third stage in an iterative process to further explore the four NFT business models identified. The interviews focused on three areas: (a) How they understand their business model; (b) What are their NFT processes and thirdly (c) what is the competitive advantage of this business model. Some insights that came out stronger in this stage are that NFTs build a community between the collectors and as the purchase history is transparent, it gives insights into the consumers' behaviour. The main points raised by the interviewees are discussed below and summarized in Table 4 .

How they understand their business model: The artist studied fine arts and worked on developing websites as the artworks they created were not initially enough on their own to provide an income. The two interviewees see NFTs as a way to empower the artist and encourage creativity. The process of minting creates an electronic provenance record that is very important for the collectors. There are not many expenses or wages. The artist can either handle everything themselves or they may have a small team of two or three people supporting them. The priority for this artist is to have a strong portfolio of work: “You cannot show what you are about in one piece; you need to have a body of work that is consistent in style and with a breadth of creativity.”

NFT processes: The NFT minted artworks that can be sold on an NFT marketplace. They also purchase artworks from lesser known artists for their collection.

Competitive advantage of this business model: They do not get royalties from the use of their artwork. Once it is sold, the new owner has complete freedom to do whatever they want. The main competitive advantage is the sense of ownership the consumer has and the feeling of being part of something.

How they understand their business model: This NFT marketplace is specialized and only offers NFTs. It is not a part of a more general platform or an aggregator. They use the Ethereum level 1 blockchain to complete the transactions. They have been active for two years and they consider marketing to be decisive for their growth: “At the start we just accepted any NFT … we promoted the ones we liked the look of … now we know who the popular artists are, we are more deliberate about what we do … we support communities of collectors …”

NFT processes: They sell digital art that is minted as NFTs. They implement several business intelligence methods to gain insight on products.

Competitive advantage of this business model: NFTs make several of the marketplace processes simpler and more reliable. Controlling the stock, making sales and managing returns are all easier than they would be without NFTs.

How they understand their business model: The sales of fan tokens are done by a different company that is specialized in selling fan tokens: “We were approached by this website, we didn’t think about this ourselves. They showed us their client list and the progress of those projects, and it was very impressive. If some very famous clubs are doing it why shouldn’t we …”. Setting the fan tokens up did not cost anything as all the costs were covered by the platform. Their task is to find ways to engage and reward those that have tokens so that they are happy and they attract more fans with positive reviews and word of mouth. The plan is to increase the activities over time.

NFT processes: The specialized fan token platform handles everything. The team who’s name is on the fan token receives a percentage of the sales and a list of owners that is updated in real time. The platform recommends some forms of engagement, but it is the team’s decision what to do.

Competitive advantage of this business model: The organization who’s name is on the fan token outsource the whole process to a specialized platform that handles everything. The specialized platform does far more than a typical NFT marketplace can do. This NFT model has reached an impressive scale that suggests it is financially viable, and here to stay.

How they understand their business model: The game was created by a small group of friends who had experience working on other games from larger developers. The game utilizes NFTs, and it is in the broader category of “play to earn games”: “the concept of ownership does not have to be individualistic, our players can own their characters but the game is better because of the collective owners coming together, so it is both about owning individually but also shared ownership and shared responsibility”. The creators made a profit, but they considered it important not to go too far monetizing the experience as there would be push-back to that: “we are also gamers, so we do not need consultants to explain our players to us, we are one with them …”.

NFT processes: Characters in the game can be earned, bought and sold.

Competitive advantage of this business model: By having the option to earn the NFT, it reduces the push-back and the barrier to entry. Those who have patience can earn the characters they want, and those who do not have enough patience can purchase them.

5. Discussion

This research used an iterative qualitative methodology to explore the emerging NFT ecosystem and identify the proven NFT business models within it. While NFTs are members of the broader cryptoasset class of assets, they have some differences as a technology, as a business and in the consumers they attract, which means they are part of their own separate NFT ecosystem, with their own NFT business models.

The three stages of the method started broadly and progressively became narrower and more focused, concluding with four business models. These four business models were not only identified but a deeper richer understanding of them is achieved.

This research attempts to identify the business models focused on NFTs and not compile an exhaustive list of any organization that uses them in a more peripheral way, such as traders or companies using NFT to track products in their warehouse. After careful consideration, NFT traders, NFT marketplace aggregators and traditional galleries that sold some NFTs are not considered as NFT business models. NFT-related models that have not yet sufficiently proven themselves are also excluded. This research identifies the current proven models that are expected to continue for some years. They will undoubtedly be joined by new models over time.

NFT creator: The NFT creator is an artist that creates digital art that is then minted as an NFT and sold on an NFT platform. The main NFT process is to create digital art minted as an NFT. The NFT competitive advantages include having proof of irrefutable ownership, the ability to sell a unique piece of digital art, or limited to a specific number typically quite low, no more than eight. The reliability and transparency of the NFT build trust with the consumer. Lastly a community is built around the creators’ NFTs and trust is built between members of the community.

NFT marketplace, selling creators’ NFTs: The main NFT processes are to sell NFT digital art and in some cases fan tokens. The purchase history of the consumers is transparent, so this gives insights into their interests. The NFT marketplace can use this to choose which artists and artwork to promote. The competitive advantage of NFTs as part of this business model is once again the irrefutable ownership and that it gives consumers digital art they can own. As with the previous business model, a community and trust are built between the collectors.

Company offering their own NFT (fan token):This business model has several NFT processes. These are to sell NFTs for profit, to give NFTs as rewards, make payment with fan tokens (e.g. as part of a players wage), give NFT so that the person receiving it has certain utilities and rights (e.g. voting rights) and to use NFT technology to offer subsequent offers and rewards to the holder of the fan token. NFT competitive advantages within this business model are that they allow fans to feel closer to their team and build a community and trust between the fans. It also allows fans to sell their fan tokens.

Computer game with NFT sales: The main NFT processes of this business model are in-game purchases of NFT minted virtual items, limited or unique in game purchases and rewarding players for playing, referred to as “play to earn”. The competitive advantages are that it enables players to gain unique or rare items, offers incentives to game developers to continue producing unique and rare items and builds a community and trust between the players.

6. Conclusion

NFTs are utilized in new and innovative ways in recent years. It is inevitable that the literature on this emerging technology and business is incomplete, but there is a sufficient sample, a sufficient track record of companies utilizing NFTs to identify some main business models and how they build trust. This research brings the literature on NFTs, cryptoassets and business models together. The research method applied three stages of qualitative analysis culminating in a case study analysis of four business models. The case study analysis drew out the most important features of the organizations utilizing NFTs and also what may be missing in comparison to others. The empirical evidence points to four proven NFT business models: (1) NFT creator; (2) NFT marketplace selling creators’ NFTs; (3) company offering their own NFT (fan token) and (4) computer game with NFT sales. NFTs, across all four business models, provide a “single source of truth” and transparent transactions that build trust between everyone involved. These four business models build trust with their stakeholders and avoid the cybersecurity risks and scams that are prominent in this area.

Future research should continue to monitor this space as it is almost inevitable that new NFT business models emerge and prove themselves worthy of being considered along the four identified here. Future research can also explore whether the many aggregators in DeFi can be considered to be part of one broad DeFi aggregator business model, or if there are some sufficiently different aggregator business models that should be seen as separate business models.

Qualitative methods with sequential research stages

The four NFT business models

Demographic information of the focus group and interview participants

Main themes emerging from focus group

The 16 cases of the NFT ecosystem and 4 business models

The 4 cases and 4 business models of the NFT ecosystem

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Sotheby’s ( 2021 ). $17 million Realized in Sotheby’s first NFT sale with digital creator Pak . Sotheby’s . available from: https://www.sothebys.com/en/articles/17-million-realized-in-sothebys-first-nft-sale-with-digital-creator-pak?locale=en

Stempel , J. ( 2022 ). U.S. charges OpenSea ex-employee in first NFT insider trading case . Reuters . available from: https://www.reuters.com/technology/opensea-employee-charged-with-insider-trading-nfts-2022-06-01/

Tönnissen , S. , Beinke , J. H. , & Teuteberg , F. ( 2020 ). Understanding token-based ecosystems – A taxonomy of blockchain-based business models of start-ups . Electronic Markets , 30 , 307 – 323 . doi: 10.1007/s12525-020-00396-6 .

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Corresponding author

About the authors.

Alex Zarifis is a lecturer at the University of Nicosia in Cyprus and a researcher for the University of Cambridge in the UK. He received a BSc from the University of Leeds, followed by an MSc and PhD from the University of Manchester. His research focuses on E-commerce, trust, privacy, online collaboration, artificial intelligence, Fintech, project management, leadership and blockchain. His work has featured in journals such as Computers in Human Behavior, Internet Research, Information Processing and Management, Information Technology and People, International Journal of Electronic Business and Electronic Commerce Research. He served as guest editor for Electronic Markets and the British Journal of Education Technology. His research has been presented in conferences such as the AIS European Conference on Information Systems (ECIS).

Professor Xusen Cheng is a Full Professor of Information Systems in the School of Information at Renmin University of China. He is also a research fellow in the Metaverse Research Center and School of Interdisplinary Studies at Renmin University of China. He obtained his PhD degree from the University of Manchester, UK. His research interest includes trust and information systems, design and behaviour issues of digital business, digital economy and Metaverse. His research has been published in leading journals such as MIS Quarterly and Journal of Management Information Systems.

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NFT Marketing Plan Template: What You Need to Know

An NFT marketing plan template is essential for successfully promoting and selling your non-fungible tokens in the competitive digital marketplace.

Table of Contents

By creating a comprehensive strategy that encompasses audience targeting, content creation, and performance tracking while collaborating with influencers, you can effectively navigate the complex world of NFT marketing.

Implementing an adaptable NFT marketing plan template ensures you stay ahead of trends and capitalize on opportunities in this rapidly evolving space.

Understanding the Basics: An Introduction to NFT Marketing Plan Templates

Non-fungible tokens (NFTs) have taken the digital art and collectibles world by storm. This offers an innovative approach for artists to generate income from their creations and for collectors to invest in digital assets . To make the most of this growing market, it’s crucial to have a solid NFT marketing plan in place. This is where an NFT marketing plan template comes into play.

An NFT marketing plan template is a pre-designed, customizable document or framework that helps creators outline their marketing strategies for promoting and selling their NFTs. It provides a structured approach to organizing promotional efforts, from identifying target audiences and setting goals to developing content strategies and tracking performance.

The template serves as a guide, ensuring that all essential elements of a successful NFT marketing plan are considered and executed effectively.

The first step in utilizing an NFT marketing plan template is understanding the target market, preferences, and behaviors. This information will inform the development of tailor-made marketing strategies and content that resonates with potential buyers.

Setting clear and measurable objectives is another crucial NFT marketing plan template aspect. These objectives should be specific, achievable, and time-bound while providing a roadmap for success and a means to evaluate progress.

Content creation and platform strategies are essential to an NFT marketing plan template. Diversifying content across various platforms and formats, such as social media, blogs, and videos, will help engage potential buyers and build a sense of community around your NFTs.

Finally, the template should include a system for tracking performance metrics and analyzing results. This data-driven approach allows for continuous improvement and adaptation while ensuring your NFT marketing efforts remain effective in the rapidly evolving digital assets landscape.

By understanding the basics of an NFT marketing plan template, you’ll be better equipped to promote and sell your unique digital creations in the competitive NFT market.

Setting Clear Objectives: Defining Success in Your NFT Marketing Plan Template

In the fast-paced and competitive world of non-fungible tokens (NFTs), having a well-defined marketing strategy is crucial for success. One of the most critical aspects of creating an effective NFT marketing plan is setting clear objectives.

These objectives not only help you stay focused on your goals but also allow you to measure progress and make data-driven decisions. Here are some NFT marketing tips to help you set and achieve your objectives in your NFT marketing plan template.

• Be Specific: When setting objectives, ensure they are clear and concise. Instead of aiming for vague goals like “increase sales,” specify the desired number of NFTs you’d like to sell or the revenue you aim to generate within a given timeframe.
• Make Them Measurable: To track progress, your objectives should be quantifiable. This means including specific metrics, such as website traffic, social media engagement, or sales conversions, that can be monitored and measured over time.
• Ensure Achievability: While setting ambitious goals is essential, they must also be realistic and attainable. Consider your resources, time constraints, and current market conditions when defining your objectives.
• Focus on Relevance: Your objectives should closely align with your business goals and target market. Identify the key challenges and opportunities within the NFT space relevant to your niche and tailor your objectives accordingly.
• Set Timeframes: Establish a clear timeline for achieving your objectives, whether short-term, medium-term, or long-term. This fosters a sense of immediacy and keeps your marketing efforts on track.

By incorporating these NFT marketing tips into your plan template, you’ll be better equipped to define success, measure progress, and adapt your strategies. Clear objectives are the foundation of any effective marketing plan, and by setting them wisely, you’ll increase your chances of success in the ever-evolving world of NFTs.

Constructing a Robust Brand Image: The Significance of Consistency in Your NFT Marketing Plan Template

A strong brand identity is essential for marketing NFT projects effectively standing out in the competitive landscape of non-fungible tokens. Your brand identity should reflect the unique qualities and values of your NFT project and resonate with your target audience.

Consistency in your NFT marketing plan template is vital in establishing and maintaining a cohesive brand identity that fosters trust, recognition, and loyalty among potential buyers.

Achieving Cohesive Visual Identity

One of the essential elements in constructing a consistent brand identity is ensuring that your visual elements, such as logo, color palette, and typography, are harmonious across all marketing channels. Whether it’s your website, social media accounts, or promotional materials, maintaining a cohesive visual identity helps create a professional and memorable impression.

Crafting Consistent Messaging and Tone

In addition to visual elements, your messaging and tone should be consistent in your NFT marketing efforts. Your communication should reflect your brand’s unique voice and values while engaging your target audience and building an emotional connection. This can be achieved by sharing compelling stories and highlighting the creative process behind your NFT project, while showcasing the benefits and features of your digital assets.

Strategic Influencer Partnerships

Collaborating with influencers and partners who share your brand values can further reinforce your brand identity and broaden your influence within the NFT community. Carefully selecting these collaborators ensures that your marketing efforts are aligned with your brand ‘s overall vision and goals.

Continual Improvement

Finally, regularly reviewing and refining your NFT marketing plan template is crucial for maintaining a consistent brand identity in the ever-evolving NFT market. By monitoring your performance metrics and gathering feedback from your audience, you can identify areas for improvement and adjust your strategies accordingly.

Consistency in your NFT marketing plan template is vital for building a solid brand identity that sets your project apart from the competition. By paying close attention to visual elements, messaging, and strategic partnerships, you can create a cohesive and engaging brand experience that attracts and retains potential buyers in the dynamic world of NFTs.

Content and Platform Strategies: Optimizing Your NFT Marketing Plan Template for Maximum Reach

An effective NFT marketing strategy to maximize reach and engage potential buyers in the ever-evolving world of non-fungible tokens. By creating a diverse range of content and utilizing various platforms, you can increase the visibility of your NFT project and appeal to a broader audience.

Crafting a Diverse Content Plan

The first step in optimizing your NFT marketing strategy template is to develop a content plan showcasing your digital assets’ unique features and value. This plan should include a mix of content formats, including blog articles, videos, social media content, and email newsletters. By diversifying your content, you can cater to different audience preferences and maximize engagement.

Selecting the Right Platforms

In addition to content variety, your NFT marketing strategy template should also consider the platforms where your target audience is most active. Research popular platforms within the NFT community, such as Discord, Twitter, and Instagram, and tailor your content to each channel’s unique features and demographics. Participating in online forums, engaging with potential buyers, and joining NFT-related groups can also help you establish a strong presence within the community.

Harnessing Influencer Power

Another crucial aspect of your NFT marketing strategy template is to leverage the power of influencers and strategic partnerships. By collaborating with prominent figures in the NFT space who share your brand values, you can expand your reach, generate buzz, and increase credibility.

Performance Monitoring and Analysis

Lastly, regularly monitor and analyze your performance metrics to assess the effectiveness of your content and platform strategies . This will enable you to pinpoint areas for enhancement and adjust your NFT marketing strategy template to ensure optimal reach and engagement.

A well-rounded content and platform strategy is essential for maximizing the potential of your NFT marketing efforts. Creating diverse content, targeting the right platforms, and continuously refining your approach can optimize your NFT marketing strategy template for success in the dynamic digital asset landscape.

Community Engagement: Fostering Relationships through Your NFT Marketing Plan Template

Community engagement is a critical component of any successful marketing plan, and when marketing an NFT collection, it becomes even more essential. By fostering relationships and nurturing a sense of community around your NFT collection, you can create an environment that encourages user interaction, loyalty, and sales. A well-crafted NFT marketing plan template should prioritize community engagement and incorporate strategies to connect with your audience more deeply.

Active Participation

One of the critical aspects of community engagement is active participation on social media platforms and online forums where your target audience is present. Regularly posting relevant content, responding to comments, and addressing questions show that you value your community’s opinions and feedback. This helps build trust and encourages members to share their experiences and recommend your NFT collection to others.

Events and Webinars

Hosting events and webinars related to your NFT collection can also foster community engagement. These events can provide insights into the creative process, offer sneak peeks of upcoming releases, or even include workshops on topics related to NFTs. By providing valuable content and experiences, you demonstrate your commitment to the community and strengthen the connection between your audience and your NFT collection.

Influencer Collaborations

Collaborating with influencers and other prominent figures in the NFT space can also enhance community engagement. When these individuals share their support for your NFT collection, it lends credibility and creates a sense of excitement and anticipation among their followers.

Rewards, Contests, and Giveaways

Implementing a rewards program or organizing contests and giveaways can incentivize community members to engage with your NFT collection and spread the word. These initiatives can create a fun and competitive environment that encourages users to interact with your brand and share their experiences with others.

Active involvement with the community is essential for the achievement of your NFT marketing plan template. By actively participating in conversations, hosting events, collaborating with influencers, and offering rewards, you can foster meaningful relationships with your audience and drive long-term success for your NFT collection.

Analytics and Performance Tracking: Refining Your NFT Marketing Plan Template for Better Results

In the rapidly evolving world of non-fungible tokens, having a solid NFT business plan template is vital for success. An essential aspect of any effective marketing strategy is monitoring analytics and performance tracking to continually refine your plan and achieve better results. By incorporating data-driven insights into your NFT business plan template, you can make informed decisions that lead to more efficient and effective marketing efforts.

Identifying Key Performance Indicators

Identify the key performance indicators (KPIs) most relevant to your NFT business objectives. Some common KPIs include website traffic, social media engagement, conversion rates, and revenue generated. By focusing on these metrics, you can assess the success of your marketing efforts and identify areas that require improvement.

Leveraging Analytical Instruments

Employ analytical instruments to collect information on your NFT marketing campaigns. Tools like Google Analytics, social media analytics platforms, and email marketing software can provide valuable insights into user behavior, campaign performance, and audience demographics. By regularly reviewing this data, you can uncover patterns and tendencies that can guide your marketing decisions.

Adapting and Refining Your NFT Business Plan

Following your evaluation, implement the required modifications to your NFT business plan template. This may include revising your content strategy, optimizing your website for a better user experience, or reallocating your marketing budget to focus on more successful channels . Continuously testing and refining your strategies will enable allowing you to maintain an edge over competitors and capitalize on emerging opportunities in the NFT market.

Staying Current with NFT Marketing Trends

Staying updated on recent developments is crucial to trends, tools, and best practices in NFT marketing. By keeping abreast of industry developments, you can ensure that your NFT business plan template remains up-to-date and relevant, allowing you to adapt to changes in the market and maintain a competitive edge.

Incorporating analytics and performance tracking into your NFT business plan template is crucial for achieving better results. By monitoring your KPIs, utilizing analytics tools, and continuously refining your strategies based on data-driven insights, you can optimize your marketing efforts and drive the long-term success of your NFT business.

Partnerships and Collaborations: Leveraging Influencers and Networks in Your NFT Marketing Plan Template

A successful NFT marketing campaign often relies on the power of partnerships and collaborations to amplify its reach and impact. By incorporating influencers and networks into your final marketing plan example, you can create buzz around your NFT project, tap into new audiences, and enhance your brand’s credibility in the market.

Leveraging Influencer Marketing

Influencer marketing has become essential in promoting NFT projects, as influencers often have a loyal and engaged following that trusts their opinions and recommendations. Start by identifying influencers within the NFT community with values that resonate with your brand and an audience that matches your target demographic. Reach out to these influencers with a well-crafted proposal outlining the benefits of collaborating with your NFT project, and be prepared to negotiate the terms of the partnership.

Building Strategic Alliances

Another strategy to strengthen your final marketing plan example is to build strategic alliances with other businesses and platforms within the NFT ecosystem. Such collaborations can enable you to access fresh networks and gain exposure to potential buyers who may have yet to discover your project otherwise. Look for partners that complement your brand and share a mutual interest in promoting each other’s success.

Co-Hosting Events and Webinars

Joint marketing efforts, such as co-hosting events or webinars, can also be valuable to your final marketing plan example. These collaborations can provide your audience with exclusive insights and experiences, generate excitement around your NFT project, and foster community among participants.

Harnessing the Power of Grassroots Marketing

Remember to underestimate the power of grassroots marketing initiatives. Engaging with online communities, participating in forums, and joining NFT-related groups can help you build valuable relationships with potential buyers and influencers who can advocate for your project and spread the word.

Leveraging partnerships and collaborations in your final marketing plan example can significantly enhance your NFT marketing efforts. By working with influencers, forging strategic alliances, and engaging with the community, you can elevate your brand’s visibility and credibility, ultimately leading to tremendous success in the competitive NFT market.

Budgeting and Resource Allocation: Ensuring Financial Efficiency in Your NFT Marketing Plan Template

The booming NFT market has inspired many creators to ask, “Can I create NFTs?” Absolutely! Non-fungible tokens have transformed the digital art landscape, opening opportunities for artists, collectors, and investors. To guarantee success in this competitive space, it’s vital to have an effective marketing plan in place. This includes strategically budgeting and allocating resources to ensure financial efficiency.

One of the first steps in creating an NFT marketing plan is to define your project’s goals and objectives. Determine your target audience, desired outcomes, and revenue projections. Establishing a realistic budget early on will enable you to allocate resources accordingly, helping you maintain financial efficiency throughout the process.

When planning your NFT project, factor in costs associated with research and development, such as platform fees, gas fees, and design expenses. Allocate funds to cover initial R&D, including market research and competitor analysis. Keep in mind that ongoing development of your NFT project, such as updates or new features, will also require resources.

A robust marketing strategy is crucial for your NFT’s success. Budget for content creation , social media management, and influencer partnerships. Don’t forget to allocate funds for paid advertising, such as social media ads and search engine marketing, to increase visibility and reach.

In summary, creating an NFT project is an exciting journey but requires careful budgeting and resource allocation. By focusing on financial efficiency throughout your marketing plan, you’ll maximize your NFT’s potential for success and make a mark in this dynamic industry.

What is an NFT marketing plan template?

An NFT marketing plan template is a customizable framework designed to help creators outline their marketing strategies for promoting and selling their non-fungible tokens. The template ensures that all essential elements of a successful NFT marketing plan are considered and executed effectively.

Why do I need an NFT marketing plan template?

An NFT marketing plan template is essential for successfully promoting and selling your non-fungible tokens in the competitive digital marketplace. It helps you create a comprehensive strategy that includes audience targeting, content creation , performance tracking, and collaboration with influencers.

How do I set clear objectives for my NFT marketing plan?

Set specific, measurable, achievable, relevant, and time-bound objectives. Ensure your objectives are quantifiable, realistic, and aligned with your business goals. Establish a clear timeline for achieving these objectives.

Why is brand consistency important in my NFT marketing plan?

Brand consistency is vital for establishing and maintaining a cohesive brand identity that fosters trust, recognition, and loyalty among potential buyers. It helps create a professional and memorable impression and sets your project apart from the competition.

How can I optimize content and platform strategies in my NFT marketing plan?

Develop a diverse content plan, including various formats such as blog posts, videos, and social media posts. Select the right platforms where your target audience is most active, and leverage the power of influencers and strategic partnerships. Regularly monitor and analyze your performance metrics to continuously refine your approach.

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NFT Business Plans

Building digital assets, through nft strategies.

Basically, this is the time for the exponential curve and is arguably the perfect time to create the NFT pitch deck. And, in particular for media and entertainment assets, this is the right time to consider starting their NFT strategies at a time when they can establish a sustainable competitive edge.

While cryptocurrencies have been present for more than a decade since the debut of Bitcoin in 2009, the phenomena of Non-Fungible Tokens (NFTs) have gained up just now. These unique cryptographic tokens generated on solid blockchain networks like Ethereum and TRON are valued at several millions of dollars due to tremendous demand from investors. Let's have a look at the business plan of the NFT Marketplace.

A well-organized NFT marketplace lies behind the surge in transactions for buying and selling these crypto collectibles. It efficiently manages all of the trading operations of investors. Axie Infinity, Decentraland, OpenSea, NBA Top Shot, Rarible, Sorare, and SuperRare are just a few of the well-known NFT selling platforms.

Many experts in their latest report mentioned something called the "hype cycle" that defined the maturation of new industries and products. Among them, nonfungible tokens, or NFTs appeared at the top of the curve. However, there are arguments suggesting that NFTs have not reached the peak point but are more in the “Innovation Trigger” stage. So, when considering the NFT business plan, it should be understood that this technology’s commercial viability is still in the development phase.

What is NFT?

Any digital asset whose ownership is recorded on the blockchain can be an NFT, which is generally art, collectibles, and other unique goods used in games or virtual worlds. Blockchain-native firms are unlocking the ideal commercial models for the technology as corporations enter this new industry, while older organizations are studying how to exploit these assets inside existing business models.

NFT business

How to make money.

It's time to learn about the industry, how to create an NFT business plan, and how to make money using NFTs. We all understand that the goal of any business is to make money. A business model aids in the formation, development, and maintenance of a company. The most popular way for enterprises to make money in this ecosystem is by selling NFTs. Because there is abundant demand for virtual goods, this business model is an unequivocal and undeniable choice. And as per the latest reports, it also performs admirably. As previously stated, the most common approach for companies in the NFT ecosystem to generate revenue is through selling NFTs directly to users. Video game producers and creators, for example, have already entered the NFT market. The revenue generated by the NFT business accounts for the majority of the total revenues. Experts believe that selling NFTs directly to customers will generate revenue in the near future.

KEYS TO NFT SUCCESS

When creating the NFT pitch deck for clients, it should echo the excellent unit economics and include the following points:

Low marginal cost

Virtual trading cards or comics have a lower marginal cost of manufacture and dissemination than traditional physical trading cards or comics. While both need upfront expenses for designers, selling assets through a digital channel saves thousands of dollars in printing production costs, as well as the time and effort required to manage retail channels to get products into stores. Converting digital artwork into NFTs necessitates paying "gas fees" to mint tokens on a blockchain, which can cost up to $150, as well as a tiny monthly subscription charge, which varies depending on which platform or marketplace you choose as an outlet.

Limitless potential

Intellectual property rights are also important to consider, however, this is still a developing field. Because there is no legal precedence in the United States for NFT ownership, a number of significant questions about authors' retention of commercial rights and future licensing are still being contested or refined, says the experts. Finally, the ecological impact must be taken into account. The Ethereum network, which generates as much carbon as some small countries, is where most NFTs are traded and exchanged. That's large because the decentralized consensus technique it uses to validate transactions, known as proof of work, necessitates a lot of computational power. Companies, as well as individual artists, may face backlash or loss of sales from environmentally concerned clients.

Improved customer engagement

It is possible to increase the customer base with NFTs because it involves dealing with the digitally native generations of the companies. Experts believe that this can foster a positive impact on customer retention and also create a spillover effect that can work perfectly for sports teams and have more people involved in it. And, it can create a recurring revenue potential for the company.

Know the Risks

So, what's keeping your organization from joining the NFT bandwagon? Even a believer like me realizes that the industry is in its infancy and is largely unregulated. To begin with, not all NFTs are the same. Yes, the ownership certificate kept on the public blockchain ledger is immutable and unforgeable. It's important to understand, though, that this token is only a link to a digital file stored on a server. And not every server is the same.Link rot, which occurs when hyperlinks break, is a severe issue. This usually occurs when the target file is relocated to a new server without the connection being updated, or when the server goes down. Keep track of where the digital file is stored when making or purchasing an NFT. The likelihood of the NFT being lost increases dramatically when it is stored on a local server. A public cloud storage solution decreases this danger, but a decentralized server is even better. You should also make sure the token's metadata is saved on a decentralized server.

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How to build a sustainable NFT strategy

• Leaders in the NFT space should develop sustainable strategies that can help deliver benefits today and create long-term growth into the web3 world.
• Successful NFT projects can do at least one of these: drive revenue, deepen customer engagement and/or improve business processes.
• The value of an NFT strategy comes from building a foundation for the future, not from the temporary hype it creates.

Non-fungible tokens (NFTs) have taken the world by storm with over $25 billion in sales volume in 2021 1 and $37 billion in less than 6 months in 2022 2 . While the exponential number of use cases and growth of NFTs are exciting, you may still wonder exactly what an NFT is.

An NFT is a digital asset, such as art, collectibles or even event tickets. This data typically includes the owner, origin, chain of custody and some kind of digital item (digital image, art, identification, etc). All of this data is stored — or “tokenized” — on the blockchain in the form of the NFT. Simply put, an NFT is a tokenization of value.

The NFT space has evolved to include tokenized land and items in virtual worlds and NFTs as a medium to grant access or utility to engaged customers. Traditional brands are now waking up to the movement and looking to capitalize on NFTs, but there is a much bigger picture: the evolution of the internet toward web3 , a decentralized internet structure with interoperable platforms that innovators and investors are currently working toward. With seemingly endless opportunities, it is important to go beyond the hype. Leaders in this space need sustainable NFT strategies that can deliver benefits today and set them up for long-term growth into web3.

As this technology is still relatively new and constantly evolving, there is not yet a playbook for entering the NFT space. Nor should there be. Every company should have their own unique approach to participating in this market aligning with the uniqueness of their corporate strategy.

We have developed a framework for evaluating NFT projects, based on our work with our clients’ NFT projects, discussions with developers and an active presence in the web3 community. We have found that every successful NFT project will do at least one of these three things: 

• Drive revenue 
• Deepen customer engagement
• Improve business processes

Not every campaign needs to aim for the middle of the diagram to be successful, but brands can apply this framework to evaluate how NFTs can integrate with their existing strategies and support long-term goals. The value of an NFT strategy comes from building a foundation for the future, not from the initial, temporary hype it creates. Successful companies in this space should look beyond immediate revenue opportunities and toward a strategy that enables organic growth, long-term engagement and authentic connection with customers.

We have seen successful companies approach their NFT strategies by first building alignment on their goals, audience and assets before designing an NFT. We suggest considering the following questions: 

Why are you going into the NFT space now?

Why does your brand want to use web3 and NFTs? Does it support your larger, organizational strategy or achieve a near-term goal? Your approach, priorities, and end products will change based on what you are hoping to achieve. For example, the growth of your latest action-figure line has plateaued and you need a new way to engage customers and regain early excitement.

Who are your target customers?

Who do you want to reach: your most engaged customers, brand new customers, or some combination? How much education/support will your audience need to engage with the NFT? Think about your target audience and how your strategy will impact existing and prospective customer experiences. For example, a publication that wants to build a community around their most loyal subscribers could launch an NFT that gives unlimited access to the publication, as well as other access perks.

What assets could you make into an NFT?

What assets do you already have available? Are they good candidates for tokenization? How much are you willing to collaborate with your customers? For example, you may have a piece of art, a character or other content suitable for tokenization, and others that, for strategic or legal reasons, shouldn’t be NFTs. Carefully consider the boundaries you set for your intellectual property. 

How will you get into the space?

How can you leverage NFTs to achieve your goals? Do you have personnel with the right skillset to operate in this space effectively and securely? Once you have defined your strategy, we suggest gathering the right components that will help you achieve your NFT goals. 

Building a sustainable NFT strategy in a fast-changing environment can be difficult. Strategies that worked a month ago may not work today or in the future. The most successful companies in the long run will have built robust and adaptive strategies that can work in the current market and have a place in the foundational world of web3 yet to come. Building the foundation today can set you up to play in the market of tomorrow .

How PwC can help 

While understanding web3 may seem daunting, there are resources and subject matter specialists that brands can leverage to become confident web3 participants. PwC’s global community of solvers works to help you navigate this unique space. Our team has been on the ground with the web3 community, contributing to discussions, gathering insights, and building the projects that power our clients’ tomorrow.

1 "NFT sales hit $25 billion in 2021, but growth shows signs of slowing,” Reuters, January 11, 2022, accessed via Factiva, June 2, 2022 2 Locke, Taylor, “The NFT market is probably not as down as you think it is,” Fortune, May 5, 2022, accessed via Factiva, June 2, 2022.

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NFT Marketing Plan Template

• Great for beginners
• Ready-to-use, fully customizable Subcategory
• Get started in seconds

Are you looking to make a splash in the exciting world of NFTs? Then you know that a well-executed marketing plan is crucial to your success. Lucky for you, ClickUp has the ultimate NFT Marketing Plan Template to help you navigate the unique challenges of this rapidly growing industry.

With ClickUp's NFT Marketing Plan Template, you'll be able to:

• Create a comprehensive strategy to promote your NFT projects or collections
• Establish a strong brand presence to stand out in a crowded market
• Target and engage potential buyers or investors through effective marketing channels
• Drive sales and participation in the ever-evolving digital assets market

Don't miss out on the opportunity to maximize your NFT success. Start using ClickUp's NFT Marketing Plan Template today and take your marketing game to the next level!

Benefits of NFT Marketing Plan Template

The NFT Marketing Plan Template provides a comprehensive framework for marketing professionals or companies in the NFT industry. Here are the benefits of using this template:

• Streamlining your marketing efforts and ensuring a strategic approach
• Establishing a clear plan to promote NFT projects or collections
• Creating awareness and building a strong brand presence in the market
• Targeting and engaging potential buyers or investors effectively
• Driving sales and participation in the growing digital assets market
• Tracking and measuring the success of your marketing campaigns
• Adapting and refining your strategies to stay ahead in the evolving NFT industry.

Main Elements of NFT Marketing Plan Template

When it comes to marketing your NFT project, organization is key. ClickUp's NFT Marketing Plan template offers a variety of features to help you stay on track and achieve your goals:

• Custom Statuses: Keep track of the progress of each task with 6 different statuses, including Cancelled, Complete, In Progress, Needs Input, Planned, and To Do.
• Custom Fields: Utilize 6 custom fields such as Quarter, Task Type, Impact, Progress, Percent Completion, and Effort to add specific details to your tasks and track their progress.
• Custom Views: Access 5 different views tailored to your marketing needs, including Key Results to track your objectives, Timeline to visualize your project's progress, Getting Started Guide for a quick overview, Objectives for goal-setting, and Progress Board to monitor task completion.
• Collaboration: Collaborate seamlessly with your team by assigning tasks, setting due dates, and leaving comments to ensure smooth communication throughout the marketing process.
• Integrations: Connect your NFT marketing plan to other tools and platforms with ClickUp's wide range of integrations, such as Email and AI, to streamline your workflow and maximize efficiency.

How to Use Marketing Plan for NFT

If you're new to the world of NFTs and want to create a solid marketing plan, follow these steps using the NFT Marketing Plan Template in ClickUp:

1. Define your target audience

Identify the specific group of people who are most likely to be interested in your NFT. Consider factors such as demographics, interests, and behaviors. Understanding your target audience will help you tailor your marketing efforts and messaging to effectively reach and engage them.

Use custom fields in ClickUp to categorize and track your target audience segments.

2. Set clear goals and objectives

Determine what you want to achieve with your NFT marketing plan. Are you aiming to increase awareness, drive sales, or build a community around your NFT? Setting clear goals and objectives will help you stay focused and measure your success.

Use Goals in ClickUp to set specific, measurable, achievable, relevant, and time-bound (SMART) goals for your NFT marketing campaign.

3. Craft compelling messaging

Develop a strong and unique value proposition for your NFT. Clearly communicate what makes your NFT special, whether it's the artwork, the story behind it, or any additional benefits. Create persuasive messaging that resonates with your target audience and effectively conveys the value of your NFT.

Use Docs in ClickUp to collaborate with your team and brainstorm ideas for your NFT's messaging.

4. Choose the right marketing channels

Identify the most effective marketing channels to reach your target audience. Consider platforms like social media, NFT marketplaces, email marketing, and influencer collaborations. Each channel has its own strengths and audience, so choose the ones that align with your goals and where your target audience is most active.

Use Automations in ClickUp to streamline your marketing efforts by automating tasks such as social media scheduling or email campaigns.

5. Implement and measure your marketing plan

Put your marketing plan into action by executing your strategies across the chosen channels. Monitor the performance of your marketing activities and track key metrics such as engagement, conversion rates, and sales. Regularly review and analyze the data to identify what's working well and what can be improved.

Use Dashboards in ClickUp to create visual reports and track the success of your NFT marketing plan in real-time.

By following these steps and utilizing the NFT Marketing Plan Template in ClickUp, you'll be well-equipped to effectively market your NFT and drive success in the competitive NFT marketplace.

Get Started with ClickUp’s NFT Marketing Plan Template

Marketing professionals or companies in the NFT (Non-Fungible Token) industry can use the NFT Marketing Plan Template to effectively promote and create awareness around NFT projects or collections.

First, hit "Add Template" to sign up for ClickUp and add the template to your Workspace. Designate which Space or location in your Workspace you'd like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create a strategic NFT marketing plan:

• Use the Key Results View to set and track key performance indicators for your marketing campaigns
• The Timeline View will help you plan out the schedule and deadlines for each marketing activity
• Refer to the Getting Started Guide View to get a step-by-step walkthrough of how to execute a successful NFT marketing plan
• Use the Objectives View to define your marketing goals and objectives for each NFT project or collection
• The Progress Board View will give you an overview of the progress of each marketing activity and task
• Organize tasks into six different statuses: Cancelled, Complete, In Progress, Needs Input, Planned, To Do, to keep track of progress
• Update statuses as you progress through tasks to keep team members informed of progress
• Monitor and analyze tasks to ensure maximum productivity and success of your NFT marketing efforts.

Related Templates

• Gardening Business Marketing Plan Template
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• Tour Operators Marketing Plan Template

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DO YOU WANT TO SCALE YOUR BUSINESS?

The Complete NFT Marketing Strategy Guide

What does NFT stand for?

Nft marketing strategy, are you a company.

What is NFT Marketing?

What nfts sell best.

Looking for a Blockchain Marketing Agency?

Crypto community engagement on telegram, discord, and reddit.

The go-to platforms for setting up your community are Twitter, Telegram, Discord, Bitcoin talk, Reddit, etc. It is important to note that the community for NFT’s is somewhat similar to the Gaming community and hence discord may be a wise option (also the platform of choice for many NFT Marketplaces, more details here ). Make sure that the support team/administrators are considerate, polite, competent and have an in-depth knowledge of NFT & Blockchain. If you need more information about crypto community management , read our guide here.

Moreover, as much as it is crucial to diversify and spread your project’s reach on a good chunk of Social Media platforms, it is equally important to not spam, and come across as organic. Meaning, give more value than you take, don’t just try to shill your project.

Top Telegram Chats for sharing your NFT’s with the wider Community Include:

• NFT Discussion
• NFT – The Future Is Here

On the other hand, discord has a rather convenient method of browsing NFT Discord Servers. You can simply view a comprehensive list by clicking here . Top servers include:

• Larvalabs (creator of Cryptopunks)

NFT Giveaways/Airdrops/Bounties as Marketing Campaigns

Optimizing Crypto Search Engine Optimization (SEO)

Cross Promote on other NFT Marketplaces

Top nft marketplaces.

3. SuperRare

Target Crypto Advertising Networks

• CoinMarketCap

Setup NFT Strategic Partnerships

Create an NFT Roadmap of Future Growth

A roadmap is defined as “a plan or strategy intended to achieve a particular goal.” The roadmap serves the purpose for an indication of commitment to transparency and outlines the upcoming targets for your NFT Marketplace.

Use Crypto Influencer Marketing and PR Press Mentions

• Sothebys – One of the world’s largest brokers of fine and decorative art, jewels, and collectibles. It managed to have an auction turnover of $623M.

• Christie’s – Needs no explanation to the NFT industry, comes in second with an annual auction turnover of $481M

Host AMA Sessions on your NFT’s

Create NFT Limited Exclusive Collections

Conclusion on NFT Marketing Strategies

Many within the crypto industry have claimed NFT’s to be a gold rush and while they clearly have found a valid use case, it is important to keep up with the latest NFT Marketing trends. While most NFT based platforms are getting familiarized within the newly formed sector, feel free to stretch the horizons and explore what is best for your project. Don’t be shy to think outside of the box and explore NFT Marketing hacks or techniques to achieve exponential growth.

Looking for Best NFT Marketing Agency ? Whatever strategy you may choose, we here at Crowdcreate can help you out with your NFT Marketing Strategies. Contact our team at Crowdcreate and let us discuss the strategy that’s best for you and get your NFT project the marketing and exposure it truly deserves.

About The Author

Jeffrey Maganis

I’m the founder of Crowdcreate, a leading marketing & consulting agency. We’ve helped grow some of the most successful businesses around the world from B2B to B2C, and across tech, finance, and lifestyle. Crowdcreate is an award-winning full-service consultancy winning multiple awards such as “Top Marketing Firm” by Forbes, CoinBureau, and Clutch. Crowdcreate also runs one of the largest networks of founders, investors, influencers, and creators. Follow me on Twitter and connect on LinkedIn to suggest updates to the list.

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