Crypto companies are increasing their digital marketing efforts by running ads on mainstream platforms such as social media and ride-sharing apps. According to Magna, the crypto ad spend in the U.S. totaled $40 million in the first half of 2024, with YouTube and Facebook being popular advertising channels. Polkadot, a Web3 protocol, launched an ad campaign on Lyft in June, showcasing the potential of leveraging mainstream applications to reach a wider audience. The ad campaign, titled “Polkadot X Lyft NYC,” has been running in Manhattan, New York, targeting areas with a high presence of tech companies and finance professionals.
The Polkadot ad on Lyft focuses on educating users about blockchain technology, directing them to a fifteen-minute documentary called “Behind the Code.” The ad campaign has seen impressive results, with an increase in engagement among Lyft riders and over 20 million visual impressions expected from on-taxi displays. The company plans to spend $189,680 for the campaign duration, showcasing the effectiveness of leveraging mainstream platforms for advertising in the crypto space. Other companies like Coinbase have also launched innovative ad campaigns, such as the “Mr. Miggles” social campaign, aimed at showcasing the power of on-chain technology for content creators.
Coinbase’s Chief Marketing Officer, Kate Rouch, believes that on-chain technology can revolutionize the economic models of the Internet and empower creators. The Mr. Miggles ad campaign generated significant interest, with over 500,000 NFT mints in the first 24 hours, raising funds for the Base Creator Fund. Coinbase’s advertising spend increased in Q1 2024, with the company investing heavily in sales and marketing efforts. Algorand, another crypto company, ran an ad on X to raise awareness about atomic swaps, highlighting the importance of educating users about blockchain technology and its applications.
While crypto companies are investing millions in advertising, the effectiveness of these campaigns in educating users about blockchain technology remains to be seen. Despite the growing popularity of crypto advertisements, a survey found that a majority of U.S. cryptocurrency investors still do not understand blockchain technology. However, companies like Coinbase and Polkadot remain optimistic about the impact of their ads on user education. By leveraging mainstream platforms like Lyft and social media, these companies aim to reach a broader audience and help users gain a better understanding of blockchain technology and its potential applications. The success of these ad campaigns will ultimately depend on how effectively they can engage and educate users in the crypto space.
