Cryptos

The Evolution of Altcoin Part IV: The Challenges and The Selling Pitch

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Regulations tend to be late in responding to the changing landscape of crypto innovation and technology development. Many altcoin projects are experiencing an explosion of growth, as they explore use cases that are largely intact. Technology continues to grow and proliferate, creating more problems that need solutions.

This creates more space for viable competition to occupy in a crowded marketplace. This is a strong growth argument for many altcoins. But there is a catch. While these huge growth gains are great, we must also consider the fact that big investment banks tend not to respond positively to any challenge to the dominance of the financial industry. The Federal Reserve and the other federal government agencies are certainly watching out for chaos. Ripple (XRP), a prime example, has been in a dialogue with the SEC for some time and is still among the top 10 token market caps.

Altcoin’s evolution: The configuration of the land

It is difficult to predict the course of these contingencies at this stage. While regulations are still a long way off, it is clear that they are improving. Regardless of the many and ever-changing obstacles, every project must have growth goals. As we did with previous posts on ‘Altcoin Evolution, we will continue to analyze the emergence and impact of projects on creators, such those involving NFTs. These are perfect examples of how difficult these problems are for altcoins.

In our two previous articles on “Altcoin Evolution”, we gave an overview of the issues, implications, and importance of factors like accessibility and use case. We’ll now look at how important it is for altcoins to have a sales pitch. In an age of marketing and visibility constraints, it is important to highlight the use case and accessibility resources to projects to help’sell’ why they are unique. .

Polygon has used its versatility and low gas prices to be a major selling point in DeFi.Source: | Source: MATIC-USD on tradingview.com

Cardano founder responds to criticism of new crypto partnership| Cardano founder responds to criticism of new crypto partnership

Staging

As mentioned in the previous iteration of “Altcoin Evolution”, the executives of OnlyFans have attempted to rebrand themselves as a non-pornographic site, in order to align themselves more with the values ​​of the banks that do business with them. The company was forced to reverse its proposed changes at the time of writing after facing backlash and being assured by the banks that they will support all creators.

This new lightning bolt is an excellent example of how digital currency can instantly be of service where there was none. What projects can take advantage of these opportunities and have the “stickiness” of a sales pitch that can resonate with crypto consumers?

Altcoins are experiencing a boom in 2021. Bitcoin accounted for 70% of the crypto market at the beginning of the year. According to Bloomberg, this number had fallen to 48% by July. TradingView. Over 10,000 altcoins are competing for a share in this growing market.

No matter what project it is, whether it’s a meme token or a DeFi tool or an NFT platform; one thing is certain: increasing accessibility and informing customers about the widespread use will be crucial. In SaleA project can be presented to potential investors or end users.

Take the buckets out

We find that the best altcoins selling points often have one (or more) of these buckets.

  • Partnerships and intellectual properties:They are used most often in NFT projects. However, they can also be used to perform the crypto bet. It is appropriate. Although they are informal, the big defenders (see Elon Musk and Dogecoin in this instance) fall under the category of “partners”.
  • You can get aggressive interest rates or lucrative rewardsAirdrops are a hot topic within the crypto community. The aggressive interest rates offered by DeFi, CeFi lending platforms and BlockFi have created huge businesses in a short amount of time with companies such as Celsius and Celsius. It is difficult to top the business advantage of rewarding users of the platform in a sustainable manner. As cryptocurrency users become more educated about sustainable and viable rewards for long term engagement, they are becoming more aware.
  • Decentralization:Crypto’s heart is decentralization. Central platforms are often criticized because of this. Rarible is an NFT platform which recently revealed a model of decentralization that has received mostly positive feedback.
  • VersatilityPolygon ($ MATIC), a polygon-based software, has gained popularity in the DeFi ecosystem due to its flexibility and adaptability.
  • Low price:The cost of a token can be the deciding factor. Many users have purchased lower-priced tokens to save money. More savvy veterans often add additional cost factors (such as gasoline) into the equation.

These are the main compartments crypto projects can use to get the word out. How? How?They spread the word. It is often about building a community. That is why Telegram, Discord, and Telegram have become so important for crypto-users.

This concludes “Altcoin Evolution” in regards to the challenges for emerging altcoins. In our final installment next week, we’ll end the series with an article summarizing everything we’ve covered so far and answering the simple question… what should altcoins be doing in today’s market?

We appreciate you stopping by. We’ll see each other next week.

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Charts from TradingView.com. Image courtesy Jerry Sena

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