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Hundreds of new blockchain projects have been launched this year, flooding what is already one of the most crowded sectors of the technology industry. The open-source nature of the technology combined with the enormous amount of wealth generated by the cryptocurrency boom of 2017 has made the blockchain industry a highly attractive destination for entrepreneurs, investors, and developers from across the world.
The entire market is now worth $145 billion with over 2100 different blockchain tokens and cryptocurrencies listed on mainstream exchanges. There’s no doubt that despite the downturn in the market over the past year, crypto remains a booming industry poised for incredible growth.
Standing out from the crowd now requires special skills and an experienced team. Controlling the public debate and the conversations playing out across social platforms is an essential part of building a blockchain-based company. The most successful teams have modified traditional public relations strategies to promote their products, attract the right talent, and raise funds from qualified investors. Here are some of the basics of PR for blockchain startups:
1. Everything hinges on the strength of the community
Part of the reason Bitcoin has been so robust and successful over the years is because of its intrinsic network effects. It was the first cryptocurrency, which means the savviest investors and early adopters who bought in early have become committed to the project’s long-term success. Over time, more users on the network have enhanced the value of each Bitcoin, further entrenching the original community.
New blockchain projects need to work off this model to create network effects for their platform. Creating a community of passionate supporters and nurturing them with tangible incentives and open communication is essential. Community building is a critical part of PR for blockchain.
2. Users expect an overarching mission
The wider technology industry has positioned itself as a sector that transcends corporate greed and profits. Some of the most successful technology projects in recent years, including Lyft, Airbnb, and Tesla, are regarded as mission-oriented rather than profits-driven.
A PR for blockchain strategy must be focused on the mission rather than financial or commercial outcomes in order to win the trust of users. With this in mind, blockchain teams need to spend significant time explaining the problems their product solves and its wider impact on society.
3. Adopt a culture of collaboration
Crypto culture is based on collaboration. Remote teams come together from all parts of the world to get innovative ideas off the ground, while major incumbents work with younger teams to push the industry forward.
A savvy crypto PR agency needs to embrace this culture of collaboration and communicate the team’s openness to feedback, ideas, and pitches from everyone across the industry.
Blockchain technology is still relatively new and the crypto community is still evolving. Despite the fast-paced nature of this industry, the basic tenets of public relations and corporate communications still apply. Crypto projects need to adopt these traditional strategies and modify them to position their team and brand as clear leaders in this space.
EAK Digital is a leading Global Blockchain PR Agency that works with Blockchain start-ups to help them gain mass media coverage across both mainstream and crypto publications alike.