The topic of blockchain in advertising has been brought up recently, and experts state that this technology could change the industry for good. As you probably know from our cryptonews, the topic of cryptocurrency topped the Google search trends amid the recent halving and the COVID-19 outbreak, which allowed many to explore options for adoption.
The cryptocurrency industry has somewhat been left out of the entire scope of advertising and the online ad networks, social media platforms and even national governments. In 2018, we could see Facebook banning the crypto advertising industry amid the initial coin offering hype. After that, Twitter also banned all crypto advertising except for a couple of companies.
Now, blockchain in advertising is being prepared as something big. Experts in the advertising world such as Milo McCloud who is the creative director at Paradox Group (a crypto focused marketing agency) spoke with the media and said:
“With recent developments on both [Google ads and Facebook] platforms allowing for blockchain-related content to be advertised only after undergoing heavy scrutiny, it is the first step in the right direction to the mainstream acceptance of blockchain technology as an important industry that can tackle many problems we currently are facing.”
Also, we can see that the industry fought back against many of the bans and restrictions on crypto-related advertising. In fact, there are several firms in Russia, China and South Korea which partnered and explored the topic of blockchain in advertising. They formed the Eurasian Association of Blockchain and subsequently filed a lawsuit against some of the social media companies standing behind the bans.
So, while crypto has been kind of left out of the industry, blockchain in advertising has been making waves in the same ways it is doing so in many other industries, according to experts. The blockchain news show that the goal of the technology is to eliminate the unnecessary middlemen, to streamline direct relationships between the contributing parties, and provide monetization tools.
One of the best examples out there is the Brave web browser, which positioned itself as a direct competitor to Chrome and created an utility token known as Basic Attention Token (BAT) which serves as an incentive mechanism for users to share their data with advertisers. Brave browser enforces this by offering more privacy to its users by blocking online trackers.
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