Unless you’ve been living under a substantially sized rock, you’re likely to be well aware of how cryptocurrencies have been gaining more and more traction since their inception via Bitcoin in 2009.
Bitcoin however, is not the only player on the cryptocurrency field. Other noteworthy currencies include Ethereum, Ripple and Litecoin, but there are more. A lot more.
I won’t patronise you. The fact you’re reading this article probably means that you’re well aware of the many “Altcoins” that exist. That said, it can be hard to keep track of more than a few at a time.
That leads me to the purpose of this article. I’d like to share my favourite examples of well marketed Cryptocurrencies. Why, you ask? Because marketing, amongst other things, is a vital component of a currency’s success.
Right now, literally thousands of Cryptocurrencies are in development, many of which without a fully functioning product. This leaves it down to the marketing and promise of technological advancement to attract new users.
Before proceeding, I’d like to say that there are certainly going to be good examples that I’ve missed due to the sheer number of Cryptocurrencies. If you have any in mind, leave a comment below!
At the time of writing, Cardano is ranked at number 5 on Coinmarketcap. An incredible accomplishment when you take into consideration that it only became tradable in the later half of 2017.
This absolutely would not have been possible if it wasn’t for the exemplary marketing by the Cardano team across numerous platforms.
The technology, utility and roadmap are all excellent too, however this statement rings true for all of the currencies I’m going to list in this article.
When it comes to successfully marketing a cryptocurrency, trust and transparency are huge factors that determine whether or not people choose to invest. Cardano is a prime example of a currency that ticks those boxes.
For example, if you visit the Cardano Website, you’ll see numerous pages on the navigation bar that divulge everything you could possible need to know.
Walking the pathway of authenticity allows Cardano to thrive on websites like Reddit, which typically makes up a large portion of the early adopters for any given Altcoin.
Finally, I’d like to draw your attention to the the superb branding that Cardano has adopted in the form of it’s sleek logo and teal colour pallette. A simple factor but it can make the difference.
Social Media, when used right, can be obscenely important in marketing a Cryptocurrency. This information isn’t exactly clandestine, but nonetheless, some currencies do a better job than others.
Tron is an alternate Cryptocurrency that is testament to this fact. Justin Sun (the founder of Tron) leverages Twitter to great effect, with his charismatic flair, frequent updates relating to Tron and interactions with other Altcoin founders (most notably, Charlie Lee, founder of Litecoin).
— Justin Sun (@justinsuntron) January 10, 2018
Having a founder that is so active on Social Media is undoubtedly a key marketing element that can be the make or break for some people when it comes to whether they choose to invest.
That being said, saying the wrong stuff can cause a lot of damage, as made evident by this example courtesy of the already mentioned Litecoin founder, Charlie Lee.
Before proceeding, I’d like to mention one smaller aspect of the Tron marketing campaign. The first 1 million users to create an account on the Tron Website are going to be given “considerable TRX tokens” according to Justin Sun.
Another Cryptocurrency that has a very well known founder is Ethereum. The largest (at the time of writing) of all the currencies on this list, Ethereum is currently ranked at the #2 spot on Coinmarketcap, behind only Bitcoin itself.
Vitalik Buterin is the founder of Ethereum and the short story on his about.me page can give you a quick insight into what he’s about.
Twitter is another place you can find Vitalik. He currently has 548k followers which is by no means a number to scoff at. You’ll often see the Ethereum founder Tweeting about various subjects not pertaining to cryptocurrency, which is a stark contrast to the way Justin Sun utilises Twitter.
Nonetheless, Vitalik’s more philosophical social media style grants his followers an insight into how he thinks, which can be a great way to increase support for the currency.
Fitting a niche is becoming a lot more important for alternate Cryptocurrencies to succeed. What’s more, being functional and practical out of the gate is a huge advantage.
Steem is the Cryptocurrency of social media website Steemit, on which users can share content in the form of articles and videos. The interesting part however, is how Steem is used as a way of rewarding good content and comments.
The system is quite advanced, so I won’t fully explain it in this article, but the general idea is that upvoting content/comments rewards the curator with some Steem Dollars, which can then be converted to either Steem or Steem Power.
Honestly, it can be a bit confusing, but if you’d like to find out more, this video provides a pretty good explanation.
With functionality so firmly rooted within the Steemit platform, I wouldn’t be surprised to see the price of Steem continue to rise. I’ll admit that this particular example isn’t too focused on the marketing efforts, but I felt like it was well worth mentioning based on how unique it is.
Now for the “smallest” Cryptocurrency in this article (as of writing, ranked at #471 on Coinmarketcap), a wildcard if you will. Opus is a currency that specialises specifically in the music industry and the problems associated with it.
One of the most echoed issues right now is the miniscule cut that artists receive with streaming services such as Spotify, Apple Music and Deezer, taking to 80% of the revenue.
For the big, well-known artists, this isn’t as much of a problem. However, for lesser known artists and bands, it’s not enough. Opus seeks to alleviate this problem completely, with artists receiving 97% of the revenue.
Transparency is another benefit that comes with Opus due to every single transaction being visible on the Ethereum Blockchain and IPFS Swarm Labels.
There are many more obstacles that Opus circumvents, but you can find out more on the website.
So, why have I decided to include Opus in this article about well marketed Cryptocurrencies? Well, whilst it may be ranked at #471, the ingredients are all here for this currency to take off.
Does it apply to a particular niche? Yes. Does it fulfil a certain role? Yes. Does it alleviate numerous problems? Yes. Does it have a functional example of the technology? Yes.
In addition to all of that, the website and branding are superb, the team are active on social media, and their blog is frequently updated with the latest news.
With all of those boxes checked, I wouldn’t be surprised to see this Cryptocurrency take off during 2018.
That’s all for this article. Thanks for reading and by all means, leave a comment if you have anything to add!