When blockchain was introduced as a new technology, people did not believe that it had the power to transfer almost every industry. One of the territories where blockchain Technology made stupendous transformation was in the field of investments. Initial Coin Offerings, commonly abbreviated as ICOs were becoming an extremely easy, simple, global and decentralized method to raise funds for projects.
All the ICOs have faced their share of criticism, they continue to be one of the leading methods by which block it startups raise funds. It is important for any blockchain startup to market its ICO in a way that it gathers its intended volume of funds in the estimated stretch of time.
There are different ways to market your ICO. On one side, there are classical platforms like social media, instant messaging tools and platforms like Reddit where you can market your ICO or you can simply hire an ICO marketing company. Parallel to marketing, there is also a constant need to improve your product in a way that it is free from any bugs for missing features.
The new world of marketing and bug fixing has beautifully and profitability converged into a new technique of marketing called bounty marketing. Bounty marketing is one of the most promising methods to market your ICO.
What is a Bounty?
The English language defines bounty as a reward or an incentive for the accomplishment of a task. People who are familiar with gaming may know about the bounty programs in games like Need For Speed. Parallel to this, bounties also find a lot of mention in crime-thriller and sci-fi novels.
In the realm of cryptocurrency and blockchain projects, bounty marketing is a method in which you reward someone who accomplishes the task of making your product perfect or by popularizing it.
What Makes Bounty Programs Relevant?
In the classic case of bounties, the reward is always in cash. However, in the case of Crypto projects and ICOs, the reward offered is the native coin of the company. The value of the reward is completely contingent upon the success of the project and the company. It is also dependent on the world of technology embracing blockchain at large.
Since the reward is mostly the company coin, the bounty hunters must believe in the project and the success of the company. This ensures that stray bounty hunters do not participate in the boundary program. ICO bounty marketing ensures that both the bounty hunters and the creators of the project have a resonant interest.
How To Find a Suitable Bounty Program?
Finding a bounty program is like finding a girl to marry. It is quite easy to find one but it is not that easy to find the perfect one! There are a lot of bounties that are listed on blockchain-specific forums like Bitcointalk and BitcoinGarden. You will find that there are more than hundreds of bounty programs that are running at any given point in time.
However, as we have talked about earlier, finding the right bounty program for you is the real challenge. You will need to create collinearity between the skills and interests that you have, the credibility of the people who are launching the project and above everything, The relevance and the validity of the project in the market, not just for today but also in the future.
The Challenges in Bounty Marketing
As it is known, ICO is quite unregulated and does not fall under the jurisdiction of the SEC (Securities and Exchanges Commission). This would mean that there is a high possibility of fraud and the history of ICOs prove it unmistakably.
Bounty marketing takes this unregulated nature to another level. Bounty ICO marketing is considered to be highly unregulated. They have been instances where bounty programs have abruptly stopped without any announcements. Even worse, there have been instances where the bounty was not paid to the hunters properly.
In addition to that, bounty marketing for social reach been quite a cumbersome process. Different campaigns and different projects have different rules. The marketers have been asked to track their own treat and submit a weekly report. There is also a lack of clarity in the volume of reverse that they will get.
Blockchain technology has always been about decentralization. However, one of the flip sides of decentralization is the lack of accountability and the absence of validation. Introducing a splash of centralization in the realm of blockchain without compromising on what made it awesome in the first place would be a welcome move.
This is what has precisely happened with bounty marketing. bounty platforms have been introduced to take care of all these uncertainties. These platforms can track the progress of different bounty campaigns. They also take care to perform the due diligence of the project before it goes live. It also ensures that every project puts the coins dedicated to bounty rewards in the escrow. This gives an assurance to the participants that the rewards are guaranteed.
The Next Level of Bounty Marketing
Today, the crypto projects are slowly moving away from ICOs and are progressing towards Security Token Offerings or STOs. The presence of the word ‘Security’ ensures that the entire project comes under the scanners of the SEC, assuring top-notch security and protection of investor interest.
In the near future, we can expect the KYC/AML (Know Your Customer/Anti-Money Laundering) norms to take deeper roots and make the entire process of Crypto investing secure and regulated. This added layer of regulation will also make bounty marketing more organized, transparent and accountable.
Bounty marketing is quite different from traditional marketing. It gives the bounty hunter an opportunity to participate in the project. In the improved version of bounty marketing, it is expected that the bounty hunter might even have equity in the company.
These days, blockchain technology is witnessing increased adoption in fields like finance. The growth of bounty marketing in both volume and relevance will be proportional to the magnitude of the adoption of blockchain.