The use of a picture of a physical Bitcoin to represent cryptocurrency as a whole is confusing to the average reader. As one Redditor explained months ago:
Almost all of the posts out there I’ve read show the same images of physical coins. It’s a digital currency… how can we help them understand and communicate that via images?
Even in this most recent Business Insider article that features Union Square Ventures’ Joel Monegro speaking on how the Bitcoin blockchain (not the Bitcoin coin) “will change everything,” a picture of a person holding up a physical and commemorative Cassacius Bitcoin coin is still used. Clearly, even as media outlets have started to write intelligently about Bitcoin and blockchain technology, usable images that are not a physical Bitcoin are still rare. It is intrinsically difficult to visualize the “Blockchain” or “Bitcoin;” similarly, it is even more difficult to find a representative image to use for cryptocurrencies as a whole.
Cryptocurrencies, as an industry, has clearly evolved beyond just Bitcoin. Developers around the world are working on projects that function on top of the existing Bitcoin blockchain. Some are even working on independent blockchains and are attempting to compete directly with Bitcoin. All in all, there are over one thousand altcoins in existence, in varying states of upkeep. For this growing industry, Brand Me Crypto is going to create a new logo that can be used to represent Bitcoin and other cryptocurrencies. To that end, Vogogo is providing $10,000 to the winner of the Brand Me Crypto contest and will also establish a properly attributed open creative license so the winning image can be used immediately.
Also read: What Is Cryptocurrency?
Vogogo’s Head of Marketing, Chantel Meeley, spoke with CCN about the branding initiative:
What are the benefits of having a strong, clear “brand” for cryptocurrencies as a whole?
Any great company, organisation, product or indeed currency needs to be memorable and visually identifiable by those which surround it. As cryptocurrency is decentralised and inherently un-owned, there is no one body responsible for giving it a brand. We have therefore tried to set up an environment where everyone has the opportunity to participate in the creation of a brand for cryptocurrency.
What comes to mind when you think of cryptocurrency’s current image in the public’s eye?
As Bitcoin was the leading cryptocurrency established followed by the creation and development of alternative coins the individual brand for Bitcoin is probably the most recognizable brand for cryptocurrency in the current publics mind. However, as there are 650+ alternative coins on the market there is a need for one overarching cryptocurrency brand.
Why did Vogogo and Cryptsy decide to sponsor this initiative?
Vogogo and Cryptsy are consistently trying to visually represent ‘cryptocurrency’ as a whole but, with no overarching ‘Brand’, are forced to clutter their communication and collateral by utilizing multiple crypto coin brands; Bitcoin and Altcoins to visually represent cryptocurrency marketing as a whole.
Once the realization that an overarching brand is required and with the understanding of its nature as a decentralized product that no one business or governance owns it to brand it – the concept was developed to create an initiative that allows the global design community to come together and put effort at establishing the next global brand.
How is the winner going to be picked?
Once submissions are uploaded to the BrandMeCrypto.com platform, they are eligible to receive votes and comments with the ability to tighten and re-upload a brand. Towards the end of the initiative we will then work with a jury of world renowned designers and individuals within the crypto industry to review the top 10 most voted brands and narrow the selection to a shortlist of 4. The top 4 brands will be released to the platform again for public voting for the final brand to represent the industry.
Who can use the winning image? Who do you hope will use the winning image?
The winning image will be given open brand licensing rights meaning anyone will be allowed to use it. We hope that whatever symbol is chosen by the people will become the defacto symbol for Cryptocurrency and be accepted and adopted by everyone in and around the industry.
What do you think about the Brand Me Crypto initiative? Comment below!
Images from Brand Me Crypto and Shutterstock.