In our Expert Takes, opinion leaders from inside and outside the crypto industry express their views, share their experience and give professional advice. Expert Takes cover everything from Blockchain technology and ICO funding to taxation, regulation, and cryptocurrency adoption by different sectors of the economy.
Caution is not always a bad thing. A healthy skepticism prevents people from diving in headfirst into a shallow concept. However, when fear, uncertainty and doubt (FUD) monopolizes voices in new and innovative territories, it can inhibit positive growth. This is currently the case with Initial Coin Offerings (ICOs).
In 2013, when J.R. Willett announced the concept of an ICO – a fundraising system where companies sell their new cryptocurrency tokens in exchange for Bitcoin and Ether – it was immediately met with public skepticism. That skepticism only grew as mainstream voices entered the Blockchain arena to chastise Bitcoin and discredit the work of the crypto community.
Today, ICOs still carry the weight of media FUD. Scams, hacks, misinformation and high-profile cynics are the poster children of ICO and Blockchain worldwide. This prevents positive, impactful and innovative projects from getting the attention they deserve. The cryptocurrency market has a PR problem.
For your ICO to succeed, you need to fight fire with fire. Your company needs to stand out from the growing mass of competition, eliminate skepticism and gain and retain support from key communities. Achieving this requires your own PR strategy.
I meet regularly with people eager to make a splash in the crypto world. I’ve sat through countless pitches and entertained concepts that vary from practical to outlandish. The question I get asked is almost unanimously: “how can I get more project attention and fight FUD.” My answer almost always involves these three concepts: