Lunar Strategy's View on NFTs and the Future of Marketing

Lunar Strategy is a marketing agency based in Lisbon, founded by Tim Haldorsson, which focuses on crypto, Web3 and NFT clients. Its public material describes a strategic, long-term approach to working with influencers and key opinion leaders, with the aim of building lasting relationships rather than one-off posts. The agency also produces educational content, including a live show that reviews marketing work from brands in the space.

Why does its view matter? Because the agency has worked across several cycles of the crypto market. Its commentary about NFTs tends to focus on fundamentals: who the audience is, what the token does for holders, and whether the marketing is built to last. That perspective is useful for anyone trying to separate a credible campaign from a short-term attention grab.

This article summarises the themes that run through public statements and material from the agency, along with the wider context around NFT marketing. It does not claim to reproduce private conversations or quotes that are not in the public record. Where specific claims are made, check the agency's own channels and recent interviews for the latest positions.

Readers new to the topic should treat any agency's view as one input among many. Agencies are paid by the clients they serve, so it is sensible to ask how a recommendation fits with the client's goals and what evidence supports it.

NFT stands for non-fungible token. It is a unique entry on a blockchain that can point to a piece of digital art, a collectible, a ticket, a membership pass or a record of ownership. In marketing, an NFT is usually a way to give a customer something verifiable: proof that they were early, that they belong to a group, or that they hold a specific item.

NFT marketing usually takes one of four forms:

• Collectibles, where a brand issues a limited set of digital items.
• Access, where holding a token opens events, content, discounts or product features.
• Loyalty, where tokens reward repeat customers or community members.
• Community, where a token gives holders a voice in decisions about the brand or project.

The value of each form depends on what holders actually receive. A token that unlocks a useful product feature is different from one that only signals interest. Good campaigns are clear about which benefits are real, how long they last, and what happens if the project changes direction.

It is also worth separating the marketing from the financial side. Tokens can rise and fall in price, and resale markets can be thin. A campaign that depends on people buying in hope of resale is a different proposition from one that gives holders a steady reason to stay involved.

Several brands have used NFTs to reach younger or more digitally active audiences. A 2022 report in an Australian marketing publication described how the chief executive of a playing card and cycling-associated brand, Bicycle, argued that an NFT launch could reach new consumers while keeping the brand's heritage in view. The article is a useful snapshot of the thinking at the time: NFTs were seen as a new channel, not a replacement for existing products.

Across the industry, the most common pattern was a limited release tied to an existing brand story. Some campaigns offered a physical product alongside a digital item. Others linked a token to a game, a music release or a sporting event. The strongest examples combined an NFT with a real experience, such as a meeting, a discount on a product or a seat at an event.

Weaker examples treated the token as the product itself. These campaigns often ran into trouble when the hype faded, because nothing held holders' interest once the initial excitement was over. The lesson for marketers is that an NFT should carry a benefit that outlasts the launch week.

If you are reviewing a brand's NFT history today, look at what was delivered, whether the community was kept informed, and whether the brand kept its promises. Public records, project websites and archived announcements are good places to start.

NFT marketing peaked in the 2021 to 2022 period. Prices for many collectibles fell sharply, trading volumes dropped, and many projects that had launched with large expectations stopped active development. Some brands quietly ended their programmes, while others moved their activity to smaller, more focused communities.

The cooling did not remove the underlying tools. Blockchains still allow verifiable digital ownership, wallets still let people hold tokens, and creators still look for new ways to reward fans. What changed was the expectation that a token would produce a return on its own.

For marketers, the shift has pushed the focus toward utility and relationships. Campaigns are more likely to be judged by whether they keep people engaged after launch, whether they give holders something practical, and whether they fit the brand's existing customer base.

When reading about NFT market conditions, rely on current data rather than memory. Market dashboards and blockchain explorers publish volume and holder numbers, but their figures change daily. Check the date on any source and compare several before drawing a conclusion.

Much of the crypto marketing work done by agencies now sits around community and influencer programmes rather than tokens alone. Key opinion leaders, sometimes called KOLs, are creators whose audiences trust them on a subject. A KOL campaign can explain a project, answer questions and bring in new members without requiring anyone to buy a token.

Lunar Strategy's published material on KOL partnerships emphasises long-term relationships with influencers rather than short bursts of paid posts. That approach aims to build trust over time and to make sure the influencer's audience gets accurate information. It also reduces the risk of a campaign that looks inauthentic to the people it targets.

Community work is the other side of the same idea. A project that gives its members regular updates, clear channels for feedback and a reason to return will usually outlast one that relies on spikes of attention. Tokens can play a role here, but they work best as part of a wider relationship.

For readers, a practical test is to ask whether a campaign would still make sense if the token were removed. If the answer is yes, the community and the message are doing the real work.

Judging an NFT or Web3 marketing campaign requires a checklist, because headline numbers can be misleading. Use the following questions as a starting point:

1. What does a holder receive, and is that benefit clearly described?
2. How long will the benefit last, and who is responsible for delivering it?
3. Who is the audience, and does the campaign reach them through channels they already use?
4. Are the influencers and partners disclosed clearly, so the audience knows when content is paid?
5. Is there independent evidence of activity, such as on-chain records or third-party reports, rather than only the project's own claims?
6. What happens to the community if the project changes direction?

A good campaign will answer these questions in plain language. A weak one will rely on vague promises, urgency and social proof from accounts that appear to be paid to promote it.

Metrics deserve care. Follower counts, impressions and mint numbers can all be inflated. Look instead at repeat engagement, retention, the quality of community discussion and whether holders still use the benefit after the launch.

Finally, compare the campaign with the brand's other marketing. An NFT should be one channel among several, not a separate project that exists only to create buzz.

Crypto and NFT marketing carries several specific risks. The most common is fraud. Scammers copy the branding of real projects, post fake giveaways, and send direct messages that ask people to connect a wallet or sign a transaction. Signing a malicious transaction can give a stranger control of tokens in a wallet, so treat every request with caution.

Good defensive habits include:

• Verify links and announcements through the project's official channels, and type addresses yourself where possible.
• Never share a seed phrase or private key with anyone, including someone claiming to be support staff.
• Use a separate wallet for interacting with new projects, and keep only what you can afford to lose in it.
• Read what a transaction does before you sign it, and revoke token permissions you no longer need.

There is also a reputational risk for brands. Paid promotion that is not disclosed can damage trust, and wash trading or inflated activity can mislead people about demand. Regulators in many countries have warned about misleading promotion of crypto assets, so it is sensible to get legal advice before launching a campaign.

These risks are not reasons to avoid the topic altogether. They are reasons to slow down, check claims and keep a clear record of what was promised.

Predicting marketing trends is risky, but several directions are visible in the public material and the wider industry. First, the focus is shifting from one-off launches to ongoing relationships with audiences. Brands are investing in communities, creators and useful products rather than short campaigns.

Second, measurement is becoming more demanding. Marketers want evidence that a campaign changed behaviour, not just that it created noise. Tools that combine on-chain activity with off-chain feedback may help, though they need careful interpretation.

Third, disclosure and compliance are likely to matter more. Influencer rules, advertising standards and financial promotion rules vary by country, and enforcement continues to develop. Campaigns that are transparent from the start will have fewer problems later.

Fourth, the line between marketing and product is blurring. A token that gives access to a service or a feature can be both a promotional tool and part of the product. Whether that works depends on whether the product is useful to people who would use it without the marketing.

For readers, the most reliable guide is to watch what brands actually deliver over time, and to check current reporting rather than relying on forecasts from any single source.