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Despite the increasing adoption of cryptocurrencies, Amanda Cassatt, founder of Web3 marketing firm Serotonin, has urged investors to maintain a critical stance toward crypto marketing. During an interview at the Token2049 conference in Singapore, Cassatt stressed the importance of skepticism and personal research when evaluating any crypto project, especially given the prevalence of scams in the space.
“Marketing is often a tool for promoting scams and misinformation. People need to be cautious and conduct their own research before trusting any product or technology,” Cassatt explained. Her remarks were aimed at both seasoned crypto enthusiasts and newcomers who may be more susceptible to the hype surrounding new tokens and projects.
PR Firms Tightening Due Diligence
Cassatt also highlighted how public relations firms, like her own, have become more diligent in assessing potential crypto clients. In today’s environment, where trust is paramount, PR firms are now more selective in the projects they choose to represent. According to Cassatt, this shift in approach often involves seeking second opinions from investors, such as venture capitalists and angel investors, who conduct thorough financial evaluations of the projects.
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“We’re usually referred to by leading VCs, which means these projects have already undergone some level of scrutiny,” Cassatt noted. This pre-vetting by financial experts adds a layer of security for PR firms, but Cassatt emphasized that her firm conducts its own internal evaluation process to ensure they are representing legitimate and viable projects.
Celebrities in Crypto Marketing
During her speech, Cassatt also touched on the role of celebrity endorsements in the crypto marketing. She explained that the juxtaposition of a celebrity figure with a crypto product is what often captures public attention. A prime example is rapper Iggy Azalea, who generated buzz with her Solana-based token, $Mother. Cassatt states:
“Iggy Azalea isn’t someone who comes to mind when you think about crypto or technology. That contrast is what makes it memorable and gets people excited.”
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However, celebrity involvement in crypto can come with significant risks. The collapse of FTX in November 2022 is a prime example, where several high-profile celebrities faced legal action for promoting the now-defunct exchange. Cassatt pointed out that crypto marketing agencies, alongside investors and celebrities, can suffer serious reputational damage when a crypto project fails.
