What are some examples of Cryptocurrency projects that were marketed well?
With so many more crypto projects it is harder to stand out. What are examples of projects that were marketed well? What were the key success factors. Examples outside of the runaway success outliers (like Telegram and Blockchain.one) would we especially useful.
Despite the market being bull in 2017, it was indeed the year of the ICO (Initial Coin Offering). Having raised just $96.3 the year before, ICOs recorded a 40-fold increase last year. In 2017, cryptocurrency projects, through ICOs, raised between $4 billion and $5.6 billion.
Of the over 1000 projects that went into ICO, only about 435 projects achieved success, raking in an average of $12.7 million per project. While not every ICO is a success, the 10 most successful ICOs accounted for over 25% of the money realized and only about half of the listed projects passing as successful.
The thin line between what is deemed as success or failure in a crypro project , more often than not, lies in the marketing. With increasing budgets in the ICO space, there is a corresponding need to create innovative and out-of-the-box marketing strategies.
I will list some of the projects that raised the most amount of funding in their ICOs as I believe the success of a marketing strategy is reflected in the desired results, which for most cryptocurrency projects is the amount raised.
Filecoinis my personal biggest marketed ICO of 2017 that
blew up attracting gaudy amounts of money. It raised a gigantic $257 million from
presale to the second round to claim the top spot. One of the key success
factors for Filecoin’s success was backing from investors from Sequoia Capital,
Y Combinator, and Union Square.
If you are wondering what Filecoin does, it is a cryptocurrency project
that matches people in need of storage to people who have extra storage space
to spare. It helps you get paid in Filecoins for letting someone use your extra
Tezosbriefly had a stint as the largest ICO ever before Filecoin spoiled the
party. It raised a noteworthy $232 million. Its whitepaper just falls shy of
boasting and trash-talking other altcoins: “Although most alt currencies harbor
their own source of innovation, they have no means of adopting the innovations
of other currencies which may succeed them.”
Its unique feature is that it is highly ambitious and operates on a brand-new
blockchain, not on Ethereum unlike many other projects. This project raised a
ton of money partially due to having an uncapped ICO albeit controversially as
they didn’t stop taking funds after a certain point or amount.
EOSis another cryptocurrency project riding the $100 million wave. It is a
blockchain operating system which emphasizes its improved scalability to
compete with Ethereum. The team distributed its one billion tokens in stages
each having a fixed number of EOS tokens giving small fish a chance to swim
with the whales.
The ICO raised $180 million and the team hopes that developers will buy
into its auditable process to build projects in the EOS platform.
Bancor the $153 million cryptocurrency project was inspired by the one world currency
vision of John Keynes and its tokens can contain multiple coins. Bancor, like
Tezos, raised lots of money as it was an uncapped ICO. It enjoys the backing of
venture capitalist, Tim Draper.
Statuscryptocurrency project closes the $100 million ICO list with $108 million
raised for its project. The Ethereum-based encrypted messaging app hopes to
turn your phone into a node on the Ethereum network. One can easily store, send,
or receive Ether and smart contracts to your friends or coworkers.
MobileGois a personal favorite project and I think it is
a worthy mention despite not raising a $100 million. It however did just fine with $53
million snapped for its war chest.
This project provides a platform gamers to
download games and go head-to-head with friends and opponents by capitalizing
on the 36B Global market. While the ICO lacked a hard cap, it did have a time
limit which in my opinion really capped its potential.
Some good news for marketing junkies is that this project will put half of
its raised capital into marketing! We all know what $25 million can do to a
well planned and executed marketing strategy.
Filecoin: Marketed well and raised north of $200 million. It benefited from its association with high profile backers like Fred Wilson and the fact that the core team had built the IPFS (Inter Planetary File System) before. Frankly, I don't think you can take an otherwise mediocre product and 'market well' if you don't have a lot of things already going for you.
Tezos: Didn't have as much going for them but somehow still managed to accomplish a lot.
Repux: I am partial here, since we helped market it. It didn't raise nearly as much but we increased the leads by 253% and token contribution conversion rate by almost double.