Affiliate marketing has gained a lot of popularity in the last few years, but with the popularity, there has also been a sharp increase in competition. To stay relevant, people are scouring the web for new trends and technologies that they can utilize to have better-performing campaigns.
Nowadays affiliates need to try and find new market segments that haven't already been exploited and find something profitable. Luckily, the recent explosion in crypto popularity brought some interesting new developments in the industry. One of those things is NFTs!
What is affiliate marketing and how does it work
Affiliate marketing is a type of online marketing where a merchant or advertiser pays an affiliate commission for referring customers to their website. Customers are then tracked and monitored by the affiliate network to see how many sales or leads they generate.
This industry has grown significantly over the past few years, with more and more businesses utilizing this form of marketing to reach new audiences. The reason for this is simple – it’s an effective way to generate leads and sales without having to invest heavily in advertising.
The main lure to joining affiliate marketing is the profit potential, which can be very high if done correctly. For example, if you are an affiliate for a luxury fashion retailer and generate just 10 sales per month, you could easily earn several hundred dollars in commission.
But as with any profitable industry, the competition is massive, and having success within it can prove to be difficult. One way affiliates try to gain an edge is by utilizing new technologies such as NFTs, which we will cover in this article.
The benefits of affiliate marketing
There are many benefits to affiliate marketing, including:
One of the biggest advantages of affiliate marketing is that it is a relatively low-cost way to start generating leads and sales for your business. You don’t need to invest heavily in advertising or create complex marketing campaigns – all you need is a website and some basic marketing knowledge.
Another great thing about affiliate marketing is that it offers a high degree of flexibility. You can choose to work with as many or as few affiliates as you want and promote a bunch or a single offer. This means you can tailor the program to fit your specific needs and goals. Work from home and balance your time the way you see fit.
Affiliate marketing gives you access to a wide range of potential customers that you might not be able to reach through other marketing channels. By partnering with affiliates who have large audiences, you can quickly and easily expand your reach.
Once you’ve set up your affiliate program, found successful offers, and set your campaigns up properly the majority of the work is done for you. This can lead to a passive income stream that can provide you with long-term financial stability.
What are NFTs?
NFTs, or non-fungible tokens, are a new type of digital asset that allows for the creation of unique, one-of-a-kind items. Unlike traditional cryptocurrencies such as Bitcoin, which are fungible and can be interchanged easily, NFTs are non-fungible, meaning each one is unique and cannot be exchanged for another.
This uniqueness makes NFTs ideal for digital collectibles, art, and other assets that are difficult to replicate. For example, an artist could create digital artwork and sell it as an NFT, ensuring that the buyer is the only person who owns that particular piece.
Currently, NFTs are tied to the Ethereum blockchain, meaning that they utilize the same technology and are part of the same ecosystem. So if you know a bit about ETH and how it functions behind the back, then you should have a fundamental understanding of what NFTs are based on.
NFTs are still a novelty, they haven't been around for long and the public still isn't 100% convinced in their usefulness and viability in the long run. But the trust in these tokens has recently been drastically improved through a lot of changes in the industry.
This was proven recently by a digital artist called Beeple. He managed to sell his online creations as NFTs for over $69 million! This proved that the market had a lot of space to grow and improve further. Due to this, we will likely see more businesses and individuals utilizing NFTs in the future.
How NFTs can help with affiliate marketing
NFTs can be used in a number of different ways to help with affiliate marketing. For example, they can be used to create unique digital assets that can be sold or given away as part of an affiliate program. This could include artwork, digital collectibles, or even exclusive access to content or products.
Additionally, NFTs can be used to track leads and sales. By embedding an NFT into a lead capture form or sales page, affiliates can be sure that they are getting credit for every lead or sale that they generate. This would allow for more accurate tracking and commission payments.
Lastly, NFTs could be used to create loyalty programs for affiliates. By giving affiliates exclusive NFTs for completing certain tasks or reaching certain milestones, businesses can incentivize them to continue promoting their products and services. This would help to create a more loyal and engaged affiliate base.
But in all reality, most of these implementations of the idea are way too complicated for the average affiliate, but there is something incredibly simple that affiliates can do to utilize the NFT hype, NFT Affiliate Programs!
NFT Affiliate Programs
As the NFT hype grows, so do the marketplaces hosting them, as well as the industry as a whole. For now, everything is still in its beginning phase, so in theory, it should be a great time to start and gain an advantage!
This is where NFT affiliate programs show their true power. These programs are mostly hosted by the large crypto and NFT exchange platforms, and they have some incredible incentives that will make sure you see decent returns on your investment if you do things right.
If you ever did something with crypto, Binance was probably a name you heard. This huge trading platform has been one of the financial drivers and enablers of the crypto boom. Currently, they are trying to expand to host and sell NFTs as well, and their affiliate program is there to lure newcomers into the space.
Their affiliate program is simple to join. You sign up, create and share your affiliate link, and earn up to 50% commissions on trades that the people you brought in made. This number can be (and likely will be) much lower in the beginning and it will grow as you bring in more people over time.
Crypto.com has made a huge name for itself through smart advertising and a great name. The platform is similar to others in what it promotes, but its affiliate program is one of the better ones on the list.
Currently, they offer a commission rate of 10% or $10/$20 based on the type of sale, and they have recurring and nonrecurring commission types. Unlike Binance, they also pay their affiliates in regular money and not just crypto.
Similar to other crypto platforms, Coinbase is attempting to become the defacto place to change, buy and sell your coins on the web. A part of this strategy is implementing a robust NFT trade system.
Currently, their affiliate program is one of the more generous ones. They offer a commission rate of up to 50% with recurring commissions for up to 3 months. They also pay their affiliates in regular currency instead of other crypto coins.
Here are some that didn't make the list but are great programs to learn more about and try!
AI Art Shop
Are there any risks associated with using NFTs?
Like with any new technology, there are always risks associated with using NFTs. For example, because they are still relatively new, the value of NFTs can fluctuate rapidly. This means that there is a risk of losing money if you invest in them without doing your research first.
Additionally, because NFTs are based on the Ethereum blockchain, they are subject to the same scalability issues that plague ETH. This means that transaction fees can be high and transactions can take a long time to process during periods of high congestion.
There is always the risk that hackers could target NFTs. Because they are stored on the blockchain, NFTs are immutable and cannot be changed or deleted. This makes them a prime target for hackers, who could steal them or destroy them, causing their value to plummet.
This all can harm your own dealing with NFTs and the way you implement them in your affiliate business.
Despite these risks, the potential rewards of using NFTs far outweigh the negatives. With proper research and due diligence, you can safely utilize NFTs to help grow your affiliate marketing business.
The Future of affiliate marketing and NFTs
The future of affiliate marketing and NFTs is difficult to predict. However, there is a lot of potential for such technologies to be used in conjunction with each other. As NFTs become more popular and more businesses begin to utilize them, it’s likely that we will see more innovative ways of using them for affiliate marketing.
NFTs are a new and exciting technology with a lot of potentials. While they are still in their early stages, it’s clear that they have the potential to revolutionize the affiliate marketing industry. By utilizing NFTs, businesses can create unique digital assets, track leads and sales more accurately, and incentivize affiliates with loyalty programs.
There are even some lucrative affiliate programs that affiliates can utilize to get the most out of this niche without investing or dealing with crypto themselves. Before you start with anything, make sure you explore the topic and learn as much as you can about it.
What do you think? How could NFTs be used to improve affiliate marketing? Let us know in the comments below!