According to a report by CoinDesk, the interoperable blockchain project Polkadot (DOT) has spent a substantial amount of money on outreach and marketing efforts.
According to the project’s new financial 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 expenditure aimed at attracting new users, developers, and businesses into the ecosystem. This encompasses advertising and media, online and offline community building and events, as well as large conferences and business development. Some subcategories are worth grouping together, such as advertising and events…
Overall, advertising accounts for half of the outreach work ($21 million). Sponsorship ($10 million) includes a $1 million DOT (6.8 million USD) sports sponsorship agreement with a well-known football club, sponsorship of race car driver Conor Daly ($1.9 million), and a recent partnership with esports tournament organizer HEROIC ($1.3 million).
Influencers ($4.9 million) are secured through agencies such as EVOX ($2.2 million), Moon Strategies ($1.3 million), Chainware ($490,000), and Unchained ($460,000). Digital advertising ($4 million) is allocated through CoinMarketCap ($1 million) and EVOX ($900,000).”
According to the project developers, the resources from the treasury come from “DOT tokens collected through transaction fees and normal network operations,” and “any DOT holder can submit a proposal to the treasury department to support projects and activities beneficial to the network.”
At the time of writing, the trading price of Polkadot is $6.39, with an increase of over 1% in the past 24 hours.
