- The Importance of Personal Research
- Tightening Due Diligence by PR Firms
- The Role of Celebrities in Crypto Marketing
During the Token2049 conference in Singapore, Amanda Cassatt, founder of Web3 marketing firm Serotonin, urged investors to maintain a critical stance toward crypto marketing and conduct personal research before investing.
The Importance of Personal Research
Amanda Cassatt highlighted the importance of skepticism and personal research when evaluating any crypto project, especially given the prevalence of scams in the space. Cassatt stated, 'Marketing is often a tool for promoting scams and misinformation. People need to be cautious and conduct their own research before trusting any product or technology.'
Tightening Due Diligence by PR Firms
Cassatt also emphasized how public relations firms, like her own, have become more diligent in assessing potential crypto clients. In today’s environment, where trust is paramount, PR firms are now more selective in the projects they choose to represent. This often involves seeking second opinions from investors, such as venture capitalists and angel investors, who conduct thorough financial evaluations of the projects. 'We’re usually referred to by leading VCs, which means these projects have already undergone some level of scrutiny,' Cassatt noted.
The Role of Celebrities in Crypto Marketing
During her speech, Cassatt also touched on the role of celebrity endorsements in crypto marketing. She explained that the juxtaposition of a celebrity figure with a crypto product often captures public attention. A prime example is rapper Iggy Azalea, who generated buzz with her Solana-based token, $Mother. However, celebrity involvement in crypto can come with significant risks. The collapse of FTX in November 2022 is a prime example, where several high-profile celebrities faced legal action for promoting the now-defunct exchange. Cassatt pointed out that crypto marketing agencies, alongside investors and celebrities, can suffer serious reputational damage when a crypto project fails.
Amanda Cassatt's recommendations underscore the importance of a critical approach and personal research in crypto marketing, along with diligent vetting of crypto projects by PR firms and mindful participation of celebrities.
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