Attrace launches a democratized referral marketing protocol for Web3

By:
on Jul 20, 2022
  • A trusted referral influences people more than the best broadcast message.
  • Centralized Web2 referral campaigns do not work when trying to capture conversions in the Web3 space.
  • Attrace Protocol offers referral marketing solutions that work in Web3.

Attrace has launched a democratized referral marketing protocol for Web3. The protocol helps in evading the need for centralized referral marketing solutions and bringing a higher level of trust and transparency to the Web3 market.

Mark Zuckerberg, the Facebook CEO once said:

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“A trusted referral influences people more than the best broadcast message.”

The statement is true since even through the monumental changes that have taken place within the global marketing field, referral marketing has proved to be the best. Companies are now taking a more strategic approach to referral marketing to generate high-quality leads and reward the participants for their efforts.

However, although referral marketing is an invaluable tool for businesses seeking to build trust and relationships with customers, the world is changing towards decentralization, meaning there is a need for referral marketing to also adopt the aspect of decentralization.

In Web2, most businesses rely on third-party centralized solutions to manage their referral campaigns. As a result, they must entrust the third parties with the critical company and consumer data. This means that any vulnerability on the third party’s side can result in the compromise of the personal data of thousands of people. This has actually been the reason behind the numerous data hefts and cyber-attacks around the world.

There is also a lack of transparency when using centralized solutions for referral campaigns. Businesses are not completely able to verify conversions and reward payouts. As a result, there have been fraudulent payouts and genuine promoters have been denied their payouts.

When it comes to marketing in Web3, there has been a disconnect between the real on-chain user activity and the amount spent on marketing since prior to the Attrace Protocol, there was no way of measuring the true value of marketing spend in Web3.

Crypto projects have been spending huge amounts of money on marketing by using Web2 referral marketing campaigns and crypto influencers do not get paid for their true reach and effectiveness based on performance. This is where the Attrace Protocol comes in; to offer referral marketing solutions that work in Web3 and ideally evade the need for centralized solutions used in Web2.

How the Attrace protocol works

From a Web3 perspective:

“Attrace can capture the value of “word of mouth” marketing in web3 by linking promotions with true on-chain user activity.”

Attrace consists of a network of gasless off-chain oracles that observe and deter user acquisition and value addition across Layer-1 and Layer-2 blockchains. It connects of-chain promotions with actual on-chain user activity and also distributes referral rewards. In addition, the protocol is trustless, fully transparent, and does not have pixel of cookie tracking which removes data privacy issues.

The protocol provides opportunities to those who want to contribute to the crypto industry by spreading the word about decentralized apps and crypto projects. It captures communication (advertisement) regardless of whether it happens on Web2 channels like Twitter and websites or Web3 channels like metaverse platforms. And whenever a promoter refers to a project and the receiver gets converted, both the receiver and the promoter get rewarded via their crypto wallets.

In addition, to make it easy for businesses to adopt democratized referral marketing, Attrace has developed a decentralized application (dApp) that allows businesses to easily set up their Web3 referral campaigns. Attrace’s dApp also has an SDK that allows developers to integrate Attrace Protocol with third-party dApps.

At the moment Attrace is live on Ethereum with buy-and-hold referral links for any asset being offered on decentralized exchanges like Uniswap and SushiSwap. The protocol however intends to add other blockchains and assets over time.

Following its remarkable reception in the market, Attrace has received multi-million dollar investments from NXGen, Deribit, Coinstone Capital, and LDcap.

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