The crypto market is moving, make sure your project is too…
In the ever-evolving landscape of digital marketing, staying ahead of the curve for 2024 will essential for the success of your project. As we look ahead to the upcoming Bull Market projects will be looking to gain significant traction and increase their userbase. Competition is fierce in the web3 space, so it’s crucial to re-evaluate your digital marketing strategies.
In this article, we’ll explore the world of paid media, its significance for web3, blockchain, crypto and NFT projects, the challenges they face, and how new challenges such as the UK’s Financial Conduct Authority (FCA) regulations in 2023 could have an impact on promoting your project online. In addition, the fact that Facebook and Instagram, has introduced a subscription service allowing users in the European users to enjoy an ad-free experience on for a monthly fee, which will have an impact on paid media.
We will also delve into the available platform and channels for paid media, their pros and cons, and ultimately help you decide whether to use web3 native platforms such as Coinzilla, Contraffic, Brave and Bitmedia) or more mainstream, “Traditional” platforms (like Google ads, Twitter and LinkedIn ads.
Let’s look at the top tips for paid media to prepare your project for the Bull Market!
What is Paid Media?
To begin with, let’s clarify the meaning of paid media.
In essence, paid media refers to promotional content that brands and projects pay for to reach their target audience. This can include advertisements on search engines, social media platforms, sponsored content, and display ads. Paid media allows you to directly target specific demographics and drive traffic to your website, channels, dApp or blockchain.
Web3 Paid Media!
Web3 paid media refers to channels and platforms native to the web3 space. As mentioned in the intro, these are platforms such as Coinzilla, Contraffic and Bitmedia, which are specifically for web3 projects to use ads to reach their target audiences.
Why Will Paid Media Be Important for Projects in 2024?
As will near the end of 2023, it’s clear to see the crypto market is in an uptrend as we get closer to the Bitcoin Halving scheduled for April 2024.
Paid media will be important for Web3 projects in 2024 for several reasons, as it will help in various aspects of their development, marketing, and growth during the bull market. Web3 projects face unique challenges and opportunities compared to other sectors, and web3 paid media can play a crucial role in addressing these. Here are some reasons why paid media will be important in 2024!
Visibility in the Bull Market
Paid media will help increase the visibility and awareness of a project during the bull run, among its target audience. In a rapidly evolving and competitive space like Web3, standing out and reaching potential users, investors, and partners is essential for success in the market.
Token Sales & Fundraising
Many projects will be looking to launch a token in 2024. Web3 paid media can be a powerful tool for promoting token sales and fundraising events, attracting investors, and ensuring that the project has the necessary financial support for development. This is something to be considered.
Partnerships for 2024
Paid media can be instrumental in attracting potential partners, collaborators, and ecosystem participants. By strategically targeting relevant industries and projects, Web3 initiatives can use paid media to facilitate partnerships that enhance the project’s value proposition.
Building a strong community during 2024 and 2025 will be vital for the success of Web3 projects. Paid media can be used to target specific communities and audiences interested in blockchain and decentralised technologies. This can help in growing a dedicated and engaged user base.
Educating the Market
The concepts and technologies behind Web3 can be complex for the average user. Paid media can be used to create educational content and campaigns that explain the benefits and functionalities of the project, helping to bridge the knowledge gap and attract a wider audience.
In a rapidly evolving space like Web3, gaining a competitive advantage for the bull market in 2024 is crucial. Paid media allows projects to highlight their unique features, use cases, and advantages over competitors, helping to differentiate themselves in the market.
In 2024, paid media will be a valuable tool for projects to establish a presence, engage their audience, raise funds, and navigate the unique challenges of the space. Strategic and well-executed paid media campaigns can contribute significantly to the success projects in the bull cycle.
Challenges for Projects Running Paid Media in 2024!
If you decide to run paid ads in 2024, you need to understand it is not without it’s challenges. Running paid media campaigns for Web3 projects comes with its own set of unique challenges. Here are some common challenges:
Regulatory Uncertainty in 2024:
The regulatory landscape for web3, crypto and blockchain projects in 2024 is very unclear and likely subject to change. Projects looking to advertise may face challenges in understanding and complying with different regulations across jurisdictions.
Major “Traditional” or Web2 advertising platforms, such as Google, Twitter, LinkedIn and more may have restrictions or outright bans on cryptocurrency-related advertisements. This limits the avenues available for paid media campaigns. More on this later…
As we navigate to the next bull run, the Web3 space is more competitive than ever, with numerous projects vying for attention in 2024. Standing out in a crowded market requires a well-thought-out strategy, compelling messaging, and a unique value proposition.
Despite these challenges, the growing interest in Web3 and the potential for innovation make it an exciting space for advertisers. Successful campaigns often involve a deep understanding of the target audience, a clear communication strategy, and adaptability to the evolving regulatory landscape in 2023 / 25.
FCA UK Crypto Regulations and Impact for 2024…
As of October 8, 2023, the Financial Conduct Authority (FCA) in the UK implemented new regulations for crypto project, which has had an impact on many projects in the web3 space (at least those looking to advertise in the UK). As such, the FCA UK Crypto Regulations will significantly impact paid media for web3 projects in 2024 and beyond.
Here are some of the ways this will have an impact in 2024:
- So called “Clearer” Marketing Rules: The FCA has introduced tough rules to enhance the clarity and accuracy of crypto asset product marketing, prohibiting incentives like ‘refer a friend’ by projects .
- Compliance Guidelines: Web3 projects are provided with guidance to comply with the new marketing rules, emphasising the need for adherence to approved measures by authorised firms.
- Reshaping Advertising Landscape: The regulations are reshaping the advertising landscape for crypto-related projects, imposing constraints that necessitate a re-evaluation of marketing strategies for web3 projects.
- Overseas Concerns: The FCA expresses concern about poor engagement from some unregulated overseas crypto firms regarding upcoming promotional regulations.
- Consumer Protection: The FCA suggests regulating certain crypto-assets similarly to traditional financial products, indicating a focus on consumer protection and clear disclosure rules.
In summary, the FCA’s regulations have been brought in by the powers that be to bring so called transparency, accuracy, and consumer protection to web3 marketing, requiring projects to adapt their paid media strategies accordingly. Of course, this will affect the content projects can share now and in the coming year.
Perhaps it’s time for projects to look at more web3 native channels to reach their audiences.
Facebook & Instagram Offering No Ads Subscription
Subscriptions for no ads – Is this the future for 2024 and beyond?
In recent news, Facebook and Instagram has introduced a subscription service allowing users in the European Union, EEA, and Switzerland to enjoy an ad-free experience on these platforms for a monthly fee. This move is seen as a response to challenges faced by Meta and is priced at approximately €9.99 per month on the web and €12.99 per month on iOS.
So what does this mean?
Well, it means that users opting for this subscription will have the choice to eliminate ads from their Facebook and Instagram experience, providing a more streamlined and uninterrupted usage. However, it’s important to note that this ad-free subscription tier is not available in the UK as of now.
Is this a trend and if so how does it impact web3 paid media?
It could be argued that this is the way centralised “traditional” media platforms are heading and we could see many more platforms such as Twitter, LinkedIn and TikTok follow suit.
This will impact web3, blockchain, crypto and NFT projects looking to utilise paid ads on these platforms as they will not be confident in reaching the mass audiences (given the no ads option available).
Good for web3 native platforms?
This could be a big plus for web3 native paid media platforms and a reason to use their more “decentralised” offerings. Projects knowing they could reach a wider audience for their paid media efforts may increase usage of these platforms. Watch this space!
Web3 Platforms for Paid Media in 2024!
In the evolving world of web3 marketing, finding effective advertising platforms beyond the conventional ones will be crucial as we get closer to the next bull market in 2024. This exploration takes us beyond the traditional giants, uncovering alternative avenues from specialised web3 ad networks. Let’s navigate the diverse possibilities these platforms offer for reaching and engaging with the expanding community in the web3 space.
The list in extensive, but to give a flavour of what web3 ad platforms are available now and in 2024, here are some alternatives to traditional platforms:
Coinzilla is a well know web3 advertising network that offers various ad formats, including standard banners, native ads, and pop-under ads. It provides targeting options to reach specific audiences within the space.
BitMedia is a popular web3 ad platform that allows advertisers to display banners on a network of cryptocurrency-related websites. It provides a user-friendly interface and targeting options.
While not exclusive to crypto, Revcontent is a content discovery platform that allows advertisers to promote content, including crypto-related content, on various websites.
Bitraffic is a cryptocurrency advertising network that provides various ad formats, including pop-unders and display banners. It offers targeting options to reach specific audiences in web3, blockchain and crypto.
CoinTraffic is anoether web3 and crypto advertising network that connects advertisers with websites related to cryptocurrency and blockchain. It supports various ad formats and provides detailed statistics for campaign analysis.
AdEx is a decentralised advertising exchange built on the Ethereum blockchain. It aims to provide a transparent and fraud-resistant advertising ecosystem. Advertisers can run campaigns using the ADX token.
A-ADS (Anonymous Ads)
A-ADS is an advertising network that focuses on privacy and allows advertisers to promote their products or services with Bitcoin. It operates on a pay-per-click (PPC) basis.
Mellow Ads is a Bitcoin-based advertising network that allows advertisers to create campaigns and target users based on various criteria. It supports different ad formats, including banners and pop-unders.
With all of the new regulations likely to come in during 2024, remember to review the terms, conditions, and targeting options of each platform to ensure they align with your advertising goals and comply with any regulatory requirements in the cryptocurrency space. Additionally, consider the user base and the specific audience you want to reach when choosing a platform for your web3 marketing campaigns.
Advantages of Using Web3 Paid Media for the Bull Market
In the upcoming bull market, projects will need to utilise as as many areas they can to get a competitive advantage. Web3 ad platforms may be one of them…
Using web3 specific paid media advertising platforms could offer several advantages in 2024 and beyond:
- Resilience to Ad Bans: We know web3 specific platforms provide a level of resilience against ad bans faced by more “traditional” platforms, like twitter. As the web3 operates independently, you can maintain consistent outreach even during regulatory challenges or ad restrictions, ensuring a stable advertising strategy.
- Web3 Specific Audiences: Web3 platforms allow you to reach a more targeted audience that is already interested in cryptocurrency and blockchain technology. This can increase the chances of your message resonating with the right people.
- Community Engagement: These platforms often have a community of crypto enthusiasts who actively engage with the content. Advertising on such platforms can help you tap into this community and build a more engaged audience for your web3 project.
- Relevance in 2024: Web3 specific platforms provide a contextually relevant environment for your ads. Since the audience is already familiar with cryptocurrencies, you don’t have to spend as much effort explaining the basics, allowing you to focus on the unique features and benefits of your web3 project.
- Web3 Community Trust: Being present on well-known crypto platforms can contribute to building trust within the crypto community. Users are more likely to trust projects that are actively participating in the same spaces they frequent.
- Incentivised Attention: Some platforms, like Brave ads, offer users incentives for engaging with ads. This can result in higher user attention and interaction with your web3 project’s content, potentially leading to increased conversions.
- Early Adopters: Web3 and crypto enthusiasts are often early adopters of technology. Advertising on web3 specific platforms can help you connect with this audience, potentially leading to quicker adoption of your web3 project.
However, it’s important to carefully evaluate the effectiveness of each platform based on your specific goals and target audience. In truth, not all web3 projects want to just attract web3 audiences, so may be better suited to more traditional marketing channels. Additionally, given the dynamic nature of the web3 space, staying informed about industry trends and adjusting your strategy accordingly is essential for 2024.
Disadvantages of Using Web3 Paid Media in 2024
While there are many advantages to using web3 specific paid media advertising platforms in 2024 and beyond, there are also potential drawbacks that you will need to consider when running ads before the bull market:
- Limited Audience Diversity: Advertising exclusively on web3 platforms may limit your reach to a niche “crypto” audience. If your project has broader applications or targets a more diverse user base, using mainstream platforms like Google, Twitter, or LinkedIn could provide access to a wider and more varied audience.
- Regulatory Uncertainty: The crypto industry is subject to evolving and sometimes uncertain regulations. Advertising on web3 specific platforms may expose your project to regulatory challenges specific to the crypto space, potentially impacting the stability and longevity of your campaigns.
- Adoption Barriers: If your web3 project is introducing a novel concept or technology, advertising on mainstream platforms could help overcome adoption barriers by reaching audiences unfamiliar with the crypto space. Crypto-specific platforms may be less effective in this regard.
- Less Mainstream Visibility: Web3 platforms may not have the same mainstream visibility as major advertising networks. If your goal is to increase general awareness and attract users outside the crypto community, traditional platforms might be more effective.
- Competition for Attention: These platforms may have a smaller user base compared to major platforms. While the audience might be more targeted, there is also the risk of increased competition for attention within a smaller pool of users.
- Global Reach Challenges: While the crypto community is global, it may not be as geographically diverse as the user base on mainstream platforms. If your web3 project targets specific regions, using mainstream platforms might offer better localisation options.
- Limited Analytics and Targeting Options: Mainstream platforms often provide robust analytics and advanced targeting options. Some crypto-specific platforms may have limitations in terms of data analytics and targeting capabilities, affecting your ability to optimise campaigns for specific demographics.
Before deciding on an advertising strategy, it’s crucial to carefully consider your project’s goals, target audience, and the overall marketing landscape. A balanced approach that combines both crypto-specific and mainstream platforms might be the most effective strategy for many web3 projects.
Should You Use Web3 Or More Traditional Paid Media?
It’s a tough call and it really does depend!
The decision for projects to use either web3 specific paid media ad platforms (such as Coinzilla, Contraffic, Brave, Bitmedia) to name a few, or mainstream platforms (like Google ads, Twitter ads, LinkedIn ads) depends on several factors. If the goal is to reach a highly targeted audience deeply involved in the web3, blockchain and crypto space, utilising web3 or crypto-specific platforms can be advantageous. These platforms offer engagement within the active crypto community and benefit from a context where users are already familiar with crypto concepts, potentially saving time on explanations. Additionally, some platforms, like Brave ads, incentivise user attention, leading to potentially higher engagement.
There are considerations, such as limited reach to a niche audience, regulatory risks associated with the crypto industry, and potentially less visibility among users not actively involved in the crypto community. In terms of regulation that may or may not come into play in 2024, we have to consider that web3 native platforms could be hit harder. Although this is just a theory.
On the other hand…
Mainstream platforms provide a far broader reach, allowing access to a more diverse audience beyond the web3, crypto and NFT community. This can be beneficial for establishing brand legitimacy, especially for projects looking to appeal to a wider market and attract a “web2” userbase. Mainstream platforms also offer diverse ad formats and global presence, but they come with adoption barriers, potential ad restrictions, and increased competition for user attention. Some things to think about.
We’ve looked at the options available to you and given some top tips for paid media in 2024 (to prepare for your project for the next bull run!)
The decision for projects to choose between web3 specific and mainstream advertising platforms is complicated by the FCA UK Crypto Regulations. These regulations impact both types of platforms, introducing potential complexities for web3 specific ones and potential adjustments to advertising policies for mainstream ones.
As these regulations unfold, web3 projects must remain vigilant, staying informed about compliance requirements and adapting their advertising strategies accordingly. Striking a balance between targeted engagement on crypto-specific platforms and broader exposure on mainstream platforms becomes increasingly crucial in navigating the evolving regulatory landscape. The ability to adapt to these changes will be pivotal for the success of paid media campaigns in the dynamic and regulated environment of the web3 industry.
Regulations aside, the biggest take away would be to look at who your project is trying to target. It could be that you want to attract both a web2 and web3 audience. In that case consider using both traditional and web3 platforms for your paid media efforts. As they say, variety is the spice of life!
However, we know the decision is more complex than this and as such you may need a bit of support from a web3 marketing partner.
Looking to Run Paid Media for Your Project?
If you’re navigating the dynamic landscape of web3 and considering a paid media strategy for 2024, making the right choice between traditional and web3 native platforms is crucial. At ColdChain, we understand the unique needs of web3 projects and specialise in crafting tailored digital marketing solutions.
Why Partner ColdChain in 2024?
- Expertise in Web3 Marketing: Our team has extensive experience in web3 marketing, enabling us to navigate the complexities of the crypto landscape effectively.
- Strategic Guidance: We provide strategic guidance on whether to leverage traditional advertising platforms like Google and Twitter or opt for web3 specific platforms such as Coinzilla, Contraffic, Brave ads, Bitmedia and more.
- Comprehensive Approach: We take a comprehensive approach, considering your project’s goals, target audience, and regulatory landscape to recommend the most effective paid media channels.
Speak With Us!
Ready to elevate your web3 project’s visibility through targeted and strategic advertising? Reach out to us to discuss the ideal paid media approach for your unique needs.
Complete the form below.
Partner with us to navigate the evolving world of web3 marketing and ensuring the success of your paid media campaigns.