Hooked — The Compass of Web3 Voyages
Introduction
Web3 is on the path to fundamentally change many aspects of how this world works, for a better society. However, we recognize that there is a huge knowledge barrier stopping Web3 newcomers from joining the Web3 revolution.
Web3 User Growth Has Plateaued
It’s difficult to get the exact number of Web3 users, however, there are several statistical indicators that tell us Web3 user growth is going through a plateau phase.
- According to Ethereum Daily Active Addresses by YChart, the total number of daily active* Ethereum addresses have been around 400,000 ~ 500,000 for almost 2 years.
*The Ethereum Daily Active Addresses data provides the daily number of unique addresses that were active on the network as a sender or receiver.
- According to the Number of blockchain wallet users worldwide from November 2011 to February 2022, the total crypto wallet* users has been around 80 million since Nov. 2021.
*Total crypto wallet users refers to total number of registered wallet users, not active wallet users.
All of these numbers tell us one reality — Web3 user growth has plateaued. We realize that this is a serious problem the entire Web3 industry is facing, that is, the Web3 industry has too few users to thrive.
We would like to change the status quo.
How We Bring Users into Web3
Our mission is to allow users with no prior Web3 knowledge to understand how Web3 works and explore the crypto world, and finally to become crypto-native -
- On understanding how Web3 works, we will continue to provide playful interactive contents with educational purposes for users to learn about Web3 while earning crypto assets.
- On exploring the crypto world, we will develop habit-forming features that allow users to engage in crypto activities such as sending and receiving transactions, with the crypto assets they earn from Hooked.
We would like to present an overview of our current growth methodology, and share our plan for next steps.
High Level Methodology of Hooked’s Growth Strategy
User Acquisition
To facilitate early user adoption, we quickly identified the most effective and efficient user acquisition channels and onboarded the first batch of users to the Hooked platform, leveraging our knowledge about target market conditions and know-how of early stage user growth.
Decentralization lies at the heart of Web3 and also plays an important role when it comes to establishing a vibrant community with vast scalability and high engagement. We launched our Decentralized User Growth Engine that consists of selected Hooked community members, who are influencers in the Hooked community and actively participate in and contribute to community affairs.
By working closely with the Hooked team, these selected community members ensure mutual trust and belief that unite the Hooked community. As of November 2022, we have more than 250,000 of these community members globally, and this number is growing rapidly with our product expansion.
User Engagement
We design our interactive contents and platform to be easily engage-able, so that users don’t experience burden and stress while learning Web3.
Our tailored incentive-driven product mechanism comes into play by rewarding users with withdraw-able real cash rewards after various in-app quests are fulfilled. All of these help incentivize users to continue to take actions on Hooked. The picture below shows our Quiz-to-Earn & Mine-to-Earn example page.
User Rewards
To gain popularity and the benefits of word of mouth with advantages mentioned above, it all comes down to the product itself. The incentive-driven product mechanism and the streamlined and fun gamified experience brought by it are fundamental to the success of Hooked community growth and engagement.
User Commitment
With more time and effort users spend on Hooked, they become less likely to migrate to another platform for learning and exploring Web3 knowledge. They are also more likely to take actions to help the platform grow, such as referring friends.
These users voluntarily spread UGC contents about Hooked on social media platforms, influencing their followers, raising awareness, and as a result, bringing more users to the Hooked platform. Their Web3 product experience on Hooked gradually becomes their Web3 habits.
The Flywheel of User Adoption
The more rewards users receive, both Web3 knowledge and crypto assets, the more time and effort they spend on Hooked. The more time and effort users spend on Hooked, the more rewards they receive. At this point, Hooked has made its phase 1’s flywheel working, and we are working diligently to improve our flywheel model.
What’s Next?
- On the user acquisition side, we are refining our acquisition funnels and methodology as we get more data from the initial launch of our first product. We are going to expand our regional presence and launch our products in new markets.
- On the user engagement side, we are adding more content and developing new features to keep users engaged. We will later post a series of articles on how these contents and features work together, and how our sustainable user growth strategy works.
- On the user rewards and commitment side, we will introduce our incentive mechanism in days to come.
Our product roadmap and airdrop plan will be announced this week.
There are so many things we would love to do for our community, please stay tuned! ❤
