Algorand’s marketers decided to emphasize ALGO’s advantages as a means of payment by contrasting them with the most stereotypical disadvantages of Bitcoin, Ethereum, and Solana, which caused sharp criticism from the crypto community.
The Algorand Foundation unveiled a new advertisement for its cryptocurrency as a means of payment on YouTube.
The video caused a big stir among X users, where it was also published and collected more than 770,000 views in less than a day. The crypto community’s attention was particularly drawn to the blatant provocation that Algorand’s marketers resorted to, emphasizing the shortcomings of the major cryptocurrencies. In particular, the video humorously addressed:
- low speed of transaction processing on the Bitcoin network;
- excessively high commission fees on the Ethereum network;
- frequent failures and malfunctions on the Solana network.
Amid competitors’ shortcomings, the Algorand network is shown as a fast, cheap, and reliable one. However, the blockchain project’s marketing decision caused much criticism from the community. Among the main arguments are:
- the overall advertising message might be unclear to viewers far from the sphere and form the opinion that all cryptocurrencies are flawed;
- vilification of competitors is unethical and generally makes no sense at the early stage of tech implementation;
- the company spent over $100,000 on advertising but closed the AlgoExplorer service earlier due to the lack of funding.
However, some found the ad hilarious and positively evaluated the approach of the Algorand Foundation’s marketers. The ad’s publication had almost no effect on the price of ALGO. Still, CoinMarketCap reported that its trading volume almost doubled within the day following the ad’s publication.
The campaign didn’t affect the total value locked (TVL) of assets on the Algorand blockchain. The project offers the most favorable staking conditions, far exceeding the dividend yields of companies included in the S&P 500 basket.
