How to sell 1000 NFTsand achieve over 600% ROMI

BDC Consulting specialists were able to bring the NFT project to new markets by selling more than 1000 NFTs in Turkey, Latin America, and other locations. As a result, we managed to set the ROMI (Return on Marketing Investment) indicator above 600%.

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On its own, through Asian bloggers, the project was able to sell about 15% of the 10,000th collection, which is a copy of the popular collection on ETH with implementation on another blockchain. However, when trying to enter other countries’ markets, the marketing costs did not pay off.

Tasks:

• Find channels for scaling sales of NFT collections with a ROMI payback of 500% or more — at least 4x of marketing investments;
• Sell 800 NFTs in the first sprint.

How did we deal with it?

Step 1. Analysis of previously successful companies.

• We determined the segment as the target audience for the implementation of this collection – NFT-speculators;
• Determined positioning for entering new geographic locations – comparison with the original collection through the potential for a multiple price increase;
• Choice of channel for testing hypotheses. For this, we selected crypto bloggers who talk about quick ways to make money in the digital asset market.

Step 2. Determination of channels and hypotheses for testing.

• For the tests, we chose crypto bloggers who talk about quick ways to make money on the digital asset market.
• Turkey and Hispanic Latin America were selected as new Geos;
• We determined the formats of materials — YouTube reviews and integrations, as well as text posts on Twitter and Telegram.
• To get more accurate results, bloggers’ content was released once per week. Launching all bloggers’ content at once could have been more effective, but the client’s budget did not allow them to move at such an active pace.

Along with bloggers, NFT collections are also successfully sold through collaborations with the community of other NFT projects, but in this case, there was no active community of our own that would be of interest to other projects.

Results in the areas:

Turkish location

• 6 publications of various formats (text and video) were issued;
• 46 mints received, most of which came from the video format;
• The cost of a mint was $122 with an average check of $65-70, depending on the rate of the token in which the mint was carried out;
• With a total budget of $5600, revenue was less than $4000;
• ROMI is negative.

Latin America

• 5 videos were released in reviews and integrations formats;
• 784 mints were received in total, of which the integrations format brought most of them;
• The cost of a mint was $6.2 with an average check of $65-70;
• With a total budget of $4800, revenue amounted to more than $50,000;
• ROMI more than 700% (including the cost of services)

Grand total:

• 830 NFTs sold in Turkey and Latin America (KPI exceeded);
• More than 200 NFTs were sold in other locations — Latin American bloggers are also watched in North America and Spain;
• ROMI above 600%;
• At the end of the sprint, the client released the second collection. After testing it according to a well-established scheme, more than 500 mints were received with an average bill of $85;
• After the first sprint, the client decided to create his own department of influencers and then move independently according to the hypotheses BDC Consulting worked out.

Conclusions and Insights

• NFT collections should have a simple, understandable positioning that communicates the value of acquiring tokens;
• The video integration format is the most effective for the direct sale of NFTs through bloggers. It also works well when a blogger makes a purchase himself or already owns an NFT from the advertised collection;
• A blogger who has done a good job selling NFTs can release a second video and get another 40-50% of sales from it compared to the results from the first video. For example, if there were 300 sales from the first video, then another 120-150 mints can be expected from the second;
• Selling an NFT collection without a time limit reduces the conversion into a purchase — it is more efficient to sell in several rounds. At the same time, it is important that the first round of sales be successfully closed quickly enough;
• Before buying an NFT, users analyze the project themselves. All publications contained UTM tags, but in fact, with UTM tags, less than 50% reached the sale, the rest of the buyers returned to the site from other sources (organic, direct visits, social networks). This means that the project must have a positive reputation for brand queries, otherwise, you can lose up to 50% of possible sales.