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Crypto & NFT Influencer Marketing: Hire an Agency or Do It Yourself?

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Crypto & NFT Influencer Marketing: Hire an Agency or Do It Yourself?
Crypto & NFT Influencer Marketing: Hire an Agency or Do It Yourself?

At this point in time, most internet users are familiar with influencer marketing to some extent. Influencer marketing takes place when a content creator of any niche promotes products and services to their audience in exchange for monetary or non-monetary compensation, or to support the company out of goodwill.

Since the emergence of social media in the 2010s, influencer marketing has become an industry worth billions of dollars and has also become one of the most effective ways to market to the public. This is because influencers are so diverse, touching every possible niche, and also maintain very trusted relationships with their followers.

The world of cryptocurrency and blockchain is not exempt from this as even within this space, there are content creators who have been able to amass large followings of people who trust their word and recommendation. If you are an entrepreneur planning to launch a product or service into the often saturated and competitive crypto or NFT market, then influencer marketing should definitely be a part of your overall crypto & NFT marketing strategy. But when approaching marketing, and influencer marketing specifically, should you employ the services of an agency or should you go about it yourself?

Should You DIY Influencer Marketing?

Because most of us are at least fairly familiar with influencer marketing, we have an idea of what goes on behind the scenes; you reach out to an influencer by email or DM, offer them money or free products to promote your product and the publicity comes rolling in, right?

With this assumption, it is easy for an entrepreneur to question the value of an agency for influencer marketing and might want to do it themselves. The truth is, however, that influencer marketing is far more complex than we often give it credit for.

First, influencer marketing is not as simple as just going about messaging influencers. Not every influencer operates in the crypto and blockchain space and even among those that do, their audience might not be appropriate for your token or NFT. Before you even begin outreach, you’d have to curate a list of influencers to approach and conduct research on their audiences, engagement rate, promotion tactics, and so on. This can be a lengthy process and one that an entrepreneur might not have the time for and might prefer to outsource. Even when you reach out to an influencer, there is no guarantee that they will respond, especially to an individual. The influence marketing sector has evolved to the point that most influencers would only respond to messages from agencies that professionally curate the relationship between them and the brand they are to promote.

Most entrepreneurs often wonder, what influencer campaigns work and what doesn’t? There are multiple ways to approach influencer marketing strategy, and it’s constantly changing on a month-to-month basis. Unless an entrepreneur has experience running hundreds of campaigns to understand what has effectively worked in the past, they would be at the whims of an influencer to tell them what they should do. It can often work in the favor of the influencer who wants to get paid, and do as little work as possible. A 3rd party can help ensure both sides are happy with the deliverables.

Throughout the promotion process, you would also have to deal with things like posting deadlines, managing payment to the influencer, tracking results of campaigns, and so on. All of these might be too difficult and taxing for an entrepreneur and this is where influencer marketing agencies come in.

Why You Need An Agency

As explained, influencer marketing is a far more complex and time-consuming process than many of us give it credit for but influencer agencies exist specifically to get through these processes while securing the best results for customers.

First, there are different types of influencer agencies by sector. Take Crowdcreate, for example, a marketing agency with deep experience in the blockchain, crypto, NFT, and gaming sector. As opposed to an agency that deals with multiple industries, they have been able to hone in on these sectors over the last 6 years.

When it comes to influencer marketing, they have developed a long-standing relationship with crypto & NFT influencer agencies and thus, will be able to secure partnerships for clients with much more ease. While working on a campaign for Star Atlas (NYSE:), an NFT-based game and one of the most successful projects, the agency saw an influencer email open rate of over 50% and a response rate of 11.19%, which is far more than an influencer going about it themselves would have done. They were also able to select the best influencers for that campaign and guided the promotion of Star Atlas across multiple platforms. In the end, Star Atlas’ token sale saw not only massive publicity but was oversubscribed, exceeding its funding goal.

An entrepreneur, especially in the fast-paced world of blockchain and crypto, likely does not have the time to manage influencer marketing campaigns and should not attempt to do so by themselves. Instead, an agency can come in and manage the entire process from compiling appropriate influencers and reaching out to them to tracking and delivering results. As the industry grows, even more, these sorts of crypto & NFT influencer agencies will become a part and parcel of the launch process and entrepreneurs and their projects will be all the better for it.

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ETH inflation after Merge started rising again for the first time since November

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current ETH inflation rate

The annual ETH inflation after Merge has once again turned positive for the first time since early November.

According to ultrasound.money, the annual ETH inflation rate rose 0.08% to 622,000 ETH as of December 6. At the same time, the annual ETH burn rate is 527,000 ETH. This news will also have a negative impact on the current price of Ethereum.

Meanwhile, back in early November, the volume of ETH being burned was overtaking issuance, making the cryptocurrency deflationary.

The cryptocurrency exchange site Uniswap V3 had the most commissions burned (~4192.1 ETH burned in the last thirty days). In second place were commissions burned for ETH transactions on the Ethereum network (3195 ETH). The three most active projects were closed by the USDT Stablecoin smart contract, through which ~2593 ETH was burned.

Almost in a month the Ethereum network burned over 50 000 ETH, and every minute about 1.2 ETH are burned in commissions.

Method for calculating current ETH inflation rate

Recall that before Ethereum switched to Proof-of-Stake algorithm, the amount of ETH issued per day was calculated by the formula: reward per block for miners and pay for PoS-stackers – ETH burned. However, after the transition to PoS, rewards for mined blocks are no longer generated at the execution level or on the main Ethereum network.

Given that the issue at the execution level after the transition to PoS is zero, the number of new ETH is now calculated as follows: the reward for PoS-stackers is burned tokens. At the time of writing, the ETH rate in the ETH/USD trading pair is $1,261, according to Nomics. The market capitalization at the same time is fixed at $154.5 billion.

Previously, we reported on What’s wrong with proving cryptocurrency reserves and why the cryptocurrency community doesn’t believe in it.

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British Ministry of Finance wants to restrict the crypto business in the country – media

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crypto restrictions

The British Treasury is finalizing a package of rules to restrict the crypto business. It was reported by the Financial Times, referring to the Financial Conduct Authority (FCA) of Great Britain.

The list of new rules includes restrictions on foreign cryptocurrency businesses in the UK; provisions on how businesses should act in case of bankruptcy, as well as requirements for advertising cryptocurrencies. This news will also have a negative impact on the current price of Ethereum and the cryptocurrency market.

Sources close to the British Ministry of Finance said in a media commentary that the ministry also intends to expand the FCA’s crypto restrictions and supervision over the cryptocurrency market. Details, however, remain unclear. Officially, the timetable for considering a new set of rules for the crypto market remains unknown. but media reports indicate that the British authorities may start consultations as early as early 2023.

In early November 2022, the Committee on Digital, Culture, Media and Sport (DCMS) in the U.K. The House of Commons announced the launch of a study into non-interchangeable tokens (NFT) and blockchain technology.

DCMS committee chair Julian Knight MP said that NFTs burst into the digital world so quickly that there was no time to stop and think. Now that the market is changing dramatically and there are fears that the bubble may burst, it is necessary to understand the risks, the benefits of this disruptive technology, and to formulate regulatory requirements for it, he stressed.

Amid the collapse of the FTX crypto exchange, UK authorities are discussing many initiatives to regulate the crypto market. Rishi Sunak, who took over as prime minister after the short reign of Liz Truss, played no small role here. Sunak is considered a key supporter of cryptocurrency in the government circles of the country.

Previously, we reported that Tether claims its USDT loans are “over-secured.”.

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For the first time, a Chinese court recognized that NFT is virtual ownership

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virtual ownership

Collections of NFTs have been recognized as virtual property under current Chinese law. The court in Hangzhou ruled.

The ruling states that NFTs have property rights characteristics such as value, rarity, manageability, and saleability. The court described virtuality and the technology that provides it as unique attributes of the assets. Whether this will have a positive effect on the current price of Bitcoin, we will see soon enough.

The case was heard in the sale of NFT virtual property by the defendant company. The plaintiff gave the firm personal information and transferred 999 yuan (about $144) before the purchase. However, the company did not deliver the goods, and returned his money a few days later, citing incorrect identification information. As a result, his claim was assessed at 99,999 yuan (about $14,380). The court sided with the seller, confirming the misrepresentation.

“As a virtual work of art, the NFT virtual property digital collection itself combines the original expression of the creator of the art and has the value of the corresponding intellectual property rights. At the same time – they are unique digital assets formed on the blockchain based on the mechanism of trust and consensus between the nodes. Therefore, NFT collections fall under the category of virtual property,” the ruling said.

On that basis, the court ruled that the rules governing online trading apply to asset transactions.

China believes that NFTs can be used for fundraising, including illegally. Therefore, the government has concerns that “underground banks” or loan sharks and shadow banking may soon appear in the country. Therefore, the government has banned not only crypto-assets such as bitcoin, but even ICOs and mining.

However, despite the restrictions, as of the end of May, there were 83 billion yuan (about $12.33 billion) worth of digital yuan transactions in the country. China continues to actively pursue the adoption of digital currency.

Earlier, we reported that Apple forced Coinbase to remove NFT transfers.

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