The Role of Media in Cryptocurrency Market growth

The Role of Media in Cryptocurrency Market growth

The Role of Media in Cryptocurrency Market growth


The Role of Media in Cryptocurrency Market growth

Legacy media has found growing interest in blockchain and cryptocurrency market . However, given their traditional background, they often struggle to understand the complexity of this space. Quality discourse and education can drive the adoption of new technologies, but is there any other way for the media to drive the growth of blockchain space? And how can media companies ( like who are active in cryptocurrency market ) benefit from the potential of blockchain?

 

Digital world and media cooperation

Digital world and media cooperation

 

To answer these pressing questions and more, Forkast.News Executive Producer Justin Solomon interviews with the three most influential ideological leaders in crypto media: Alanna Roazzi Lafloret, Chief Revenue Officer, and Decrypt Media and. Michael Casey, the Chief Content Officer at CoinDesk as well as Gary Liu, CEO of South China Morning Post. The trio examined media companies’ responsibilities to the crypto industry in a panel discussion entitled “Driving Growth in Crypto: The Role of Media” at today’s Bitcoin & Beyond Virtual Summit.

 

Crypto space understanding Lackage

Mainstream media is still striving to catch up with crypto natives, making professional crypto publications a more important role in industry coverage. “There is a big gap, the learning curve between traditional media and crypto space, which is why people like Decrypt and CoinDesk are filling that gap and Forkast” says Roazzi Lafloret.

One of the misinformation-leading issues in this area is the legacy media approaching the industry from a traditional market analysis perspective, which can lead to superficial knowledge and a variety of misinformation.

According to Liu of SCMP, the media is not yet talented. “There are great market, business and tech reporters who have been responsible for blockchain and crypto space reporting for the last X years, but they are not blockchain or crypto-native. This is due to the filtered distortion of blockchain and is one of the reasons why most mainstream media do not understand the potential of this technology.

CoinDesk’s Casey states that the responsibility of mainstream crypto media to the industry is to protect public property. I think it’s some kind of public funding, but it doesn’t fit most people’s thinking. Therefore, the obligation of the press actually fights this principle for the broad benefit of this decentralized structure, A fourth type of property law to maintain, which leads to reporting distortions, especially in relation to the lack of  initial understanding and reliance on traditional reporting methods.

When it comes to pseudonyms or community-managed blockchains, reporters will not be able to contact the CEO to better realize the project, making it difficult for some mainstream media to adapt.

 

 Blockchain can create novel opportunities for media companies

Despite the difficult learning curve, blockchain offers many benefits to media companies looking to embrace technology. Teaching materials are essential, but they are only the first step in understanding crypto space.

“The only way to learn about cryptography is to actually do it. To participate, touch, feel and learn how to trade NFTs and etc. since if you do not understand how things work, it`s very hard to discern between the real and the fantasy” said Roazzi Lafloret. She was aiming to highlight the importance of practical experimentation in crypto and DeFi. Decrypt Media is leading by example, as the outlet already launched its first NFT collection on OpenSea.

As a traditional media company, SCMP was one of the first ones to start experimenting with blockchain and NFTs by launching ARTIFACT. “Our goal is to set a standard, that long term will allow traditional organizations that are guardians of history … translating this into the digital world first, but eventually on the blockchain for immutable recording, and do it in a way that benefits both the world and the original IP owners” said Liu. He expects the project will translate to better understanding and coverage of the blockchain space.

A metadata standard like ARTIFACT is a prominent example of how NFTs can create greater transparency in the media industry, and reward the owner of the content piece that is recorded on the ledger. Yet, blockchain has other use cases that can help combat fake news and misinformation as well.

“At Decrypt, we`re partnering with other publishers to create a DAO (decentralized autonomous organization) of publishers. Also, the DAO is creating a decentralized wire service, pushing stories underneath the DAO name and we`re voting on story ideas, story types, and we are collaborating across publishers to push these stories live” Roazzi Lafloret added. DAOs can foster more communication among journalists, creating a more informed pallet of published pieces and restoring public trust in media outlets.

Casey believes that: “As a media industry, we could collectively think hard about how to break the stranglehold of these quite destructive platforms. And NFTs, blockchain technology, DAOs, in there is a solution that collectively gives us a new platform with which to reach our audience on our terms.”

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