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Blockchain and NFT Projects are Rebranding (Some of them)

Decrypt | Stephen Graves | Feb 25, 2023

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As the bear market bites, crypto projects are abandoning terms like NFTs and Web3. Here's how branding experts think they should weather the storm.

  • Rebranding examples and perspectives: Are you looking for NFTs on Reddit or Instagram? You’ll have much better luck searching for “digital collectibles” instead. Remember when blockchain was briefly sexy?
    • The Bitcoin mining firm formerly known as Riot Blockchain recently rebranded itself as Riot Platforms.
    • The World Economic Forum’s head of blockchain and digital assets, Brynly Llyr, has even suggested that the crypto space rebrand itself entirely around “decentralized systems.”
    • Are you looking for NFTs on Reddit or Instagram? You’ll have much better luck searching for “digital collectibles” instead. Remember when blockchain was briefly sexy? The Bitcoin mining firm formerly known as Riot Blockchain recently rebranded itself as Riot Platforms. The World Economic Forum’s head of blockchain and digital assets, Brynly Llyr, has even suggested that the crypto space rebrand itself entirely around “decentralized systems.”
    • Crypto—and all its associated jargon—are now toxic words. Where once simply adding the word “blockchain” to your name increased your company’s valuation, now crypto, Web3, NFT and the rest of the buzzwords that conjured up images of a brave new world are, to paraphrase Charlie Munger, rat poison.
    • For Dickon Laws, global head of innovation services at advertising agency Ogilvy, terms like “crypto” and “Web3” have become toxic not just because of the bad actors in the space, but because of “terrible product-market fit.”

See:  Tencent’s Finally Marching into Web3

  • Compounding the problem was the fact that brands and businesses “didn’t follow their usual due diligence when investing,” Laws said, meaning that they hadn’t made long-term plans to support their investment in blockchain technology. “So while lots of headlines were generated for ‘world first,’ they don’t have answers for their stakeholders on what their money was spent on and its impact, meaning that growth and ongoing investment–good money after bad–is a really tricky sell.”

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NCFA Jan 2018 resize - Blockchain and NFT Projects are Rebranding (Some of them)The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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