Blockchain marketing news in October 2020
PayPal is in the spotlight this month, as it has finally been confirmed that the biggest online payment service (with more than 340 million users worldwide) is stepping into the crypto market.
It is the news we’ve all been waiting for since June when rumours began circulating about the company’s crypto intentions. And now it is official: Paypal users will be able to buy, sell and store virtual currencies in their accounts.
The announcement might well turn out to be one of the industry’s biggest stories this year and it has resulted in Bitcoin hitting a record high for 2020. There are a couple of disappointing details in the announcement that have left some parties disappointed that are worth reading about. However, no one can deny the gigantic influence Paypal will have on mainstream validation of the crypto market.
“Everywhere in the world, adoption is gaining momentum. We have always believed it was a matter of ‘when,’ not ‘if,’ and PayPal jumping in is just another domino falling. This is the money of the future,” said João Gomes, head of growth and marketing for crypto payments firm Utrust, in his response to Cointelegraph.
On top of the PayPal announcement, there was also positive news about decentralised social media platforms for the blockchain and crypto industry to digest.
Blockchain start-up Skynet Labs and Ethereum-based social network Minds have already developed open-source alternatives to traditional social media giants, allowing users to store their data without fear of privacy breaches. Social tokens are now taking the influencer economy by storm, with online creators ready to monetise their popularity and ordinary users attracted by the possibility of passive income that decentralised apps offer. However, it will likely take years for blockchain social media to reach a meaningful portion of the market.
‘And Finally’ this month...we’ve got Ben Weiss of CoinFlip predicting that the next biggest tech company will be built on blockchain technology. It certainly feels like an exciting month for the crypto and blockchain community.
News and Reports
PayPal and its subsidiary Venmo finally confirmed their involvement in crypto services by allowing PayPal account holders to buy, sell and store digital currencies: Bitcoin, Ethereum, Litecoin and BitcoinCash. With more than 346 million active monthly users, Paypal will become a major digital wallet and could be one of the key drivers of crypto mass adoption.
PayPal's announcement has attracted significant criticism, based on the limitations imposed on its crypto users. Centralised control of currency funds, large transaction fees and the inability to send or pay with crypto are some of things being criticised but it is clear this move “will do more good than harm for the crypto industry’s mainstream reputation in the long run”.
German carmaker BMW has rolled out a blockchain-based loyalty membership app in Korea, which will allow its customers to collect tokens in order to access luxury events and get discounts on their next purchases. This programme will start by the end of 2020 and, if it proves to be a success, will be launched worldwide.
Skynet Labs has launched SkyDB, an open-source cloud storage platform that will allow developers to create decentralised versions of social media networks like Twitter or Instagram. The protocol will be freely available to its users, so anyone can update and modify the source code without consent from the original developer.
Decentralised advertising network AdEx has upgraded its staking feature and layer 2 scalability in order to significantly speed up transactions that rely on the Ethereum network. It claims this upgrade has made AdEx the largest payment channel on the Ethereum network and one of the most attractive blockchain projects for the crypto advertising community.
Features and Interviews
Decentralised social network Minds has a new feature that allows users to permanently save their posts on the Arweave blockchain storage platform. This is just another step in fighting censorship and promoting freedom of speech, which is one of the distinctive characteristics that Minds says sets it apart from other centralised social media platforms.
This is a step-by-step guide on how to build a strong and engaging community of cryptocurrency users that will support a successful marketing promotion. While some of these strategies simply mirror traditional digital marketing ones, this guide is worth reading to see what needs to change and be adapted by cryptocurrency projects.
According to Aragon co-founder Luis Cuende, the blockchain technology his company is developing could be a solution to major social media moderation issues. Aragon provides framework and tools for decentralised autonomous organizations (DAOs) and “virtual courts” - an online dispute resolution service that operates as a digital jurisdiction.
As more users become aware of the drawbacks of using centralised social media platforms, blockchain-based alternatives are becoming increasingly popular. This article explores some of the most prominent blockchain social media platforms, including their main characteristics and benefits, while also covering the challenges of blockchain implementation in social media.
Social tokens are “tokens backed by the reputation of an individual, brand or community”. They are gaining traction among social media creators and influencers as a new way of monetising their work and encouraging loyalty among their fans. Could this be the next social media marketing trend to follow? It sounds interesting but we will have to wait and see.
Following the sentiment of the previous article, this opinion piece in Hacker Noon looks at what decentralised social media applications, profit-sharing and revenue tokenisation could look like in what it refers to as the next “natural step in the evolution of cryptocurrency earning.”
The blockchain social media saga continues in this article, which discusses why decentralised social media can offer a powerful alternative to Facebook’s monopolistic practices. While many believe that blockchain is the best solution to big tech dominance, it “will probably take several years for blockchain social media to grab even a small proportion of the market share.”
In an interview with Business Insider, Ben Weiss, the cryptocurrency chief at CoinFlip, points out the crypto-wariness of regulators in the United States, how this attitude holds back industry growth and innovation, and why this all means the next global tech giant will be built on blockchain and based in Singapore, not the US.