World Crypto Global
- Written by: Damian Chmiel
- Wed, 31 Jan 2024
- Israel
The rise ininterest in digital assets has led to a significant increase in cryptosponsorships aimed at enhancing and nurturing brand loyalty among cryptoenthusiasts. These strategic alliances boost visibility and build trust in thisever-changing sector. The paneltitled "Beyond Traditional: Crypto Sponsorships & NFT Integration"during November's Finance Magnates London Summit (FMLS23) explored thegrowing trend of crypto sponsorships and NFT integration, offering insightsinto the dynamically evolving world of digital assets.Moderatedby Stefania Barbaglio, the CEO of Cassiopeia Services, the panel featuredSoledad Contreras, the Director of Partnerships at CoinDesk, and Bruno Almeida,the CMO at IOVLabs.Crypto Is a "Male Dominated" DemographicContrerashighlighted the rapid development in crypto marketing, emphasizing the need forinnovative approaches to leverage technology and reach potential users. Inaddition, she emphasized the importance of identifying the target audience."Thekey for any brand is to be able to identify the audience and where thataudience lives, which type of content they consume, which type of events theylike to go to," Contreras explained.She pointedout that crypto tends to appeal to a "very male dominated"demographic interested in things like "Formula One, football and Americanfootball." Contreras argued that sponsoring related events can provide"great visibility" and "good recognition" for crypto brandslooking to get their names out there. Power of Community-DriveMarketingHerco-panelist, Almeida from IOV Labs, elaborated on various sponsorshipstrategies, differentiating between sponsoring sports teams, influencers, eventsand venues. The goal is always "brand recognition," he said, but thespecifics depend on whether a company want to tap into an existing audiencebase or associate your brand with a popular personality.Accordingto Almeida, decentralized, community-driven marketing can also be very powerful."If you do something to upset your core community, they will challenge youback, so you have to keep engaging with them on an ongoing basis to keep themhappy," Almeida added.NFTs Will Bring Crypto toMainstreamWhen the discussionturned to NFT integration, Contreras shared how CoinDesk leveraged NFTtechnology for virtual ticketing at their flagship event. Attendees could"purchase their consensus pass as an NFT" and access various perks byproving ownership on-chain. She believes mass adoption in crypto will arrivewhen mainstream brands like "Coca-Cola or, McDonald's or Pepsi" startoffering "loyalty programs that have an NFT component."Almeidaconcurred, suggesting that NFTs can transform customer loyalty initiatives ifused creatively to provide exclusive experiences. Contreras also highlightedtheir potential to combat counterfeits and verify ownership of physical goodslike luxury watches.Crypto Marketing Is Still GrowingThepanelists expressed optimism about the future of marketing in the cryptoindustry while acknowledging there is still much progress to be made. As Contrerasstated: "it's a tough gig for Web3 marketers trying to deal with the new technology."She elaborated that the sector is constantly changing, and marketers mustcontend with regulatory uncertainty on top of an unfamiliar technologicallandscape.However, the CoinDeskrepresentative believes crypto marketing has a bright future. "Ithink it's all happening and it's not going anywhere. I promise." Herco-panelist Bruno Almeida concurred, suggesting there are many creativeapplications of blockchain technology still to be explored in areas likeloyalty programs, collectibles, and more.In summary,the panelists agreed that crypto marketing is still in its early stages butholds great promise as the technology matures. As Contreras put it, "Thebest Web 3 marketers are still training because we haven't had them before.This is such a new sector." Marketers would do well to continue educatingthemselves and experimenting with new applications of these groundbreakingtechnologies.This article was written by Damian Chmiel at www.financemagnates.com.
