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Interoperability blockchain project Polkadot (DOT) is reportedly spending massive amounts of money on outreach and marketing.
According to the project’s new treasury report, $37 million was spent in the first half of 2024 to increase interest in the Polkadot ecosystem.
“$37 million was spent on ‘outreach.’ But what do we mean by that? Under outreach, we describe every spend that is intended to attract new users, developers and businesses into the ecosystem. This spans from advertising and media, online and offline community building and events, to big conferences and business development. Some subcategories deserve the grouping together, such as advertising and events…
In total, advertising makes up half ($21 million) of the outreach effort. Sponsorships ($10 million) include the 1 million DOT ($6.8 million) sports sponsorship deal with a prestigious soccer club as well as sponsoring the race car driver Conor Daly ($1.9 million) and, recently, a partnership with the e-sports tournament organizer HEROIC ($1.3 million).
Influencers ($4.9 million) are covered through agencies such as EVOX ($2.2 million), Lunar Strategy ($1.3 million), Chainwire ($490,000) and Unchained ($460,000). Digital ads ($4 million) are placed via CoinMarketCap ($1 million) and EVOX ($900,000).”
According to project developers, the treasury’s resources come from “DOT tokens collected through transaction fees and normal network operations” and “any DOT holder can submit a treasury spending proposal to support projects and activities that benefit the network.”
Polkadot is trading for $6.39 at time of writing, up more than 1% in the last 24 hours.
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