Cryptocurrencies are unregulated and highly volatile, making them a risky investment for businesses. In addition, a survey by Visual Objects shows that people still think crypto is largely associated with illegal activity. These components make it hard for cryptocurrency companies to advertise on mainstream platforms, making them turn to other forms of digital advertising, including crypto online publicity services like Baden Bower.
Despite the challenges, it is not entirely impossible. For instance, Google requires that the advertisers are Google-certified for restricted financial products and that the crypto company's products, landing pages, and ads meet all local legal requirements.
Meta has followed suit as the demand for digital currencies continues to grow. With Instagram being the most popular platform for influencer marketing, pairing Instagram ads with advertisements through online influencers would be a beneficial strategy for crypto companies.
PR agency Baden Bower shares how to advertise crypto on Instagram:
Traditional way
Companies looking to run crypto ads need to:
- Meet the eligibility requirements here. Companies looking to run ads will also meet the requirements to obtain the licences required by countries with regulations on cryptocurrencies.
- Companies must fill out the Cryptocurrency Products and Services Onboarding Request form once they determine they meet the eligibility requirements.
Instagram's team will review the application to see if it aligns with their crypto policy. Individual ads will also be reviewed before they go live on the platform.
The alternative ways that crypto projects market their tokens
Influencer marketing on Instagram helps brands to circumvent the need for ad approval from advertising platforms like Instagram. A survey from Social Shepherd states that 61 per cent of consumers trust influencers' recommendations. As a result, working with them to market crypto projects is growing in popularity as a marketing strategy. However buyer beware, as Kim Kardashian was ordered to pay $1.26 million in a major SEC crypto case. The Securities and Exchange Commission is charging the reality star and entrepreneur with promoting a cryptocurrency on her Instagram account without disclosing how much she was paid to do so, the agency announced.
Publicity is still fair game
Even though advertising on platforms like these is possible, companies should consider investing in alternative marketing strategies for their crypto projects like publicity. Specialist publicity agencies like Baden Bower, generate publicity for crypto projects in various ways, like establishing relationships with key crypto publications and offering money back guarantees if news stories fail to publish.
What is the future of crypto after FTX?
Crypto always seems to bounce back after scandals like FTX (remember Mt Gox?). However new projects must ensure that they find a way to get to market, with the major advertising platforms erecting obstacles making it hard to get traction. In this regard, news articles and publicity seem to be the main way of reaching a new target audience.
Disclaimer: The information provided in this article is being provided solely for informational and promotional purposes and should not be construed as investment, tax or legal advice.