AMA: Everything to Know
By Beluga Research August 21, 2023
- A cryptocurrency Ask Me Anything (AMA) session is a live interaction between experts, including platform or cryptocurrency administrators and crypto community members
- AMA sessions give experts and investors a place to engage and connect
- These drive awareness about coins, platforms and exchanges and can encourage demand
- AMA sessions expose the strengths and weaknesses of particular crypto offerings, giving experts more insight into what investors want and how to make improvements
A cryptocurrency Ask Me Anything (AMA) session is a live interaction between experts, including platform or cryptocurrency administrators and crypto community members, in which members ask questions and experts share details about specific crypto projects. As the popularity of cryptocurrencies grows, so does the need for transparent communication between project teams and their communities.
AMAs offer a unique opportunity for individuals to directly engage with the teams behind projects. They help investors gain insights, dispel doubts and foster a sense of community. AMAs are unlike traditional mediums such as blog posts or press releases. This is because they are real-time interactions in which participants pose questions and receive answers as quickly as the experts choose to respond.
A Brief History
The concept of AMA sessions originated on Reddit, a social news aggregation platform. The subreddit for AMA sessions on Reddit is r/AMA. AMA sessions may also be crossposted on the community for a specific topic, such as Bitcoin.
As cryptocurrencies became more popular, AMAs became an efficient way for platform administrators to communicate with investors. Projects began to host dedicated AMA sessions on Reddit and other platforms like Telegram, Discord and X (formerly Twitter). These sessions are still popular. They allow investors to ask questions about project development, tokenomics, partnerships and other relevant topics.
AMA: Everything to Know
Cryptocurrency AMAs generally follow a structured format. Variations on this format depend on the hosting platform and project preferences. A session typically begins with an introduction by the project team. The team will provide an overview of the project's goals, vision and recent developments. Then participants are invited to ask questions. They can submit these in advance or during the live session.
Each platform offers its own advantages and features. Reddit's threaded comment system allows for easy organization and navigation of questions and answers. Telegram and Discord provide real-time chat capabilities, which encourage interactive discussions. X often utilizes hashtags to aggregate questions and responses.
- Benefits of AMAs. AMAs offer project teams opportunity to directly engage with their community. This builds transparency and trust. Administrators can continue to strengthen relationships by addressing concerns equally and providing prompt updates. Frequent honest and thoughtful engagement typically attracts new users.
Investors benefit by gaining the opportunity to communicate directly with project teams and industry experts. Getting answers to important questions can provide valuable insights and help investors make more informed decisions. AMAs also tend to function as educational sessions. They allow participants on both sides to deepen their understanding of specific projects, technologies and the crypto ecosystem.
- Preparation and Execution. Hosting a successful AMA requires careful preparation and execution. Project teams need to allocate sufficient time to gather and address questions effectively. They may choose to curate questions in advance to ensure a diverse range of topics is covered. Teams should also work to provide clear and concise answers. They should avoid technical jargon that will alienate less experienced participants.
- Promotion and Community Engagement. The platform hosting the AMA and the individuals answering questions should promote the AMA effectively. Project teams should leverage their social media channels, newsletters and community platforms to let their audiences know they will be participating in the AMA. The platform can reach out to traditional media like news websites to state that it will be holding an AMA on a certain topic. Such actions allow investors to develop questions in advance. A review of questions in advance ensures the AMA will be balanced and focus on topics of general concern.
During the AMA, project teams should actively engage with participants. They should respond to questions promptly and welcome engagement. Platforms should make sure the AMA session remains neutral and positive. The platform should safeguard the session to prevent attacks. Projects should consider recording and archiving an AMA for those who will miss the live event.
- Find or plan an upcoming AMA session. These sessions are often announced on social media platforms, project websites and specialized AMA platforms.
- Become familiar with the project or topic beforehand. This enables project teams and investors to ask informed questions during the session. It is advisable to have a list of questions and responses ready in advance. AMA sessions can be fast-paced. Participants usually have a limited amount of time to ask questions or respond.
- Ask or answer questions. Participants on both sides should be mindful of the guidelines of the platform that is hosting the AMA.
- Direct interaction with project teams and experts. In traditional communication channels, information may be filtered or delayed, AMAs provide an opportunity for participants to engage directly with the people behind the project. Direct interaction can lead to more authentic and transparent conversations.
- Opportunity for participants to gain valuable insights and knowledge. The open format of AMAs allows participants to ask specific questions that address their areas of interest or concern. This can be particularly useful for individuals who are new to the cryptocurrency space or those looking to deepen their understanding of a particular project.
- Build community. Participants from all backgrounds and levels of expertise can come together to engage in meaningful discussions. This creates a supportive environment where individuals can share their perspectives and learn from others. The collaborative nature of AMAs can lead to the formation of connections and relationships that extend beyond the session.
- Direct Communication - AMAs provide a direct line of communication between project teams and the community.
- Transparency - Cryptocurrency AMAs promote transparency by giving the community an opportunity to ask questions about the project's development and roadmap. This fosters trust and helps build a stronger community around the project.
- Education and Awareness - An AMA session allows participants to learn more about a project and its potential impact. Such sessions help participants gain a deeper understanding of cryptocurrencies and blockchain technologies.
- Community Engagement - AMAs encourage active participation from the community, creating a sense of belonging and ownership. Participants feel more involved in the project's progress. The session gives them opportunities to provide valuable feedback to project teams.
- Networking Opportunities - Most AMAs usually attract a diverse range of participants, including industry experts, developers and enthusiasts. The occasion facilitates networking and expansion of the network related to the topic.
- Information Overload - In some cases, AMAs can become overwhelming. The sheer volume of questions and responses can be difficult to sort through. An investor or expert could miss important details when posing or answering a question.
- Lack of Quality Control - Since AMAs are open to anyone, some of the questions may be repetitive or overly simplistic. The platform hosting the AMA can remove such questions after the session. If the platform does not do this "cleanup work," readers reviewing the AMA will have to work harder to understand the information that was shared.
- Time Constraints - AMAs frequently occur within a set period. The time limitation can limit the depth of discussions. It can also prevent all questions from being answered. Participants may feel rushed or disappointed. The platform can address this by offering experts an opportunity to respond to several additional questions or scheduling a follow-up AMA.
- Technical Jargon - Cryptocurrency AMAs often involve complex technical concepts and terminology. This can make it difficult for participants with limited technical knowledge to grasp discussions. Project teams should strive to strike a balance between technical and accessible explanations.
- Misinformation and Rumors - AMAs can become breeding grounds for misinformation and rumors. Project teams should do what they can to reduce confusion and minimize harm to a coin, platform or the crypto ecosystem.