2022 has been an absolutely crazy year for NFTs and digital marketing. Crypto has taken a nose dive in recent months, and many analysts are arguing about whether there will be a rebound or not. How does this crash and the overall economic downfall and rise of inflation affect NFTs?
How does all of this affect digital marketing in general? I talked with the experts over at Equitable Marketing to get their opinion on these subjects. Equitable Marketing is a full-service digital marketing agency that specializes in conversion optimization and social media marketing.
They have a lot of experience using new tech like NFTs as well as traditional marketing methods. Since Equitable Marketing always has their finger on the pulse, I asked them what the future has in store for NFTs and digital marketing.
Drop-In NFT Campaigns
Equitable Marketing expects to see a serious drop in NFT campaigns. We’ve already seen huge brands like McDonald’s and NIKE release NFT campaigns to some success. However, these have recently been far and few between.
There have been a few failed NFT projects in gaming, for example, showing that customers may not be completely open to the idea yet. Since the market, overall, is starting a downturn, it’s unlikely that businesses will invest in NFT campaigns that may or may not work. They’ll want to put their money into something safer.
NFT Marketing Will Become Cheaper
Since less companies and brands will be bidding for NFT developers’ skillsets, NFT tech will become much cheaper for companies to get their hands on eventually. As you probably know, crypto has taken a huge nose dive recently.
Even though crypto and NFTs are two very different things, they’re still related to each other via blockchain technology. This means that people associate NFTs with crypto and are going to stay far away. This means those that do want to run NFT campaigns will not pay the premium that they would’ve had for the last few years.
Businesses Are Going To Wait Out The Storm
Equitable marketing does believe NFT marketing will make a comeback, and they just think it will be after prices have recovered and inflation has evened out. Right now, everything is way too uncertain to start investing in things that are not absolutely guaranteed to make a return on investment. Once the storm is over and things are normal, Equitable Marketing expects to see NFTs again.
Cheaper Digital Marketing Options Will Become More Popular
In general, Equitable Marketing expects to see some more simplified marketing tactics. When the economy is going down hill, people cannot afford to spend nearly as much money on marketing as they could before. This means people will go back to cheap strategies. Simple social media posts, affiliate marketing, things of that nature.
Budget-Friendly Marketing Innovations & Strategies
Equitable Marketing also expects to see a lot of marketing innovation. Marketers are very creative people, and they will find strategies that are cheap and that work. There hasn’t been a need for cheap strategies because the tech economy has been booming over the last few years. However, now is the time for those budget-friendly marketers to shine. Equitable Marketing is actually very excited to see what they and other marketers can come up with during these trying times.