Web3 projects that were once centered on managing public image are now having to battle for legitimacy. Laura K. Inamedinova, Web3 Marketing Expert. In addition to convincing investors and backers, Web3 contestants must also confront regulators, according to Inamedinova.
Reliability and Other Problems Reappear
At the start of the year, the spotlight was on community management, public image, and community engagement. But the FTX debacle has caused numerous Web3 projects and brands to work hard to protect their credibility, stated the CEO of Web3, a marketing agency. Laura K. Inamedinova. Web3 entrepreneurs are now compelled to address security and dependability issues, even when there is no direct link to FTX.
Aside from calming investors and sponsors, Inamedinova noted that Web3 players have a much greater challenge – convincing regulators. This is applicable even to conventional brands that are supporting projects.
“Even for perfectly legitimate businesses and projects, this has been a significant blow to their reputations. After the FTX fallout, we can expect a new wave of global regulations and more attention to the security and trustworthiness of projects,” Inamedinova said.
For major corporations like Starbucks or Nike, FTX’s collapse has revived trust issues that have been building for years. According to Inamedinova, the events of the past few months have made it clear that extra time and resources are likely to be necessary to prove to the general public that blockchain can be trusted.
It Was a Disaster!
When asked about the role of PR experts like Sam Bankman-Fried (SBF) in managing the crisis, Inamedinova told Bitcoin.com News that the whole episode was a disaster.
It was a complete disaster, from the initial accident to his string of ill-worded tweets and everything in between.
Concerning the SBF trial and its likely long-term impacts on the crypto industry and blockchain technology, the public relations expert commented that “it depends on how the trial plays out in public.” He added that if the process is conducted correctly, the result will be fair. Nevertheless, there is a possibility that this process will be prolonged.
Inamedinova suggested that traditional brands should be following the advice to help them get out of this crisis, which is “maximum transparency in their Web3 projects.” This is especially important since losses can reach billions of dollars without proper oversight, she added.
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