Have you ever attempted to join a bounty program provided by a crypto project, only to abandon it after receiving the rewards, without considering what will happen to their project, and then believe yourself savvy because you used them to gain free internet money? Whether you believe it or not, this marketing strategy will never be effective. Companies are now focusing on a new technique that truly works and is seen as the future of marketing, which they refer to as “Social mining.”
Social Mining is a multi-chain ecosystem for community formation and governance. It is the concept that people that contribute to the development of an open source crypto currency ecosystem should be compensated in the native currency. Built on the idea that anybody may upload and discuss the work they’ve done for the ecosystem. The community members validate this effort by following established incentives. Points, influence, and reputation are then awarded to both workers and validators, which are subsequently converted into tokens at the end of the month. These prizes might range from a few thousand dollars to a whole salary for particularly active members.
These concepts give me chills because of their notion of assisting individuals who are enthusiastic about video editing, article writing, and marketing by not only rewarding them with crypto tokens but also assisting them in improving their talents. Consider social mining as a technique to mine Ethereum and Bitcoin: you’ll need a lot of high-end computers to protect networks and make decentralization viable. Those who can afford high-end computers, on the other hand, are favored. Many individuals helped Ethereum and Bitcoin succeed by undertaking promotions, marketing, and community building, but their efforts were not rewarded since there is no well-designed mechanism to reward those actions. When the ICO bubble burst in 2017, several projects distributed a certain number of tokens to encourage community growth through airdrops and reward campaigns. However, these approaches are not considered to be useful for the long term since projects that use them might genuinely hype their social media and gain a large number of followers in a short period of time, but nearly none of the new followers fully understand the projects they joined in. As a result of these failed marketing strategies, the social mining concept was born. Its goal is to assist individuals in receiving rewards in return for assisting crypto projects. They will be compensated for their contributions to the projects.
Social mining can be used in real-life companies, and I believe it will be the best option to consider by companies who want to promote their projects in the best way. The so-called social miners will be the new age of marketers that are promoting the project organically, not simply as hype, because the assignments they’ll submit are based on their interest. In this case, social mining can be beneficial to various businesses that want to promote their products because it allows them to reach out to a wide range of audiences across various social media platforms and blogs, rather than paying a single marketer who only has a limited area to promote their client’s product.
