GoViral Case Study: Setting Up an NFT Campaign

As we venture deeper into the Web3 era, many marketers wonder what role NFTs play in their work, and how they can get more hands-on with this new type of digital asset. At GoViral Blockchain we recently tackled these questions for a client, artist Jennifer Strings.

We’re committed to learning from experience, and we invite you to learn along with us.

First things first: Are you still fuzzy on what NFTs are and how they can be useful for marketers? Start with our essential guide, Intro to NFTs for Marketing.

Got the basics down? Great. Let’s go over the process of minting NFTs and listing them for sale.

Our client, artist Jennifer Strings, created a new collection of stop-motion animations during the COVID-19 pandemic. She wanted to share them with the world as NFTs, so GoViral got to work on the first step of making NFTs available: minting them.

Minting an NFT is another way to say creating an NFT. In simplified terms, minting means converting a digital file (in this case, a stop-motion video) into a digital asset to be stored on blockchain.

Because it is stored in a decentralized database or distributed ledger, the newly minted NFT cannot be edited, modified, or deleted.

OpenSea, which operates the largest NFT marketplace, is the gold standard NFT platform. See the overview below for the steps involved in minting NFTs on OpenSea.

1. Set up a crypto wallet and connect it to OpenSea

In order to mint NFTs on OpenSea, you will need cryptocurrency stored in a crypto wallet.

OpenSea accepts a range of cryptocurrencies, with Ethereum being the most popular. If you don’t already own Ethereum or another accepted currency, get started by buying cryptocurrency on an exchange such as Coinbase or Binance. These exchanges accept “fiat currency” (traditional currency like US Dollars or euros) in exchange for cryptocurrency.

How much do you need to get started? The number can vary based on your goals, your budget, and the ever-changing gas fees. A good range to have in mind is the equivalent of $100-$300 USD.

After purchasing cryptocurrency, choose a crypto wallet for storage. We recommend using MetaMask, the most popular wallet.

2. Create an OpenSea collection

After you’ve connected your crypto wallet to OpenSea, follow the steps below to create a collection:

A. Click the menu icon in the top right corner of the OpenSea homepage.

B. Select “My Collections” from the dropdown menu.

C. Click “Create a collection.”

D. Fill out the form with your collection’s name, description, and other relevant information, including categories and tags to help potential buyers find your work.

E. Choose a Logo Image, Featured Image, and Banner Image for your collection.

F. Choose whether to use your own contract or use the “Lazy Minting” method. If this is your first time minting NFTs, we recommend using Lazy Minting. The benefits include not paying any gas fees until someone buys your work.

G. Click on “Create” to finalize the creation of your collection.

3. Upload your work

You’re in the home stretch! Now it’s time to decide which of your assets you’d like to make available as an NFT in your collection.

Visit your new collection page and click “Add item” to mint and add an NFT.

OpenSea accepts the following file types for the creation of NFTs: JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, and GLTF.

Once you’ve uploaded your work to your OpenSea collection, you can list each item for sale. Simply click on the Profile icon on OpenSea and select the NFT you’d like to list from your wallet.

When listing an NFT for sale, you can choose Fixed Price or Auction. There are pros and cons to each.

In general Fixed Price is a good choice for those who are new to OpenSea, don’t want to negotiate on price, and have limited time to monitor the sale.

Auctions can be unpredictable and require more monitoring. Consider choosing Auction if your top priority is generating excitement and having the chance to sell for greater than a chosen list price.

Congratulations! If you’ve followed the steps above, you’ve entered the new and exciting world of NFTs. A few more important tips from GoViral to ensure campaign success:

• Tell the story. Use descriptions that hook readers’ interest. Consider creating buyer personas for your work to help understand the mindset of potential buyers.
• Supplement your NFT listings with other digital marketing assets. Take a look at the video introduction to our client Jennifer Strings’ work, which GoViral supported from start to finish.
• Build the buzz. Our client has built an impressive Instagram following, whom she also keeps updated on her NFT listings.

Interested in starting your own NFT campaign? Tell us about your idea and we’ll be in touch.