The startups success strategies shared highlight the power of influencer marketing and ICO strategies for success in the dynamic crypto landscape
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At the Ethereum Community Conference (EthCC) in Paris, prominent venture capitalists (VCs) shared valuable insights on strategies for startup success in the rapidly evolving crypto market.
Ryan Barney, an investor at Pantera Capital, recommended that startups focus on selling to exclusive clientele or whales/VIPs instead of scaling initially. He highlighted the Blur airdrop as an example of how a well-designed airdrop could boost traction.
Barney also mentioned that initial coin offerings (ICOs) and influencer marketing have yet to work well recently. Regulatory challenges have made it difficult for institutions to participate in ICOs, and influencer marketing has faced non-disclosure of conflicts of interest and follower manipulation.
However, Tony Cheng from Foresight Ventures disagreed, stating that influencer marketing is essential in crypto since paid marketing through platforms like Google and Facebook is not allowed for crypto companies. He emphasised the importance of key opinion leaders (KOLs) in driving users to crypto platforms through social media.
Cheng further warned against reckless influencer marketing and advised projects to align with KOLs and ensure their messages resonate with their user base. He also noted the recent regulatory ruling in SEC v. Ripple, suggesting that founders should consider non-institutional token sales or ICOs to gain traction, as they were deemed legitimate when sold to retail investors.