Yesterday, we released a report titled The State of Wallet Messaging. Our team at Holder spent months conducting research, digging into data, and creating an informative study of all the results.
I’m excited to share all of our key findings with you — let’s dive in. If you want to see the full report with more specific data, download the ‘State of Wallet Messaging’.
Marketers are familiar with wallet messaging.
Although wallet messaging is the newest channel added to the marketing stack, we found that 67% of marketers are familiar with wallet messaging and 35% of B2C marketers are very familiar. It may come as a surprise considering that wallet messaging is an emerging channel.
Although wallet messaging is new, the need for wallet communications has been around since the creation of the web3 ecosystem. Previously, crypto users lacked a native channel for web3 communications.
Think about it this way — the same way social media platforms have direct messaging channels, crypto needed a way to connect and communicate with other users.
Everyone, marketer or not, is familiar with the concept of online communication — it’s very easy to see the parallel between text messages, Instagram DMs, and crypto wallet messages because they all share the same function.
Marketers are interested in reaching their customers through wallet messaging.
A user’s wallet address publicly records every crypto transaction on the blockchain’s general ledger. Because all crypto users are aware that this information is fully open and transparent, marketers can use this as a gold mine to gather insights from their target audience.
Brands can see their customers’ blockchain-based assets, coins, and NFTs and better understand their customers’ purchasing behaviors by digging into transaction history, DAO voting, and more.
Undeniably, because of this, the vast majority of marketers are interested in sending wallet messaging directly to users’ crypto wallets — over 79% said they’re interested while 40% said they’re very interested. We found that only 7% of the B2C marketing population isn’t interested in wallet messaging.
Wallet messaging gives web3 creators and brands the opportunity to create personalized customer experiences directly in the ecosystem in which customers make purchases.
Marketers have plans to implement wallet messaging into their marketing stack.
Because brands understand the value of sending messages directly to their customers’ wallets, most marketers have a timeline for when they plan to adopt and implement wallet messaging.
In our research, we found that only 12% of marketers are currently unsure or don’t have wallet messaging plans — but, almost 80% of marketers plan to implement it into their marketing stack within the next 12 months.
As more brands and creators leverage this technology, we’ll start to see mass adoption across all industries. About 64% of marketers will be the earliest adopters, pioneering the way of wallet messaging within the next six months.
Marketers believe a wallet address is more valuable than an email address.
Marketers across the world have always tied immense value to a customer’s email address because it was a way to easily send information to a customer. With the birth of wallet messaging, marketers are realizing that wallet addresses carry even more value than traditional email addresses.
A staggering 71% of marketers believe a wallet address is more valuable than an email address.
As a marketer myself, I don’t agree with just over a fourth of the survey respondents. In a web2 world, full of traditional marketing tactics, I can understand why an email would hold more value than a crypto user's address. But, in an increasingly digital world, focused on emerging web3 technology, I believe the information tied to a blockchain wallet address is invaluable.
The ability of web3 technology empowers modern-day marketers to understand their audiences in new and telling ways.
Marketers have concerns with wallet messaging surrounding security and consumer privacy.
Although wallet messaging is a novel technology marketers can utilize, the modernity of the technology has raised some concerns among marketers across all industries.
Our study found that only 5% of marketers don’t have any concerns associated with wallet messaging. On the other hand, over half of the study voiced two major concerns — security and consumer privacy.
It’s not surprising that marketers are most concerned about data security and consumer privacy within a new digital communication channel. Every day, in any industry, marketers are facing the battle of dealing with security and consumer privacy challenges. These concerns have been associated with technology since the beginning of the internet.
Fortunately, all XMTP wallet messages are fully secure and encrypted end-to-end on the XMTP network. In fact, our team at Holder partners with XMTP Labs for this very reason — we want our customers to provide their customers with safe and secure experiences.
In the technical age that we all are in, it’s promising to know that marketers are concerned about data security and consumer privacy.
Wallet messaging early adopters are experiencing an average of 10-15x in conversions.
Because wallet messaging is still an emerging channel, we wanted to include a few results from early adopters. (In the full report, you can learn more about brands sending XMTP campaigns on Holder’s wallet messaging platform.)
Holder customers are a testament to the power of this technology — early adopters have seen a major lift after sending wallet messaging campaigns. On average, they experience a 10-15x increase in customer engagement and conversions.
With unprecedented results such as this, marketers love wallet messaging and are using it in creative ways.
Wallet messaging has proven to be a very effective marketing channel. After looking at the results of this study, every brand should be thinking about how they can incorporate it into their marketing and communication strategy.
Today, Holder is the leading provider in this space and would love to help your brand navigate wallet messaging. You can get started on your own or reach out to our team for more information.
Find the report here.
