The glut of blockchain-based projects on the decentralized market is making it difficult for new entrants to compete for the attention of users and potential investors. It would seem that the supply of ideas and creativity reserved for promoting decentralized digital currencies and their related value offerings has been exhausted, leading to a stagnation of the promotional frontier on the market.
However, creativity never stands still and even the decentralized market is finding new niches and avenues of attracting both retail and institutional investors to the space. Among the most acute questions standing before decentralized projects in terms of advertising is generating ideas that would enable them to not only attract, but retain the attention of users. As strange as it may seem, but utility seems to be the last straggler of the decentralized industry, as almost all participants are focused on trading and capitalization, rather than application and use case scenarios.
When it comes to use cases, the ideas needed for promoting blockchain-based projects and attracting users rest on the shoulders of the projects themselves, rather than any advertising agency or in-house team of marketers. The underlying core concept of the project should be acting as its main traction generator, attracting users with application in the real world. If no use case scenario is foreseen for a decentralized project, the prospects of organic traffic and community buildup are rather slim. That is why projects should leverage their real-world applicability as the main innovative idea behind their mode of operation and promotional activities.
Advertising must be based on a concept and a cornerstone that will be used as the main value proposition of a project. The value a project generates can be translated into promotional material and illustrated as such on banners or in slogans, content, or even posts on social media. Among the freshest ideas for advertising in this context is the use of metaverse environments, where a combination of decentralization and virtual reality allow projects to showcase their products and services to a variety of users engaged in a Play-to-Earn mechanism. Metaverses are considered to be the next frontier of advertising since the technical and quality-guaranteeing possibilities therein seem to be endless. Still, metaverses are only just gaining traction and the space is largely unexplored territory that has yet to be tapped and utilized for promotional activities.
The growth of the Non-Fungible Token market and the rapid expansion of its space in terms of new marketplaces and application scenarios for NFTs has generated a slew of new advertising avenues for decentralized projects. Given that an unlimited number of NFTs can be issued, projects can entice users to join their communities and remain engaged by offering Loot Boxes, prizes and various drops of NFTs that can be used within the frameworks of the projects, or exported onto other platforms. The development of cross-chain functionality is allowing NFTs to be used in multiple metaverses, or even on social networks as avatars. NFTs open up vast opportunities for attracting users with both rewards and the possibilities of empowerment, considering that NFTs can be created by the users themselves and thus generate value for the underlying project.
Community empowerment is the next and most important trend in decentralized project promotion. By leveraging the creativity of the users themselves, projects can extract a virtually unlimited number of proposals for advancement and marketing opportunities. By engaging users in the traction and development of the project, teams can virtually minimize their own efforts and focus on sifting proposals and nurturing viable concepts. Users will only be engaged in projects that they have a stake in. Therefore, making use of the most valuable resource that a project has is vital to its development and promotion through word of mouth and organic advertising.
It may seem that there are few ideas to rely on when considering decentralized projects. However, the possibilities are endless, and professional teams of advertisers and marketers are always on the lookout for new ways of promoting various types of projects. The most important trends in recent months have shown that community empowerment and the use of NFTs as disposable and distributable assets for rewarding users are the most promising avenues for project promotion and advertising.
When taking on the path of promotion, projects should always consider the services of professionals and agencies, since their combined expertise is capable of being considerably more cost-effective and productive than the efforts of an entire in-house team.