Many projects are running into oblivion. The many still alive are crawling, but only a few dominate the market. Much of their successes and failures boil down to marketing strategies.
Among the many factors that determine a project’s performance, marketing plays a crucial role, as it helps to pull attention to the project, engagement, and adoption.
This article reveals the secret marketing strategies of successful Web3 projects. These insane strategies have made a few become kings in the market. You can apply them to see how much marketing magic you can create.
What is Marketing?
Marketing is the strategic process of promoting products, services, or ideas to a target audience. It involves various activities, from market research to advertising, branding, and customer engagement.
These marketing strategies create awareness, generate interest, and ultimately drive sales or achieve specific goals. Effective marketing involves using channels like digital media, social platforms, traditional advertising, and public relations to convey compelling messages that resonate with the intended audience.
While marketing a business, it is vital to understand the ideal consumers for that business, pinpoint their needs, analyze market trends, and continuously adapt strategies to meet evolving demands.
What is Web3 Marketing?
Web3 marketing is all about promoting and engaging with decentralized technologies and projects. It involves leveraging blockchain, cryptocurrencies, and decentralized applications (DApps) to build awareness, trust, and communities around these innovations.
Web3 marketing focuses on transparent communication, educating users about complex concepts, and fostering active participation in decentralized ecosystems. It often includes tactics like social media campaigns, community engagement, token promotion, and partnerships with like-minded projects.
As a Web3 marketer, you play a crucial role in driving adoption, liquidity, and success for Web3 projects by bridging the gap between solutions and those needing them.
The Projects And Their Strategies
Web3 projects often employ different marketing strategies to scale and dominate the market. Let’s see some successful Web3 projects and the marketing strategies they applied.
1. Axie Infinity
Axie Infinity is a blockchain-based play-to-earn game where players collect, breed, battle, and trade digital creatures called Axies. These Axies are non-fungible tokens (NFTs), meaning each is unique and has its own value.
Players can earn Smooth Love Potion (SLP), the primary in-game currency, by winning battles and completing quests. These SLPs can then be sold on exchanges for fiat currency or other cryptocurrencies.
Another way to earn cryptocurrency in Axie Infinity is by breeding Axies. Bred Axies can be sold on the marketplace for a profit. Players can also stake their AXS tokens to earn rewards.
Axie Infinity’s Marketing Strategies:
- Community building
- NFT incentivization
- Social media marketing
Axie Infinity has a strong community of players and supporters, which they have built through various channels, including Discord and in-game events. These communities serve as a base (or home) for their members to interact with the game and one another.
Community members are also privileged to receive first-hand information from the Axie team concerning the project. This strategy has driven massive adoption of the game.
Axie Infinity has an NFT incentivization program where players can earn rewards for breeding and playing with their Axies. Humans love to be rewarded, so the incentive strategy works like magic. This strategy ensures that the community players continue interacting with the project and improving its utility.
Social Media Marketing
Axie Infinity has a strong presence on social media, with nearly 1 million followers on Twitter and over half a million Discord members. Social media marketing is an effective tactic for projects to pull in more numbers and expand extensively.
Axie Infinity keeps its social media pages active with valuable and exciting information about upcoming events, new features, and player achievements.
Uniswap is a decentralized exchange (DEX) protocol allowing users to trade cryptocurrencies without answering a central authority. The DEX Is built on the Etherum blockchain and has a native token, UNI.
Uniswap facilitates trades with an automated market maker (AMM) model. This means that there is no order book, and users can trade directly with each other. To use Uniswap, you must connect your crypto wallet to the protocol.
Once connected, you can select the tokens they want to trade and the amount they wish to trade. Uniswap will then calculate the trade price based on the token pair’s liquidity pool.
Uniswap’s Marketing Strategies:
- Email marketing
- Content marketing
Email marketing is a proven marketing strategy for a Web3 project. In fact, the email marketing market has a value of over 7 billion dollars.
Uniswap uses email marketing to stay in touch with its community and share news and updates about the exchange. For example, Uniswap sends regular newsletters with information about the exchange, upcoming events, and community stories.
Content marketing is another strong marketing strategy that improves Web3 brand revenue figures like magic! Uniswap has a blog for publishing articles about decentralized finance, blockchain technology, and the Uniswap protocol.
The blog articles are easy to read and very informative. They work as an effective channel to attract new visitors to the Uniswap website.
OpenSea is a peer-to-peer marketplace for non-fungible tokens (NFTs). It is the first and biggest NFT marketplace globally, as it has listed over 80 million NFTs with more than 2 million active users and a trading volume of over 10,000 ETH NFT trades daily, according to Blockworks.
Everyone is allowed to buy and sell all varieties of NFTs on OpenSea. All you need to do is connect your crypto wallet to the platform. It is vital to note that OpenSea charges a 2.5% commission on all sales from the seller.
Aside from selling NFTs, OpenSea offers several features for creators, like the ability to set royalties on their NFTs and to create limited-edition collections. What strategies has OpenSea leveraged to dominate its market?
OpenSea’s Marketing Strategies:
- Partnerships and Collaborations
- Affiliate marketing
Partnerships And Collaborations
OpenSea has partnered with several Web3 projects, such as The Sandbox and Enjin, Warner Music Group, to cross-promote each other’s platforms.
One of the most prominent partnerships was the Christie’s X OpenSea Onchain Auction in December 2021. The auction featured a curated selection of NFTs with the highest-selling NFT selling for over $1 million.
OpenSea had an affiliate program where users could earn rewards for referring new users or matching buyers with sellers on the platform. The rewards came from the trading fees that their referrals generate. All you needed to get started was to sign up as an affiliate and connect your wallet address.
Now, OpenSea has a bug bounty program. This program rewards individuals who report vulnerabilities in the OpenSea system. A reporter can receive up to $50,000 as bounty rewards, depending on the severity of the vulnerability.
Coinbase is the second-largest cryptocurrency centralized exchange (CEX) after Binance, which allows users to buy, sell, and trade cryptocurrencies. The exchange supports over 10,000 assets worth $130 billion and a quarterly trading volume of $145 billion.
A Statista report showed that the CEX had over 108 million users in the third quarter of 2022. Aside from being early, what marketing strategies helped them gain massive adoption and utility? See them below.
Coinbase’s Marketing Strategies:
- Referral programs
- Influencer Marketing
Coinbase often runs paid ads on different channels, including social media, Google, and physical events. In February 2022, Coinbase ran an ad at the Super Bowl that skyrocketed their app installs by over 300%. This created massive traffic, forcing their website to crash for over an hour.
Another instance of CEX’s advertising is its “Learn and Earn” campaign. This campaign was task- and quiz-based, so individuals earned $50 worth of crypto for completing stages.
Coinbase has a referral program where people can earn rewards for referring new users to the platform. Coinbase’s referral program works uniquely, so the referrer and referral earn a reward. If the referral makes a first transaction of at least $100 within 180 days of signing up, they both get $10.
Binance is the world’s largest cryptocurrency exchange by trading volume and monthly visits, according to CoinGecko. It was founded in 2017 and allows users to buy, sell, trade, and store over 360 cryptocurrencies.
Binance is known for its low fees, wide selection of cryptocurrencies, and advanced trading features. The exchange also has indigenous products and services to make financial activities easy for its users. They include Binance Earn, Binance Launchpad, Binance P2P, and Binance NFT.
Binance’s Marketing Strategy
Influencer and Content Creator Marketing
Binance has a marketing program for influencers and content creators who share Binance with their audiences. These influencers can get paid in commissions and other benefits across all trades on Binance Spot, Futures, Binance Pool, and Margin Trading.
Importance Of Marketing For Projects In Web3
Marketing is essential for your Web3 project to thrive, as Web3 projects become successful with adoption. See the benefits you get when leveraging Web3 project marketing strategies.
1. Building Awareness and Trust
Web3 projects often involve cutting-edge technology and innovative concepts. Effective marketing helps create awareness about your project among potential users, investors, and partners. It also helps in establishing trust within your community by providing transparent information about your project’s goals, team, and progress.
2. Community Engagement
Web3 projects thrive on massive community involvement. Therefore, your Web3 project can engage with your audience through marketing activities like social media campaigns, community forums, and live events. A strong and engaged community can contribute to the success of a Web3 project by providing feedback, spreading the word, and participating in tokenomics.
3. Token Adoption and Liquidity
Many Web3 projects have native tokens or cryptocurrencies associated with them. Therefore, marketing is essential for driving token adoption, liquidity, and trading activity. This process ensures that your token gets listed on reputable exchanges, gains recognition among traders, and maintains a healthy trading volume.
4. Education and Onboarding
Web3 technologies can be complex and unfamiliar to users, especially those from the Web2 space. Marketing helps educate potential users and investors about the benefits and functionalities of your project. You need to provide educational content, tutorials, and guides to help onboard new users and make your project more accessible.
5. Partnerships and Collaborations
Collaborations with other projects and organizations are common in the Web3 space. When you market your project effectively, you can attract potential partners and collaborators with similar visions. These partnerships can lead to joint development efforts, increased visibility, and a broader user base.
Web3 Project Marketing is as important as creating the project. A Web3 project can only be complete and will only meet its goal with adoption and usage. Adoption and usage come from effective marketing. This is why marketing is so important.
Your project can hit the right numbers and dominate the market with the right marketing strategies. All you need to do is implement them and know how they work for you.