It’s no secret that the cryptocurrency industry has been struggling to find its footing when it comes to PR.
Not only is the space filled with highly technical projects that are often difficult to explain to a layperson, but it’s also an industry that is about as polarizing as they come.
On one hand, you have diehard crypto enthusiasts who believe that decentralization and the power of the blockchain will change the world as we know it.
Think of the shillers on crypto Twitter who are always talking about how their favorite coin is “going to the moon.”
On the other hand, you have skeptics who see cryptocurrencies as nothing more than a speculative bubble that is bound to burst – another “dot-com” bust in the making.
Of course, the latter of these viewpoints is the one that has gotten the most attention in the mainstream media.
And while there are plenty of stories about successful projects and individuals who have made a killing in the crypto markets, there are even more tales of people who have lost everything – not to mention the numerous scams, hacks, and bad actors that have given the industry a black eye.
Just take one look at The Washington Post cryptocurrency homepage if you want a good example of this.
With headlines such as “Pentagon launches effort to assess crypto’s threat to national security,” and “Crypto scam victims seek to hold Coinbase responsible for losses,” it’s safe to say the anti-crypto narrative is as strong as ever in a large portion of the mainstream media.
With this in mind, it’s no wonder that many businesses in the space are having a tough time getting their message out there.
How is crypto perceived by mainstream media?
Firstly, it’s important to acknowledge that the industry has made great strides in recent years in terms of education and outreach.
Companies are now producing content that is geared toward a wider audience, and there are more resources available than ever before for those who want to learn about cryptocurrencies.
However, when it comes to PR, crypto platforms are still very much playing catch up.
As mentioned, many traditional media outlets still lean towards an anti-crypto narrative.
There are numerous reasons for this, and most of them are too political to get into right now. With that said, the end result is that it can be very difficult for a crypto company to get good press.
Even if the articles are written in good faith, mainstream journalists simply do not have the expertise or even the motivation to cover the space in a truly comprehensive way.
This often leads to stories that are either overly positive or unduly negative – with very little in between.
On top of this, mainstream coverage of crypto topics is typically littered with factual mistakes, sensationalism, or just plain old clickbait.
This is hardly the kind of exposure that businesses in the space are looking for. At least not those that are trying to build a long-term, sustainable business.
It’s not all doom and gloom though.
There are a growing number of crypto-specific media outlets that are starting to fill the void.
These publications are filled with quality content, and they are staffed by writers who actually understand the space, and most importantly, care about it.
And while crypto-native news outlets do not offer the same reach as let’s say, the Wall Street Journal, or The Washington Post, they are slowly but surely gaining traction. Some of the leading publications in crypto news are CoinDesk, Cointelegraph, and CoinMarketCap.
While their reach is not as wide as mainstream media, the one thing these publications can offer is a more discerning audience that is actually interested in reading quality content about the industry.
The disconnect between traditional PR and crypto-native media
For most companies, irrespective of industry, press releases are one of the most effective ways to distribute news about their projects.
Not only are they relatively simple and quick to produce, but they also have the potential to reach a wide audience and create a substantial digital footprint.
And when it comes to securing press coverage, businesses typically rely on traditional newswire services such as PR Newswire or BusinessWire to syndicate their news.
However, these types of services are not particularly effective for crypto platforms due to the simple fact that traditional newswire services do not syndicate news to crypto-native media.
“Despite the fact that there are a wide array of newswire services that distribute press releases to mainstream media outlets, there are very few that focus on the Web3 and blockchain technology sector specifically,” explains Alon Keren, CMO at Chainwire, a PR newswire designed for the Web3 market.
“This is a huge problem for companies that operate in these sectors as they are effectively cut off from one of the most powerful marketing tools at their disposal. To make matters worse, even if crypto platforms manage to get exposure in mainstream publications, they tend to offer very little in the way of ROI since that is simply not where their audience is located,” he added.
“It’s for this reason that we decided to launch Chainwire, as we wanted to empower companies in the space to tell their story and reach their target audience in the most effective way possible.”
In other words, rather than opting for the spray-and-pray method with traditional wire services, Web3 companies can use Chainwire to publish their press releases on crypto-native media outlets, such as CoinJournal.
The example above shows a CoinJournal syndication of Elrond’s press release that was distributed through Chainwire. Syndications of the same press release can be found on Cointelegraph, News.Bitcoin.com, CryptoSlate, BeInCrypto, CryptoNews and dozens more.
Following the disconnect between traditional PR and crypto-native media, this hyper-targeted method of crypto PR distribution enables Web3 companies to properly connect with their audience.
The bottom line is that we still have a long way to go before the stigma and negative connotations associated with crypto are fully dispelled.
In the meantime, those in the space need to continue to find creative and innovative ways to get their message out there, to the right people.
And with the help of quality crypto-native media outlets, as well as targeted PR approaches, there is every chance that we will eventually get there.