Let’s start with the basics. What is a blockchain? Well, it’s like a growing chain of records, secured by clever codes. Each record is a “block” containing info about previous ones, a time stamp, and transaction data. Now, don’t get confused; blockchain isn’t the same as cryptocurrency. But guess what? Many crypto-projects use blockchain even when they don’t really need to!
Believe it or not, some blockchain projects don’t involve any cryptocurrency at all. They serve other purposes, like safeguarding medical data or monitoring supply chains and logistics.
In 2017 “Blockchain” was just a new and baffling word back then, leaving journalists scratching their heads. But here’s the thing that intrigued us the most: The mere mention of “blockchain” seemed to skyrocket the market value of a project, for reasons beyond our understanding. Salaries for regular developers were around $120,000, but watch this – a blockchain developer’s salary soared to an astonishing $250,000!
As time went on, this phenomenon spilled over into the PR world. Everyone hiked their prices, but few really knew how to navigate this crazy new domain. Luckily, I’ve gathered some insider knowledge along the way, and now I’ll share five crucial things you need to know before diving into blockchain PR.
1. The Key to Success: Master the Fundamentals
If you’re intrigued by the world of cryptocurrencies, it’s crucial to grasp the fundamentals. Sure, you don’t need to become a coding expert, but taking the time to understand seemingly unnecessary concepts like the limited supply of 21 million bitcoins, the enigmatic figure Satoshi, hash rate, forks, the distinction between coins and tokens, and the contrast between “proof of work” and “proof of stake” can make a significant difference.
Don’t be the one annoying journalists with a dull pitch about a “fast, safe, and decentralized” blockchain. We’re well into 2023, and people have caught on to the fact that speedy and secure blockchains are now commonplace, not unique advantages. True decentralization, however, comes at a cost of reduced speed due to the numerous miners involved in the system.
For those in the communication field, it’s highly recommended to familiarize themselves with terms like DAO, DeFi, IDO, farming, staking, digital identity, and more. This knowledge will aid in communicating effectively with clients and bridging the gap between their jargon and the language of the less informed.
2. Breaking the Mold: PR Strategies for Crypto
In the world of cryptocurrencies, the traditional PR approach won’t cut it. A compelling story alone won’t do the trick. While in other industries, a founder’s story might captivate audiences, in the realm of blockchain and crypto PR, it often falls flat. Unless, of course, you’re narrating a tale like that of the Winklevoss brothers, who may have missed out on triumphing over Zuckerberg but found extraordinary success as crypto-billionaires, establishing their own crypto-exchange.
I learned this the hard way in the early days. Back in 2017, every project I encountered was about “changing the world with groundbreaking technology.” However, when I approached crypto media with these narratives, I found they were exceptionally cynical and unimpressed with yet another “game-changing” claim. Some top-tier publications even went so far as to ban all crypto-related content due to previous negative experiences.
Indeed, many projects that raised millions during their ICOs in 2017 failed to deliver an actual product. So, if you want your project to gain media attention quickly, be prepared to invest in your PR efforts. Alternatively, if you aim for organic publications, your project needs to be exceptionally innovative or connected to notable names like celebrities, athletes, or well-known entrepreneurs.
3. Community Reigns Supreme
In the world of crypto, community management holds a special place in the hearts of blockchain projects. Platforms like Telegram, Twitter, and Discord play a crucial role in connecting with enthusiasts and supporters. These early followers are the backbone of any project, backing it with unwavering belief and even spreading the word about it. For success, it’s vital to align global communication strategies with media relations and community interactions.
4. Follow the Market Flow and Embrace Trading
From my own experience, I’ve learned that the market’s state can significantly impact a team’s morale. During times of impending crypto-winter, like the one in 2018 when Bitcoin plummeted by 65 percent, internal communication within a team can suffer. The crypto market is intensely volatile, and this unpredictability can affect team dynamics, especially if some team members are compensated in cryptocurrencies.
5. Prepare for the Crypto-Winter
It’s a fact: sooner or later, the market will dip. So, it’s essential to plan your financial strategy, considering both cryptocurrencies and fiat currency. Avoid relying solely on crypto payments, as it can lead to unexpected financial hardships. I’ve witnessed businesses suffer when the value of Bitcoin dropped drastically, leaving them unable to pay their developers. Be cautious with your finances and don’t let yourself get carried away by the excitement of Bitcoin’s price or alt season. Follow crypto-influencers, but remember, predictions are uncertain, and not all influencers hold real sway over prices (except, perhaps, Elon Musk).
In the grand scheme of things, we’re still in the early stages of the crypto world, metaverse, and NFTs. These groundbreaking concepts will inevitably become part of our daily lives, but patience is key. Mass adoption takes time, and as communication professionals, we can lead the way by educating people and helping them embrace these new frontiers.
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