Web3 and Traditional Media: A Dysfunctional Relationship

As the decentralized and censorship-resistant nature of blockchain technology continues to disrupt traditional industries, it is not surprising that the relationship between Web 3 And the mainstream media is still nervous.

You don’t have to look very far before you find some kind of slanderous headline discussing how cryptocurrency is a scam, bubble, or Ponzi scheme. At the very least, she’s met with a heavy dose of skepticism and skepticism from the mainstream media.

The average person may not have the technical knowledge to understand how Web3 works, and it can be difficult for crypto projects to properly communicate their value proposition to a mainstream audience.

With this in mind, it will be interesting to explore some of the main causes and effects of this dysfunctional relationship, and how Web3 projects can thrive in spite of it.

Prejudice and misunderstanding

The unfortunate truth is that some publications have a blatant agenda against crypto and blockchain technology, often spreading Fear, Uncertainty, and Doubt (FUD) in their reporting.

For example, The Wall Street Journal (one of the most popular and established publications in the world) is full of anti-crypto headlines, with articles like “A crypto scam is born every four minutes,” And the “Crypto scams target Ukrainian donations,”—and this is just scratching the surface of their negative coverage.

In the end, if the publication’s revenue depends on advertising dollars from traditional industries threatened by the decentralized revolution, it is not surprising that it has a negative slant when it comes to coverage of blockchain projects.

Certainly, we must acknowledge here that there are a lot of legitimate concerns and potential pitfalls in the cryptocurrency industry.

But when it comes to covering these issues, the mainstream media often oversimplifies or sensationalizes them, which often leads to more misunderstandings among the general public.

Moreover, cryptocurrency and blockchain technology can be complex and esoteric concepts for the average person to get around.

This lack of understanding also extends to journalists covering the industry.

As a result, one of the main challenges facing Web3 projects is finding ways to effectively educate and communicate with a wider audience outside of mainstream media channels, which is much easier said than done.

Due to bias and misunderstandings in the mainstream media, crypto-savvy individuals tend to get their news and information from crypto-savvy news outlets. These outlets serve as one of the only reliable media sources to be found in the Web3 industry.

As a result, Web3 companies aspire to be part of the conversation in these media outlets and to get in front of their audience, who will likely be interested in learning about them.

But unlike most industries, Web3 companies lack the basic PR technology that almost every other company takes for granted; Good old news.

For decades, news has been a news distribution method used by both startups and Fortune 500 companies. But Web3 news outlets seem to be somewhat insulated from these services.

In layman’s terms, most mainstream news services do not belong to Web3 media outlets, and therefore do not publish news in encrypted news publications.

Of course, this created a huge gap in the market, and it was only a matter of time before such news was identified by Web3 Chainwire I rose to fill the void.

Platforms such as Chainwire bridge this gap by allowing Web3 companies to distribute their news to encrypted online media such as Daily Queenwhich covers trends related to financial technology, digital assets, and blockchain technology.

"It's clear that the disconnect between traditional media outlets and Web3 projects not only presents challenges for proper education and communication, but also limits the potential exposure and growth of the industry as a whole," explains Alon Keren, CMO of Chainwire.
"We have to empower crypto and blockchain-based companies by giving them the opportunity to share their news with a dedicated audience in the Web3 space. By bridging the gap, we hope to contribute to advancing widespread adoption and understanding of decentralized technologies," he added.

Ultimately, it is up to Web3 projects and their communities to strive for greater visibility and acceptance within the major channels.

As the industry continues to evolve and mature, it is important to continue fighting for decentralized technology and proper education against prejudice and misunderstanding.

However, this is likely to be a war of attrition, as it may take time for the mainstream to catch up and fully understand the potential of Web3.

In the meantime, the original cryptocurrency platforms and publications will continue to serve as important sources for accurate and up-to-date information about the industry.

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