Did PCHAIN’s Times Square Marketing Ploy Fall on Deaf Ears?
Little known altcoin, PCHAIN (PAI) just celebrated the successful launch of its testnet by hiring the Thomson-Reuters digital advertising screen in the middle of Times Square, New York.
The prime advertising space garners an estimated 150 million unique impressions per year, and one screen costs roughly $7,000 for a day’s use. However, the effect on PCHAIN’s trade price seems to have been non-existent, while daily average volumes have remained unchanged.
Crypto Marketing Issues
The marketing move by PCHAIN actually highlights a larger issue at play, namely, the apparent disconnect between blockchain developers and the average citizen. The testnet launch was accompanied by a blockchain transaction stress test which resulted in a peak TPS of 123,424.
While this may be good news for PCHAIN and the small number of blockchain enthusiasts out there, one can’t help get the feeling that it all seems irrelevant to the average Joe.
Looking at the information actually communicated in the advertisement, there is very little to explain what’s going on, or why anyone should care. What is PCHAIN? What’s a testnet? What is TPS, and why does it matter?
European readers who watched 2018’s World Cup over the summer may remember the enigmatic, and almost nonsensical HDAC (Hyundai Digital Asset Company) blockchain adverts. The ads used all the right buzzwords but explained nothing, and only drew the ire of soccer fans around the globe.
To be fair, there’s no question that explaining blockchain to someone can be difficult, as I’m sure every cryptocurrency investor has realised at some point. If PCHAIN wanted to release the news of their testnet to the crypto community, they would have simply used Twitter, which they did of course.
The fact that they also went outside the crypto community means they were actively trying to draw new eyes to the project, and looking at the lack of activity on the exchanges since the ad went up, it appears to have been a failed effort.
PCHAIN (PAI) Unaffected
The PAI token rose with the rest of the market on September 12th, climbing 17.5% from $0.016253 to the current price of $0.019100 as of September 16th. The token did peak above the $0.020500 range on September 14th, but this was in line with the rest of the market, and especially Ethereum, which is PAI’s most voluminous trading partner, ahead of BTC.
Despite its 255th ranking by market cap, PCHAIN regularly averages daily volumes exceeding $1 million, and the trend continued this week without much change.
To give the PCHAIN their due, marketing moves like this often take a little while to take effect, and who knows – the Times Square ad may eventually pay off. But ultimately, there’s a lot of money to be made for the person who figures out how to successfully market blockchain to masses, and simply listing TPS numbers probably isn’t going to cut it.
Featured image courtesy of Shutterstock.