Original Title: Inside Web3 Marketing: What Agencies Think, What Works, and What Needs Fixing

Original Author: Stacy Muur

Translation & Adaptation: Luffy, Foresight News

I recently conducted an in-depth study on KOL (Key Opinion Leader) marketing, speaking with some of the most renowned Web3 marketing agencies that have spearheaded campaigns for major crypto protocols like Mantle, Sonic Labs, Aptos, and Solv Protocol.

What Was the Goal?

The objective of my research was to uncover how these agencies operate and identify their core KOL lists.

• What are the criteria for selecting KOLs?
• How large are their user bases?
• How do they assess audience quality?
• How are tools like Kaito and Cookie DAO reshaping the KOL game in Web3?

Whether you're an aspiring KOL aiming to integrate into the networks of top-tier agencies or part of a Web3 team preparing for your next campaign, this is essential reading.

Let’s Look at Some Data

Size of KOL Networks

• 42.9% of agencies manage over 1,000 KOL accounts.
• 35.7% of agencies manage between 500–1,000 KOL accounts.
• Nearly 50% of agencies rely on just 50-100 core, active KOLs for most campaigns.
• Only 10% of agencies proactively collaborate with more than 250 KOLs.

What are the key criteria for selecting KOLs?

• Follower count? Less significant → Rated 2.93/5.
• Post reach and "smart followers"? More valued → Rated 4.1/5.
• Content quality, research ability, and prior experience? Critical factors → Rated 4.7/5.

All agencies verify accounts to detect inflated metrics, with more than half employing tools like Kaito and Cookie3 to filter and evaluate KOLs.

What Should Web3 Teams Keep in Mind When Collaborating with KOLs?

In fact, Web3 marketing faces significant limitations in terms of tools.

· X ads are underperforming. Many users have Premium memberships (ad-free), and those without subscriptions are often not your target audience.

· Google Ads faces regulatory hurdles, making it difficult for many projects to legally advertise in key regions.

· Media coverage? It’s good for building trust and reputation, but ineffective in acquiring actual users.

So, what’s left? KOLs, along with campaigns driven by platforms like Kaito and Cookie. Take Spark’s campaign on Cookie as an example: 13,400 X accounts participated, mostly micro-KOLs with fewer than 1,000 followers. Here lies the real innovation—these accounts are too small for traditional paid promotional campaigns.

So… is this model better than traditional KOL marketing? Opinions differ.

Micro-KOLs also come with their own set of challenges. They often create attention echo chambers, where they follow and repost each other → leading to significant audience overlap. In smaller verticals, this behavior helps amplify quality content. However, in high-frequency farming activities (like yaps/snaps), it can lead to oversaturation, causing users to lose interest over time.

That said, Kaito and Cookie do indeed provide smaller accounts with entry opportunities, making ambassador programs more decentralized and easier to manage. But which is more important, decentralized marketing or efficiency? This remains debatable. Let’s not forget the recent case of Loud!: noise ≠ strategy. Mindshare ≠ influence.

Traditional KOL Marketing Has Flaws Too

The harsh reality is: if your product lacks a unique selling point, you’ll need to pay more. KOLs are merely channels of amplification—some are loud, some are humorous, some are professional, but none are miracle workers. Now, if your product is indeed appealing, a new problem arises:

There’s a severe shortage of KOLs who meet the following criteria:

· Have a naturally engaged audience

· Understand technical concepts

· Can create resonating content

· Are open to sponsorship collaborations

Many top-tier KOLs do not accept paid posts. They either invest privately or charge five figures for a single tweet. This is why nearly 50% of organizations work closely with only 50–100 KOLs out of the 1,000+ available accounts, and 85% of paid KOL campaigns yield zero effective results.

So, How Does KOL Marketing Really Work?

· Consistently posting over the long-term → More trust, more recognition, better conversion

· Cross KOL interactions → Encourage them to reference each other's viewpoints instead of merely resharing brand announcements

· Organic sharing > Hard selling → Communities can sniff out ads; allow KOLs the freedom to authentically express their ideas

· Don't buy ads, buy opinions → Genuine reviews are more impactful than banner advertisements

· Step outside of X platform → Telegram, Substack = Lower noise, higher retention

My Thoughts on the Future of Web3 Marketing

Kaito and Cookie are bringing micro-KOLs into the mindshare game, providing marketers with new experimental mechanisms. Will this become an effective marketing lever or just add to the noise? That remains to be seen. KOL marketing isn’t going anywhere, but it demands authentic voices, not accounts shouting 24/7 for paid gigs.

A final note: Why is everyone still so fixated on the X platform? If you genuinely want to achieve growth, stop overlooking Telegram and Substack.

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