The annual report on the expenses of a crypto company exposed the curly marketing levels of Sam Bankman of the company – we are so return, boys!
Polkadot, a blockchain platform with a market capitalization of $ 8 billion ($ 11.9 billion in), had its treasure report for the first half of 2024 published by members of the platform community.
Who are these vigilant members of the community, are you asking? Polkadot has a crypto token called $ dot. Those who hold $ dot have “governance power”. This means that they have the right to vote on the proposals advanced by other owners of $ DOT.
Giving holders of a certain cryptocurrency voting right and other privileges is a fairly common practice in cryptographic space. Thus, Polkadot is one of the many platforms that do it.
Polkadot likes a good “awareness”
Anyway, let's go back to history. The members of the Polkadot community have revealed details on the company forum. To begin with, the Polkadot Treasury spent US $ 87 million ($ 129 million in) in the first half of 2024.
Of the US 87 million dollars ($ 129 million US dollars spent, $ 37 million ($ 55 million in) were placed in a category called “Outreach”. What does “awareness” mean? Well, according to Polkadot, it means paying the main opinion leaders (Kols) to promote the company and mark its logo. cryptographic influencers on YouTube and X.
According to community members, the influence marketing strategy “was successful” at first glance, with 15 million total video views and 570,000 likes in total. But a more in -depth analysis suggested that influencers “engaged in misleading practices”, one of the members of Polkadot Written on the forum On behalf of the community.
“Many numbers of followers have swelled, promotion content and responses, resulting in excessively high costs,” added the member. Some kols have even recorded repetitive tweets generated by AI. Yikes! This gives scandal the false subscribers of the false bots of the Kardashian-Jenner clan. But who is surprised?
For the perspective, this sum would be sufficient to cover a $ 150 in the Gourmet meal of ten dishes in Hobart For me, every day, for 2,356 years of my life. I would have been dead for a long time while my children and grandchildren could also benefit from it.
A logo with a price of $ 710,000
A new breakup Polkadot “awareness” costs have shown that it paid US $ 418,000 ($ 711,000 in) to Crypto Price Traker CoinmarketCap to display the company's animated logo on the CoinmarketCap website. This is what it looked like:
A work of deep and moving art that is well worth the money, if you ask me. The LOCAL LOGO CHER is the “very first implementation of the genre” according to Polkadot's assessment, so these are revolutionary things.
In comparison, a content agreement made Polkadot with a cryptographic publication The Block During the same period, costs much less. For research reports, sponsored publications, newsletters and data information, the bill came to US $ 138,600 ($ 206,000 in).
Crypto Bro Maths 🧠
“ Branding 'private from Polkadot, Polkadot jet
The most scandalous madness of Polkadot officials was perhaps the US $ 180,000 ($ 268,000 in) spent putting the company's logo on a fleet of private jets in Europe. A Invoice Sitting at Polkadot Read: “An entire fleet of private jets based in Europe will be marked with the Polkadot logo on the fuselage for six months. In addition to raising awareness of an elite target group, we plan social media shares of various celebrities using the fleet.”
… wait. It is still much less than the animated logo!
“I hope the CMO has reached the Mile High Club with this community contribution”, ” wrote A crypto user on X.
What now?
At the time of writing this document, the price of the $ DOT token dropped 8.3% of US $ 6.59 ($ 9.80 in) to US $ 5.86 ($ 8.70 in) over two days. Polkadot does not seem confused by online criticism. In the middle of the controversy, the company is tapered shared a message This was seen: “GM to all marketing specialists and Kols ☀️”, apparently referring to the public reaction against Polkadot's decision to pay Kols.
Complete ventilation of the polkadot assessment, including cryptographic transactions, is accessible to the public on a google spreadsheet here. Money VC is so long. We love cryptographic governance.
