The Ultimate Guide to Crypto Influencer Marketing in 2024

The presence of influencers on social media has undoubtedly changed the way brands and consumers interact. This is true across multiple industries, including crypto. But the thing is, crypto is a lot more complicated to navigate compared to other categories. For one, crypto deals with a lot of new technology, innovative concepts, and complex ideas. 

Now, here’s where crypto influencers come in. They have the power to shape and simplify the conversations around cryptocurrencies in online spaces. Through high-quality content and relatable marketing efforts, top crypto influencers can leave a lasting impression on any crypto enthusiast.

Effective influencers in crypto can drive awareness, brand engagement, and even conversions in ways that not even brand accounts or celebrity endorsers can copy. According to consumer studies, 69% trust influencers more than direct branded content. 

Moreover, 89% of surveyed businesses report that influencer marketing has better returns compared to other marketing strategies. Businesses allocating more of their budgets to influencers have contributed to the crypto influencer marketing industry growing by 50% in the last year alone. With these positive figures, it’s safe to predict its demand will only continue to rise.

Partnering with the right crypto Key Opinion Leaders (KOLs) can help brands unlock new levels of reach, engagement, and success, and this article has everything you need to know to get started. Let’s get into it!

 

What Is Crypto Influencer Marketing?

Crypto influencer marketing draws some similarities with traditional influencers. Popular figures in the crypto scene do collaborate with brands to promote new products/services, events, tokens, or projects. 

But one of the main differentiators of crypto influencer marketing is that it’s highly specialized. Not everyone can be a crypto influencer, and those who do are highly knowledgeable in a certain field, whether it’s Bitcoin, blockchain, DeFi, or something else. 

In contrast, traditional influencer marketing spans a variety of industries, from lifestyle and fitness to cooking and fashion. 

In a nutshell, crypto influencer content is very targeted due to the nature and complexity of the industry. It’s the influencer’s knowledge, opinion, and way of thinking that makes them admirable in the eyes of both followers and brands.

You might be interested in: What Is Crypto Email Marketing?

The Importance of Influencer Marketing for Promoting Crypto Projects

Investing in influencers is one of the most effective marketing efforts that help crypto projects and brands grow. Here are several ways they can do that:

Create valuable, high-quality content

Most people interested in crypto will look for content that teaches them something new, be it a long-form educational video, a recommendation, or a product review. Influencers are pros in content creation, and one of their biggest strengths is their ability to present complex ideas and concepts in ways that their viewers will understand. Collaborating with them for content is incredibly useful for technical projects that require a lot of industry knowledge. 

Drive an increase in brand or project awareness

Influencers and their communities are like two peas in a pod. As a brand, collaborations don’t just give you the chance to connect with influencers, but you also tap into their supportive and reactive audience. Because of their strong following, influencers have the unique ability to generate more engagement and brand loyalty than traditional marketing methods. In fact, 60% of crypto projects reported an increase in brand awareness following an influencer collaboration. 

Build credibility and trust

In the crypto space, influencers gain respect when they’re seen as reliable sources of information. People pay attention to influencers whose content is well-researched and whose judgment is worth trusting. By association, any project or product they endorse gets a boost in credibility, too. 

Nearly 70% of consumers trust influencers more than they do traditional or branded advertising. So when it comes to new crypto projects, you can use influencers to get off on the right foot with potential investors.

Help bring together an online community

People will always look for ways to bond over their curiosities for new tech or up-and-coming opportunities. This means brands have to create a space — whether it’s a discussion forum or a crypto community on Discord — where people can exchange useful information, share everyday crypto experiences, ask questions, or even just seek out emotional support. Influencers can help you create that space for them.

Lead to higher conversion and adoption rates

Influencer marketing campaigns can achieve conversion rates that are 11x higher than traditional advertising. Why is that? It’s a domino effect that starts off with the personal, long-term relationships they’ve built with their audience. This leads to higher levels of engagement and trust, eventually driving conversion and adoption. 

Followers perceive influencers as genuine and trustworthy, making them more inclined to believe what that influencer promotes. This could be a new product in the market, an investment or selling decision, or a new company they should trust. That’s why campaigns involving crypto influencers see an average conversion rate of 6.5%. To put things in perspective, the average conversion rate of other channels like Google search ads and email marketing across industries are 3.75% and up to 5%, respectively.

Cost-efficient success in crypto marketing

The cherry on top of influencers’ effectiveness is that brands end up saving with every dollar spent. Those who engage in influencer marketing see an average ROI of $6.50 for every $1 spent — making it worth every buck. Compared to traditional marketing strategies, influencer crypto marketing is very cost-efficient. 

Main Types of Crypto Influencers

Influencers can be categorized in different ways: their follower count, their topics and interests, or the kind of content they create. 

But because crypto influencers function in such a niche space, their topics or interests are more or less set, and the kind of content they create spans different platforms. That’s why they’re mostly characterized by their following, engagement, reach, and overall influencer impact.

Here are the 4 types of influencers:

Mega-Influencers

👤Follower count: 1,000,000 and more

They’re the most well-known and most influential. They may even be perceived as the most knowledgeable in their field. Think CEOs, founders, KOLs, and crypto pioneers. Their massive following means all eyes are on them, but they may not always be the most approachable. Their opinions have the power to influence market perspectives, but in terms of community engagement, it can be quite low when compared to the number of followers they have.

Crypto Mega-Influencer: Vitalik Buterin, co-founder of Ethereum, is a mega-influencer with 5,000,000+ followers on Twitter.

Macro-Influencers

👤Follower count: 100,000 to 1,000,000

Following behind mega-influencers are the macros. They’re also key personalities in the world of crypto and can effectively persuade their followers. Macro-influencers are a good in-between because they have a big enough community that they can still engage with.

Crypto Macro-Influencer: Andreas M. Antonopoulos built his 700K+ Twitter following and 300K+ YouTube community through educational Bitcoin content.

Micro-influencers

👤Follower count: 10,000 to 100,000

As the follower count goes down, the engagement rate surprisingly goes up. Micro-influencers are often seen as more authentic creators whose strength lies in speaking to niche audiences. They’re great and highly effective partners for projects that don’t have all the budget in the world and whose goal is to tap into a specific target audience.

Crypto Micro-Influencer: Defi Made Here is a micro-influencer in the decentralized finance and crypto space, with 42K+ followers on Twitter.

Nano-influencers

👤Follower count: Less than 10,000

Nano-influencers may have the least number of followers, but they often have very high engagement rates. This is because their content is more specialized and more hyper-local. It also resonates with an extremely targeted audience. Quality beats quantity for this influencer type, and they’re highly effective in creating word-of-mouth marketing for brands in a cost-effective manner.

Crypto Nano-Influencer: Patrick Luberus has 7K+ followers on Twitter, and his niche—coincidentally—is called NANO, a decentralized peer-to-peer crypto system.

 

Type of Crypto Influencer	No. of Followers	Perception	Reach	Engagement	Recommended for
Mega-Influencers	1,000,000+	Key opinion leaders, CEOs, crypto celebrities	Very high	Low to medium	Big-ticket crypto influencer marketing campaigns that prioritize mass adoption
Macro-Influencers	100,000 – 1,000,000	Established crypto personalities	High	Medium	Large crypto brands that want to stand out
Micro-Influencers	10,000 – 100,000	Slightly niche and reliable influencers	Medium to Low	High	Small brands or specific projects
Nano Influencers	< 10,000	Extremely specialized crypto accounts	Low	Very high	Extremely niche or hyper-local projects

 

Is engaging with a crypto mega-influencer the only road to success? 

The answer is not quite. Data shows that potential users are more receptive to information when they encounter it multiple times. It takes an average of 7 different touchpoints before a user makes a decision, which means that followers are not everything. For instance, a one-off Twitter post from a big account is less effective than multiple posts from smaller accounts.

Because of this, an ambassador partnership tends to work better. Many projects have small budgets and are not yet ready to pay large sums for 3-4 influencers. In this case, it’s better to first conduct a test campaign involving micro or nano-influencers to determine which ones work best, whether they’re suitable, and if there is any response from the audience. After that, you can engage with the most effective ones for multiple placements.

How to Find the Right Influencers for a Crypto Project

NinjaPromo’s Insights:

It’s a mistake to think there’s a one-size-fits-all solution that will instantly make any project succeed just by investing once in influencers or any other service. Every result in the market is the product of thorough work on adapting strategies and developing mechanisms to the project’s needs. 

Just because an influencer performed well in previous campaigns doesn’t guarantee success in a new one. Some businesses are more mass-market-oriented, while others are not. Each has its own goals and objectives. This makes it crucial to test and adapt strategies. Our goal as an agency is to identify and communicate which strategies and mechanisms will best achieve the desired results.

Veronika Manko, PR&KOLs Lead

The short of it is that there is no one “right” influencer. More than a numbers game, effective influencers are defined by their authenticity and ability to reach the relevant audience. If you’re looking for the right KOL for your crypto PR campaign or project, make sure to have these covered:

• Identify Specific Influencer Goals

To give crypto influencers a key role in the campaign, it’s important to know what your project is setting out to achieve. First, answer questions such as:

• What is the campaign goal: to drive awareness, engagement, or conversions?
• How much budget are you willing to allocate to influencer marketing spend?
• What kind of output do you want influencers to make for your project?

• Filter Influencers Based on the Project Goals

Now that you’ve answered the what, it’s time to answer the who. Consider which influencer profiles fit the bill and can help you meet your project goals. Some metrics worth noting include:

• Follower Count: Is it enough to meet the project goals?

• Engagement Rate: Are their followers receptive to the content they post? Is their engagement rate proportionate to their followers?

• Credibility: Are they seen as a reliable figure in the influencer space?

• Platforms: Which of their channels/social media accounts can you maximize?

• Study Their Content

To get to know an influencer, you’ll have to watch their content. Assess if the quality meets your standard and if their content is relevant or convincing for your brand. Try answer these questions:

• What kind of content do they make? Do they make educational videos, vlogs, social media posts, livestreams, podcasts, etc.?
• Does their content align with the goals of your project?
• How do followers interact with their content?
• What platforms are most effective for the content they create?
• How long have they been producing content?

• Do Background Checks on Their Social Media Presence

The most effective collaborations feel authentic because the influencer’s own values, personalities, and opinions are inherently aligned with the brand. Whatever personal beliefs the influencers have will likely be applicable to the brands they work with by association, so make sure to look into these questions:

• Have they been involved in any negative news? If yes, how did they handle it?
• What kind of partnerships and collabs are they known for?
• Has their reputation always been consistent?

Is it necessary to conduct all this in-depth research on influencers?

The bad news is, yes. 

But the good news is — there’s a highly effective and convenient workaround. Finding a trusted agency that can help you vet crypto influencers saves you a lot of time, effort, and potential risks. There are some things that only influencer marketing agencies may be privy to. 

For example, are they difficult to work with based on previous influencer campaigns? Are they known to miss deadlines? Or worse, have they been involved in scams? These questions won’t be answered by social media alone.

That’s why it is better to work with an experienced agency like NinjaPromo. We use crypto tools that will simplify the whole influencer collaboration process, automatic and manual checks that confirm whether an influencer’s audience is real, and how well they performed in previous campaigns. Our specialized tools include Influencer Match-Making, Influencer Management, and Influencer Contracts so we can find and secure the most relevant ones for your crypto project.

Most Effective Crypto Influencer Platforms

Social media platforms have distinct features, so people use certain apps for different reasons and expectations. Here’s a look at the most effective platforms for crypto:

Twitter

This is the short-form platform for real-time updates. About 80% of crypto influencers are active on Twitter, and keeping up with them is important to get the latest news, insights, and market updates. The platform allows for direct engagement through replies, retweets, and even DMs, making it an easy way to reach out to other people in the community. 

If you want to learn more about the Twitter scene, check out our comprehensive Crypto Twitter Marketing Guide. And while you’re at it, don’t forget to give these crypto Twitter influencers a follow, too! 

YouTube

As a video platform, YouTube is ideal for long-form content. It’s one of the few platforms where people have the attention span to watch videos that are 15 or 30 minutes long, motivated by their desire to learn about crypto. Users on YouTube look for educational videos, in-depth analyses, product reviews, tech news, trends, and more. 

Meanwhile, influencers have the creative freedom to share stories about anything from explainer videos to their personal crypto journey. Educational videos have amassed more than millions of views over the years, and YouTube makes up 65% of all crypto-related influencer content views.

Telegram

People in crypto often flock together to talk about new opportunities and projects, and Telegram is where they gather. The messaging app makes it easy to build communities through its group and channel features. A good 50% of influencers use Telegram’s features to send direct messages to their followers and provide exclusive content. 

Want to know what it takes to build a successful Web3 community? Check out this how-to.

Instagram

Instagram is a visually engaging platform, allowing influencers to create attention-grabbing content that’s easy to understand. Through visual storytelling and brand building, crypto influencers make use of Instagram’s algorithm and high engagement rates to reach new audiences, raise brand awareness, and promote new projects. 

 

Platform	Strengths	Weaknesses
Twitter	Real-time updates  Direct line to thought leaders and innovators	Platform features are not suited for long-form content and in-depth analyses
YouTube	Long-form educational content Multiple opportunities for content: explainer videos, reviews, new tech and trends, personal and inspirational stories, and more	Producing video content requires proper budget allocation and scheduling
Telegram	Direct and intimate line of communication Exclusive community content	Low on awareness as it feels more like an insider thing
Instagram	Visually engaging format High reach and engagement rates	Oversaturated platform Lots of competition with other brands

 

How to Create a Successful Crypto Influencer Marketing Strategy

As always, there is no one route to success, but these guides can help you create a winning strategy: 

Start with an Effective Campaign Message

Everything begins with the brand or the project. While the influencers bring you to the consumers, what they will say comes from you. Be clear about the message you want the influencers to promote, whether it’s a shiny new project or a new foundation. 

Connect with the Right Influencers

Now that you’ve defined what the influencers will say, it’s time to identify the most convincing people who can present the message in the most authentic way. Be specific with your influencer selection criteria and consider points such as… 

• Audience Demographics. Do they speak to a more experienced audience or those who are interested in learning more about crypto? How does this affect your social media marketing strategy?
• Engagement Rate. Do their followers often react to their posts? Do they receive quality responses? Is it similar to the kind of response your brand or project is looking for?
• Relevance to Brand/Project Niche. Are they a convincing ambassador for your new project, product, or tech?

Right now, it is important to emphasize that collaborating with the Web3 audience is preferred. The crypto audience is well-versed in wallet operations and exchanges, unlike the Web2 audience, which is less educated. If a project has a large budget, it can combine Web3 influencers with some Web2 influencers, especially if the project is not overly complex and is aimed at mass adoption. In this case, Web2 influencers can adapt the information for a less knowledgeable audience.

These approaches are especially suitable for meme tokens and NFT projects that have already gained popularity. In such cases, additional NFT influencers, even local celebrities, can be engaged by signing ambassador agreements or at least posting several posts on social media. This means the influencer will talk about the project not just once or twice, but regularly. 

Set Campaign Metrics for Success

The best way to know if your campaign is successful is to identify specific goals. This varies depending on your campaign, but common success indicators include engagement rates, click-through rates, or conversion metrics. 

Keep Up with Crypto Trends

Emerging tech like AI, machine learning, and AR/VR are gaining popularity. Could they influence your crypto project or any possible influencer content? These new trends allow you to explore and be more creative with the kind of content you come up with.

How to Avoid Common Pitfalls in Collaboration with Crypto Influencers

A crucial and foundational element for any Web3 project is building a strong community. This community, composed of Web3 users interested in token speculation or profit, serves as the backbone for the initial development of the project. Establishing this community is essential to the success of any Web3 venture.

Security, safety, and credibility are all key elements to forming this community. However, with such an unpredictable platform, issues like scams, market manipulation, and non-compliance are common challenges. Here’s how you can avoid common mistakes in crypto influencer marketing campaigns: 

• Never skip the background check. Conducting due diligence is a must before partnering with crypto KOLs. Examine not just their current reputation but also their historical track record and collaborations.
• Study regulatory compliance. There are global and local financial regulations that the crypto industry must adhere to. It’s imperative for brands and influencers to be aware and abide by these rules, as these are put in place to protect the community from scams.
• Work with trusted influencers. One of the best ways to know an influencer is legit is if they are backed by a trusted agency. The agency can vouch for them and the work they do, saving you from potential headaches and scandals.

Reasons You Should Hire a Crypto Influencer Marketing Agency

Working with a crypto influencer marketing agency will help free up your time and to-do list. You can entrust a bulk of the tasks to them, like taking care of influencer research, monitoring, and influencer management. Here’s how you can benefit from working with them:

• Advanced Influencer Software

They have a vast database of influencers who they can match to your campaign based on pre-determined filters, like goals, demographics, niches, and more.

• Streamlined Workflow

Agencies can cover everything from influencer outreach, matching them to specific campaigns, and sending out briefs to setting deadlines, monitoring posts, and more.

• Campaign Results That Drive Success

Crypto influencer marketing agencies like NinjaPromo have access to tools and software that can break down your campaign success into measurable, quantifiable, and actionable data. This is infinitely useful in assessing the strengths of each campaign, as well as identifying areas for growth.

Examples of Successful Crypto Influencer Marketing

BitForex: Supercharging User Acquisition and Brand Awareness Through Social Media & Influencer Marketing

BitForex, a one-stop crypto platform, was facing low brand awareness, recall, and a limited reach online. With NinjaPromo, they revamped their social media platforms and developed a custom social media strategy to increase engagement and reach.

Through the creation of consistent, high-quality posts and tapping top influencers, BitForex gained: 

• A 5x increase in engagement rate 
• 2,000,000 organic impressions across all social media networks monthly
• High-intent traffic to the BitForex site
• 40,000+ new traders on the platform
• A 50% increase in monthly active users, boosting platform usage and revenue

Damex: Harnessing Social Media to Gain 600 Investors

We created a comprehensive marketing strategy for Damex, a smart finance application that uses NFTs and native tokens to reward individuals for being healthy and active. Our approach included highly targeted content creation, online giveaways and contests, paid ads, and influencer partnerships—all this to help drive the brand’s growth and attract potential investors.

NinjaPromo created quality content on Instagram and Twitter, had exciting giveaways, and collaborated with influential crypto figures. This strategy resulted in: 

• 250,000 views showcasing high interaction and genuine interest in the campaign
• A 3.5% engagement reach
• An engaged community with 10,000+ members across Discord and Telegram
• 600 new investors for Damex

Conclusion

Much like the crypto industry, partnering with influencers has its own risks and rewards. That is why it always pays to have a reliable influencer marketing agency like NinjaPromo to help you minimize the risk and maximize your project success. We are an influencer marketing agency who are experts in the crypto space. Learn more about us here: