Sigh, it seems there are still more developments out of the world of cryptocurrency. With stocks as stressful to watch as the Kentucky Derby finish line, investors, finance experts, and college kids alike keep crypto in the spotlight. The first decentralized currency, Bitcoin, was created in 2009. And now, the popularity of various exchanges has made way for dozens of crypto media companies to pop up over the last year.
Even just five years ago, companies with any ties to cryptocurrency were a huge risk. But today, it seems unlikely that the industry will fade into obscurity. According to Gemini, 14% of the US population owns cryptocurrencies such as bitcoin and Ethereum. The report further found that 13% of respondents intend to purchase digital assets in the next year. Online searches for information about crypto are also on the rise.
Even with nausea-inducing stock-price fluctuations, the blockchain and cryptocurrency market has achieved impressive strides this year. Major financial institutions are paying attention and have publicly expressed interest in the technologies.
For example, Square, Inc. reported earlier this year that it had purchased approximately 4,709 bitcoins at an aggregate purchase price of $50M. Plus, with consumers comfortable with digital alternatives to cash, major businesses like PayPal, Global Payments Inc., and TD Bank allow crypto payments.
With increased options in both the types of crypto to invest in as well as the institutions that accept them as payment, crypto media companies have found ample opportunity to educate the public on the state of the industry. And create some pretty high-level partnerships for themselves.
For many of these companies, the vast majority of their revenue streams come from advertising. Additionally, many monetize their content with subscription-based newsletters, podcasts, and video channels to educate investors on the industry and state of exchanges.
Mainly through influencers, too. Social media stars such as the D’Amelio family and Tana Mongeau, have started to post paid advertisements on their platforms for different digital coins and exchanges.
EthereumMax is an altcoin that launched in May and redistributes a small percentage of transactions to its token holders. Floyd Mayweather has endorsed altcoin during the Bitcoin 2021 Conference. It was also accepted as payment for tickets to Mayweather’s recent fight with YouTuber Logan Paul.
Surprisingly, Kim Kardashian posted an ad for EthereumMax on her Instagram Story last month to her 228 million followers. Kardashian posted, “Are you guys into crypto???” with the ever important #ad. Though it’s unknown how much Kardashian’s paid for endorsements, a 2019 court filing revealed that she reportedly earns between $300-500K for a single Instagram post.
