Catapult Your Blockchain Business to Success with Premiere Creative
Looking for a one-stop crypto marketing agency for your crypto or blockchain business? Premiere Creative’s delivers personalized digital marketing solutions for crypto and NFT brands that engage and retain new and existing customers. Whether you need SEO, PPC, social media marketing, or influencer marketing, Premiere has the expertise to craft a winning digital marketing plan designed uniquely for your crypto business.
The global cryptocurrency market is projected to reach $32.4 Trillion USD by 2027. As data security, transparency, and ease of use online become increasingly important and expected for businesses, consumers, and investors alike, cryptocurrency is the convenient financial solution of the future. With entrepreneurs and seasoned businesses adopting cryptocurrency a central part of their business models, now is the time to capitalize on this enormous opportunity to capture your crypto niche.
A Quick Introduction to the Crypto Industry
While the crypto industry is quickly growing, the innovation’s technical complexity leaves many consumers and entrepreneurs unsure of what cryptocurrency is, how cryptocurrency works, and how different crypto applications can be used. Premiere is here to explain exactly what cryptocurrency is, the plethora of potential blockchain applications, and how to get ahead of your competitors with crypto digital marketing strategies.
How Crypto Works: Understanding the Blockchain
To understand crypto products and applications, such as cryptocurrency and NFTs, you must first understand the database system that makes crypto possible, called Blockchain. A blockchain is a super-database where information is collected in groups called blocks (differing from traditional database tables). Blocks can only store a limited amount of data. Once the block reaches its data capacity, it closes and creates a new block. The new block links to the closed block using cryptography – an encrypted signature or key. The result is an indefinite blockchain of data that is unchangeable through layers of encryption. What contributes to crypto product’s security, transparency, and efficiency is the blockchain database on which crypto products are built upon.
While the block is a collection of data, the blockchain is a public database that stores these linked blocks on various network nodes (physical computers) around the world. Therefore, the blockchain’s irreversible chronological timeline of transactional data is protected through its decentralized existence and layers of encryption. No one single person, organization, or government has complete control, maintaining the fidelity of the data. Everything is publicly recorded and viewable to anyone, meaning no ledger is hidden, destroyed, altered, or deleted.
How Does Blockchain Validate its Data without a Third Party?
You may be wondering, how is a peer-to-peer medium of exchange secure without a third-party validator such as a bank? Blockchain uses computers to validate the authenticity of a block before it can be accepted and permanently added into the chain. The process is called “consensus” because nodes in the blockchain network must agree on the validity of the data in the block and ensure all copies of the data are the same.
Most crypto products and applications utilizing blockchain technology have slightly different ways of reaching a consensus as a network. For example, the first cryptocurrency, Bitcoin, calls its consensus process, “Proof of Work”. The validators, “Bitcoin Miners”, are computer nodes all over the world that compete to solve complex algorithms to verify transactions. Solving these extensive mathematical equations at top speeds requires a significant amount of electricity and computer power.
What is Cryptocurrency?
Think of cryptocurrency as regular old fiat currency. It is essentially a medium of exchange similar to any other global currency, such as United States Dollars, Japanese Yen, or British Pounds. The difference is that cryptocurrency exists only in the digital realm.
Because cryptocurrencies only exist digitally, there is no government, bank, or central authority to maintain and uphold the currency. This means cryptocurrencies are decentralized – a peer-to-peer exchange with no third-party validator.
What are NFTs (Non-Fungible Tokens)?
A non-fungible token (NFT) is a unit of digital data in the blockchain that is a unique identification code and metadata. Differing from cryptocurrencies, NFTs are not identical, meaning they cannot be traded or exchanged at an equal value (non-fungible). Think of an NFT not as money, but as a work of art or a real estate. Just as no two pieces of land are identical, NFTs each holds its own specific value.
An NFT is a digital asset that “tokenizes” or represents these real-world or digital assets. This could be a digital sports card, digital artwork, digital assets for online worlds (Minecraft), gaming avatars, GIFs, or anything deemed of value. For example, Twitter’s CEO Jack Dorsey, sold his first tweet as an NFT for almost 3 million dollars.
How NFTs Create Value
The attractiveness of NFTs come from its unique potential to hold value in almost anything creatively possible. As long as there is a small community of people that deem a digital or physical asset valuable, an NFT token can holds its value. The key to an NFT’s value is the transparency in ownership of these assets. Because the blockchain-based NFT is documented and open to the public in its ownership and transaction, the authenticity is clear making it desirable to be an owner of these authentic and original digital assets.
NFTs are often an emotional connection to a cause, community, or product. Nostalgic digital items, such as the Nyan Cat GIF that graced the internet in early 2010, was sold as an NFT by the GIF’s creator at an equivalent of $853,300.
The tokenization of real estate allows pieces of land to be divided into NFT shares, something that is impossible to split up in the real world. Access to online community, you can be an investor, a shareholder, and a member of an online community. With any niche interest and creativity, NFTs hold massive potential for financial investments and exchange applications.
What is a Smart Contract?
To make peer-to-peer transactions and exchanges possible, crypto businesses, investors, consumers, and crypto exchange networks rely on smart contracts. These are automatically generated agreements between parties without the need for an intermediary to validate the contract. The validity and execution of these contracts are upheld by the blockchain technology’s transparency and security of data. A computer generates customizable if/when then statements into its code that are stored on a blockchain when it is properly carried out. The popular blockchain platform Ethereum relies on smart contracts to carry out exchanges in DeFi, NFTs, and other smart contract applications.
What Are Blockchain Wallets?
Decentralized Finance is easily accessible to anyone with a digital wallet or blockchain wallet. A digital wallet is simply a platform or software application that allows you to access your crypto assets, buy, sell, and trade on the blockchain. While there are many different financial services that offer these e-wallets, the term “Blockchain Wallet” belongs to the crypto financial services company, Blockchain. Other notable crytpo-wallets include Coinbase, Electrum, Mycelium, Ledger Nano X, Exodus, and Crypto.com.
Crypto wallets are either connected to the internet (hot), not connected to the internet (cold), or connected to the internet with an additional layer of security (warm). While a cold wallet provides an extra layer of protection from online attacks, a hot wallet is much more accessible and easier to actively manage and trade from. Most users find a balance of storing assets on both hot and cold wallets or entrusting their assets to a warm wallet (online with human intermediary to sign off transactions onto the blockchain).
What is Decentralized Exchange and How Does Decentralized Finance (DeFi) Work?
Decentralized Exchange or Decentralized Finance products is an alternative to traditional banking and investment services, which heavily rely on third-party. Decentralized finance mimics the serves and products of the traditional financial world, except in the digital space, built on blockchain technology. DeFi’s is a peer-to-peer industry without one single third-party validator. Transactions are validated based on complex algorithms of nodes all around the world to provide secure and public ledgers available to anyone with an internet connection.
Advantages of DeFi include:
- Speed – Transactions are completed faster in DeFi exchanges due to automatic consensus validators, rather than an intermediary (a bank). Additionally, you do not have to wait for your financial institution’s open hours, as these platforms operate 24/7.
- Accessibility – Unlike traditional banks and financial institutions, DeFi requires no personal details, all you need is to connect to a digital wallet. This means less hoops to jump through to get started investing or exchanging cryptocurrencies and NFTs.
- Global – DeFi takes the hassle out of exchange rates and
- Permissionless – As a peer-to-peer network, there is no governing third party to validate your transactions and investments.
- Secure – Blockchain technology ensures a ledger of exchange is secured through encryption and the decentralization of data.
Disadvantages of DeFi include:
- Volatility – As cryptocurrencies are not backed by any physical commodity, they only hold value based on supply and demand. This combined with the uncertainty about the crypto industry creates significant fluctuations in value over the short and long term. However, there are DeFi solutions to reduce volatility within crypto-financial tools. As crypto becomes more known and commonly understood, the industry may see a decrease in volatility.
- Novelty – Decentralized Exchange platforms and DeFi is relatively new. As these platforms become more widely accepted, there will be a better understanding of how to manage DeFi transactions and investments on a day-to-day basis for the average consumer and business.
- Vague Legal Structures – Because the digital infrastructure is global and unregulated by any central entity, governments have yet to completely integrate laws around decentralized exchange platforms.
Crypto & NFT Trading Fees – Centralized Exchanges & Decentralized Exchanges
While crypto trading is decentralized and secure, most exchange platforms require different types of fees. The two major kinds of crypto trading fees are exchange fees and network fees.
- Exchange fees – Crypto exchange platforms make money by charging exchange fees on every trade, deposit, and withdrawal. Each of these types of exchange fees (deposit, withdrawal, maker, taker, and spread) varies for each trade and platform. There are typically two types of crypto exchange fees, maker and taker.
- Maker fees occur when someone creates a new trade, therefore, adding liquidity to the platform.
- A taker fee occurs when a trader (the taker) matches the maker’s trade, therefore removing that liquidity from the platform
- Instead of maker/taker fees, some exchanges charge a third type of fee called a spread fee. This is typically the difference between the cost of a token and the amount paid to buy or sell that token.
- Network fees (Gas) – Network fees occur on blockchain networks that are decentralized (differing from the centralized exchanges mentioned above). The fee is not set by a platform, it is set by the market rate for validating a transaction on the blockchain. The gas fees are meant to cover the amount of computational power (electricity) required to verify transactions on a network. Network fees tend to vary as supply and demand continually shift.
Benefits and Applications of Cryptocurrencies, NFTs, and Blockchain
Blockchain technology enables businesses to create more secure and efficient processes. Every day, there are new applications of blockchain technology, and the list will continue to grow. As consumer knowledge and sentiment towards blockchain technology expand, creativity and innovations will lead to more sophisticated and secure crypto, NFT, and blockchain products. Premiere has rounded up some existing and growing applications of blockchain technology, cryptocurrencies, and NFTs.
1. Artist Royalties
Creators and artists continue to struggle with ownership, transparency, copyrights, intellectual property rights, and receiving due royalties. Additionally, the art industry is not as readily accessible to average consumers. With blockchain technology, agents, auctioneers, and other middlemen are removed to provide direct peer-to-peer markets for artists and consumers. Due to the decentralized and immutable nature of the blockchain, there is increased transparency in the legitimacy of ownership, value, and transactional data.
2. Blockchain Cloud and Data Storage
Cloud storage is typically centralized- meaning a single entity controls the infrastructure. This poses risks to privacy and security, a bad actor could tamper with the data, or a warehouse fire could destroy the nodes containing the data. Blockchain mitigates the risks of cloud data storage because of its decentralization and secure encryption. Not only is this safe, but blockchain is also efficient and scalable.
3. Cybersecurity and Internet of Things (IOT)
Termed “Internet of Things”, the physical devices that connect and transmit data through the internet are increasingly integrated into our everyday lives. With everything from smart doorbells to sophisticated industrial machinery, these advances in technology make our lives much more convenient and efficient. As a result, there are growing concerns with cybersecurity. However, blockchain technology tackles the issue of cybersecurity in the IOT.
Because the blockchain is tamper-proof through decentralization, automatic consensus validation, and encryption, there is no longer a risk of destruction or alterations of important data. The information is secure and accessible only to those with the proper encryption keys, removing threats of spoofing or identity theft.
4. Electronic Voting
Voting using blockchain technology applications can increase transparency and mitigate risks of voter fraud and election manipulation. When using this technology, the blockchain stores immutable records that cannot be changed or tampered with to ensure proper voter counts. With the possibility of safer and more transparent voting processes, blockchain technology could be seen in future elections.
The anonymity and ease of using cryptocurrency is an attractive option for gamblers. Online crypto casinos have increased transparency of transactions, eliminating the opportunity for fraud. Every play and transaction is stored and visible in the blockchain.
6. Government Administration Programs
The bureaucratic nature of government systems is notoriously slow at delivering services and executing plans. Blockchain technology and smart contracts can increase the speed and efficiency of government programs such as welfare, foreign aid, public infrastructure, social security identity, law enforcement, data security, and more.
7. Healthcare Data Management
Healthcare data contains highly sensitive patient information. To ensure there are no data breaches and an airtight ledger of transactional and other healthcare information. With the flexibility to adapt to a variety of healthcare applications, such as clinical trials and diagnostic laboratory data management.
8. Identity Security
Identity security is important for individuals, companies, and IOT devices. Blockchain solves problems for each of these entities by creating accessible, secure, transparent, and accurate identity data. Credentialing and ID proof become less of an issue when your identity is safely stored on the blockchain. There is one single truthful and valid identity that is decentralized, which makes it very difficult to destroy, lose, or alter.
9. Logistics and Supply Chain
A complete ledger of all transactions, contracts, invoices, shipments, orders, documentation, and other logistic and financial information. There is a chronological timeline of every action taken – from an order placed, sent the order to a supplier, received order by the supplier, all the way through product delivery. This leaves much less room for error, and at least a recording of what went wrong and when. The blockchain removes confusion and ambiguity about lost orders and miscommunications. In this system, each party is held accountable for their actions and able to identify errors.
10. Payments and Money Transfers
Besides its vital role in cryptocurrency transactions, blockchain can be used in other payment processing services. Blockchain removes the intermediaries involved in transferring money to a person in a different country. With transparent records of transactions, there is less risk of fraud with increased traceability of ledgers. Overseas payments and money transfers become faster, as there are no 3rd party organizations that must validate the transfer within a set time zone or office ours. Blockchain money transfers are immediate, making it much more convenient to execute transactions.
11. Smart Contracts
Smart Contracts use blockchain technology to execute an agreement based on the predetermined conditions defined by if/when statements. This means there is no third-party involvement, and both parties are informed and agree to the conditions of the contract. A computer recognizes when the conditions are met and then stores this information on the blockchain.
Smart Contracts are quick, efficient, secure, and transparent, not to mention saves you the cost and time of intermediaries. These smart contracts are used in finance (transactions, lending, trading), gaming, healthcare, NFT trading, the legal industry, and so much more. With their flexibility of applications, Smart Contracts are the building blocks of blockchain applications.
Safety and Security of the Blockchain Industry: Risk Factors
While cryptocurrencies and blockchain technology increase data security, there are some risk factors that investors and business owners should remain aware of.
As mentioned previously, cryptocurrencies tend to be quite volatile due to their novelty, and lack of connection to any tangible assets. A contributing factor to this volatility is the hype around certain crypto investments. For example, meme crypto investments such as Dogecoin create a significant amount of buzz around the product. Once the trend passes and the joke loses the interest of its audience, the crypto coin’s value drops significantly. Users must be thorough in their research and pay attention to which currencies and NFTs make the most sense for their goals.
Cryptocurrency Theft Protection: Crypto Custodies
Encryption and decentralization may increase the security of your data, but losing your e-wallet or investment platform key or passcodes can result in the loss of your assets. Additionally, crypto users are often targets of phishing and scams because of the lack of regulation and base knowledge of the products, technology, and marketplaces. To mitigate the risk of theft, there are products such as crypto custody, that can help prevent the loss of your digital assets.
What Is Crypto Custody?
When you invest in cryptocurrencies and NFTs, you are your own custodian. This means there is no third party to protect your assets (a bank). While this is an advantage for some, it is a risk factor for others. If you lose your private key, you will no longer be able to access your assets. Similar to the way you entrust a bank to protect your money, you can pay third-party crypto custodians to hold your private crypto keys. These custodians are regulated by the government at the state or national level to ensure your currencies are safe and secure. Therefore, if you lose your crypto wallet or theft occurs, there is a third part that can help verify your identity and recover your assets.
The Different Types of Crypto Custodians
Crypto custody is important to increase trust and safety around crypto assets for crypto products to be more widely adopted in everyday use. Those who are unsure and unconfident in managing their own crypto assets can trust crypto custodians to secure their investments. There are different types of crypto custodians, including the following:
- Exchanges – Every centralized financial exchange is responsible for the security of your cryptocurrencies, meaning you must sign. Before you sign up for an exchange platform, it is important to research how the platform is responsible for your assets. While some of these platforms have crypto custody integrated into their solutions, some exchanges outsource crypto custodies to sub-custodians with a specialist provider.
- Financial Institutions – Many traditional financial institutions offer crypto custody solutions as part of their traditional offerings. This means that more banks and investment firms offer custodial services for cryptocurrencies, including Fidelity and Citi Bank.
- Digital Crypto-Custody Specialists – Many fintech companies are building business models around crypto-custody solutions. These specialist crypto custody providers act in a similar way to a bank and are registered and regulated at the state or national level. Some examples include Coinbase Custody, Gemini, and Genesis Custody.
What is Staking in Crypto?
Staking in crypto is like putting your money in a high-yield savings account. Typically, when you keep money in a high-yield savings account, you earn a higher interest rate and returns simply for holding your money there. In a similar fashion, staking provides passive income from holding certain cryptocurrencies in the blockchain. The consensus mechanism, called “Proof-of-Stake” uses your funds to verify and validate new blocks of data and add to the blockchain. The “Proof-of-Stake” process builds security because it forces a certain amount of data to be locked away and encrypted, making It less likely for any attacks on the network. Staking allows you to earn a percentage of rewards over time. Popular crypto staking platforms include Coinbase, Ethereum, and Binance.
What Are Crypto Stablecoins and How Do You Use Them?
Because cryptocurrencies have a tendency for short-term volatility, they are not as readily accepted for everyday use. People are wary to use and invest in cryptocurrencies whose value is not easy to predict in the future. Stable Coins evolved out of this need to bridge the gap between cryptocurrencies and fiat currencies. Stablecoins are an attempt to take away some of these risks by pegging their value to an external form of value (such as a USD or a commodity like gold or oil). The stable coin is tokenized version of the asset for which it represents, making it simple for these external factors to be added (through smart contracts) into the blockchain. Crypto stable coins make it easier to predict and rely on the value of the cryptocurrency in the near future.
Where does the Stability Come From?
The stability of the tokenized “stablecoins” is obtained through collateralization. There are four major types of stable coins:
- Fiat (Traditional Currency) Backed Stablecoins – Regular fiat currency backs crypto stable coins through a financial institution and is proportionate 1:1 to the tokens you possess. The regular currency from the financial institution is tokenized as a digital asset and protected within the blockchain.
- Crypto-Backed Stablecoins – These coins are backed by other cryptocurrencies using smart contracts. Typically, these tokens consist of overcompensating so your stable coins will hold their value. For example, you might need $1,000 worth of cryptocurrencies to purchase $500 of crypto-backed stablecoins.
- Commodity-Backed Stablecoins – Gold, oil, real estate, or any other tangible assets can act as collateral for stable coins.
- Algorithmic Stablecoins – Complex algorithms can increase the stability of your cryptocurrencies by managing the amount of stablecoins in circulation and adjusting accordingly.
Digital Marketing for Blockchain, Crypto, and NFT Business Models
As the cryptocurrency industry continues to grow, your business must be prepared to capture new customers and engage with new and existing audiences. While this industry is already lucrative, you can take your business above and beyond by engaging in digital marketing practices that best fit your business model.
Why Crypto Currency and Blockchain Businesses Need Digital Marketing
Because the crypto industry is widely misunderstood or unknown to the average user, crypto brands may experience difficulties in promoting and selling their products and applications. Digital marketing is imperative for presenting your brand as trustworthy, understandable, informative, and effective. Furthermore, to gain success, brands need to define their audience and make meaningful engagements with the right consumers at the right time. This requires significant research, strategizing, and implementation of full-funnel digital marketing efforts.
Premiere Creative is experienced in all aspects of digital marketing and tailors our digital strategies to your brand’s specific needs. Whether your brand is trying to capture new audiences or drive existing consumers to conversions, Premiere has the expertise to help your crypto brand blossom.
What to Look for in a Crypto Currency SEO Agency
SEO is all about helping users easily find your brand through organic search methods. In order to increase your organic ranking on search engines such as Google and Bing, there is a multitude of ways to optimize your website. Through trustworthy and relevant back linking, exceptional on-site user experience, and consistent development of relevant and informative crypto-industry content, your crypto business will be much more trustworthy and relevant in the eyes of Google and your consumers.
Premiere brings our SEO expertise to crypto brands through in-depth analysis of keywords, backlinks, and user experience to implement a full-funnel SEO strategy. We want your brand to be accessible for users generally searching about crypto-industry topics, as well as users focused on finding and purchasing the solutions your business offers. At every touchpoint in the user journey is a piece of content, and Premiere ensures your brand’s voice is consistent, engaging, and relevant to the context of the channel. Premiere produces engaging content to meet each user on the right platform at the right time. Discover how organic search marketing will grow your business with Premiere Creative!
How to Hype Your NFTs for Potential Buyers
NFTs (non-fungible tokens) are as valuable as your make audiences believe they are. Social media, live streams, press releases, influencers, organic marketing, and paid marketing all play an important role in the hype of your NFT. To sell your digital NFT assets, you must identify a very specific niche and build interest in your NFT brand. Once you are able to nail down your target audience, it’s time to push your marketing efforts toward building the perceived value of your NFT product. Whether it is a collection of gifs, there is a market out there willing to invest, and Premiere will help you maximize the value of your NFTs.
Social Media Strategies for Blockchain Brands
As previously mentioned, hype and social trends can be incredibly lucrative for crypto brands. Social listening, meaning monitoring consumer sentiment and mentions of your crypto products and services can drive the way you understand and communicate with your audiences. The goal is to meet audiences where they currently reside and build a strong following within that niche. For example, in 2013 DogeCoin (the crypto token created from the Doge meme) was created as a joke, but quickly gathered a large following on Reddit. DogeCoin’s online Reddit community held a very strong positive sentiment, rapidly evolving the token from a joke to an investment used to fund many non-profit and charitable initiatives, such as sending the Jamaican Bobsled team to the Winter Olympics.
Whatever your crypto product, you must build your social media strategy around genuine and meaningful interactions with users. Start online conversations that provide opportunities for users to discuss your products and services and lean into the information you gather from social listening. Make your audience feel understood, appreciated, and heard by answering questions in comments, offering valuable insights through live streams, and posting original, entertaining, and informative content. If you want to begin optimizing your social media efforts for your crypto brand, Premiere can help. We take the time to truly understand your brand’s personality, and craft a custom strategy that makes the most sense for your business goals in the short and long term.
Why Crypto Currency and NFT Businesses Should Utilize Influencer Marketing
Influencer marketing is a powerful tool in almost any industry, but especially for crypto brands. As crypto applications can be complex, many interested users look to others for guidance and information. This is where influencer marketing can elevate your brand and give you an edge over the competition. To execute influencer marketing, your brand must be very selective of your influencers. They must reflect your target audience, have a decent following, and be respected and credible among their peers and followers within the industry. Most importantly, the influencer must align with your brand’s values to exude authenticity, as audiences are very perceptive to anything that feels too salesy or fake.
Premiere’s influencer marketing strategy involves thorough research in finding the perfect fit for your brand. We communicate with influencers to divulge the goals of our marketing strategy, the values of your brand, and how to best execute the partnership to reap the most benefits for both parties.
Find Personalized NFT, Blockchain, and Crypto Digital Marketing Solutions with Premiere Creative
Crypto products and applications are vehicles for creating exciting brands within the digital realm. If your crypto product needs an extra boost, Premiere Creative will go above and beyond to propel your brand and grow your business. Our dynamic team stands ready to develop and execute your one-of-a-kind digital marketing strategy that makes sense for your unique crypto business. If you desire SEO, PPC, influencer marketing, organic and paid social, website design, or simply need guidance crafting an efficient strategy, contact Premiere Creative at (973) 346-8100 today!