Navigating the tumultuous waters of a crypto bear market as an NFT artist can be daunting. The volatility of cryptocurrency and NFT prices can make it challenging to garner interest and sales for your creations. However, armed with the right strategies and mindset, you can flourish as a Web3 creator, even in a bear market.
Interestingly, economic downturns often spark a surge in entrepreneurial activity. For instance, 57% of today's Fortune 500 companies were born during a recession, and over 4.4 million new businesses sprouted in the U.S. in 2020, amidst the COVID-19 pandemic.
The deflation of the NFT trading bubble demands more from creators than merely setting up a Discord server and waiting for sales. It also stimulates greater innovation and offers the genuine builders an opportunity to return Web3 to its creative roots, ideally without the incessant Twitter shill-bots and the relentless focus on pumping bags.
Here are some concrete tips to help you succeed as an NFT artist during a crypto bear market:
In a bear market, it's crucial to concentrate on crafting high-quality, unique, and valuable NFTs. This will distinguish you from the competition and draw collectors seeking value-add NFTs for their portfolios. Instead of chasing bull market trends, create a project that aligns with your personal interests.
For instance, if environmental conservation is your passion, you could design NFTs that raise awareness about climate issues. An artist aiming to make Web3 more inclusive might create an NFT collection with features like alternative text and audio descriptions, making their NFTs accessible to individuals with visual or auditory impairments.
Personalizing your work enhances your project's ability to stand out in a saturated market and strengthens your capacity to build an authentic community. Both are crucial for supporting the sales process.
Another strategy to bolster sales during a bear market is to integrate additional features or functionality into the NFT itself. These extra features, often termed 'utility,' can enhance the value and appeal of the NFT, giving collectors a reason to hold and use the NFT beyond its collectible value.
For example, an NFT could grant the holder access to exclusive content, like a virtual gallery tour or a behind-the-scenes glimpse at your creative process. An NFT could also serve as a unique and collectible item, such as a limited edition print or a digital art book.
It's important to design the utility of any particular NFT specifically for its target audience, as this can enhance the value and appeal of the NFT to that audience.
When an NFT has utility that is relevant and appealing to its target audience, it can stimulate interest in the project, expand your community, and boost sales performance. Additionally, by tailoring the utility of the NFT to a target audience, you demonstrate that you understand and cater to the needs and interests of that audience, fostering consumer trust and loyalty.
A strong online presence is vital for Web3 entrepreneurs, particularly during a bear market. Utilize social media and other online platforms to display your work, connect with potential buyers, and cultivate a loyal following. This will help you reach a broader audience and generate interest in your work.
While it may feel daunting to start from scratch, avoid seeking 'hacks' or 'quickgrowth' tactics to inflate your social media following or engagement — they do more harm than good! Instead, concentrate on authentically growing your online presence.
Here are a few tips to get you started:
Don't pretend to be someone you're not online. Be genuine in your online interactions, showcasing your personality and unique perspective. This will help you connect with your audience on a deeper, more meaningful level.
Share Valuable Content:
Ensure you provide value to your audience. Share content that is interesting, informative, or entertaining, and resonates with your audience. This will help you build a loyal following and increase engagement with your content.
Engage with Your Audience:
To authentically grow your online presence, engage with your audience and respond to their comments and questions. This will help you build a relationship with your followers, making them feel more connected to you and your content.
Building connections with other NFT creators and Web3 innovators can be a valuable way to promote your work and find potential buyers during a bear market. Join online forums and communities, attend NFT-related events and conferences, and reach out to other artists and collectors on social media to share your work and learn from their experiences.
Before hitting ‘send’ on those Twitter DMs, run through this short checklist to ensure your outreach is well-received and provides others an equal opportunity to gain value from the interaction or budding relationship.
When reaching out to others to share your work, always be respectful of their time and attention. Don't spam them with multiple messages or requests, and don't pressure them to share or promote your work.
Instead of just promoting your own work, try to provide value to the person you are reaching out to. This could include sharing interesting or useful information, offering to collaborate or partner on a project, or providing support or resources.
To avoid coming off as overly promotional, be genuine in your interactions and connections. Show a genuine interest in the person you are reaching out to and their work, and be authentic and sincere in your communication.
Offer Something in Return:
Instead of just asking for help in promoting your work, consider offering something in return. This could include promoting the person's work in your own online channels, providing valuable feedback or advice, or offering to help with a project or event.
Manage Your Expectations:
If you are new to Web3, consider starting your outreach with others like yourself instead of directing your communications to well-established creators who already have extensive networks. If you’re launching a new NFT music project, a retweet from @CoopahTroopa may feel like winning a gold medal — but your efforts may be better spent building relationships that have the opportunity for an equal exchange of value.
During a bear market, collectors may be more inclined to invest in unique and limited edition NFTs that have a higher potential resale value or provide the collector an opportunity to be a part of a select group.
Consider offering special editions of your NFTs, such as one-of-a-kind pieces or limited-time releases, to generate interest and increase the value of your work.
As an NFT artist, it's important to diversify your income streams to protect yourself from market fluctuations. In addition to selling your NFTs, consider offering other services, such as consulting, education, or mentoring, to generate additional revenue.
Bear markets are a natural part of the crypto cycle, and they will pass. Remember that you are early, your work is valuable, important, and has the ability to meaningfully impact the growth and development of the Web3 ecosystem.
Stay focused on your goals and continue to create and innovate even during challenging market conditions. By remaining resilient, determined, and consistent — we can all weather the bear market storm and continue to build toward the success of Web3.
Legacy brands are continuing to enter the ecosystem daily, opening up prime opportunities for experienced Web3 artists and creators to earn additional income. Many Web2 marketing teams are seeking crypto-native consulting support to help inform their organization’s digital strategies.
If you are interested in finding freelance or contract positions within larger, more traditional brands, try applying the same social media tactics outlined above and setting up a LinkedIn profile to meet project partners on a more work-centric platform.
Remember, the end of the frenzied NFT trading bubble does not mark the end of Web3 — in fact, it’s only the beginning. Keep your eyes on the prize and continue to innovate, even in the face of adversity. Your work is valuable and has the potential to significantly influence the growth and development of the Web3 ecosystem. Stay focused, stay resilient, and keep building.