A marketing strategy for bringing degens to Algorand
Using your best practices, create a marketing strategy to bring Degen to Algorand. The marketing strategy should be targeted towards Degens (users that truly believe in crypto projects). To approach this bounty would be to imagine you have a budget for a marketing strategy for Algorand.
SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to evaluate a protocol's competitive position and to develop strategic planning. SWOT analysis assesses internal and external factors, as well as current and future potential.
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Technology: The technological advantage of PPOS(Pure Proof of Stake) consensus mechanism with instant finality and reliability is always an attraction for end-users.
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Team: The team working at the algorand foundation and Algorand inc pushing new tools and updates to the protocol increases the confidence in the community and Degens.
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Community: An ever expanding community that is interested in blockchain technology and the future impact it can make to the ecosystem.
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Awareness: More awareness about the defi and NFT ecosystem on algorand is a missing piece. This is quite evident from the interaction that i had with twitter degens.
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Developers: Developers and creators in the ecosystem are predominantly from USA, Europe. We need more involvement from Asian and African region.
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Institutional Interest: Well known institutions like FIFA, Napster, Limewire and more have introduced their web3 products on algorand. This has certainly added interest among degens from other chains.
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Bridges: More number of defi and NFT bridges from algorand to other chains will help to move assets to and fro from the chain which attract new users from other chains.
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Regulation: Regulations that not positive for defi and NFTs will adversely affect the ecosystem.
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Competition: Other L1 protocols like ethereum and solana are also building new tech and have good price action during bull runs which attract more degens.
The marketing strategy is designed with the analysis that has been done above. The strengths and opportunities are used to overcome the weakness and threats posed.
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Collaborate with influencers from etherum space: The Influencers from ETH can be brought in for collaborations, especially in the NFT space where the NFTs are minted on ETH and utility will be provided on the Algorand blockchain. This will attract degens as it makes sense for the degens to utilize the lower cost and instant finality of algorand blockchain. By measuring the number of new accounts that are interacting with the utility, we can determine the effectiveness of the campaign.
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Provide Soul Bound NFTs: For cross conferences and events soul Bound NFTs can be given which will act as an entry into an ecosystem or another perticular event. This can also act asa discount coupon in the real world. The utility will have great impact on the degens from the other ecosystem which can attract more people.
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Cross Chain NFTs/Tokens: Create cross chain NFTs which will allow degens from other chain to interact with the ecosystem. Bridges to other chains is important in this case where we can move NFTs to and fro across chains. Even defi tokens can be moved this way to attract degens.
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Community Champions Interaction: Appoint community champions who are active in the algorand community. We have to make sure that there is at-least one active community member in the top 30 countries and they remain active across the year. They can go to local blockchain events meet degens and interact with them and spread awareness. These degens can be invited for Algorand blockchain events in the specific region. Community champions can also participate in twitter spaces in their respective time zones to interact with degens. They can also provide valuable feedback which can be used by the foundation to change the strategy as per changing needs of the ecosystem in the specific country. The interaction in twitter spaces and participation of cross chain dgens in local Algorand events can be used as a measuring scale for effectiveness.
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Local Language Support: A local language support for Algorand website and major dApps may help to attract users from the nations where English is not the primary language (India, Pakistan, Nigeria, Vietnam, Ukraine, Philippines, Japan, Thailand, Bangladesh, Kenya etc..) and crytocurrency addoption is higher.
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Ledger Support: We have to enable ledger support for all dApps so that the degens from other ecosystems who are having a big investment in crypto (usually stored in ledger accounts) will be more willing to use defi on algorand.