If you intend to launch an ICO project, you’ll use various tactics to promote it to your target audience. A Crypto Bounty Campaign is one of the techniques that crypto marketers use. In this method, a project offers bounty hunters some tokens once they accomplish specific tasks. Bounty programs have multiple objectives, like encouraging people to discover bugs in a project and helping in marketing an ICO program. Anyone with a computer and a network can participate in the bounty program.
A bounty campaign can boost your crypto marketing efforts by enabling you to:
- Contact more people in the crypto space and inform them about your project.
- Create positive buzz around your ICO program
- Encourage people to participate in your program
Types of bounty crypto programs
There are two main categories of bounty programs: Pre-ICO and Post-ICO programs.
Pre-ICO Bounties
There are various types of pre-ICO bounty programs in the market. If you lack knowledge about these programs, you may not reap their benefits. Luckily, you can hire an experienced marketing agency like TokenMinds to help you. Here is an exploration of the pre-ICO bounty programs;
Bitcointalk Signature Bounty Campaign: When executing this type of task, you add a signature to your Bitcointalk account. In this connection, the signature is visible if you post a text on a theme of the bounty campaigns requests.
Participants in a signature campaign get rewards as per their membership level, including Junior, Senior, Legendary, and Hero. So, you can only participate if you’re a junior member or above. The rewards a participant gets depend on the number of stakes that their signature attracts.
‘Bounty program participants are spread across various stages of an ICO, ranging from investors to ICO promoters and developers. The incentives can take the form of cash rewards (although this is rare) or free (or discounted) tokens that can be cashed in later when the tokens are listed on an exchange.’
Source: Investopedia
Social media campaign bounties: These bounties entail marketing a crypto project via multiple social media platforms, such as Twitter, Reddit, and YouTube. Participants get rewards as per the amount of engagement their posts elicit. Engagement forms include views, comments, shares, retweets, and likes.
Article writing bounties: This specific bounty is designed for bloggers with a vast online audience. Such bloggers have multiple subscribers and a massive readership. The blogger is requested to write an article or a blog post about the ICO in question. Once the blogger achieves the objective, they receive the rewards. In most cases, their tips are based on the impressions of the article’s reach.
Post-ICO Bounties
Once the fundraising is over, the last stage entails tweaking your ICO program as per the views and suggestions from the group. The purpose of the post-ICO bounty program is to improve your blockchain program to gain the community’s acceptance. Here are the kinds of post-ICO bounty programs:
Translation campaign bounties: These bounties attract bounty hunters who translate the various ICO documents to make them accessible to multiple groups. They’re aimed at native speakers of different languages, such as German, Greek, Chinese, and French. Translators can interpret the whitepaper, Bitcointalk, ANN thread, and the whole site.
Bug Fixing bounties: This bounty program assists developers in discovering bugs in the project for fixing. Such bugs prevent the efficient running of the application. They’re lucrative for tech-savvy individuals who can identify software flaws.
Advantages of using crypto bounty programs
Crypto bounty programs can generate attention, enhance participation, and improve token distribution.
- Attention generation: ICOs require massive attention to captivate investors. A bounty program helps bring about this awareness through various channels, like Telegram and Twitter.
- Accessibility: Unlike the traditional bounty programs that have third parties, crypto bounties are more accessible. They lack intermediaries to dictate who should participate in the program. The use of smart contracts ensures that participants deliver high-quality work before they receive their pay.
- Global token distribution: blockchain projects can use bounty programs to distribute tokens in the whole world. With its worldwide reach, you can attract many participants to your ICO program.
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