Nobody Is Buying Your NFTs? You Just Shill Them Wrong!
On Twitter, 98 out of 100 posts hashtagged #Tezos are related to NFT. And the top posts, in general, look somewhat like this: "Throw your tokens in here, I'll buy and retweet!" It's called shilling.
We took a closer look at the NFT market at Tezos: how artists shill tokens, who buys them, and how effective it is. Spoiler: shilling works!
What Is Shilling?
The term originally referred to the process of creating initial interest in an activity: selling goods, street performances, and gambling.
Depending on the context, shilling may or may not be legal. But it always has one feature: the one who shills is associated with the product or service being advertised.
Illegal shilling is advertising that uses unethical methods and direct solicitation. For example, in a game of thimbles or monte, a shill may show off a large sum of money and declare that it is the easiest money he had ever made. Thus, he encourages the audience to take part in the game of chance and enrich the crooks.
Legal shilling is more or less honest advertising. For example, a casino hires people and gives them money just to play and make it look like a crowded place. Or a manufacturer may give free electric scooters to employees to ride around town and draw attention.
We believe that NFT shilling is an honest method of advertising in terms of morals as long as the shill simply shows pictures to their subscribers or viewers. This is usually done on social networks: either on Twitter and Instagram with the hashtags #NFT and #blockchain_name, or on Facebook, Discord, and Reddit in channels dedicated to NFT.
Why Should You Shill NFTs
To get the idea to buy a product, you first need to learn about its existence. On fxhash alone there are 121 thousand NFTs released, and the average number of unique buyers is 2 thousand per month. Hardly any of them will browse through all 121 thousand tokens on fxhash or 736 thousand on hic et nunc.
Conclusion: you need to advertise your works, otherwise no one will see or buy them. Authors of large collections do just that. For example, people were searching for Tezzardz as early as July 2021, two months before the minting started in September.
Large collections with beautiful tokens attract people by themselves (we, too, wrote about Tezzardz). Even more attractive are the tokens by celebrities like Mike Shinoda, Doja Cat, Junkie XL, and others. And if the collection needs serious advertising, shilling can be ordered from specialised marketing agencies. The services of professionals can cost anywhere from $50,000 to $500,000.
One reason for the interest in NFTs is the opportunity to make money from reselling them. The resellers join the shilling in order to then sell the tokens at a higher price. Sometimes it doesn’t work: Sina Estavi bought NFT with the first tweet from Twitter founder Jack Dorsey for $2.9 million. He hoped to resell it for at least $48 million, but Opensea users offered him only $3,600.
How to Shill Your NFTs
We checked several tweets with 200 likes and a call to shill NFTs. We looked at 100 comments with links to marketplaces. Of these, 86 tokens were sold to at least one buyer within 24 hours after the comment was posted.
What’s interesting, users bought tokens both from authors with large collections and from those who released only one NFT. For example, the artist Kadeboyz released only one picture called Monday, tweeted about it, and sold one copy.
Another observation: modern-looking arts swarming with acid colours sell better than calming sceneries.
So, how do you shill without a separate website for minting or a team of pros?
- Mint your NFTs and put them up for sale.
- Write something on Twitter with hashtags like #NFTs #CleanNFT #tezos (and don’t forget the link to the token!).
- Paste it in the comments to the most recent post on shilling Tezos-based NFTs.
Just make sure you’re not shilling on Reddit. They hate it there.
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