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Ultimately, the success of any crypto project will depend on a variety of factors, and it is difficult to say with certainty why one project may be more successful than another. However, building a strong and engaged community over the long term and establishing a strong brand and reputation through transparent and ethical practices may be important factors in the success of a crypto project.
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Many crypto projects unfortunately, in particular smaller ones, use paid services to artificially increase their follower and like count on their social media platform for a variety of reasons. Some do this to improve their image and gain more credibility, hoping that a larger number of followers and likes will make their project appear more attractive to investors and users and bring them more attention and recognition. A number of them also use an extended service, which is intended to simulate community user activity on group chat platforms like telegram chats or discord, which is even worse.
However, there are several good reasons why crypto projects should not use paid services to artificially inflate their follower and like numbers.
To begin with, it is important to point out that it is unethical to boost followers and likes through paid services, as these followers and likes are not genuine and do not represent real support or approval. This can lead to an erosion of trust in the project, especially if the deception is discovered by real investors. In addition, the use of paid services can contribute to the project being cast in a negative light and damage its reputation, which in turn can have a negative impact on the success and acceptance of the project. There is also the risk that the project may be punished for its attempts to artificially increase its follower and like count by being removed from social media platforms or being sanctioned. As example, since Elon Musk took over Twitter, the average number of followers has dropped sharply on thousands of popular twitter accounts, inclunding various (smaller) crypto projects.
Moreover, the cost-benefit factor is usually very below average. Projects tend to pay a lot for a service that offers little, in the opposite it even prevents a team from really developing a genuine community and using the right tools and strategies.
Paid services are also sometimes used to populate project-related group chats with non geniune users who sporadically communicate with each other to pretend to be an active community. Again, this is an unethical practice as it deceives others about the level of support and commitment to the project. This can result in diminishing trust in the project, damaging its reputation and affecting its success, even if the actual efforts and product is geniune.
Instead of using paid services to create non-real engagement, crypto projects should aim to build a genuine and active community through open and honest discussions, and by providing valuable content and resources.
If they wish to increase their reach and gain more real followers and users, crypto projects can invest their money in better marketing and PR efforts, such as search engine optimization, content marketing, and other methods that aim to increase awareness of the project and attract the attention of potential investors and users. It is important to note that building a genuine and active community may take time and effort, but in the long run, it will be worth it as it can increase the trust and credibility of the project and contribute to its long-term success.
Many of today’s well-known projects have come a long way because they have invested a lot in building a real community, which has been the primarly marketing engine of every project. A living army or community spreads the word among CT, friends, chats and other social media networks.
It therefore makes sense for crypto projects to stop wasting their money on unnecessary services and make an effort to build a real community.
When you entrust your hard earned money to a third party as investor, for example by acquiring a token of a project, it is usually not a one-sided trust relationship, but a two-sided one.
Dishonest practices often reflect the marketing nature of a project and lay the foundation for a certain lack of trust. Users should learn to identify which teams are relying on which services in an effort to evaluate the ethical traits of the team in addition to other relevant factors such as tokenomics, product, market and on-chain analysis. Such practices are nowadays commonplace in the crypto space so making the difference as team by working on genuine long-term strategies might take longer but give them lasting, positive effects they’re actually seeking for.
Disclaimer: This article is not a call and/or a recommendation to buy or sell a token/coin or any kind of investment advise nor to be understand as forecast or analysis to any kind of financial market(s), project(s), company or asset(s). This article is not an investment advice.
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