The NFT space has seen a boom during the past years and has proven to be a great way for projects and individuals to make money through the crypto space. Some of the NFT projects that do the best have turned out to be those with a brand that many can associate with a specific collection’s artwork. 

Even though a common rule in the crypto space has been never to chase the hype, it’s clear that hype plays a major role in the success of a project. Newcomers probably have experiences where they burnt their fingers buying/selling a hyped project at the wrong time, but this doesn’t diminish the fact that hype is incredibly important. 

While NFT projects with strong utility may have long-term potential, many have still fallen flat despite a promising road map. Regarding successful projects, they all seem to have one thing in common: branding. 

Whether you’re looking into projects to buy or plan on running your own, knowing what goes into successful branding is great. Let’s examine why branding is needed for long-term success and how NFT projects maintain the hype.

Source: adlibweb

Projects that generate hype vs. projects who build

You will commonly find two major types of projects within the NFT space, those who are masters at creating hype and those who focus on long-term building. There are also a few other classifications to know about that we will dive into.

These two main project types are the “Marketing Masters” and the “Builders.” While both of these types of projects have the potential to be successful, they tend to have different strategies and timelines that you should be familiar with. 

Marketing masters:

These projects are experts in building hype around their NFTs and know how to target a specific audience. They use effective marketing tactics such as creative hashtags, catchphrases, and eye-catching artwork to gain the attention of their targeted audience. Most of the time, these projects tend to focus on profile picture (PFP) art and forming a healthy community, meaning that if the community does not continue to rep the project with pride, it could spell trouble. 

Builders:

Builders typically are those creating an NFT collection with utilities behind it. These can range from games, Decentralized Finance (DeFi) platforms, analytical dashboards, or other types of tools or interfaces where the NFT acts as your access key. The focus here is the promotion of their tech and NFT utility. Usually, these projects focus more on the long term.

The underdogs:

The underdogs are those who lack utility in their NFTs or haven’t fleshed out their branding and promotion. These projects tend to be looked down upon, but some might find potential in them. Underdog projects are generally risky. Some may pull off a huge upset, while others quickly die on the secondary markets. 

Ruggers:

Ruggers are projects with ill intentions and are looking to scam people for their money. These projects throw red flags, such as little to no information about the team or a lacklustre appearance.

It’s important to understand the type of project you’re buying into when deciding how long you should hold it. When it comes to hyped and builder projects, it’s truly a matter of knowing when to hold and when to fold your investment. 

One thing to be aware of with community-based projects is that you should be prepared for heavy flipping early on. While flippers aren’t necessarily bad for NFT projects, you should be aware that you may witness dips in the project before the NFTs fall into the hands of those who hold long term. 

On the other hand, builder projects might end up collapsing due to the roadmap taking too long to execute. This is a common issue for builder projects where their community loses patience and moves on to the next project. 

The secret recipe for long-term NFT success: Branding

It all comes down to one key ingredient in the recipe for NFT success, and if you haven’t guessed it yet, it’s branding. 

While branding is the key make-or-break ingredient, good branding isn’t always easy to spot. 

Source: Skyrocketing Popularity Explained

Just because a project managed to create initial hype doesn’t mean that it will last. It’s common for the hype to quickly die out for a project within weeks, days, or even within 24 hours or less – things move quickly in this space. 

The actual key to maintaining the life of a project is by creating a successful brand that resonates with an audience. Branding a project through big influencers can be a smart trick short term but likely won’t be good in the long run. Instead, the branding has to be more thorough and not just rely on short-term boosts in publicity. Good long-term branding can start out slow and steadily build up.

The branding long-term projects should be looking for is one that creates a unique look and feel for your project. It will allow the project to stand out amongst the big mass of NFT collections and successfully brand the NFTs from the inside and out. 

Having an NFT project branded from the “inside and out” essentially means that the branding covers all aspects of the project. The outside shows the project’s visual art and/or utility behind it. The inside is about the culture and community surrounding the project and any trademarks that people will quickly associate with the brand. 

Establishing these things isn’t easy in a competitive space but will help foster a strong community that will be more determined to stick by the project through thick and thin. 

How do projects build and maintain hype around their brand?

Building a brand and maintaining hype around it for an NFT project might sound easier than it actually is. While the goal of branding is pretty clear, it’s hard to pull off in practice as most competitors aim to do the same. 

If a project creates initial hype around itself, keeping the ball rolling is hard. For a project to maintain the hype it initially built, it needs to keep delivering to its community and keep the momentum by being innovative. 

Source: AirNFTs

A general thing to remember is that the attention span of people investing in NFTs is generally short. This is because people are often ready to bounce off to the next exciting project they see, so keeping people’s attention is crucial. To succeed with that, projects need to keep their audience engaged through social media, community events, giveaways, raffles, or other community-building activities. 

If a project can keep its audience interested while producing great results, then the community will stay happy and proud to be a part of it. With a good road map, projects can excite their audience if they have the right ideas and deliver actively. 

People love having something to look forward to, and it’s a way to keep a community motivated to stay invested in a project. In the end, building a proper brand is all about being creative while knowing what people want.

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