What if marketers could look at a customer’s credit card history and understand who they are by what they purchase, how they purchase, and why they purchase? What if they could do the same for their prospects and customers of their competitors?
Welcome to "What's in My Wallet," a blog series aimed at educating brand and loyalty marketers about the power of crypto wallet data. In this series, we will explore how you can use information from crypto wallet token ownership and trading history to better understand your customers and prospects, and ultimately drive more effective marketing campaigns.
As brand marketers and loyalty marketers, we know that understanding your customers is crucial to delivering successful marketing campaigns. In the past, we've relied on traditional customer data such as purchase history and demographic information. However, with the rise of cryptocurrency adoption, and the decline of cookies, we now have access to a new type of information-rich data - crypto wallet data.
Over the course of this series, we will dive into various aspects of wallet data, including interests, buying behavior, brand affiliations, and competitor insights. We will also explore how you can use this information to segment your audience using your current CRM data, personalize your marketing efforts, and track metrics and analyses.
We believe that understanding and leveraging wallet data is the future of effective marketing, and we are excited to share our knowledge and insights with you. So join us as we explore the power of wallet data and how it can help you take your marketing efforts to the next level.
We keep mentioning the term “wallet” and the benefits of understanding transactions associated with it, but what exactly is a wallet?
A crypto wallet is a digital wallet that allows you to securely store, send, and receive cryptocurrencies like Bitcoin, Ethereum, and other digital assets. In the case of NFTs, which are unique digital assets that can be bought, sold, and traded, a crypto wallet allows you to store and manage these assets as well.
In the context of NFTs, wallet transaction history is stored on the blockchain, a decentralized and transparent ledger that records all transactions that occur on the network. Every time an NFT is bought, sold, or transferred, a record of the transaction is stored on the blockchain, which includes details such as the smart contract associated with the NFT, amount, date, and parties involved. Because the blockchain is a public ledger, anyone can view the transaction history for a particular wallet by accessing the appropriate block explorer or other tools. This transparency is a key feature of blockchain technology and ensures the integrity of the network.
When it comes to cryptocurrency wallets, there are two main types - custodial and non-custodial. Custodial wallets are provided by a third party, such as an exchange or a brand, and are managed on behalf of the user. The user does not have control over the private keys to their wallet, and the third party is responsible for storing and securing the cryptocurrency.
Non-custodial wallets, on the other hand, provide the user with complete control over their private keys and are managed by the user themselves. Non-custodial wallets provide greater security and privacy, but require the user to take more responsibility for their own cryptocurrency storage and management.
Given that in either case all transactional data is stored on a public ledger, the type of wallet shouldn’t be of concern to you, but it is a key distinction in the way that ownership of wallets operate.
When it comes to understanding the interests and behaviors of cryptocurrency users, a wallet's transaction history can provide a wealth of information. One key area to consider is buying behavior, which includes factors such as:
Each of these metrics can be analyzed individually or in conjunction with other collection related information such as brand, type (fashion, gaming, virtual land), and total volume to identify core segments to target for different campaigns. We will explore this in depth in future installments of this series.
Overall, a wallet’s transaction history is useful to marketers because it helps us understand the financial position of any given user, and also alludes to the propensity for someone to invest in a marketer’s project. This type of insight would not be possible without blockchain technology and its associated public ledger.
Stu Richards (aka Meta Mike) leads Partner Success at GigLabs and has a passion for contributing to the education and enablement of the open metaverse. Gigantik is an end-to-end web3 engagement platform and marketplace provider built for enterprise brands. It empowers marketing teams to own the experience of creating, selling, and distributing NFTs while enabling them to generate repeatable customer loyalty campaigns and activations using built-in utility tools. Gigantik provides a seamless end-user experience and onboarding using credit card and wallet integrations.
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