The crypto market and web3 has been facing challenging conditions with crisis after crisis eroding confidence in the industry. As a result, general interest has declined by 52% year-on-year based on the latest global search data. Despite this decline, leading blockchains continue to invest and build.
We are starting a series of content that looks beyond on-chain data into the wider audience behaviour to better understand what leading blockchains are doing and what impact this is having on the audiences they want to reach.
We analysed traffic and traffic sources from over 35 million global visitors to the top blockchains to better understand who is most effective at winning share of voice:
Ethereum continue to be market leaders in terms of traffic acquisition attracting almost 1 in every 3 visitors to the top blockchain projects. Solana is currently in second, but this is partially driven by the association with FTX over the past weeks.
Interestingly, we see that Near and Polygon are generally outperforming projects with far larger market caps, showing that their growth and communications strategies have been highly effective in driving awareness.
Near has raised over $1B in funding to support network development, prioritising developer relations. Active accounts on Near are at an all time high, increasing by 10X year on year. Polygon has also reached an all-time-high of 6 million active addresses increasing by 180% quarter-on-quarter, driven by the launch of Reddit NFT marketplace. Therefore it is not surprising that Near and Polygon are over-indexing on traffic performance.
How Do Top Blockchains Attract Traffic?
Web3 building continues at a pace even in the bear market, however, the data below still shows that Web3 traffic acquisition and marketing is still in its infancy with a lack of diversity of traffic sources. 85% of all traffic direct and through organic search:
36% of all traffic is organic and only 5% arrives from social such as Twitter and Reddit. This data shows how important owned content and SEO is in generating awareness and traffic in the blockchain space.
Ripple and Solana are the most active on more advanced media and advertising with for 2 out of 3 paid-for visitors landing on one of these two blockchains.
The strength of communities in web3 determine how much traffic will be reaching each of these sites. Polygon and BNB are joint-second behind Ethereum for social traffic to site. These are impressive numbers given the size of Ethereum, who has a significantly larger ecosystem with 4.5x the TVL of BNB and 24x the TVL of Polygon. It will be interesting to see if the noise generated through social is a sign of who to watch out for as the industry matures.
Web3 technology will continue to grow despite some of the hiccups over the past 12 months. We will be sharing original research to help blockchains understand both the state of the market as well as opportunities to reach broader audiences. If you found any of this data interesting, then please do link back to us.
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