Take a second and recall when your Boomer uncle unsuccessfully attempted to explain what blockchain was at Christmas dinner last year. Maybe he was talking about the difference between gold and paper ledgers with some well-chosen metaphor. No, but that’s pretty much what it feels like to use some of these Aussie crypto exchanges. They're trying, bless their hearts, but are they really ready for the chaotic, meme-fueled, NFT-obsessed world we're building? I'm not so sure.

Doge Didn't Die For This

Let's be real: a lot of the marketing around crypto in Australia plays it way too safe. It’s not all cravats and talk of “deal flow.” Where's the fun? Where's the Doge? Where’s the Wojak looking into the abyss knowing he just bought the top.

First, we’re all sick of hearing that crypto is just for tech bros in Lambos. This is a myth! It was supposedly created to facilitate artists’ sale of digital art and for gamers to gain crypto while playing in virtual worlds. Anyone who ever dreamed of owning a piece of the future! Should it be only for these people? Sure enough, but today’s marketing literally drives these audiences away.

It’s the culture, community, and yes…the odd rug pull that draws many of us to web3.

And while we’re on the subject of myths, let’s talk about risk. Sure, crypto can be volatile. The stock market can go up to the moon with it, as can real estate. Even your aunt’s old Beanie Baby collection might turn you into a millionaire! That’s the real danger—non-crypto related, of course—ignorance. Going all in from the start is dangerous. You really need to educate yourself, understand the tech but more importantly, understand how to spot a real project from a clear cash grab. So Aussie exchanges, could you do more to teach your users about how to stay safe? Or maybe you’re showing them how to identify a honeypot contract.

NFTs, Gaming, and the Great Aussie "Meh"

This is where it all gets interesting, and frankly, a bit sad. Look at the global crypto landscape. NFT marketplaces are teeming with innovation. Simultaneously, play-to-earn games are redefining our definitions of labor and play, and DAOs are upending our models of the organization.

Now look at Australian crypto exchanges. Are they embracing these trends? Are they integrating NFTs into their platforms? Are they partnering with gaming studios? Mostly… meh.

Some give a lesser range of tokens, indeed. Or some may even possess broader functionality with a minimal NFT integration. Where's the passion? Where’s the sense that crypto is bigger than trading Bitcoin and fibbing about getting rich on Dogecoin, that it’s about constructing a whole new digital universe.

It’s as if they’re scared to have fun, scared to tap into the degen culture that makes crypto so appealing. They’re trapped in a narrow financial paradigm, when they should be operating on the wavelengths of love, creativity, and community, and MEMES.

This isn’t simply about futureproofing and appealing to Gen Z. Through these digitally native communities, culturally appropriate finance is leading the way to the future of finance. They identify each other through emojis and ratio-ing and inside jokes. You have to speak their language.

Ready to Go Viral?

I hate to say it, but nearly every aspect of the user experience on these competitor exchanges feels like using a wildly outdated government website. The current system is clunky, confusing, and frankly terrible. It's about as exciting as watching paint dry. Where's the gamification? Where's the social integration? Where's the fun?

Aussie exchanges have to step it up on their meme stock meme-ing. They have to realize that crypto is inherently shareable, inherently viral. And they will need to write copy that really engages the youth market. It should inspire them—it should make them feel like they’re part of something bigger!

Perhaps our regulatory environment is discouraging them. Perhaps they don’t want to draw fire from a pernicious special interest. I think it's more than that. I think they're simply not understanding the cultural shift that's happening right before their eyes.

Are Aussie exchanges ready to go viral? Or are they stuck in the dial-up era? I'm genuinely curious to hear your thoughts. Post your best (or worst) crypto memes below! Let's show these exchanges what they're missing.

This article is not financial advice. DYOR. And as always, buy the dip (with money you can afford to lose).