10 Reasons Why Marketing Is Important for NFT & Crypto Project Founders

Today I am speaking with Suvrangsu Das from MediaX, who tells us how founders can effectively market their projects in the crypto space.

Hello there! What is your name, and what exactly do you do?

Hi there, my name is Suvrangsu Das and I'm a Product Marketing Specialist. I help creators in the crypto space to market their projects and I am the founder of the PR Agency MediaX based in South East Asia.

1. Why is marketing important for NFT and blockchain projects?

Marketing is the life force for NFT and blockchain projects. The blockchain space is becoming saturated, with many projects being churned out daily. Getting your project out there and standing out to your target audience is only possible via effective marketing campaigns. Marketing is quite broad and entails a lot of aspects, so there is a need to cover a large part of these individual aspects.

2. Is PR needed for NFT and blockchain projects?

PR is needed for NFT and blockchain projects. Top ranking publishing sites get more awareness or daily visits than others, improving your project's brand awareness and engagement. Top NFT projects like BAYC also implemented PR strategies, which is one of the main reasons for their success. 

3. How can NFT and blockchain projects increase their brand awareness?

Founders can achieve this through PR and effective marketing campaigns. Increasing brand awareness is an uphill task without a good marketing campaign and implementing top-level PR strategies. Therefore, it is essential for Defi, GameFi, and other Web3 projects to partner with existing and reputable brands in their Web3 sector.

4. Why is it important for projects to build a strong brand?

Building a solid brand helps establish credibility and authority in the blockchain space, two essential features investors, retail and institutional, look out for. In addition, strong branding positions your brand as a leading expert in the blockchain field.

5. Do you have any tips for creating an effective marketing strategy?

Creating effective marketing strategies deals with a lot of planning and research. One tip is that it is crucial to know your target audience. Knowing that helps in planning your marketing campaign. Another is to be organic; that way, you build loyalists for your brand. 

To add, I feel there are a lot of fake influencers/ fake marketing agencies positioning themselves as experts with little to no credibility in the space. Therefore, it is crucial to filter the noise and look for reputable Defi influencers with large audiences and a track record. This is all part of your marketing strategy as a Defi, GameFI, NFT startup. 

6. How can crypto or NFT projects establish authority and credibility?

Crypto projects can establish authority and credibility by building strong brand awareness, effective PR, and marketing strategies. We live in a digital era, and social media footprint is now an essential part of any Web3 startup. Social media and community management are key ways to establish authority and credibility. Standing out as a thought leader in a short time is impossible without Social media marketing. 

7. What does it take for projects to build a successful PR strategy?

Reaching out to marketing agencies who are experts in PR strategy is one good, time-efficient way to build a successful PR strategy. Aside from this, doing your research on top media companies and seeing how your brand can be featured is another way. 

8. What significant market trends should NFT and blockchain projects follow?

Look at successful predecessors in the field you are trying to build and replicate the fundamentals of their marketing strategy. Do not fall for the schemes of fake influencers/ fake brands positioning themselves as Marketing experts. I have seen a lot of Web3 Startups waste money on their marketing spend by not doing their due diligence and research. Learn to filter the noise and make sure you do solid background checks before outsourcing your marketing to various agencies and brands.

9. How important is community building for NFT and blockchain projects?

Community building helps attract investors and plays a huge role in organic, word-of-mouth marketing, which saves costs on ads and other inorganic marketing strategies.

10. Is PR needed to attract investors?

Yes, very much so, as it increases the likelihood of your project being noticed in mainstream media. In this NFT and Web3 era, it's very important to establish your brand credibility worldwide.

Where can we go to find out more?

You can visit our site: MediaX to learn more.

Thank you for speaking with us Suvrangsu Das.