news.bitcoin.com
According to Ben Zhou, founder and CEO of crypto derivatives platform Bybit, content creators play a vital role in the crypto ecosystem. Besides helping inexperienced investors and traders avoid steep losses, crypto content creators can also attract billions of people unfamiliar with or skeptical about cryptocurrencies.
Rapid Industry Changes Create Information Overload
However, in written responses shared with Bitcoin.com News, Zhou acknowledged that content creators in the crypto industry face unique challenges which limit their ability to help their followers. The challenges range from rapid industry changes which lead to information overload, even for knowledgeable creators to their inability to monetize content sustainably. The Bybit founder acknowledged that such challenges threaten the continuation of their work which in turn hinders adoption.
Regarding the practice of using celebrities to promote brands or tokens, Zhou cautioned against offering direct financial advice. Instead, the Bybit CEO advised influencers to focus on educating followers about crypto investing risks and opportunities. While crypto exchanges can be ideal partners for content creators, Zhou notes that celebrities may be hesitant to work with them. However, as the industry becomes more regulated, Zhou believes celebrities will find such collaborations increasingly beneficial.
Below are Zhou’s answers to all the questions sent.
Bitcoin.com News (BCN): Why is content important in the crypto industry, and what are the biggest challenges aspiring crypto content creators face today?
Ben Zhou (BZ): Before we dive into why content and content creators are so important in crypto, we should take a look at the ground reality today. Lack of education and awareness has led many crypto investors and traders to blindly put their money into scam coins, leveraged bets, and other misadventures only to suffer steep losses. They have little knowledge of how to build a portfolio, how to diversify positions when to cut their losses, and how to manage their behavioral impulses in the often volatile crypto world. On the other hand, there are billions of people who have never interacted with blockchain or are skeptical about cryptocurrencies.
So, content creators have a vital role to play in three aspects:
- Demystify the complex world of crypto for new users as well as skeptics through educational materials such as blog posts, videos, and infographics. Educated investors will be able to make more informed decisions.
- Build trust and credibility by providing valuable insights and addressing common concerns. We have come a long way in the last few years, but crypto still has a trust problem, particularly due to past scams.
- Foster community engagement by encouraging discussions around relevant topics. Engaging content can spark conversations among users, helping to build a vibrant community around a brand or project. This sense of belonging can lead to increased user retention and advocacy.
As for the challenges facing aspiring crypto content creators today, I’d again venture to say there are three:
- Information Overload: The crypto industry is evolving rapidly as builders around the world continue to innovate. It can be overwhelming to keep up with the latest developments.
- Credibility Problem: Amid the pump-and-dump scams, security exploits, and misinformation on social media, it can be really difficult for content creators to establish and maintain the trust of their audiences.
- Sustainable monetization: Content creators struggle to find sustainable ways to monetize their content in this fiercely competitive landscape.
BCN: Your platform is the title sponsor of the Crypto Content Creator Campus (CCCC), a project aimed at nurturing the next generation of crypto influencers. What motivated Bybit to sponsor CCCC, and what specific goals do you hope to achieve?
BZ: We at Bybit believe that content creators, influencers, and key opinion leaders (KOLs) have a crucial role to play in educating the masses and accelerating crypto adoption. So, in a way, it was our commitment to nurturing the emerging content creators that drove us to become the title sponsor for the CCCC. CCCC will be an ideal platform to provide invaluable guidance for aspiring creators, helping them refine their skills and navigate the complexities of content creation in the crypto space.
- Educate and Promote Responsible Content Creation: We will provide comprehensive training on compliance regulations and ethical guidelines to ensure that KOLs understand their obligations and avoid disseminating misleading or harmful information.
- Nurturing Emerging Talent: The sharing sessions and Hacker House programs will offer invaluable guidance on content creation, audience engagement, and best practices for building a sustainable career in the crypto space.
- Fostering Community Growth: By supporting the CCCC, we hope to strengthen connections within the crypto community and create a more inclusive and collaborative environment.
- Driving Education and Awareness: We envision the CCCC as a platform for promoting education about crypto and blockchain technology, empowering individuals to make informed decisions about their financial future.
We believe that by investing in the development of responsible and knowledgeable content creators, we can contribute to a more mature and sustainable crypto ecosystem.
BCN: Could you briefly explain the Crypto Content Creator Campus (CCCC) and its potential impact on the future of crypto content creation and the industry as a whole? How do you expect this initiative to directly affect crypto and Web3 adoption?
BZ: In a nutshell, the Crypto Content Creator Campus (CCCC) is a much-needed initiative that empowers the next generation of crypto content creators and key opinion leaders (KOLs) with tools and resources to help them shape the future of the industry. It offers a unique platform for crypto content creators, influencers, and key opinion leaders (KOLs) to learn, network, and grow together.
I’m optimistic that the CCCC will provide an educational retreat that equips creators with the tools to drive crypto adoption and expand the crypto ecosystem. It gives participants an opportunity to learn personal branding and content strategies from renowned celebrities and influencers, interacts with the Web3 builders to understand how they are shaping the future and learn from the top executives at platforms like YouTube, TikTok, Instagram, and others.
In the long run, the CCCC-affiliated influencers and content creators will simplify crypto, Web3, and DeFi for the masses and help accelerate mainstream adoption.
BCN: What kind of content creation trends do you see emerging in the crypto industry in the coming years?
BZ: Content creation holds a transformative power in the crypto industry. I believe it’s going to evolve rapidly in the coming years, and we at Bybit will continue to support innovative voices and spark discussions that take the industry forward. The ecosystem constantly needs higher-quality content that informs and engages the audiences, and drives broader crypto adoption.
I see the following three trends emerging and taking hold in the next few years:
Growing use of interactive content and live streaming to engage the audience directly
Well-organized educational content series aimed at demystifying complex topics in crypto
A greater proportion of community-driven content aka user-generated content reflects the interests and insights of the community.
BCN: Many celebrities have been involved in crypto projects that ultimately failed or turned out to be scams. Caitlyn Jenner, Floyd Mayweather, Soulja Boy, and Tom Brady are just a few examples. Besides financial gain, why do celebrities attach their names to such projects without conducting proper research?
BZ: While crypto investment is increasingly becoming mainstream, it’s crucial for celebrities and influencers to approach this space responsibly. As public figures with significant influence, many fans and followers may look to them for guidance, even if they aren’t licensed to give financial advice. Therefore, it’s essential to avoid unintentionally misleading the public.
Instead of offering direct financial advice, celebrities should focus on educating their audience about the risks and opportunities of crypto investments. Crypto is still a part of the financial ecosystem, and incorrect advice can have serious consequences. Therefore, proper research and a cautious approach are necessary when promoting crypto-related content.
It’s also worth noting that some celebrities may feel apprehensive about working with exchanges or platforms due to potential risks. However, as the industry becomes more regulated, there are now many licensed and reputable exchanges to collaborate with. By working with regulated platforms, celebrities can help promote transparency and trust in the crypto space, ensuring their followers are informed and protected.
Ultimately, it’s about promoting the right message—encouraging education and responsible engagement with crypto rather than endorsing risky or ill-informed investments.
BCN: As you may well know, regulatory agencies did eventually intervene in some of these cases, leading to litigation between the projects, their promoters, and the alleged victims. In your opinion, could regulators have prevented these issues by implementing rules governing the promotion of crypto assets, rather than waiting to take action after the damage was done?
BZ: There have been many such instances of celebrities being dragged to court after the crypto they promoted turned out to be fraudulent.
Regulations are already in place to protect users, but there are loopholes that celebrities exploit to avoid disclosing the details of their endorsement agreements. For instance, they take advantage of the ambiguity in the law surrounding disclaimers to avoid disclosing their financial ties with the crypto projects they endorse.
However, there is no denying that the existing regulatory frameworks around crypto endorsements have proven insufficient to protect investors and users. Given the massive reach and brand value of celebrities, the risk of uneducated people falling prey to crypto scams is multiplied manifold.
What are your thoughts about this interview? Share your opinion in the comments section below.