‘Why should we trust these guys?’
Along with regulators, consumers are having a hard time trusting the crypto space, which explains why OKX opted to prioritize the mission of Web3 in its new campaign. This marks a departure from the brand’s previous messaging that focused primarily on crypto investing.
The 60-second spot, developed with agency of record BBDO New York, questions various aspects of the status quo. In one scene, the narrator asks, “Why should we trust these guys,” gesturing to a table of finance bros drunk on greed and power. In another scene, she poses a question at the heart of Web3’s purpose: “Why do we just accept that companies will do whatever they want with our data?”
The ad will have a global presence via digital media and billboards. The new emphasis coincides with OKX expanding its offerings to include products that do not merely pertain to crypto investing, but rather a larger Web3 identity. These include crypto wallet infrastructure, an NFT marketplace and a decentralized exchange.
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Outside of a quick flash of the wallet product, however, none of these offerings are promoted directly in OKX’s ad. This move was intentional, Rafique said, because he wanted the ad to be more about the message than the product.
That was also the intention at the heart of Coinbase’s ad, its CMO, Kate Rouch, told Ad Age when it launched two months ago. Indeed, the two ads are deeply similar in both theme and creative, suggesting that OKX may be confusing a mere semantic problem for a more substantial one.
A quarrelsome theme was also taken up by upstart crypto platform Olliv, which launched its first campaign last week. The ad featured several digs at the groups of people who have historically benefited from the crypto industry, such as elitist billionaires and tech bros.