ICOs look to social media influencers after advertising ban
According to a LA Times report, there are developing occurrences of ICO advertisers hiring the service of influencers of social media in the midst of the ban on cryptocurrency ads on various popular social media platforms.
In a report performed by Solume, research shows that approximately eighteen percent of cryptocurrency associated posts on Twitter, Reddit, and Bitcointalk.org are actually obtained by ICO promoters from bounty campaigns set-up. The figure was a six percent difference from those in January.
Social media influencers allow for a separate avenue for traffic and visibility outside of the recent advertising ban on Google, Facebook, and Twitter. According to the president of 4new, Saransh Sharma indicates that “It’s really a very cost-effective mechanism for developing a brand. Before you know it, there’s a snowball effect.”
At the same time, the promoters of ICOs have come out with a plan through which they can use the social media platform to advertise their ICOs in spite of the ban.
The Global Director of Fintech Strategy Lex Sokolin at Autonomous Research said that “Once it becomes clear that financial outcomes can be manipulated not just by trading but [also by] creating perceptions through social media, regulators will take a very hard stance.”