Klip Performance, Week 1 — Jason Han, CEO of Ground X
The following article has been translated by KlaytnCommunity from the post made by the CEO of Ground X, Jason Han, on June 12th, 2020. You can find his original post in Korean here. Keep in mind that there is a possibility of translation errors, so please refer to the original text for any information you might be acting upon.
It’s been a good week since Klip, Klaytn’s digital asset platform was released. I want to take this opportunity to say that I am extremely grateful for and humbled by everyone’s interest and support — though we must not forget the journey has only begun. Klip’s userbase is organically growing and experiencing the still unfamiliar and non-straightforward concept of digital assets, one step at the time. Fortunately, the analysis of the subscriber data for the past week shows us that user behavior does not deviate significantly from the direction we’ve envisioned. Today, I will share with you the key data of Klip’s performance after one week since its release (As of June 12th, 2020, 10:00 KST).
In summary, 1) the subscriber count is steadily increasing — even after the conclusion of the KLAY reward event, 2) the conversion rate is very high (77%), 3) the MZ generation* ratio is more than 50%, and 4) the majority of subscribers that received KLAY from the reward event ( 75%) still holds KLAY. So, the first step of experiencing digital asset management (i.e. creating a wallet, receiving and sending digital assets like KLAY) seems to have gone pretty smooth. Now, as the next step, Klip’s users will be introduced to the experience of acquiring, holding, and even transferring an NFT card**. For this stage, we will be proceeding in cooperation with external partners, so I kindly ask for your patience and to stay tuned!
*Note: MZ generation stands for the millennial (age 25–34) and Z (age 16–24) generation. Both of these generations are digitally mature and are a prime focus as they can be easily incentivized to create, transact and own digital assets via Klaytn or Klip.
**Note: NFT stands for Non-Fungible Token. Please refer to Klaytn’s official documentation for more info on the matter.
Total subscribers: 157,062
After reaching 100,000 subscribers on the launch day, the number of subscribers is gradually increasing without the support of other promotional events.
The ratio of Klip subscribers to visitors: 77%
The fact that the majority of people visiting Klip for the first time have signed up, is probably because the onboarding process is very easy and straightforward. We have removed the barrier to create digital asset wallets, which has been difficult so far adoption-wise for most blockchain projects. I think that users’ interest in digital assets has also played an important role.
Percentage of subscribers under age 35: 52.2%
More than half of Klip’s user base belongs to the MZ generation (assuming they are under the age of 35) and constitute our main target group. Again, we can see that this generation is highly experienced and familiar with digital assets.
Average usage time: 2 minutes 18 seconds
Klip’s average usage time is short because there is simply not much to do yet. Our team is hard at work to enrich the functionality of Klip (see NFT card comments earlier) and hence, we will focus on increasing this metric in the near term.
Percentage of subscribers initiating KLAY transfers to friends: 17%
Klip aims to make digital asset transfers very user-friendly. Once you access Klip with your social network profile, i.e. your KakaoTalk ID, you can send and receive digital assets with your Kakao friends. So far, 17% of Klip’s users have sent their friends a certain amount of KLAY.
The ratio of KLAY holders to initial subscribers who received KLAY: 75%
The numbers show that the majority of initial subscribers still own KLAY. Most of them did not dispose of their KLAY, presumably waiting for additional features to be integrated with Klip.
Kind regards, Jason Han — CEO at Ground X.
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