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As the commercial digital advertising market focused on crucial M&A deals last year, all eyes were on the three key elements when it came to supply – first-party data, the metaverse and NFTs.
Unlike the metaverse, which obviously entails exceptional benefits for gaming companies and media content creators, NFT minting has already racked up significant revenue for publishers of editorial inventory. More importantly, their successes are accelerating the global effort to meet and exceed equally ambitious revenue goals.
Top names take the lead
It was obvious from the start that some of the biggest NFT revenue will be made by top-tier publishers like rolling stone or NOTNew York Times. The reasoning is clear: their operational and financial resources, as well as their vast global reach, are simply enough to take the plunge.
Much attention has been given to cover artwork, while others have simplified things by using the editorial content segment. But what auction results tell us that both strategies are effective, as long as there is enough hype around the concept itself (e.g. hitting an NFT) and the actual release.
Are we going to see more NFT auctions in this segment? Well, there certainly will be, but it seems that general interest in the whole idea is already waning.
Mid-size players want a piece of the pie
Unlike large publishing houses or conglomerates willing to invest idle resources in testing new marketing strategies, even for charitable purposes, many of their mid-sized counterparts view NFTs as an additional source of business revenue. . And this is where things get complicated. As the saying goes, you have to spend money to make money, and when it comes to NFT minting, it just couldn’t be a better fit. Aside from design costs and listing fees, one aspect that is less talked about is marketing. Unlike a world-class newspaper or magazine, a regional news publisher won’t get the required media attention for its NFT launch that simply, and so will have to spend extra money promoting it.
So, is there a working strategy for a midsize publishing company when it comes to hitting their NFT? A possibly effective tactic would involve publishing a collection (of media or an archive of editorial content, for example) instead of a single piece and then selling it at a relatively low price, with the main focus being on their faithful readership.
Is there room for small local publishers in the NFT world?
As many of you may have guessed, not really. But the variety of newly emerging revenue-raising tactics available to them this year, including limited merchandise pre-sales or exclusive partnerships with local brands, is always encouraging. And of course, the key elements for success remain the same: creative thinking, careful planning, and thorough testing.
At the end of the line ? NFTs are an additional way for traditional media in particular to leverage their archives and ensure their brands remain timeless. It’s worth any publisher at any level looking into.