Influencers to drive Crypto Adoption
The impact of influencer marketing is widespread. From web2 companies like Apple using influencers, Oprah, and now in the web3 era — Binance is on a spree to gather the most influential people to drive crypto adoption.
Why is this happening and what does this mean for the ecosystem?
For this decision to make sense, we have to circle back to traditional finance — preferably the stock market.
Textbook terminology treats the stock market like an entity with a mind of its own but the reality is that humans influence the stock market and humans are also susceptible to influence.
The Gamestop fiasco of 2021, the meteoric rise of the Tesla stock, and the DogeCoin shenanigans all point to the fact that whoever wields influence can yield great financial returns.
Having understood the impact of influence on finance, Binance’s decision doesn’t seem too farfetched. Especially when they have influencers like Khaby Lame — the most followed Tiktoker in the world, and Cristiano Ronaldo — An accomplished footballer and the most followed person on Instagram.
Khaby Lame is known for showing simpler ways to get stuff done and it would be interesting to see how his content style is applied to Crypto education.
Now a point of caution is that when influencers are involved as we have seen in the past with so many rugpulls and scams, the audience is more emotionally involved as opposed to logic.
And this can pose a problem when it comes to crypto where DYOR (doing your own research) is crucial to sustainable growth.
Hopefully, Binance finds a balance to ensure that the audience adopts crypto in the best way possible.
