Big Smile, Big Capital: Study Reveals the Secret to ICO Success

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Bittime -  ICO, orInitial Coin Offering, is one way to raise funds for blockchain and crypto-based projects. However, not all ICOs succeed in achieving the desired targets. 

There are many factors that influence the success of an ICO, starting from the idea, team, technology, to marketing. However, there is one factor that is perhaps rarely noticed, namely smiling.

A study conducted by researchers from the University of Basel, Switzerland, and the University of Duisburg-Essen, Germany, found that there was a positive correlation between the smiles of ICO team members and the amount of funds raised. 

The study analyzed 472 ICOs conducted between 2016 and 2018, using facial recognition techniques to measure smile intensity from photos of ICO team members.

As a result, this study found that on average, ICOs with team members who smiled broadly managed to raise 95% more funds than ICOs with team members who did not smile or smiled slightly. 

The study also found that smiling had a greater effect on ICOs based in countries with more collectivist and emotional cultures, such as Latin America, Asia, and Africa, than in countries with more individualistic and rational cultures, such as Europe and North America.

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What is an ICO?

ICO, or Initial Coin Offering, is a method of raising funds carried out by blockchain and crypto-based projects, by selling digital tokens or coins to public investors.

These tokens or coins usually have certain functions or rights within the project ecosystem, such as access, participation, or returns.

The first ICO was conducted by Mastercoin in 2013, and has since become one of the most popular ways to fund crypto projects . According to data from CoinMarketCap, there have been more than 5,000 ICOs that have been carried out to date, with total funds raised reaching more than 28 billion US dollars.

ICO has several advantages, including:

• Provides the opportunity for crypto projects to obtain funding without having to rely on institutional investors, banks or other intermediaries.
• Provides an opportunity for investors to gain access to innovative and potential crypto projects, with relatively cheap prices and an easy process.
• Provide opportunities for the community to participate and contribute to the development of crypto projects, by providing input, suggestions or support.

ICOs also have several challenges, including:

• Facing legal and regulatory risks, because the status and rules of ICOs are still unclear and vary in different countries. Some countries prohibit or restrict ICOs, while others allow or regulate ICOs.
• Face security and fraud risks, as many ICOs are non-transparent, unprofessional, or even fake. Some ICOs are also targets of hacking, theft or other cyber attacks.
• Facing the risk of volatility and failure, as many ICOs cannot fulfill their promises or expectations, or even fail completely. Some ICOs also experience drastic price drops after listing on the exchange, or even fail to list at all.

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How Does Smile Affect ICO?

So, how can smiling affect ICO? According to the study authors, there are several possible explanations, including:

• A smile can reflect the confidence, enthusiasm and competence of ICO team members, which can attract and convince investors. A smile can also create a positive and emotional impression, which can influence investment decisions.
• Smiling can be a social signal, which can trigger the bandwagon effect, namely the tendency to follow other people's behavior. Investors may assume that an ICO with big-smiling team members has a large following and support, making it more worth investing in.
• Smiling can be a marketing strategy, which can increase the exposure and popularity of the ICO. ICOs with team members who smile broadly can more easily attract attention and sympathy from the media, influencers, or the community, which can help spread information and promotions about the ICO.

However, the study authors also caution that smiling is not the main or only factor that determines the success of an ICO. There are many other factors that are more important and relevant, such as project quality, team, technology, market, and others. 

A smile is just one aspect that can help differentiate an ICO from the rest, and increase the chances of getting funded.

Also Read: Chainlink (LINK) Hits Highest Price in a Year, What Will Happen Next?

What are the Advice and Tips for ICO?

Based on the results of this study, there are several suggestions and tips that can be given to crypto projects that want to conduct an ICO, including:

• Choose photos of team members who display wide, cheerful, and sincere smiles, which can reflect the personality and character of the project. Avoid photos that show thin, forced, or fake smiles, which can create a negative or suspicious impression.
• Include information and evidence that supports team members' smiles, such as background, experience, achievements, or testimonials, which can demonstrate their confidence, enthusiasm, and competence. Avoid information and evidence that contradicts team members' smiles, such as controversies, scandals, or criticism, that could reduce their credibility and reputation.
• Combine team members' smiles with effective marketing strategies, such as creating videos, podcasts, webinars, or articles, that showcase their smiles and voices in real time. Use social media, influencers or communities, which can help spread their smile and message to a wider audience.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

What is a Reverse ICO and What Are Examples?

Understanding the Presence of Initial Dex Offering (IDO) as an Alternative to ICO

What is an Initial Exchange Offering (IEO)?

What is an Initial Token Offering (ITO)?

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.