It is getting more evident that the emerging blockchain sector is upping the marketing game as the industry is now a very competitive one with several patents filed around the world and numerous invention.
It is certain that the ‘good old days’ where a blockchain firm would achieve the needed attention by simply announcing an invention is gone as more advanced marketing strategies is now required, and this Nobel prize winners plug is an innovative marketing technique. A recent report showed how a blockchain research lab Cryptic Labs for security, privacy, and trust added two Nobel-winning economists as advisors.
Nobel Prize Winners Targeted as Advisers
The crypto sector has continued to rely on the influence the Nobel Prize winners coupled with the credibility it would suggest in order to raise the level of attention of investors and traders and prospective ones that might be interested in the crypto market despite the bear market.
For instance; some firms seeking the expertise of prize winners include: The Covee Network (who are working with game-theory and market design Nobel prize winner Alvin Roth), Prysm Group (who are advised by 2016 economics co-laureate and Harvard University professor Oliver Hart), and Cryptic Labs LLC (partnered with Eric Maskin – 2007 winner – and Christopher Pissarides – 2010 co-laureate).
Investors Might Flock in
It is not a hidden strategy that regardless of the desire of crypto firms to work with some of the most talented minds in the cryptocurrency sector, the move is, more importantly, to attract investors to their platforms. However, contrary to the notion that the experts invited would simply be ‘icing on a cake’ to attract investors, the former has claimed otherwise with involvement with the decision making of the crypto Startups. Alvin Roth stated when asked about his involvement in team, he stated that;
“When I was first approached about joining, I spent a good deal of time thinking about whether I would just be a decoration, or whether I would actually be able to contribute… They are embracing game theory as a way of incentivising participation.”
Marcel Dietsch, CEO of Covee reportedly answered a question about his company’s relationship with Roth. He said: “It was the seriousness of the team, and our existing relationships that distinguished us.”
Dietsch Speaks on Project Involving Roth
Marcel Dietsch also gave his opinion about the interest Nobel Laureates have shown in the blockchain sector, stating that it shows that the industry is much more mature than what it was a year ago. In those days, what a successful ICO would need is to get a couple of high profile endorsement which would, in turn, fetch them hundreds of millions of United States Dollars for nothing more than an idea.
According to Covee Network, there is a need to establish a marketplace for skills that would disrupt the notion of the firms if successful. The idea is to enable an ad hoc team of experts to form create around a theme and disband after completion (more like a hackathon). The white paper of the project states:
“Why is most of the workforce stuck within the boundaries of centralised intermediaries such as the centuries-old corporation? …Both trust and traditional organisations are limited in terms of scale.”
Roth’s contribution will be to help to create a game theory structure which incentivizes using a system of value tokens to ensure that free-riders are discouraged and also encourage participation.