Crypto companies have lately been taking inspiration from their traditional counterparts, especially in terms of laying down marketing strategies. The crypto space influencers and leaders mostly include people who are experts on the technical front but at as much effective in marketing, which makes them take ideas from traditional businesses.
Two of such marketing tricks, which are gaining significant traction in the crypto space competitions and giveaways. Several crypto platforms have announced various interesting programs through which people can easily taste the cryptocurrency world. World’s largest crypto exchange, Binance announced a such a competition earlier in April, which lured users into getting into the market. It announced the #MyBinance contest, which required users to recreate the Binance Logo innovatively, and then post it on Twitter, using the hashtag.
Show us your creativity! We’re giving away $500 in $BNB in prizes for recreations of the #Binance logo in your own style. #MyBinance
– Recreate the Binance logo using any method or material you wish
– Post the image or video on Twitter with #MyBinancehttps://t.co/SysK4av5uJ
— Binance (@binance) April 6, 2019
Such competitions have become a common norm on various crypto platforms, especially after the market collapse of 2018. These competitions lure users to step on the crypto scene and experience what it is to be like in the community. Last week, crypto trading platform announced a competition for new and existing users, in which it would giveaway Apple AirPods and Bose QuietComfort II.
Sound money. Music to my ears.
Are you serious about buying or trading crypto? Then be sure to use the BRD app and get a free gift for being part of our community. We’re giving away Apple AirPods & Bose QuietComfort II’s for all qualifying trades until April 30th.
More info ⬇️ pic.twitter.com/DUOH2agXoV
— BRD (@BRDHQ) April 26, 2019
Following the tweet, the Japan-based crypto platform received hundreds of thousands of applications, and on Sunday, Binance declared the winners of its contest, via Twitter. The exchange announced three winners, first, second & third, via its official Twitter account.
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The price of $50, as per the tweet, was first awarded to Alpha3Crypto for being “The Most Creative#88
🎉Congratulations to @Alpha3Crypto on winning the "Most Creative" prize in the #MyBinance competition with this awesome stop motion animation! 👏👏👏
Your prize is $50 worth of $BNB! We will pm you 👍
More winners being announced soon 👀 pic.twitter.com/sY8wIU64Oa
— Binance (@binance) April 29, 2019
The second prize was awarded to KCB 21, a Twitter user, who got $100 worth Ethereum as prize money. KCB 21 had created a Binance Logo in the form of a delicious cake.
🎉Congratulations to @i_like_tweets on taking 2nd place in the #MyBinance competition with this delicious creation! 👏👏👏
Your prize is $100 worth of $BNB! We will pm you 👍
Watch it being constructed here: https://t.co/mEeAIcM1hC
More winners being announced soon 👀 pic.twitter.com/zwhWdNeCrD
— Binance (@binance) April 28, 2019
Oshi Watanabe took the third position for her jungle theme based Binance Logo. She, too, was awarded Ethereum worth $100.
🎉Congratulations to @OshiWatanabe on taking third place in the #MyBinance competition with his very cool "Jungle temple" 👏👏👏
Your prize is $100 worth of $BNB! We will pm you 👍
Look out for more winners being announced soon 👀 pic.twitter.com/X9DQEQuWXm
— Binance (@binance) April 28, 2019
Binance Exchange is the leader of crypto exchange platforms. Experts have time and again stated that it is the market mover, meaning that what Binance does, others follow. Example of this could be the recent feud between Craig Wright and Binance CEO Chang Zhao, over Wright’s claim of being Satoshi Nakamoto. After Zhao delisted Bitcoin SV, from Binance Exchange, several other platforms followed it and implemented similar steps to delist BSV.
This shows the influence of Binance in the crypto space, which makes it’s every move extremely important for the market at large. Crypto platforms luring users to register themselves on the platform, or as in BRD’s case, trade cryptocurrency for a stipulated amount makes give users the much-needed motivation to enter crypto trading.
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Crypto markets are expected to grow exponentially in the next few years, and the race has begun to capture as much user base as possible. Despite the market crash last year, the crypto space at large grew at a healthy rate. Therefore, applying traditional marketing tricks in crypto businesses models is not only an experiment but also a necessity.
