Web3 is about to transform the Internet on all levels, including marketing. The problem is that marketing doesn't seem to keep pace with the overall progress of Web3, as there is a massive gap between marketing spending and generated value. It seems that the influencer culture has spilled over to Web3, but it brings several problems, as influencer engagement is declining, and there are ethical concerns to consider as well. Thankfully, Attrace, which is launching a referral protocol for Web3, lays the foundation for healthier marketing practices for the new iteration of the Internet.
Given that Web3 is all about decentralization, user data is handled differently compared to Web2. In Web2, centralized companies like Google and Facebook collect personal data through cookies, but most decentralized projects don't engage with user data this way and instead focus on community growth. Decentralization has its benefits in terms of privacy and data control, but as a result , it's technically difficult to implement performance-based marketing, because how are you going to connect promotion or recommendations in Web2 with real activity on a blockchain?
Today, much of the crypto marketing effort happens through closed channels on platforms like Telegram or WhatsApp. Even if marketing agents prefer performance marketing, it's difficult to achieve visible results due to the limited options. To make things worse, influencers are very expensive.
Thanks to Attrace's referral protocol, real users will now finally be able to become promoters and get rewarded for the true value added to a blockchain project, diminishing the unfavorable effect of toxic influencer marketing practices on social media.
Attrace Helps Web3 Projects Implement Performance-Based Marketing
Today, Attrace is the only solution for performance-based marketing in the Web3 space, the only performance-based marketing solution for assets held in a decentralized environment. The great thing about this platform is that it makes the most out of blockchain - the technology that ensures transparency, immutability, and security of data.
The protocol is able to do this by connecting outreach (referral links) via any social channel, cross chain, cross web2/web3 and the Metaverse with true on-chain activity (e.g. buy and hold crypto). The protocol works via a network of Referral Oracles, who are able to (A) create a 3 party relationship between public wallet addresses of Project, Promoter and Buyer and (B) observe all assets on all blockchains and unlock rewards once they identify a relevant transaction in the blockchain space.
Thanks to Attrace, Web3 marketers can now accurately measure the true on-chain value added from their campaigns. In other words, projects or marketing agents can now use Attrace to bridge the attribution gap between promotion in Web2 and the actual engagement on a blockchain as a result.
Eventually the mission of the platform is to harness the true value of word-of-mouth (WOM) marketing, to enable Web3 players to channel value directly to community members that actually contribute to projects and the crypto space in general. For example, users who spread the word about their decentralized apps and crypto-assets can be rewarded based on their true contribution through Attrace.
Besides the basic Referral Oracle protocol, Attrace also introduced the so-called Referral Farms, which basically introduces a farming style reward structure for Promoters and Buyers: Promoters earn rewards when people actually buy and hold tokens, and the sooner the buyers are in, the more referral rate the Promoter and Buyer will receive. It is basically Defi style rewards for promotion of Web3 assets.
Web 3 projects can now leverage their community and incentivize authentic promoters. The Attrace on-chain solution brings transparency, as the promoters' holdings and transactions are visible to anyone.
Trust doesn't come from the amount of followers only, but from investors that truly believe in specific tokens and Web3 projects.
With the Attrace referral network, Web3 projects can now capture the real value-add of WOM.
Any influencer with real outreach should welcome this protocol.
* This is a contributed article and this content does not necessarily represent the views of techtimes.com
