Blockchain extends services in the advertising industry, meanwhile, cryptocurrency has been out of the box.
Amidst the pandemic and mainstream coverage, cryptocurrency news tops the Google search trends. However, despite its substantial growth, it has been left out of the box. While Blockchain extends services in the advertising industry.
It was in 2018 when Facebook, Google, and Twitter banned all types of cryptocurrency advertisements, especially ICOs and binary options.
Furthermore, several social media platforms in China implemented a ban on crypto advertising. The Chinese Government followed an introduction of the restrictions with regard to the ban. The apprehended bans are not random attacks on cryptocurrency. Rather, they are a protective measure to prevent illegal fundraisers and scams from gaining victims through these platforms.
However, Facebook and other social media networks have conceded to online advertising. But, there has to be a formal request to force potential scammers not to go to social media networks. The creative director of Paradox Group, Milo McCloud, expresses his thoughts as their company focuses on cryptocurrency marketing:
“The recent developments of Facebook and Google ads of advertising blockchain-related contents have paved the way after experiencing a heavy backlash. It is the first step to create and develop acceptance of the blockchain technology as it is an essential industry that can tackle several problems we are currently facing.”
The Outcome of the Crypto Adpocalypse
After the bans of cryptocurrency-related ads, the industry fought against the restrictions. In fact, there were several companies in China, South Korea, and Russia that came together to form the Eurasian Association of Blockchain. As a result, they filed a lawsuit against the social media companies that led the bans.
Although the ban has been lifted, there are several restrictions to abide by the crypto advertisers and publishers.
Need for Innovation
From the bans of major advertising and social media networks, the rising cryptocurrency industry was forced to adapt. They fulfilled the demands of advertisers, improve the earnings of their crypto publishers, and made ads more relevant and targeted.
Several challenges in the ad industry
Furthermore, there are several issues within the advertising networks. An overabundance of middlemen and third-party service providers are rampant as there is a lack of transparency and several advertising frauds.
It has led to lower revenues for publishers and high prices for advertisers. The frauds and challenges have led to major losses.
Blockchain in Advertising Industry
Even though cryptocurrency has been left out in the advertising industry, blockchain is paving its way to the digital advertising campaigns. It eliminated unnecessary middleman, streamlines direct relationship to contributing parties, and provides monetization tools.
Future of Crypto and Advertising
Will Blockchain help change the course of online advertising? Their plans and outlook are extremely promising, but there is still a long process before they can dominate the online advertising market, given there is a massive user base and reach for Facebook and Google.