Is the Age of Mega-Influencers Over? What Crypto Brands Are Spending On Instead

During the crypto industry’s peak, projects eagerly enlisted mega-influencers with millions of followers on platforms like Twitter (now X) and YouTube to generate buzz and boost visibility overnight. However, as we move into 2024–2025, the effectiveness of this strategy is under scrutiny. Data and case studies increasingly show that mega-influencers’ return on investment (ROI) is declining, while micro-KOLs—those with smaller but highly engaged niche audiences—are delivering superior engagement and trust. This in-depth article explores why mega-KOLs are losing their edge, analyzes new directions Web3 projects are taking with their marketing budgets, and highlights how ROI-driven strategies and content co-creation are reshaping crypto marketing. Drawing on data reports and real-world examples (e.g., Arbitrum, Sui, Binance), we unpack the shift from “big names” to “small but mighty” influencers and how to achieve better marketing outcomes.



The Waning Power of Mega-KOLs


Once the darlings of crypto marketing, mega-KOLs are now facing a “devaluation” of influence. First, data reveals that mega-influencers have significantly lower engagement rates than their smaller counterparts. According to Influencer Marketing Hub, micro-KOLs (10,000–100,000 followers) boast an average engagement rate of 3.86%, compared to just 1.21% for KOLs with over a million followers. This means that while mega-KOLs have massive audiences, only a small fraction of their followers actively like, comment, or click links. Relying solely on reach no longer guarantees marketing success, as their audiences are often too diverse and less engaged.


Trust deficits are another key factor in the decline of mega-KOLs. Today’s digital consumers are increasingly wary of polished, overly promotional content and gravitate toward authentic recommendations. The 2024 Edelman Trust Barometer reports that 63% of respondents trust micro-influencers’ recommendations over celebrity endorsements. A 2025 survey further shows that 71% of consumers are more likely to purchase products recommended by micro-influencers than by big-name celebrities. This shift is particularly pronounced in the crypto space, where savvy users can quickly spot inauthentic, “pay-to-promote” content. Some mega crypto KOLs have damaged their reputations by repeatedly shilling dubious token projects, eroding community trust. Worse still, fake follower issues plague the industry—HypeAuditor estimates that over 45% of crypto Instagram influencers have suspicious follower counts or engagement metrics. When a significant portion of an influencer’s audience is inflated, projects spending heavily on exposure often see dismal ROI.


The days of spending millions on celebrity endorsements are yielding diminishing returns in 2024. Crypto projects are realizing that chasing buzz alone doesn’t translate into meaningful user growth or retention.



ROI-Driven Strategies: From “Big” to “Niche” Marketing


With mega-KOLs delivering lower ROI, Web3 projects are reallocating influencer budgets toward channels that prioritize measurable outcomes. The most notable shift is the embrace of micro-KOLs and data-driven campaigns, backed by solid evidence and successful case studies.


From a cost-benefit perspective, engaging multiple micro-KOLs is often more cost-effective than a single mega-influencer. Industry data from 2025 shows that top-tier celebrity KOLs charge $100,000–$500,000 per post, while micro-KOLs typically charge $100–$2,000 per content piece. For budget-constrained projects, spreading the same budget across dozens of niche micro-KOLs allows for more precise targeting of segmented audiences. Crucially, micro-KOLs attract higher-quality users—their followers, though numbering in the thousands, are often deeply engaged in specific niches, making them more likely to convert into active users. Influencer Marketing Hub notes that 75.9% of influencers fall into the nano (under 10,000 followers) or micro categories, and their close-knit audience relationships drive engagement rates far higher than mega-KOLs. Brands collaborating with these “small but mighty” creators often see greater trust and authentic interactions, making them a better ROI bet. Why do micro-KOLs deliver higher ROI? Click for an in-depth analysis report!


Indeed, adopting a “micro-KOL matrix” instead of relying on a single mega-influencer is becoming the industry norm. A survey found that over 70% of brands reported better ROI from nano-KOL partnerships compared to mega-influencers. Why? Beyond higher engagement, micro-KOLs specialize in niche communities, offering deep expertise and strong audience loyalty. For Web3 projects, this means targeting KOLs who focus on specific areas—like DeFi analysts for decentralized finance protocols or gaming streamers for NFT projects—rather than generalists with broad but shallow followings. As industry experts put it: “It’s better to find KOLs who truly align with your project’s vibe than to chase raw follower counts.” For example, crypto YouTuber EllioTrades, with around 600,000 subscribers, is respected for his in-depth analysis and credibility, while a random celebrity with millions of followers but no blockchain knowledge offers little value to serious investors.

More notably, crypto marketing is shifting from “exposure-driven” to “performance-driven”. Previously, KOL success was measured by vanity metrics like likes or views, but now projects prioritize tangible conversions: website visits, wallet downloads, or trading volume increases. In 2025, influencer marketing is treated as a performance channel, with success tied to leads and sales rather than just buzz. Projects are adopting stricter ROI tracking, using unique referral links to measure registrations or transactions per KOL, implementing affiliate-style commissions, or paying based on results. Many projects now use KOL referral programs, rewarding influencers for each active user they bring. This incentivizes KOLs to create compelling content while giving projects clear visibility into their investment’s worth. Well-designed affiliate programs can generate millions in returns for both creators and brands, showcasing the power of ROI-driven strategies.


In short, crypto brands are optimizing every marketing dollar to drive user growth and retention. Mega-KOLs are no longer budget black holes; instead, a network of “small but effective” KOLs is forming a new marketing ecosystem. Individually, their reach may be limited, but collectively, they deliver sustained long-tail traffic and genuine conversions across niche communities. This shift from “big” to “niche” reflects not just cost considerations but a broader evolution in marketing philosophy.



Content Co-Creation: From One-Off Deals to Long-Term Partnerships


Under this new marketing mindset, the way Web3 projects collaborate with KOLs is undergoing a profound transformation. The old model of “pay for a single shoutout” is giving way to content co-creation and long-term partnerships, prioritizing authentic audience engagement and community interaction over superficial metrics.

Content co-creation moves beyond asking KOLs to post a generic promo tweet or video. Instead, projects invite KOLs to co-plan and produce diverse, engaging content that weaves the brand’s story into their narrative. For example, rather than a simple “Project X is live, join now” post, KOLs might test the product firsthand, create tutorials, host AMA sessions, or produce multi-part content series exploring the project’s value. Marketing agencies note: “Instead of a single post, encourage creators to share full dApp guides, cross-platform series, or launch community challenges and NFT giveaways.” Cohesive storytelling outperforms one-off promotions, building user stickiness and conveying authenticity—KOLs investing time in ongoing content signal genuine belief in the project, which resonates more than blatant ads.


Real-world cases highlight the power of co-creation. Arbitrum’s airdrop is a prime example: instead of relying on a single mega-KOL, the Ethereum Layer-2 project engaged numerous mid-tier and micro-KOLs on Twitter and YouTube for pre-launch buzz. These KOLs—crypto analysts, podcasters, and niche influencers—produced content like “Arbitrum ecosystem explainers,” “airdrop tutorials,” and “project benefit breakdowns,” systematically educating the community. Reports indicate that Arbitrum’s grassroots KOL strategy drove over a million wallet addresses to participate pre-launch, with hype peaking at the airdrop’s start. This co-creation and matrix approach turned KOLs into “community ambassadors” and educators, guiding users to engage deeply and yielding exceptional results.


Additionally, long-term partnerships are replacing one-off deals. Many projects are launching “KOL ambassador programs” or quarterly collaborations, selecting aligned influencers for sustained content creation and making them part of the project’s identity. This benefits both sides: projects gain consistent, credible exposure, as fans see trusted KOLs endorsing a project over time, signaling reliability; KOLs, meanwhile, get exclusive insights or early access, enabling richer content. As noted, 2025 influencer marketing is maturing, with success measured by real business metrics and KOLs becoming long-term brand partners. Need deep, ongoing KOL collaborations? Let’s talk.


Content repurposing is another key trend. Projects no longer treat KOL content as disposable but repurpose high-performing posts for official channels or paid campaigns. For instance, a KOL’s Twitter thread about using a DeFi platform might go viral, prompting the project to screenshot or adapt it for Telegram pinned posts or Facebook ads. A skincare brand’s case showed that repurposing nano-influencer comparison photos for Facebook ads boosted click-through and conversion rates 2.4x higher than professionally shot ads. Crypto projects can follow suit: edit KOL review videos for website embeds or use tutorial snippets for onboarding guides, extending content lifespan and reach.


In essence, content co-creation embodies a “soft sell” philosophy: it’s about embedding into communities and co-telling stories with users, not preaching from above. For community-driven Web3 projects, this approach is a natural fit. By moving away from one-off ads and forging deeper ties with KOLs, projects create marketing that resonates authentically.



Platform and Market-Specific Strategies


Web3 marketing teams are increasingly recognizing that different platforms and regional markets demand tailored approaches. Twitter (X) and YouTube, the two primary crypto marketing platforms, have distinct content ecosystems and audience behaviors. Similarly, markets like the U.S./Europe and Asia (especially Southeast Asia and Chinese-speaking communities) differ significantly in social media habits and influencer culture. Platform- and region-specific strategies are critical for effective marketing in 2024–2025.

From a platform perspective, Twitter (X) is a fast-paced, real-time platform ideal for short-form content and instant engagement. A mega-KOL’s promotional tweet might reach hundreds of thousands, but with information refreshing rapidly, users often scroll past without engaging deeply. Mega-KOLs on X tend to have low conversion rates, as a single pricey post may generate buzz but fail to retain users. In contrast, micro-KOLs on Twitter—crypto enthusiasts or traders with thousands of followers—are deeply embedded in niche communities. Their long-form threads, Q&A interactions, or discussions drive higher engagement and secondary sharing. With the rise of decentralized platforms like Lens Protocol, Web3-native creators are gaining traction. Projects can adopt a “matrix + interaction” strategy on X: engage multiple niche KOLs to post collaboratively, cross-reference each other, and spark discussions to overcome the shallow engagement of single mega-posts.


YouTube, as a long-form platform, excels at explaining complex concepts and storytelling, making it ideal for deep content marketing (see YouTube crypto KOL data). Mega-KOLs on YouTube may have large audiences, but superficial token promos often fall flat—especially since 2022, when many big crypto channels lost credibility for hyping “airdrop” scams. Projects now prefer mid-tier and micro crypto YouTubers with a few thousand subscribers who specialize in clear technical explainers or investment guides. Their in-depth reviews or tutorials attract highly interested viewers who are more likely to convert. As industry observers note: Twitter KOLs are great for news and “alpha leaks,” while YouTube KOLs shine in detailed reviews and tutorials. A smart approach is combining both platforms: use Twitter KOLs to generate buzz and YouTube content to convert curious viewers into users. Localization is key on YouTube, especially in Southeast Asia and South Asia, where local-language crypto YouTubers wield significant influence.

The Chinese-speaking community (mainland China, Hong Kong, Taiwan, Singapore, and overseas Chinese) has unique dynamics. In mainland China, strict regulations have led to bans on prominent crypto KOLs on platforms like Weibo or WeChat, pushing many to Twitter (X) to engage global audiences. These Chinese-speaking KOLs now attract both mainland and diaspora investors, making them vital for reaching this market. However, the Chinese KOL landscape has evolved: early “hype-driven” KOLs lost influence in bear markets, replaced by research-focused creators with solid knowledge or trading experience. To appeal to Chinese investors, projects must partner with credible, knowledgeable KOLs rather than those with inflated follower counts but poor reputations.

China’s regulatory environment has also spurred KOL agencies, which bundle influencer resources for cost-effective campaigns. Partnering with agencies like ChainPeak allows projects to access multiple micro-KOLs at lower costs.A market guide suggests: Budget-limited projects should prioritize affordable, niche micro-KOLs, charging a few hundred to a few thousand RMB per campaign, to reach highly targeted audiences. Additionally, Chinese crypto media (e.g., TechFlow, BlockBeats, ForesightNews) play a critical role in building credibility before KOL amplification. Combining media exposure with KOL campaigns has proven effective in boosting trust.


Ultimately, precision communication tailored to user behaviors is key across platforms and regions. Whether on X, YouTube, or in Western versus Asian markets, Web3 brands must move beyond “one-size-fits-all” tactics. Multi-layered, multi-regional, and multi-tier KOL strategies are essential. As an industry adage goes: “Globally successful projects never overlook connections with regional KOLs and communities.” In a fragmented information landscape, aligning content with platform algorithms and cultural contexts ensures the right audiences hear your message.



Summary


As the crypto industry matures, the era of “traffic is king” marketing is fading, replaced by a focus on “results-driven” strategies. Mega-KOLs are no longer a silver bullet, and lavish budgets spent on big names are being abandoned. Instead, projects are embracing micro-influence, niche communities, content co-creation, and KPI tracking to create marketing closed loops.

For project teams, this demands a new mindset: rather than betting everything on a few star KOLs, spread resources across a network of “small but mighty” influencers for more consistent, sustainable returns. Data confirms that micro-KOLs deliver higher engagement and trust, outperforming mega-KOLs in conversion metrics. This doesn’t mean mega-KOLs are obsolete—they still play a role in brand awareness and major event hype—but they must be carefully selected for alignment and used as part of a broader strategy, not the entirety.


Crypto marketing is returning to its essence: user assets over vanity metrics. Through KOL matrices, content co-creation, and localized strategies, projects can reach target users cost-effectively and convert them into community members. When every marketing dollar is tied to clear ROI metrics, campaigns shift from speculative spending to reliable growth engines.


In conclusion, whether the “era of mega-influencers is over” lacks a simple yes-or-no answer. But one thing is clear: crypto brands are embarking on a new journey to optimize influencer budgets and prioritize cost-effectiveness. The winners will be those who forge authentic user connections, leverage multi-tier KOLs, and make data-driven decisions, paving the way for lasting trust and market value in Web3.



FAQs


Q1: Why is the effectiveness of mega-KOLs declining?

A1: Data shows mega-KOLs have lower engagement rates, with many followers not actively participating. Additionally, user trust in overt promotions has waned, especially in crypto, where some mega-KOLs have lost credibility by shilling low-quality projects.


Q2: How do micro-KOLs deliver higher ROI?

A2: Micro-KOLs (thousands to tens of thousands of followers) target niche, engaged audiences with higher interaction rates (3–4% vs. ~1% for mega-KOLs). This means for every 100 people reached, micro-KOLs generate several times more meaningful interactions, driving better conversions.


Q3: Should we completely stop working with mega-KOLs?

A3: Not necessarily. Mega-KOLs remain valuable for broad brand exposure and major event hype, especially credible ones with industry knowledge. A balanced strategy—pairing one or two aligned mega-KOLs with numerous micro-KOLs—maximizes reach, conversion, and cost efficiency.


Q4: What are the advantages of using ChainPeak for promotion?

A4: As an agency, we leverage bulk pricing to secure rates far lower than individual negotiations. Long-term partnerships offer customized packages and annual discounts, saving over 30% on costs.


Q5: How should influencer strategies adapt to different markets?

A5: Regional differences matter. In Western markets, prioritize industry credibility and compliance (e.g., disclosing ad relationships). In Southeast Asia, localize with local-language KOLs, as they resonate more. For example, 92% of Thai consumers rely on influencer recommendations, highlighting the need for targeted investment.


Q6: What is content co-creation, and how can we implement it with KOLs?

A6: Content co-creation involves collaborating with KOLs to plan and produce content, not just paying for ads. This can include KOLs sharing product tutorials, hosting AMAs, or creating blog/podcast contributions. Grant creative freedom to align content with both project goals and the KOL’s style.


Q7: Does a micro-KOL strategy mean missing out on rapid brand growth?

A7: Not at all. Micro-KOLs enable gradual, sustainable growth by building trust and credibility in niche communities, creating a strong foundation for long-term visibility.


Q8: How should we adjust our KOL marketing budget?

A8: Start by analyzing past ROI data to identify which KOLs deliver the lowest cost-per-acquisition and best retention, then allocate more budget there. Shift from single mega-KOLs to diverse portfolios and content amplification (e.g., repurposing KOL content for ads). Run quarterly tests with KOLs across regions, platforms, and follower sizes to compare performance, then scale up the best-performing groups.



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