A much-anticipated update to Facebook’s ad policy recently came into effect, changing the social media giant’s guidelines on the management of crypto-related advertisements on its platform. In a blog post, the company, now called Meta, said it had decided to increase the number of regulatory licenses it was acceptable for companies to advertise on its platform, from a paltry 3 to 27. This means that it will now be much easier for blockchains, cryptocurrencies, and assorted decentralized finance (DeFi) projects to run Facebook ads.
The decision by Facebook to change its stance on cryptocurrency marketing was reached after the company acknowledged the growth and development of the crypto space. Facebook praised governments around the world for their efforts to regulate and streamline the crypto industry. These efforts, Facebook believed, had led to the maturity and stability of cryptocurrencies in the last few years.
This stability and maturity being witnessed in the crypto space that Facebook believes will help it make more transparent and equitable policies regarding cryptocurrency marketing on its platform.
In 2018, Facebook decided to prohibit ads promoting financial products associated with deceptive or misleading practices. These restrictions mostly affected crypto start-ups, initial coin offerings (ICO), and binary options, all of which Facebook felt at the time were being used by bad-faith actors to swindle the public.
A study carried out by a New York-based ICO advisory company, Satis Group LLC, indicated that up to 80% of all initial coin offerings in 2018 were scams. According to the study, only a paltry 8% of ICOs floated that year reached the trading stage on various virtual currency exchanges. Of that 8%, 4.4% were reported as dwindling projects, while only 3.6% were considered promising or unequivocally successful.
The unregulated and virtually anonymous nature of crypto makes it a constant target for scams ranging from fraud to hacking, digital theft, and phishing. In the first two months of 2018 alone, it was reported that investors lost over $1.3 billion worth of crypto to scammers and fraudsters.
In June 2018, Facebook made slight changes to its ad policy that allowed advertisements from businesses that had received prior written approval. Then in 2019, the company scaled back the policy even further and allowed more companies working on crypto and blockchain technology to promote their projects on the platform. Industry observers believe that taking a phased approach to allowing crypto marketing on its forum will give Facebook more time to examine the crypto industry and to better understand its nuances.
Responding to questions about the lifting of the ban, a Facebook spokeswoman said, “While we loosened the policy this summer, it remains restrictive.” She further added, “We will continue to listen to feedback, look at how well this policy works, and continue to study this technology so that, if necessary, we can revise it over time.”
The social media platform’s move to allow more crypto ads on its network came around the same time it was ramping up efforts to build its own cryptocurrency. The token, then known as Libra, was intended to be a universal currency anchored to multiple sovereign fiat currencies such as the dollar and the euro.
However, Facebook’s cryptocurrency project came under strong criticism from fiscal regulators around the world, who feared the currency could threaten global monetary stability and enable money laundering. This backlash led some of the project’s strongest backers, like MasterCard, Visa, and Stripe, to walk away.
Despite all that, Facebook did not pull the plug on its crypto dream but instead decided to rebrand it and develop it in a more low-key manner. The project, now called Diem, is set to be rolled out later this year in a small-scale pilot focusing on microtransactions between individual consumers.
Speaking of the positive effects of lifting the crypto ads restrictions, former Facebook employee and current CEO of Retina AI, Emad Hasan, said, “These companies had been in a spot where they couldn’t advertise on Facebook. They couldn’t drive people to convert fiat currency into cryptocurrency. This will enable the average day-to-day person to do this.”
Initial coin offerings are still not allowed to advertise on the social media platform, but it is hoped that further development in the crypto space aimed at making crowdfunding more secure from scams and rug pulls, may sway Facebook’s attitude towards them. In addition to that, Facebook’s experience with its own digital currency may also help shape its policy regarding crypto restrictions on its platform.
In August last year, Google Ads also changed its financial products and services policy that previously curtailed crypto ads on its platform. To reduce misleading advertisements and eliminate blatant crypto scams, the search engine giant laid out a raft of requirements that advertisers had to meet to run ads on Google.
These requirements include registering with either the U.S. Financial Crimes Enforcement Network (FinCEN) or a federal or state-chartered banking entity and complying with the legal requirements of the jurisdiction in which a company is domiciled, as well as Google’s advertising policies.
While businesses like crypto exchanges and crypto wallets can now advertise on Google, the tech giant’s new policy still imposes an overarching ban on most crypto-related products and services, including initial coin offerings and decentralized finance protocols. Additionally, the partial lifting of Google’s ban on crypto ads only applies to companies based in the United States. The rest of the world still has a while to wait.
Facebook’s decision to lift crypto restrictions on its platform will be hugely beneficial to blockchain start-ups that could not previously access the social media’s large and receptive constituency. Crypto startups may have moved to more crypto-friendly social platforms to promote their projects, but Facebook’s reported 3 billion active users every month is a potentially game-changing number for prospective crypto projects.
When Facebook changed its name to Meta, it signified a move towards the creation of an immersive new social space that could have deep compatibility with blockchain technology. As such, the company cannot afford to prolong its adversarial relationship with crypto developers like Bloom, whose products could potentially play significant roles in Facebook’s upcoming metaverse.
Social media platforms have widely contributed to the financial world’s growth by accelerating global business growth. The crypto world is one of the top beneficiaries of the social media advertising option. Every new ICO project introduces its social media page to attract attention and increase adoption.
Some groups may end up having hundreds, thousands, or even millions of followers. Due to many possibilities and the possibility of having several pages and communities, it’s crucial to leverage acceptable community management practices. Keep reading to find out the best tips for managing any crypto social media page or community.
The first step towards any successful social media community management is inviting people to join the community. The more people you have following your page or participating in your group, the faster your crypto project gets adopted. But how can you, as the social media manager, invite people to your page?
Primarily, it would be best if you had an advertising campaign. First, take advantage of the most famous and trusted crypto publications, which major in publishing the latest news and events in the crypto industry.
Crypto adventure is one of the best crypto websites for advertising. It provides the latest updates, guides, reviews, etc., to help both investors and developers take advantage of crypto solutions.
On your website, you can state your social media pages on different platforms from Facebook, Twitter, Instagram, Youtube, Medium, Telegram, etc. Twitter and telegram are the most common social media applications used by crypto companies. Having an account of the two will help in your marketing needs.
In the blogs and reviews written about your project, try to reach out to people and encourage them to join your community.
After having the numbers in your community, you need to ensure good communication on the platform. Make the community active by giving them updates on your latest products.
For instance, before you list your ICO project, make the community ready. When you list your tokens to DEX like UniSwap, make sure you update the community. Sometimes, informing them before introducing a particular update will make the members feel like they are part of the project. In case of a new feature or a new product, inform the community immediately.
A dull social media group will make members leave, and your project will not get the required attention.
Any crypto, social media manager needs to ensure good communication between the team and members. Ensure the environment allows everyone in the community to share their views freely.
One way of doing that is publicly encouraging the team members to open about any changes they deem necessary. Whenever they ask questions about ICOs or post anything, the community manager should positively respond to their problems.
Encouraging team members to inform you of their needs and any other developments will create a good environment. Basically, top members should associate well with junior community members in a trustworthy and cohesive manner.
Telegram and Twitter, for instance, are useful communication tools since they allow sending and receiving messages quickly. Dialogues between community members are vital for the social media community’s growth.
Above all, due to constant communication, you will receive feedback from the community about upgrades and better the system. You will learn of any flaws surrounding the platform, the UI, the software, and everything around it.
After getting the feedback, the development team needs to implement viable suggestions. If the community needs an upgrade, improve your system, and upgrade it. If the community is interested in a new product or service, provide them.
Accepting constructive criticism, analyzing it, and working on it will help your project’s growth. Listening and implementing makes the community trust the platform and feel like a part of your project.
Regular rewarding of your community members with a few giveaways will help create the right crypto environment. Some platforms decide to use bug bounty programs. A bug bounty is a program instituted where the community participates in identifying bugs in the platforms and receiving rewards in coins.
Airdrops are good rewarding programs where a platform sends a small number of coins to members’ wallets to do advertising campaigns and create awareness. Community members who use the platform will enjoy the benefits and continuously trust the platform.
Offering affiliate compensations for persons who bring new and reliable members to the platform is another rewarding community member.
Above all, rewarding people for advertising and enticing people to join the platform will make more people join the platform and, as a result, build a strong community.
In conclusion, managing a crypto social media group and a crypto community is tussling, especially for persons lacking people skills. However, social media groups are vital since they are the best marketing tools of the 21st century, and as such, all crypto businesses use them to increase awareness and make sales.
To effectively manage a crypto social media community, you have to create a community of trust. Moreover, the manager should regularly update the page with the latest information. Create a community where communication flaws easily, and everyone has the freedom to share what they feel.
Since feedback is a vital part of communication, the operations team should regularly respond to the input and do what the community needs.
Crypto Virally is a platform designed to assist businesses to level up their marketing. It provides services like content marketing, brand development, community management. Using Crypto Virally, you can manage all your crypto social media pages and crypto groups in one single platform for better results.
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