Decrypt | Stephen Graves | Feb 25, 2023

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As the bear market bites, crypto projects are abandoning terms like NFTs and Web3. Here’s how branding experts think they should weather the storm.

• Rebranding examples and perspectives: Are you looking for NFTs on Reddit or Instagram? You’ll have much better luck searching for “digital collectibles” instead. Remember when blockchain was briefly sexy?
  • The Bitcoin mining firm formerly known as Riot Blockchain recently rebranded itself as Riot Platforms.
  • The World Economic Forum’s head of blockchain and digital assets, Brynly Llyr, has even suggested that the crypto space rebrand itself entirely around “decentralized systems.”
  • Are you looking for NFTs on Reddit or Instagram? You’ll have much better luck searching for “digital collectibles” instead. Remember when blockchain was briefly sexy? The Bitcoin mining firm formerly known as Riot Blockchain recently rebranded itself as Riot Platforms. The World Economic Forum’s head of blockchain and digital assets, Brynly Llyr, has even suggested that the crypto space rebrand itself entirely around “decentralized systems.”
  • Crypto—and all its associated jargon—are now toxic words. Where once simply adding the word “blockchain” to your name increased your company’s valuation, now crypto, Web3, NFT and the rest of the buzzwords that conjured up images of a brave new world are, to paraphrase Charlie Munger, rat poison.
  • For Dickon Laws, global head of innovation services at advertising agency Ogilvy, terms like “crypto” and “Web3” have become toxic not just because of the bad actors in the space, but because of “terrible product-market fit.”

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• Compounding the problem was the fact that brands and businesses “didn’t follow their usual due diligence when investing,” Laws said, meaning that they hadn’t made long-term plans to support their investment in blockchain technology. “So while lots of headlines were generated for ‘world first,’ they don’t have answers for their stakeholders on what their money was spent on and its impact, meaning that growth and ongoing investment–good money after bad–is a really tricky sell.”

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• Source: https://ncfacanada.org/blockchain-and-nft-projects-are-rebranding-some-of-them/