Likes ain't cash. Unless you're in Web3.

How do you define a “successful” brand? Whether you’re an individual or a business, most people judge you based on vanity metrics. You know, the number of followers, likes, and retweets on your social media profile.

Grifters and rug-pull projects (ahem, meme coins) usually appear to have larger audiences than legitimate builders. Does that make them more successful? 🤔

This week, let’s discuss how your branding can make or break you in Web3. After reading this, you’ll learn about:

• The old model (hype-driven marketing).

• The new model (attention-driven branding).

• How to keep your market’s attention.

What do the most successful brands in Web3 have in common? It’s pretty simple: they are attention magnets. This rings true for a number of reasons.

The major one is that people in this industry are in love with hype. From OG projects like Bitcoin and CryptoPunks to newer kids on the block like PEPE and Azuki, commercial success has always hinged on the ability to build excitement in the market.

Then came the “shillfluencer” epidemic.

So-called marketing experts promised to create hype for the right amount of money. It didn’t matter if you were selling cartoon baboons or genius software. Nobody cared unless it was going viral.

Did it work? Yes.

Does it still work? Well, not exactly.

“DM for marketing.” 🚩🚩🚩 “DM to go viral.” 🚩🚩🚩

Pictured above are Twitter profiles that boast a combined total of 350K+ followers. At first glance, you’d think, “Hey, these guys have amassed a large following in Web3, so they must be experts.”

This week, they got exposed as part of a ring of scammers shilling fraudulent crypto projects and phishing links to the Twitter community. These accounts and five others were deactivated once the news broke. You can read about it here.

So, if hype isn’t the answer anymore, what is? 🤔

To begin with, let me tell you why hype is not a sustainable branding model. It’s because brands need substance, and hype is empty.

If I asked you to think about the leading brands in Web3 right now, you’d probably mention the likes of Yuga Labs, Ledger, Doodles, Binance, or Y00ts. These businesses all have different market fits, product offerings, and brand directions.

But they share something in common: a compelling narrative upon which their identities are built. This is the foundation upon which their communities form.

Substance.

From the days of Vine to the present age of TikTok, we’ve seen millions of people become famous on the internet. For about 15 seconds. Only a small percentage of this group has managed to stay truly relevant over the years. Web3 is no different.

Thousands of projects have been launched over the past five years, but only a tiny fraction are still standing today. It’s easy to get attention. You can buy it, but you can’t buy the ability to keep it. That’s a whole different ballgame.

Web3 has the attention span of a toddler. It’s pervaded with a culture that suffers from “shiny object syndrome.” It doesn’t matter if you’re the best thing since sliced bread. Once a new, hyped project launches, prepare to take the backseat for a while.

Just watch the news cycle for a couple of weeks. You’ll notice that the brands that keep popping up have built the most engaged communities. This doesn’t happen randomly. Community building is a very intentional process.

Let’s use the brands we mentioned above as short case studies.

1. Yuga Labs: They introduced influencer-driven marketing into the NFT industry. Co-signed by IRL celebrities, they rode the hype all the way to blue-chip status. They retained this attention by pivoting into an IP franchise. Well-timed narratives, creative world-building, and community incentives have helped to expand their brand into several NFT collections and a crypto token (Apecoin).

2. Ledger: Using a simple name with strong ties to the underlying blockchain technology, they launched a hardware product to solve software problems. Weak cybersecurity is one of the biggest pain points suffered by Web3 users. They aligned with industry leaders and made a name for themselves in this niche. Being early in the game also gave them a huge advantage.

3. Doodles: Sticking with a playful brand identity has worked well for them. The quality of their art and content stood out in a sea of low-effort PFP offerings. Recently, they almost dropped the ball through poor communication and a misalignment with the expectations of their community. It appears to be in the past with their most recent launch of physical fashion items in collaboration with the iconic superstar, Pharrell Williams. This was impressive enough to get Vogue to write about their NFTs.

4. Binance: It’s been a hard-fought battle (with no end in sight, no less) for this company. One could argue that the personal brand of its founder, Changpeng Zhao (a.k.a. CZ), has played a significant role in this story. He has demonstrated an ability to navigate controversy while maintaining a public image of philanthropy and enigmatic business acumen.

5. Y00ts: Building on the success of its older sibling NFT brand, DeGods, was a huge part of the success story here. However, the marketing genius of the Dust Labs team went on full display at the launch of this collection. They pioneered an “application meta” where community members were handpicked in a process that drove up the price of their native DUST token. The visual appeal of this brand also contributed to its commercial success. In addition, the personal brand of its founder, Rohun Vora (a.k.a. Frank DeGods), has been a reliable attention magnet.

The “how” behind your brand may change. However, the “why” should remain the cornerstone of your brand’s core values.

Web3 Bandit (2022)

In a nutshell, here’s what you can learn about retaining attention in Web3:

• Strong narratives are important. They create something for your community to bond over. If you don’t have one, your brand lacks an identity. Achieve this by creating a short-term, mid-term, and long-term content strategy.

• Put effort into your visuals. Hiring a media creation team is a no-brainer.

• Clear and consistent communication is necessary. Without it, you don’t have a finger on the pulse of your community.

• As a founder, you need to have a strong personal brand. Unlike Web2 industries, accountability and openness are highly valued in Web3. Creating a good perception of your brand’s leadership will always be a net positive.

• Pivot when necessary, but do it strategically. The “how” behind your brand may change as often as it needs to. After all, Web3 is a rapidly evolving industry. However, the “why” should remain the cornerstone of your brand’s core values.