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Are Secondary Skeptics Crypto’s Biggest Enemy or Strength?
Blockchain technology and its user base could go their separate ways. While the industry has made leaps and bounds over the past five years in terms of technical capabilities and financial acumen, it’s hard to say its audience has evolved in the same way.
This article is part of CoinDesk’s Web3 Marketing package. Note: The opinions expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
Roy Blackstone is creative director of SHADOW WAR.
Of course, there are far fewer scammers and self-proclaimed prodigies infiltrating the ecosystem than before thanks to the last bear market. But the culture of trolls and hyper-online commenters remains for many the public face of the crypto industry. Across online platforms, social media, and industry conferences, voices continually seek to influence the trajectory of crypto and help HODLers navigate the turbulent market waters.
However, amid the noise of opinions, a crucial question must be addressed: are these critics mere side observers, or do they hold concrete power to move the sector forward? As crypto loses its fringe status, it’s time to reckon with its cottage industry of reviewers and influencers.
Balancing contributions and critiques
Every industry has a set of commentators – from sports to entertainment to politics – and every sector has experts armed with words, ideas and varying degrees of influence and credibility. However, for an internet-native industry like crypto that relies on digital forums for communication, online communities play a central role in shaping perceptions, influencing decision-making, and drive global market trends.
The growth of the blockchain industry offers newcomers a chance to explore emerging financial tools and decentralized finance. Although it has gained popularity, the pool of builders is still relatively small. The crypto landscape is filled with many participants with little to no experience in technology or finance, but who are still eager to lend their perspective and support to this growing space.
Thus, platforms like X, Telegram and Discord, alongside crypto influencers, have become the lifeblood of many Web3 projects – and comments can spread across the Internet, reaching a huge audience in moments. Elon Musk is a persistent example, with his articles on X about cryptocurrencies consistently having a notable impact on the market. It is clear, then, that there is an amplified influence of outside voices on the trajectory of crypto and associated projects.
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Advantages? Social platforms have become a breeding ground for the development of new projects by authentically inserting themselves into crypto discussions.
TAG Heuer, for example, used X to launch the luxury watch brand’s move to Web3. As a result, NFTs rose to fifth place on the interest list of brand followers on X, up from 13% before launch. This shows how brands looking to enter the Web3 space are turning to user-focused platforms like X to establish a presence where their target audience congregates rather than relying solely on traditional marketing methods .
That said, in a niche industry like crypto, its inherently online culture makes it exceptionally vulnerable to trolls – and the more ridiculous or outrageous their ridicule, the greater the potential for frustration. Since crypto communities are tribal, they are often emotionally and financially invested in their favorite blockchain network or project, which automatically makes them defensive or resistant to critics who question their interests.
It effectively applies “Stan culture” to a very real financial and technological ecosystem. But does that mean every crypto critic is just a troll in disguise?
Minimize the trust gap
When constructive, criticism catalyzes progress – and cryptocurrencies have been no exception. Constructive criticism and discussion can foster innovation, stimulate collaboration, and help newcomers find their way.
Well-run organizations can leverage constructive criticism to address complex challenges because collaborative efforts rely on knowledge sharing. The ecosystem benefits from the critical eye of commentators, distinguishing real innovation from projects that blow smoke.
One way to address negative comments about the industry is to introduce business founders to their audience. Engaging in open dialogue and discussions with critics is a productive way to ensure that information circulating online is factual and not based on skeptics’ feelings about the project.
Virtual AMA (ask me anything) sessions through platforms like Telegram, Reddit, X, and YouTube allow project managers to interact with community members, resolve issues, and demonstrate their value. Sharing goals and project updates directly with audiences promotes loyalty and a positive brand experience.
Even today, we see the benefits of constructive criticism, as the common criticism of the unprofessionalism and carelessness of cryptocurrencies has been addressed and sparked investor interest. institutional actors.
This change in the regulatory interests of financial institutions proves that cryptocurrency manufacturers must listen and take into account the feedback of their users. The more developers can accept valid criticism from their community, even from outsiders, the faster the ecosystem will mature and grow.
Critics generate a torrent of responses, often obscuring the underlying merits of the topic and exacerbating the volatility of the sector. A concerted effort toward education, streamlined processes, and robust security is necessary to bring the next wave of crypto enthusiasts into the mainstream. By fostering familiarity and trust, the crypto ecosystem can transcend its reputation, paving the way for widespread adoption and growth.