Cryptocurrencies are revolutionising how we use our money through investing, banking and paying. This also means we enter a new internet age, web 3.0, where blockchain technology and token-based economics are incorporated.
As with any emerging technology, we see regulatory and legislative restrictions being developed as the environment evolves. Paid media advertising is no different, and each platform’s landscape is constantly changing as new policies are announced. Here are the key action points when advertising your crypto or blockchain product.
Know the audience
In the UK, 18-29-year-olds were twice likely to own cryptocurrency than the older age group (45-60), with 29% admitting to owning at least one cryptocurrency. We could not see this as surprising, as this age group is considered the “iPad kids” age and would naturally be more accustomed to emerging technology as they age.
Females are also growing proportionally to males within cryptocurrency. They now hold 14% of the Bitcoin market and are increasing yearly.
What are the best channels?
As with all channels advertising crypto-related products, there will be restrictions, as you see with gambling and health products. So it is essential to follow each platform’s policy and ensure your brand follows safe advertising practices.
An obvious choice is choosing Facebook for its reach; up until Q1 this year, there was the opportunity to even choose cryptocurrency interests, such as Bitcoin and Ethereum, in detailed targeting before they were removed. But before 2021, there was no possibility of advertising on Facebook.
The excellent news for NFT-based brands is that you do not need prior written permission from Facebook to start, as it is not virtual currency. Unfortunately, there will be specific requirements per country before getting this permission.
If best practices are used, Twitter can be a fantastic advertising platform. There is a large crypto community within Twitter, and creating engaging ads will drive traffic and conversions to your product.
Like Facebook, it depends on prior written authorisation from Twitter. But, some third-party companies can act like gateways and help whitelist ad accounts free of charge.
Arguably the largest community of crypto enthusiasts reside on this platform. Every topic under the sun is spoken about here, making it incredibly detailed regarding contextual targeting. Of course, the algorithm is not as sophisticated as Google or Facebook, but they have taken significant steps to starting competing with them.
Of course, it does not mean anything goes. Any trading platforms with high leverage or crypto lending are an absolute no-go. But it is evident from Reddit case studies big brands love to advertise.
Once a ring-fenced area where no crypto brands could run, they have now let in a few gateways and allow, albeit restrictively, more and more brands in the blockchain world to promote their offerings.
An advertiser can run on all aspects of the platform as long as they comply with local laws and industry standards, plus they will need to be certified by Google. This still does not leave you in the clear. There are still some (annoying) issues that need to be addressed, such as a high frequency of false positive rejected ads, which can disrupt the learning process of your ads.
Due to its young demographic and relaxed restrictions on cryptocurrency, Snapchat is an excellent option to test out, especially for brand awareness with its unique AR lenses and filters.
Quora can help your brand validate when a user is looking for new crypto products and will help drive traffic to the site or app. There is a big issue with high disapproval rates, but this can be due to their terms of service, not from a crypto standpoint.
This list of platforms to use is not exhaustive, and many more crypto-related places, such as Cointelegraph, and coinmarketcap, can be advertised. For now, we focus on the larger, well-known platforms.
As web 3.0 and blockchain mature, we expect to see regulations clearer and more to the point. But for now, it cannot be easy to navigate it. If you want to know more about how to navigate crypto, contact us today!