Three crypto projects
Marketing in the crypto world
Today I will talk about four projects in the crypto world that I think are interesting from a marketing perspective. I have chosen GoodDollar, Brave, Celo and Freehold. I like them because they answer a clear need in a segment and have a well-organized service to meet that need.
Marketing in Crypto projects
The startup in the crypto scene has some characteristics that make them quite different from other companies. I will consider in that segment any project that evolves around a digital medium of exchange. To say it more simply, virtual money.
Most of the projects that I know do not excel in the marketing aspects. There are some reasons for that:
- Most of the founders have a background in engineering. They all seem to prioritize the technical side. Solve a need for a group of people only comes later. The projects with a solid marketing vision begin with the user and then go back to solutions to delight them.
- Weak efforts to explain the idea. Communication does not seem a priority. All goes around the technology.
- Good idea, vague implementation. It is quite usual that the founder or founders have begun with a brilliant idea, and it is the first small community that gives it form and makes it evolve. The final project becomes quite abstract, not very practical, and difficult to explain to regular people outside.
- Complex white papers, crazy memes. No middle ground. Some projects are based on very complex documentation that only some experts understand. Some of them evolve from a Ph.D. research, very specialized. On the other end, other initiatives begun accidentally on a social media platform. Then, they grow exponentially with memes and jokes. Sometimes the play on words is only understood inside the close circle of first adopters.
Marketing problem and communication
I have chosen three projects in the crypto world that I like and have done a decent job avoiding the biggest problems I have commented.
- They try to solve an essential problem for a group of people. That seems the priority.
- It is specific, and it is working now. Something that contributes to making a better world, at least for a segment of the population.
- The communication is clear enough for anyone to understand. I will be more precise, I do not love the communication in any of the companies that I comment on here. But at least, they are above what is usual in this sector.
It is very ambitious project, and, simultaneously, they have arrived at a relatively simple solution.
They try to encourage the economic activity. They let many people receive free basic income with real monetary value.
In the traditional economy, governments try to stimulate the economy by spending more money. That basically means printing paper. It makes interest rates go down. Then it is less difficult for companies to begin new projects. That creates new jobs that benefit us all. That is the simplified theory.
GoodDollar try to generate activity by putting money in the system. Of course, virtual money and with no central authority. No government, no banks.
Brave is a web browser that blocks ads and trackers. It provides a way for users to send cryptocurrency to website content creators. They call the currency Basic Attention Token (BAT). It is based on Ethereum (the second-largest cryptocurrency platform).
I have used Brave as my main browser in the last years. It solves a very clear problem in an effective way: undesired, ugly ads and insecurity on the Internet.
There are a lot of crypto projects that I like. GoodDollar and Brave are my favorites by far, especially for the marketing reasons that I had mentioned. Then there is a group of projects that seem promising but still need time to be developed. In this area, I will talk about Celo and Freehold.
Celo is an open platform that makes financial tools accessible to anyone. They have Celo Dollars (cUSD) that are a stable asset that follows the US Dollar. With cUSD, you can share money faster and cheaper.
I like the initial idea of building an inclusive financial system for everyone. They also explain it in a beautiful way on their website. At the same time, I think they need more specific applications that could be intuitive and easy to use. They need other programmers to build on their platform. We will see how it evolves. By now, it is a promising initiative.
"Freehold is a community of cryptocurrency stakeholders focused on furthering the reputation, usefulness, and mission of their respective holdings."
In marketing, the company wants to know what the user wants and then tries to build the product and services to meet those needs. With Freehold, the user is the center. He decides and creates the product itself. The non-technical people that hold the currency also have an essential role. He is considered a stakeholder. Those are two significant differentiators that make them relevant from a marketing point of view.
Freehold is a very novel and exciting experiment. I think that we all have to pay close attention to see how it evolves. Even more, I think it is worth to contribute and make it work.
All the posts