As blockchain technology’s decentralized and censorship-resistant nature continues to impact traditional industries, it is not surprising that the relationship between Web3 and mainstream media remains strained. You don’t have to look far before coming across some defamatory headline discussing cryptocurrency as a scam, bubble, or Ponzi scheme. At least the mainstream media greets him with great skepticism and doubt. The average person may need to gain the technical knowledge to understand how Web3 works, and it can be difficult for crypto projects to convey their value proposition to a mainstream audience adequately. With that in mind, it would be interesting to examine some of the key causes and effects of this dysfunctional relationship and how Web3 projects can still thrive.
Bias and Misunderstanding
The unfortunate reality is that some publications have a blatant anti-crypto and blockchain agenda, often spreading Fear, Uncertainty, and Doubt (FUD) in their reporting. . For example, The Wall Street Journal (which is one of the best (most well-known and well-established) publications in the world) is full of anti-crypto headlines, with articles like “A crypto scam is born every four minutes” and “Crypto scam targets They on Ukrainian donations,” and this only scratches the surface of their negative reporting. When a publication’s revenue ultimately depends on advertising dollars from traditional industries threatened by the decentralized revolution, it is unsurprising that they can have a negative bias regarding blockchain project coverage. Sure, we must acknowledge here that there are many valid concerns and potential pitfalls in the cryptocurrency industry.
But when it comes to their coverage of these issues, they are often oversimplified or sensationalized by the mainstream media, often leading to further public misunderstanding. Additionally, cryptocurrencies and blockchain technology can be complex and esoteric concepts for the average person to grapple with. This lack of understanding also extends to journalists who report on the industry. Therefore, one of the biggest challenges for Web3 projects is finding ways to effectively inform and communicate with a wider audience outside of mainstream media channels, which is much easier said than done.
Isolation from Newswires
Due to prejudice and misunderstanding in the mainstream media, crypto-savvy people tend to get their news and information from crypto-savvy media. These media function as one of the few reliable media sources in the Web3 industry. As a result, Web3 companies strive to be part of the conversation in these media and to get in front of their audiences who are likely interested in learning more about them. But unlike most industries, Web3 companies lack the PR techniques that almost all companies take for granted; the good old news cable. Newswires have been a news distribution method used by startups and Fortune 500 companies for decades.
But Web3 media is somewhat isolated from these services. In layperson’s terms, most major news outlets are not affiliated with Web3 Media and therefore do not distribute news to crypto news publications.
Of course, this created a huge gap in the market, and it was only a matter of time before Web3-appointed news outlets like Chainwire stepped in to fill the gap. By enabling Web3 businesses to syndicate their stories to online crypto media publications like DailyCoin, which covers trends related to fintech, digital assets, and blockchain technology, platforms like Chainwire are bridging this gap. It is evident that the gap between traditional media and Web 3 projects hinders appropriate education and communication and reduces the industry’s overall potential for growth, “Alon Keren, CMO of Chainwire, adds. “By giving them a chance to communicate their news with an interested audience in the Web3 domain, we need bitcoin and blockchain-based enterprises. By closing the gap, we hope to foster widespread adoption and understanding of decentralized technologies,” he added.
Why You Should Care
Ultimately, it is up to the Web3 projects and their communities to strive for greater visibility and acceptance within mainstream channels. As the industry evolves and matures, it is important to fight for decentralized technology and proper education against bias and misunderstanding. However, this will likely be a war of attrition as it may take time for the mainstream to catch up and fully understand Web3’s potential. In the meantime, crypto-native platforms and publications will continue to serve as important sources of accurate and up-to-date information about the industry.