A group of 50+ marketers, designers and communications professionals have grouped together to form the Ethereum Marketing DAO. Their aim is to communicate the cryptocurrency’s vision and value propositions and to grow Ethereum as a brand.
But should decentralized assets like Ethereum be relying on marketing campaigns to grow their brands? Has this become a necessity in the currently overcrowded crypto-landscape?
So Tell Me About This Ethereum Of Which You Speak
Ethereum is the second-largest cryptocurrency by market cap. It has achieved this, largely without any co-ordinated marketing strategy, as the Ethereum Foundation focusses on the technology and infrastructure. This would be nothing short of incredible in any other industry, even considering its ‘first-mover advantage’.
Now though, the cryptocurrency market is a different landscape, full of competing tokens, many of which are directly positioned against Ethereum. And, Ethereum’s position leaves it a key target of attacks from detractors, often purely to spread FUD and shill their own bags.
Introducing The Ethereum Marketing DAO
Admittedly, to provide a centralized marketing arm for a decentralized asset would seem fairly perverse to say the least. But Ethereum as a ‘brand’ could certainly benefit from a little marketing to stand out in an increasingly large crowd. As could Bitcoin in fairness. Imagine the penetration, if Bitcoin had the marketing dollar of say, Coca Cola. Although that’s another story.
Anyway, the solution proposed is a DAO (or decentralized autonomous organization). This has two big objectives: to pool pledged funds towards upvoted marketing initiatives and to propose, select and action such initiatives.
The group plans to fork the Moloch DAO as a baseline for implementing its marketing initiatives.
First Projects
The initial plan of attack is three-fold. It involves research to identify the audience and lay the foundation for futures campaigns, ensuring a presence ‘on the ground’ at global events, and develop a strong Ethereum positioning to make it more easily understandable.
This would all be great, although in a tweet-thread, this ‘positioning of Ethereum’ is labeled ‘Memes’. Perhaps that’s the sort of decision which needs to wait until after the research part? And only if the research reveals that the audience is particularly going to be influenced by memes.
Anyway, this is an interesting development, and it will give some balance to the flow of Ethereum information, which is currently too often tainted by either Bitcoin maximalists or sh*tcoin shills wanting to take the currency down a peg or two.
What do you think of decentralized assets like Ethereum trying to redefine their brand through marketing? Share your thoughts in the comments below.
Image via Shutterstock
