Cryptocurrency
Why traditional marketers fail in Web3: Avoiding these failures
“You can fork code, but you can’t fork a community.” I wish I had come up with this gem of a saying. I use it extensively. I also wish I knew who to credit it to. Heard it on a podcast several years back, and it hit me like a ton of bricks.
2023 marks my 10th anniversary working in the blockchain industry — primarily in community and marketing. The number one lesson I have learned is how valuable communities are: how powerful they are, and how unique each one is. And, they’re the only reason your projects can become a success or failure.
You can replicate marketing plans, you can fork Github repos and you can poach developers and other professionals from your competitors. However, if there is one thing you cannot do, it’s copying and pasting a community — no matter how hard you try.
The community is not your client base
Over the years I’ve witnessed the tragic demise of several accomplished and veteran traditional chief marketing officers. I’ve witnessed great projects slam into a go-to-market dead end. Projects treating the community as a nuisance they are forced to tolerate, simply copying what others are doing and forcing it to fit in tend to not do well. They pretend to care for the community publicly while ignoring their value internally.
In Web2, you have customers and clients. You have sales targets and KPIs to meet. Your goal as a marketer is to convince people your product is better than the next. You know your client’s identity. You own their data. You grow your customer base through advertisement dollars. The communication is generally one-sided. You offload interactions onto Customer Service to deal with any complaints.
How to market to a Web3 crowd
It really is quite simple. You’re not selling anything. You’re raising awareness, and letting people figure out why you matter all by themselves. Don’t even try to convince anyone about anything. Your only KPI is to keep people interested.
It’s all about the mindset, acknowledging the radically different ethos and user behaviour compared to Web2. Respect the original broad stroke principles of the anarchic-cypherpunk manifesto that permeates between the lines of Satoshi’s white paper. If you didn’t understand this previous sentence, that is your core issue.
In Web3 you have users, not customers and clients. Together, they form a community. A community is like having a big family with new members every day. It is all about nurturing relationships with — for the most part — anonymous individuals on the internet. It’s about making friends with avatars who have a common interest. Treat everyone like they’re your best friend.
The code for many projects is open-source. Anyone can audit it. The community owns the project through token holding and governance. Your project’s wallets are auditable too. There is zero tolerance for foul play. The beauty lies in the eyes of blockchain explorers. Treat everyone with the same level of respect as you would the Internal Revenue Service. Radical transparency is key. “Don’t trust, verify.”
Understand you have subsets within your community with different interests, and become obsessively interested in each and every one of them. Treat every individual as a VIP, and cater to their individual needs.
“We’ll just throw money at the problem”
The last thing you do is spend from the prototypical marketing budget. It simply doesn’t work until you reach a critical mass of users when your community is thriving. Spend your energy fostering a welcoming and fun place for folks to congregate in. Invest in quality community managers rather than marketing leads. Word of mouth will vastly outperform any PPC or PR campaign.
User acquisition is easy. Retaining people is hard. Ask yourself, “What is it that makes people come back every day?”
This is your entire marketing strategy boiled down to one sentence.
Your community is not a currency, it’s a store of value
In the ever-evolving landscape of Web3, true value isn’t just tokens or coins that change hands. It’s the collective heartbeat of a community, the shared passion and vision that drives projects forward. Traditional marketing metrics and strategies fall short in this realm, not because they’re inherently flawed, but because they were designed for a different era — a different mindset.
Web3 is more than just a technological evolution; it’s a cultural renaissance. It’s a space where centralized hierarchies are flattened, and every voice, no matter how soft, has the potential to echo with impact. In this brave new world, the community isn’t just an audience; they’re co-creators, stakeholders and always the lifeblood of a project. They don’t buy a product; they buy into a vision, a dream and a promise of a decentralized future.
As we journey deeper into the Web3 era, it becomes evident that while tokens may fluctuate in price, the true store of value is the trust, passion and commitment of a community. They don’t merely transact; they transform. They don’t just invest; they inspire.
In the world of Web3, where the tangible often blurs with the intangible, remember this: Your community’s value isn’t just in what they give, but in what they represent. Through bull markets and bear markets, cherish them, for they are the bedrock upon which lasting legacies are built.
Tiago Serôdio is an accomplished growth marketer and community professional who specializes in hyper-scaling projects.
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.
Ripple’s recent price action underscores significant bullish momentum as buyers continue to dominate the market.
Despite a potential brief consolidation phase, XRP is steadily approaching another coveted milestone of $2, with the prospect of achieving tapping that target by the year’s end growing.
XRP Analysis
By Shayan
The Weekly Chart
The weekly chart reveals Ripple’s remarkable trends, marked by a significant sell-off following the SEC lawsuit, during which the price plummeted to $0.28, a staggering 85% decline. This phase was followed by an extended period of low-volatility consolidation.
Eventually, buyers returned with vigor, driving the price through key resistance levels, including the pivotal $1.3 mark. Ripple’s subsequent impulsive surge highlights strong buying interest, pushing the cryptocurrency closer to a local peak of $1.9.
As the price approaches this critical level, bullish sentiment remains robust, but caution is warranted due to the overbought condition reflected in the RSI indicator. A brief consolidation or correction may precede upward momentum, with $1.3 as the primary support during any potential pullback.
The 4-Hour Chart
The 4-hour timeframe reflects Ripple’s breakout dynamics in greater detail. Upon encountering resistance at the $1.3 zone, the asset entered a consolidation phase, forming a sideways triangle pattern. This setup allowed the RSI to retreat from overbought levels and settle at equilibrium. Eventually, XRP surged, breaking out of the triangle’s upper boundary, signaling a bullish continuation.
Ripple managed to reclaim the $1.3 threshold and advance toward $2. While the bullish momentum is evident, a bearish divergence between the price and RSI hints at possible exhaustion. Furthermore, the presence of supply near the $1.9 resistance zone increases the likelihood of a consolidation phase in the near term. This temporary pause could allow the market to stabilize before XRP attempts to achieve new highs.
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Cryptocurrency charts by TradingView.
Bitcoin’s inability to overcome the coveted $100,000 milestone on Friday and Saturday has resulted in a minor price decline to around $98,000 as of now.
Several altcoins, such as XRP and DOGE, have plummeted as well in the past day, but others, like TON, DOT, and XLM, have charted double-digit surges.
BTC Calms to $98K
BTC traded at around $90,000 at the start of the business week but quickly started to gain traction and exploded above the previous all-time high of $93,800 by the middle of it. This came amid the growing impressive net inflows toward the spot Bitcoin ETFs in the States.
The cryptocurrency’s rally continued in the following days and peaked on Friday. At the time, the asset came just inches away from touching $100,000 but was stopped at about $99,800 on most exchanges.
Thus, it failed to reach that line for the first time ever, even though the community was anticipating and predicting it. Since then, BTC has lost some traction and has retraced by around two grand to $98,000 now.
Still, it’s 7.2% up on the week, which places its market cap at $1.940 trillion on CG. Its dominance over the alts, though, has declined further to 55.5%, which brought speculations about a potential altcoin season.
XLM’s Show
Many larger-cap alts like ADA, XRP, and DOGE charted notable gains yesterday, but have retraced heavily today. ADA is down by 3% to under $1.05, XRP has slumped by over 6% to under $1.45, and DOGE has plummeted by 7.5% to $0.43.
In contrast, TON and DOT have soared by 11% and 17%, respectively, to $6.25 and $8.9. XLM, though, has stolen the show once again by skyrocketing by 29%. Stellar’s native token has added more than 480% in the past month and now trades above $0.56.
The total crypto market cap has shed about $50 billion since yesterday’s peak but still stands close to $3.5 trillion on CG.
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Cryptocurrency charts by TradingView.
The US-based spot Bitcoin ETFs enjoyed a highly positive week, with every trading day ending with net inflows of millions and even billions of dollars.
In stark contrast, the Ethereum counterparties ended the same five-day trading period deep in red territory.
Over $3B Enter BTC ETFs Weekly
It has been nothing short of a spectacular run for BTC’s price as well as the inflows in the spot Bitcoin ETFs in the US after Donald Trump’s decisive victory in the 2024 presidential elections. The past trading week was no different, although it started somewhat sluggishly on Monday with a modest $254.8 million in inflows.
However, things picked up on Tuesday with $829.5 million, another $773.4 million on Wednesday, and $490.3 million on Friday. Oh, let’s not forget the whopping $1.005,1 billion on Thursday. This puts the total for the week at $3.353,1 billion, according to Farside.
Expectedly, BlackRock’s IBIT, the world’s largest Bitcoin ETF, was at the forefront of these substantial inflows most days. IBIT attracted over $500 million on three separate occasions – Wednesday, Thursday, and Friday. Thus, its total AUM has skyrocketed to well over $31 billion.
Fidelity’s FBTC also saw some impressive inflows of $256.1 million on Tuesday and just over $300 million on Thursday. Ark Invest’s ARKB had its best day on Tuesday, with $267.3 million in net inflows.
Within this highly positive week for the ETFs, BTC’s price shot up from around $90,000 on Monday to $99,825 (on Bitstamp) on Friday, thus coming less than $200 away from the six-figure territory.
ETH ETFs Suffer
The spot Ethereum ETFs also had quite impressive several trading days after the US elections, marking their best week yet in the period from November 11 to November 15. However, there were some warning signs at the end of the week, which only intensified in the following days.
In fact, the ETH ETFs ended almost every day in the past trading week in the red, with outflows of $39.1 million on Monday, $81.3 million on Tuesday, $30.3 million on Wednesday, and $9 million on Thursday. The funds managed to break this negative streak, which actually extended to six consecutive days in the red, including the previous Thursday and Friday, on November 22.
They attracted $91.3 million, with BlackRock’s ETHA leading the pack with $99.7 million, while Grayscale’s ETHE and ETH were in the red with $18.6 million and $0.6 million, respectively.
Overall, the ETH funds ended the week with net outflows of $68.4 million. Nevertheless, ETH’s price is up by just over 10% in the past week and sits above $3,400.
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