Memopay is one of the most innovative advertising solutions out there. It uses cryptocurrencies to spread an idea or product to hot wallets directly. With no middlemen involved, a concept or campaign can move freely, leveraging the power of the low fees Bitcoin Cash (BCH) offers. We chatted with creator Valentin “Tracyspacy” Gubkin about the whole development of Memopay and the future he sees in it.
Memopay: New Advertising Alternative
Memopay is an alternative to traditional advertising methods. It takes advantage of the power of cryptocurrencies, delivering the ad data directly to potential customers who are almost guaranteed to at least read the message. This is because memopay works by sending money people and embedding the message in the transaction.
Memopay constitutes a fresh approach to the issue of censorship and cryptocurrencies because it relies only on their message to deliver the goods. No restrictions or blocks from publishers in analog passive advertising options like banners and other services.
We had the opportunity to talk with Memopay developer Valentin “TracySpacy” Gubkin.
Interview with Founder Valentin Gubkin
CS: How did you get the idea to create Memopay?
Valentin Gubkin: I created an extension to the memo.cash social network. It allows people to send funds to any BCH address outside of the memo.cash network (which was not possible before). It was called initially Memopay, now it is called payBot.
One day, one of the Memopay users from the BCH community asked if there was a way to add a note to the payment.
The question made me think that adding a note to payments might be a good opportunity for companies to communicate with their potential customers. And I believe that establishing direct communications between businesses and Bitcoin holders is a thing that Bitcoin as a phenomenon needs to reach wide adoption. That’s why I decided to launch Memopay – the Bitcoin ad company.
Could this be done with other cryptocurrencies?
Yep, you are right. But BCH perfectly suits for this aim, because of low transaction fees.
More Effective Than Google Ads
How were your first advertising campaigns?
Actually great. Memopay’s first campaign took place in mid-September and there are just 5 of them for now. The client with whom we run the first campaign asked for one more just a few days after and shared with us that they saw 110% spike in organic and direct traffic to their website in comparison to Google Adwords in a couple of days after the campaign.
As clickable links were implemented on Blockchair for Memopay messages, we run the test campaign to measure CTR (click-through-rate) and CPC (cost-per-click). So, for this test campaign, CTR was 2.5% and CPC 0.002 BCH (it’s apr. $0.35) within 24h.
Moreover, these ad campaigns have a long term effect and for today CTR is already 4.3%.
Nice. So advertising to wallets has proven to be already more effective than Google Ads?
For that specific company it was so (they were running google ads for months before Memopay), and according to info about campaign effectiveness I have received from the clients. In general, the effectiveness of an ad depends on many factors.
Do you think this kind of advertising will go mainstream in the future?
Hope so, this advertisement approach has advantages: people are paid for their attention, and businesses get the opportunity to directly communicate with their key demographic (wallet holder).
Unlike traditional media and other ad services that are limited to their audience, memopay’s audience is almost all Bitcoin Cash holders, and Company’s ad message with an active link will be stored forever in the blockchain, appearing in search results creating a long-term effect for an ad campaign.
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