AdEx in Istanbul: A Recap
Learn more about the experience of the AdEx team during Binance Blockchain Week and Devconnect Istanbul.
Istanbul was a blast! There were so many amazing events we went to that we cannot wait to tell you all about them in this recap!
AdEx Web3 Growth Marketers Dinner
No doubt, the highlight of the time the team spent in Istanbul was the AdEx Web3 Marketers Dinner as part of the events during Devconnect. The venue we chose was the elegant Spago restaurant by Wolfgang Puck, which offered stunning views over Istanbul by night directly from the seats!
While the venue and the food were great, what made the evening amazing was the presence of carefully selected Web3 marketers from nearly 20 projects who shared valuable insights from their own experiences. We discussed various topics, including key challenges that Web3 marketers face and what solutions we can use to shape the industry’s future.
Insights and challenges in Web3 marketing
There were a number of topics that were touched upon during the dinner conversations, and many valuable opinions were shared. We have summarized the most important takeaways below:
Web3 Marketing Strategy
- Difficulty in planning marketing strategy in advance due to rapidly changing industry dynamics.
- Some projects rely on organic growth rather than paid growth. A hypothesis is that this will change once projects start getting product market fit and applications become commodified, and it becomes a race to scale and acquire users.
- Many big companies survive from advertising, so paid growth is not completely out of the picture (e.g, Etherscan, Bankless Podcast, Defiant).
- The crypto ecosystem is still relatively small, and using “traditional ads” does not make much sense for projects within the ecosystem (crypto advertisers to crypto publishers).
Talent Acquisition
- Challenges in hiring skilled and experienced team members
Data and Analytics
- Lack of comprehensive data and analytics on crypto behaviors
- Lack of data transparency
Web3 Misconceptions
- Web3 enthusiasts may have unrealistic beliefs in a crypto utopia, hindering effective marketing understanding.
- Emphasis on privacy impedes targeted advertising, resulting in less relevant ads.
- Doubts about the mass adoption of blockchain technology.
- Suggestions that a partial integration of blockchain into traditional products/services is more likely to happen rather than mass adoption.
Communication Complexity
- Technical language hinders the onboarding of new users.
- Need for a shift toward communicating product/service advantages in simpler terms.
- Ineffective Web3 ads on Web2 networks without proper positioning and language.
- Value propositions are unclear and need simplification for wider audience understanding.
- Instead of trying to position themselves as better web3 companies, Web3 projects need more simple and universal comparisons to web2
- Web3 ads in Web2 networks are not going to work unless the projects start using the right positioning and language.
Influencer Marketing
- Skepticism about the value of high follower counts.
- High costs of influencers may not yield tangible returns.
Web3 Advertising Impact
- Uncertainty about the educational value and potential to attract the next billion users.
- Lack of clarity in defining Web3 advertising.
- We have to use Web2 advertising for Web3 to approach new users.
Product Market Fit
- Web3 applications only have product market fit within Web3, and in a bear market, that becomes super evident as a whole wave of users leave.
AdEx at Binance Blockchain Week 2023
Binance spared no effort to make Istanbul Blockchain Week a resounding success! We sponsored the all-important coffee in style, and talked Web3 advertising with the attendees. Many people stopped by and chatted about the upcoming relaunch of AdEx, and our plans to bring programmatic advertising to Web3. Another interesting talking point was the plans to further explore different technologies and to expand to ZK ads too.
Apart from having a presence on the conference floor and spreading some AdEx t-shirt love, it was also great to see the AdEx logo as a sponsor of the event.
Until next time
We are already looking at the calendar of events for 2024 and identifying those where AdEx can make a difference once again. We look forward to meeting you at the next gathering and showing you what AdEx has in store!