The "Marketing Aesthetics" of Crypto

In the world of Web3, marketing is no longer just about attracting users, but is a key force in shaping and leading the market.

Written by: YBB Capital Researcher Zeke

1. Celebrity Coin, from Birth to Marketing

Warren Buffett has continued the charitable legacy of his late wife, Susan Buffett, with 23 years of dedication, transforming the admiration of a group of business elites into the globally renowned "Time Auction," creating the most iconic "Priceless Luncheon" model in the history of human charity.

The monetization of celebrity time is actually not uncommon in Web3, from the ancient Time New Bank to the later Friend.tech, the path of SocialFi has been explored for over seven or eight years, but in most cases, there has been little thunder and even fewer raindrops. After all, the importance of speculative trading in the on-chain world often outweighs this "fragile social" established by tokens, and most users are truly concerned not with the exclusive insights shared by celebrities but with the "volume and price" of celebrities. Conversely, for top celebrities, the profit pool of SocialFi platforms is too small and cumbersome, and for KOLs, the already scarce influence seems both awkward and foolish when placed in a SocialFi platform where prices are transparent and users are few.

The lack of accumulation makes the SocialFi path currently unfeasible. Therefore, the monetization path of celebrity value in Web3 needs to first differentiate, transition, and then evolve. A paid subscription community and an X account with a blue checkmark are the current requirements for KOLs, representing a Web2 combination with accumulation. The value conversion path of top celebrities has always been less than smooth, like a large enterprise with millions of products waiting to be offloaded; To B is not cost-effective, and To C lacks a medium.

The monetization of time to the monetization of influence is a relatively successful first step in the exploration of paths, with NFTs serving as this medium for a long period. However, it is evident that the characteristics of NFTs, which emphasize scarcity, fixed price sales, and lack of liquidity, do not satisfy both buyers and sellers. This way of peddling souvenirs has temporarily failed after the BTC ecosystem went silent.

The value of celebrities needs a new carrier, and although the answer has long been hidden in the story of Musk and Doge, this matter still needs some opportunities. Last year, the Pump.fun coin craze swept the coin circle, and the meme wave was carried out together with the U.S. presidential election, and various private presidential coins have appeared during this period. The ultra-high price increase and popularity have made some behind-the-scenes traders in the currency circle smell the opportunity, and let the real celebrities themselves issue coins by signing contracts or inducements, while the rest will be operated by them. It sounds a bit like how an MCN agency works with an influencer, but it's violent. FROM CAITLIN JENNER (U.S. OLYMPIC DECATHLON CHAMPION AND ONE OF TRUMP'S NUMBER ONE FANS) TO PRESIDENT MILLEY'S LIBRA. It starts with a tweet and ends with a vertically falling candlestick. The whole process can be as long as a few days or as short as a few hours to complete the harvest. Then the script is often the big V on social media to open an emergency "investigation", and the coin issuing team posts to dump each other, and finally it is over, and the concept of celebrity coins was born in this place.

But in any case, this path has indeed become very clear. From the initial effectiveness alone, the low-threshold distribution channel of Meme is nothing short of perfect. However, what will happen after the hype fades and PvP ends for celebrity Memes that lack intrinsic value? The question shifts from the medium to longevity. AI Agents can tell you about the future of humanity, RWA can describe a Hundred Trillion track, but what story can celebrity coins tell?

Trump's answer was very cliché; he wants to offer a "Presidential Time" bonus to the top 220 holders of TRUMP, while the top 25 holders will also be invited to a special VIP tour of the White House the next day. The value support for the celebrity token has once again rolled back to "time". In my view, this plan can save the urgent need for token unlocking, but it cannot support the long-term growth of the token price.

A good enough meme should emphasize emotion and narrative rather than empowerment. The value of celebrity coins is not the celebrity's opinion and time, but the celebrity's story and the emotions behind it. Trump's dinner offer is more like selling an ultra-expensive version of Social Token, and when the presidential time is over, everything will dissipate. How to market TRUMP, the crypto team behind Trump may be able to ask Secretary Doge, who is tied to Musk with SpaceX and Tesla. To The Moon is still a slogan engraved in the hearts of users in the cryptocurrency circle, the people's currency makes holders believe that 1Doge=1U, challenging traditional finance in line with the genes of crypto, in fact, every point is Musk is using his own power to sell emotions to the public, even if most of these stories have not yet come true. There is still a long way to go in the marketing of celebrity coins, and the memeization of personal influence should not be as crude as just a tweet and a benefit. It's not an abomination to come to the currency circle to make money, but at least you have to understand the currency circle first.

2. Evil Dragon

The Blur project has rarely been mentioned lately; I remember the last time it was discussed was when Blast launched its points system.

With the narrative of NFTs fading away, many stories have become part of the past, but the imprint left by Pacman in this circle will not disappear. Blur was able to overwhelm OpenSea, which was once dominant, with its combination of "Points + zero fees, royalties + social virality," surrounding the cities in a PDD-style approach. The orange logo filled Twitter on the day of the airdrop; I think no NFT player will forget it. From a marketing perspective, Blur's strategy is unbeatable; it not only defeated competitors that other NFT platforms wouldn't even dare to imagine but also encouraged many users who had never played with NFTs to join the score-chasing army, breaking multiple records in just a few months. Almost all Web3 projects after Blur have revered this marketing template as a gospel.

At that time, NFT players who had suffered on OpenSea for too long were all cheering, but Blur ultimately transformed from the dragon-slaying youth into the evil dragon. To put it mildly, Airdrop3 was my first experience of aversion to Web3 incentive activities; Blur adopted a self-destructive approach to exchange for TVL and trading volume. At the beginning of the entire event, I had already mentioned that NFTs would accelerate their demise. The Bid For Airdrop mechanism encourages users to place orders without actually purchasing, leading to false demand and a spiraling decline in prices. The mechanism attracts arbitrageurs rather than genuine buyers; once the value of Blur's Token collapses, all blue chips will be buried together. In my view, the death of NFTs was initiated by Blur's Bid incentive, while the release of Azuki's Elementals series marked its conclusion. Of course, it all boils down to the fact that NFTs have never found a suitable path (Pudgy does not count).

Then Pacman successively launched the NFT lending protocol Blend and the Ethereum Layer 2 Blast. The strategies of these two protocols basically follow the underlying strategy of Blur. Blend uses a lending point reward mechanism, allowing users to earn airdrop points by participating in NFT collateralized lending, continuing the logic of "trade to mine." Blast adopts a "deposit points + invitation points" model, where users can stake ETH or stablecoins to earn native Blast yields and airdrop points. The earnings logic of the former relies on common yield methods in the lending market, such as lending interest and liquidation arbitrage. The latter realizes earnings by staking ETH in DeFi protocols like Lido. Pacman has constructed a self-circulating crypto bank using the locked ETH from the three, but the returns given back to users are unequal. Except for the early profits from Blur, the subsequent projects' incentive activities have basically announced the end of the airdrop era. Centralized points have turned all incentives into black boxes, with self-defined rules and point-driven gameplay criticized by users.

What are the other consequences of the points-based system? The first is false prosperity, where users will lock their assets into various protocols when the rewards are visible, just in exchange for project tokens. However, the project party can use these fake user data and ultra-high TVL to raise funds everywhere and negotiate with the exchange, while VCs, who are accustomed to measuring value by data, have suffered heavy losses. The second point is to hinder innovation, the project is not as good as the activity, and the project that really has technology but does not understand marketing is buried. The third point is the fragmentation of liquidity, where truly valuable assets are locked in various protocols, just to play this game that is thought to be a loss. The fourth and most important point is that when the point system is introduced, a large number of studios, retail investors, and whales pour in just to compete for a small piece of the cake. Either fight for quantity or capital, and the per capita allocation of retail investors is so small that it is difficult to make up for gas from time to time, and the era of airdrops is truly over.

The points system remains a mainstream model in Web3 today, and "point mining" has fueled rampant speculation culture, while the Point Market has amplified this phenomenon. The incentives from airdrops have distorted the essence of early users and communities. A few years ago, the airdrop era initiated by Uni had good intentions; it not only promoted DeFi Summer but also achieved genuine user retention and growth. In this era, every project launch signifies a major withdrawal of funds and the emergence of a "ghost town." If projects cancel this model, they will fall into an even more passive situation. Caught in this dilemma, users can only seek new habitats.

3. Public Chain

Ethereum developed its vast ecosystem through reliance on technological paths and a commitment to decentralization during the wild era. However, the successful paths differ in each era. If we consider ten years ago, who would have thought that Tencent could not replicate a short video platform, while Taobao was eventually eliminated by an e-commerce platform filled with users cutting prices. Similarly, two years ago, I could not have imagined that Solana would one day really trip up the giants. But that is the reality; in this era where the application layer is stagnant, marketing and practicality outweigh the so-called technological faith.

Two days ago, the Ethereum Foundation (EF) published three articles reiterating its future vision for Ethereum and its governance structure. The key information revealed is not actually complicated: first, the decentralization of EF's authority, strategically intervening in projects when necessary and actively withdrawing when not. Second, the reorganization of EF's leadership to enhance execution efficiency and strengthen communication with the community. Third, maintaining a technical path for sharding scalability, while also exploring RISC-V as a substitute for EVM. Although there is still a somewhat puritanical feel overall, EF has indeed lowered its arrogant posture.

But is this really the problem with Ethereum? I can only say it is related, but not absolutely. Some of the changes mentioned in the appeal mainly focus on user dissatisfaction with EF, and the unwillingness to integrate into the mundane is also the root of Ethereum's issues, and this person is naturally Vitalik. Not understanding or wanting to understand memes is not wrong in itself, but the problem lies in Vitalik's absolute leadership role in Ethereum. A project with a market value of 220 billion led by a somewhat willful and idealistic young man, who is also unwilling to embrace the current mainstream culture in the industry, makes this sense of isolation inevitable. However, fortunately, among the many aloof Layer 2s, there is still a spark like Base that can wrestle with Solana. If I were a member of EF, I would definitely apply for some external support from CB.

Looking at BNB without the lens of conspiracy theories, at least CZ, who also doesn't understand memes, is doing his utmost to accept these concepts. During this period after his release, he has also brought attention to hot fields like DeSci, but the lack of a basic foundation in the West makes each prosperity of BNB seem somewhat short-lived.

Solana's victory lies in its lower profile; post the SBF collapse, Solana is no different from a child without parental protection. In the face of the giant Ethereum, it must seize every opportunity. Starting from the catalyst Silly Dragon, to various super Memes, Dapps, and PayFi that followed. In the past, we often joked that Solana was a single-player chain, but in terms of its inclusiveness and support for the ecosystem, it appears to be more decentralized.

It is not Pump.fun that has turned Solana around, but rather Pump.fun can only be born on the soil of Solana. This is akin to the relationship between Uni and Ethereum from years ago. The core concept of Solana's marketing is that the first chain for non-technical users is Solana, which is aimed at the masses, being user-friendly and efficient. As crypto moves towards the Western mainstream audience today, pragmatism takes precedence, and the common people prevail. Solana is indeed suitable to become the first chain.

Conclusion

Regarding the story of marketing, I have omitted NFT and GameFi here. If both can be revitalized in the future, I might add them later. The narrative of the crypto world has always evolved in the tug-of-war between technological idealism and human greed. The rise in tokens, the prosperity of projects, and the revival of public chains all fundamentally originate from a successful marketing effort. In the past, we listened to the technical narrative, but now we must integrate into the secular.