Almost every social network has its own crypto community, and one of the most active ones in the space is the one on Twitter. Recently, Twitter CEO Jack Dorsey introduced the bitcoin symbol as an emoji appearing automatically after “#bitcoin” or “#btc.” Since then, several other crypto companies have followed this trend and the social network has been charging $1 million for an emoji.
After Dorsey introduced the Bitcoin emoji prior to the highly anticipated Bitcoin halving event, it was soon trending on Twitter, with millions of people getting to know what Bitcoin is for the first time.
While adding a small graphic that represents a symbol or a brand might not sound like a big deal, it’s now being considered a major opportunity for businesses and projects in the industry to gain recognition.
After the arrival of the Bitcoin emoji, the second crypto-based entity to get a dedicated emoji was the crypto payments platform Crypto.com.
While fans of the CRO community celebrated this event, Larry Cermak, the Block’s director of research, claimed that firms committing more than $50,000 in Twitter ad spend may be eligible for dedicated emoji.
The trend was soon followed by Binance as it introduced five new hashtags with a dedicated Binance emoji. Binance is well-known for its marketing efforts, and this further added to its already established reputation in the market.
Justin Sun, CEO and founder of popular cryptocurrency Tron, didn’t hesitate to buy out multiple emojis related to ‘Tron’ as he unveiled Tron’s own branded hashtag-emoji on Twitter, making his company the fourth crypto-related project to get one.
Besides the #TRON and #TRX, Tron’s logo also appears next to more specific hashtags such as #TRONConference, #TRONAnniversary, and #TRONGreatVoyage. Sun is already known to spend billions in marketing for Tron, and this hardly surprising that it became the fourth crypto entity with an exclusive twitter emoji.
Is it worth it?
While the respective organizations celebrated this, a part of the crypto community wasn’t too excited about companies paying huge sums of money for an emoji.
However, it has been a known fact and some companies have reportedly paid up to $1 million in order to get their branded emojis for the 2019 Super Bowl—Coca-Cola, Starbucks, Dove, Budweiser, and Pepsi have all paid to have emojis appear after certain hashtags.
Twitter’s price tag is quite hefty, but for large companies, this is an opportunity to receive a big awareness pop. But there are several things to consider when investing such a heavy sum.
In a report published by media outlet Mobile Marketer, Ben Hovaness, director of social at Resolution Media says that “Advertisers need to carefully weigh the opportunity cost of diverting those funds from working media.
“Branded emojis offer advertisers a certain amount of creative differentiation, but of course, as more advertisers use custom emojis, Twitter users will become accustomed to seeing them. As with any investment in creative production, the value realized is dependent on the level of media investment.”
According to the report, Twitter’s high cost for its branded emojis is proof of the faith that marketers are putting into emojis and social platforms, and the impact it has made on consumer behavior.
In conclusion, the introduction of these emojis could be a huge boost for the crypto and blockchain industry and provide the much-needed exposure to billions of people using Twitter worldwide.