What a difference a week can make. Anyone involved in crypto will attest to how rapidly sentiment can shift after a few green candles. It would appear this time is no different. While seeing some well-needed relief in the markets is positive for all, it’s worth recapping the events of the previous 12 months. We know, we know. It’s a new year, a blank slate to start fresh from, but, if the space is to advance as a collective, we all need to learn from where it went wrong in 2022. The sooner we view the wider events of what transpires in the space as marketing for Web3, the sooner it becomes clear we all must do much better.
The reputational damage inflicted upon the crypto sphere in 2022 is likely overcast only by the psychological and emotional damage caused to investors. A handful of green candles resulting from new narrative capital rotation from those remaining is all well and good in the short term for now, but we need to look forward and consider what must be done to attract the next wave of users that will ensure adaptation from a mainstream perspective.
The damage inflicted upon the market in the last 12 months of course predominantly came from a handful of nefarious characters. SBF, Do Kwon, and Alex Mashinsky, to name but a few. It will take some time for this damage to fully unwind and for the negative press from mainstream media to subside. Little could be done from an individual standpoint to negate any of this. But as a voice of the marketing end of the ecosystem, we can say that more focus must be placed on steering the space towards more ethical pastures.
Rug pulls are still occurring hourly. ‘Degens’ know the risks when they pull the trigger on a newly launched meme coin. But does that mean we should accept the seemingly endless wave of scams in the market? We’d say not. Even from an ‘influencer’ standpoint, the recent high-profile breakdown of Logan Paul’s flatlined NFT project, ‘Crypto Zoo’ highlights just some of the existing problems within the space. Prominent figures, whether established in Crypto or not, see it as an opportunity to leverage their status to orchestrate a quick cash grab, leaving distraught ‘bagholders’ and swathes of individuals that may leave the space, never to return. ‘Crypto Zoo’ is just one high-profile example following the recent investigation from Internet Detective, ‘Coffeezilla’. Rug pull, pump and dumps, whatever you want to call them, cause nothing but harm to the overall look of the space.
So, what’s the fix? A good question. Not any easy one to answer by any stretch of the imagination and there’s unlikely to be a one size fits all answer. For better or worse, influencers have established prominence in many sectors of our world. Unfortunately, the crypto space has been inundated with bad actors in recent years. One way to combat that is to work directly with those that have the betterment of the overall industry at heart alongside their own personal gains of course. As marketers, we are duty-bound to act ethically to ensure projects are represented in the best possible way.
This entails placing focus on a more holistic approach. For influencers and KOLs, it can start with establishing a trusted, vetted group of individuals whose ambitions to grow the space align with the rest of ours. Let’s be honest, it doesn’t take long to do a little background check before engaging with someone nowadays. There’s also a lot to be said for getting out relevant messaging organically so as to attract the right interested parties to the project without the overreliance on KOLs.
Working alongside genuine projects with legitimate developers that are hellbent on the building also. Small changes can make a big difference over a long period of time when compounded. If we suffocate the bad actors, eventually they cease to exist. For now, when the situation does arise, as a collective we need to be more vocal in calling it out.
We can be more careful and precise with PR to ensure the correct messaging is put out. Social Media promotions that encourage sustainable growth and attract the right kind of audience for a particular project rather than a quick influx of individuals wanting a free slice of something or a quick pump. Partnerships with entities that are focused on building and growing the space also rather than for the sake of publicity or quick attention. Campaigns and community events that educate and inspire others to bring new entrants into the market. These are just a few examples of how we can bring betterment to the overall industry.
2023 does afford us the opportunity to start with a blank slate of sorts. This ecosystem is still in its infancy. We can all do more to ensure its continued growth. It’s certainly something that we’re focused on as a Marketing Agency. Regarding 2022, it’s okay to look back but only if we learn from where things went wrong. It’s something we’re incredibly conscious of as a business and we’re taking proactive measures to implement change for the better.
On a final note, we’d like to wish everyone a very Happy New Year from all here at TONSMA and a very successful year ahead for everyone. Let’s take this space to where it needs to be. You can keep up to date with our approach to marketing by checking out our channels below.
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