Who said there were too many muppets in blockchain?
As part of a national advertising campaign to convince U.S. borrowers that its loans are cheaper and more secure, blockchain-fueled lending company Figure unveiled its own mascot. His name is “Blockchain.”
Seriously. That’s it. Blockchain.
Blockchain—the mascot, not the technology—is akin to Big Bird or perhaps (knowing Crypto Twitter) Oscar the Grouch—which is to say he's a puppet who interacts with humans in the real world. And he looks exactly how you'd imagine a non-sentient, genderless software protocol to appear: as a stack of grey blocks with chains attached to him. He also has bendy arms and hands because… elastic sidechains?
The spokespuppet serves a purpose for Figure, one of the more mature blockchain companies in the U.S. In December, Figure raised over $100 million from RPM Ventures, Morgan Creek Digital, and MUFG Innovation Partners for its Series C. Flush with cash to build out Provenance, a blockchain platform it wants other financial companies to use when processing loans, the company must overcome a clear but unstated hurdle: Consumers don't know what makes a blockchain-powered loan better than a regular loan.
That's where Blockchain (the mascot) comes in. "First off, I'm not bitcoin, cryptocurrency, or anything scary," Blockchain says in the ad before being startled by a (real) barking dog. He continues, "In fact, I make things less scary. I improve financial transactions like loans behind the scenes to make them more efficient, secure, and less costly, which, if I work my magic right, can save you money."
Blockchain (by now you should know we're referring to the mascot) then goes on to explain blockchain technology's administrative advantages over manual, paper-based systems in laypuppet's terms. Since it's a commercial for Figure, all the examples relate directly to the lending process before the commercial closes with a title card advertising the company's home equity line, student loan refinancing, and mortgage refinancing services.
“Rather than ignore the challenge of educating consumers about blockchain technology, we chose to embrace it,” said Figure Chief Marketing Officer Brad Simmons. “We saw an opportunity to own the demystification of blockchain by creating a relatable and helpful character named Blockchain who will work to bridge the knowledge gap and break down the benefits of blockchain technology in easily digestible terms."
Blockchain was not available for comment.