NFT campaigns have skyrocketed in recent years, to measure the effectiveness of these campaigns, there needs to be a shift away from just measuring floor prices. Brands need to be in it for the long haul. They should look at multiple metrics to help understand the true effects of their NFT projects. This begins with the intention to measure a campaign’s success through influencer performance evaluation, community engagement and sales conversion. By concentrating on specific key performance indicators (KPIs), companies can gain actionable data-driven insight around their audience. This allows them to maximize their efforts and drive tangible impact in the NFT arena.

Optimizing Influencer Strategies for NFT Campaigns

Influencer marketing is key In NFT campaigns, influencer marketing can make or break success. Olya Apostolova, a key writer on the sales team at Influencer Marketing Hub, emphasizes the importance of optimizing influencer strategies to maximize their impact. To get there, Apostolova suggests including A/B testing of hero creative vs. utility explainer use in influencer briefs. This creates new opportunities for brands to explore which types of messaging and visual creative are best suited to drive engagement with their desired audience.

Build in minimum thresholds to your influencer briefs. These thresholds would both require rapid creative swaps or link refinements, in tandem with A/B testing. As an example, a 60% scroll depth threshold can help you determine if your content is effectively engaging your audience. If the threshold isn’t being met, brands can easily change the creative or retarget the links to drive more clicks. By proactively monitoring and optimizing influencer performance, brands can ensure that their campaigns are resonating with their audience and driving the desired results.

During the Seed phase of an NFT campaign, you have to decide how much of the total supply goes. Strategize with a tiered influencer cohort for the most reach and engagement. To keep inflation in check, Apostolova recommends setting aside 10-15% of the overall supply. This gives brands a new way to incentivize influencers and reward influencers for the value they bring. Each tier type influencers can be given specific roles according to their respective reach/engagement levels. Macro influencers work with specialized promo codes that they can share with their large following. On the other hand, tactical mid-tier influencers can implement UTMs in their carousel posts to accurately follow traffic and conversions. Micro influencers might be more suited for helping direct community sign-up through Discord invites. By strategically leveraging different types of influencers, brands can effectively reach a wider audience and generate buzz around their NFT project.

Measuring Community Engagement and Brand Equity

Of all the leading indicators of long-term success for an NFT campaign, this point may be the most critical. Measuring community engagement is difficult, but here are some metrics to follow that can paint a clear picture of the strength of your community’s engagement. An easy metric to keep an eye on would be the percentage of returning participants to new joiners across baseline community touchpoints. Use both 7-day and 14-day cohorts for real precision on this ratio. A high enough ratio means that the community is both keeping people in town and bringing new people to their area.

Aside from being a fun method of community engagement, NFT campaigns can be an important tool for building brand equity. A quantifiable brand-equity gain can only be realized, and more importantly measured, by surveying holders’ purchase intent of core products post-mint. Post-mint, surveyed holders demonstrated a 20% lift in their willingness to buy key products. This increase has a direct impact on our brand equity. Out of all the NFT campaign creator metrics, this is the one that proves they’ve truly deepened the connection between the brand and its people. In turn, customer loyalty and purchase intent improved greatly.

After-launch, tracking net-new addresses crossing over to a collection allows you to correlate big influxes with specific influencer activations. By understanding this data, brands can determine which influencer activations are best at driving community growth and engagement. It’s important because this information can be fed directly back into the process to fine-tune future influencer strategies and use resources more efficiently. Learning how influencer activities relate to or even directly result in community growth will be key to making NFT campaigns as effective as possible.

Analyzing Sales Conversions and Trading Volume

Finally, sales conversions are perhaps the most straightforward indication of your campaign’s financial success. The sell-through rate shows the percentage of supply sold in that first window, such as within the first 24 hours. This percentage is very important in terms of measuring demand. Ideally, brands want a sell-through rate of 70–80% in the first 24 hours. This strategy is a great way to capitalize on hype momentum and build social proof. A sell-through rate of 85 or more is a strong signal of demand and will spark even more excitement and buzz around the project.

Of all conversion rates, the mint conversion rate is emerging as the most important metric. It calculates the ratio of unique wallet visits to real mint transactions. This metric will give brands a great sense of how successful they really are at converting all that new interest into actual sales. An initial low mint conversion rate is a warning that something might be wrong with the minting process. This might be because of prohibitive gas fees or maybe it’s a confusing UX. By flagging and resolving these pitfalls, brands will maximize the mint conversion rate and drive more sales.

Total Trading Volume This metric quantifies the overall trade value on secondary marketplaces. It does this across operational timeframes including 24, 72 and 168 hours. This metric is useful for making observations on the current state of the market and liquidity surrounding the NFT collection. A strong and healthy trading volume means there is demand and interest in the collection. Healthy ratio of secondary flips to holder conviction is 20–30% right away relisting. This indicates that a healthy equilibrium exists between the short-term speculative trading and long-term strategic holding. Striking this balance fosters a healthy and vibrant NFT collection to the benefit of all.