First there came the Bitcoin logo as a Twitter emoji when the #Bitcoin or #BTC was used. This came seemingly from the top, Twitter head and Bitcoin fan, Jack Dorsey, who also tagged the Twitter account for Unicode – the computer text and emoji standard for the internet. But this has also now spawned a new rush for these emojis.
The Twitter emoji has not been Recommended For General Interchange (RGI), meaning there is no existing emoji that is widely supported across major internet platforms, including the likes of Facebook, LinkedIn as well as Twitter. However, the tag of Unicode suggests Dorsey is looking for that to happen.
However, a second, third and now fourth crypto-based Twitter emoji has come to the public in the form of Crypto.com, Binance and Tron. These three crypto companies have all seen their names and tokens linked to emojis, but probably not in the same way that Bitcoin has.
It seems that these emojis are being paid for by the companies as a way to boost the profile of their products and projects, as well as a new and novel way to interact with their community. But, is this a smart move or an overpriced advertising ploy, and is it already losing its lustre with companies lining up to roll them out?
$1 million price tag?
This marketing tactic is not new, or crypto specific as Twitter offers this service with a hefty price tag. Branded Superbowl Emojis for companies have come with a reported $1 million price tag as the likes of Anheuser-Busch and PepsiCo snap them up as powerful marketing tactics.
Perhaps the price tag for the crypto companies is not as steep as it is not tied directly to an event as large as the Superbowl. However, these new emojis as part of a marketing campaign are seen as very powerful, and quite cutting edge.
Emojis have ingrained themselves in our culture quite quickly and become synonymous with younger users, as well as those of an older age, so it makes sense for crypto companies to tie themselves to them. However, their effectiveness may well be falling sharply already as more and more companies take on the tactic.
Losing its shine
When Crypto.com became the first company in the crypto space outside of Bitcoin to get its emoji there was confusion as to how they would be deemed eligible for something like this. But it soon became quite apparent that it was a paid-for service.
The further moves by the other companies have reinforced this narrative, especially with Binance where the company has the emoji tagged onto “#BinanceTurns3” hashtag. The reaction from the community was nowhere near as good as the companies that followed Crypto.com would have liked.
In terms of a marketing strategy, there can be no taking away the company’s decisions to pay up to $1 million on this Twitter branding, however, its effectiveness might need a closer look. When Bitcoin first got its Emoji without paying for it there was certainly excitement, but the lustre has worn off rather rapidly as it now seems anyone can be worthy of an emoji if they have the bank balance.
On that, when Bitocin did get its emoji, Ethereum co-founder Vitalik Buterin tweeted to Twitter support asking about receiving one for Ethereum only to be met rudely by Dorsey who suggested there already was an emoji available.