How Liquidifty scaled from an NFT marketplace to a multipurpose Web3 gaming platform with 100K monthly visits
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🔥 Epic Web3 Conference: Another rockstar speakers added to our lineup
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Incredible speakers from top tier companies have been added to our lineup, to give you everything you need to grow your Web3 product.
Here are some sessions you can look forward to:
— Build Global, Enter Local: How localization efforts can onboard next billion users in Web3 (João Pedro, Marketing Manager at Binance);
— Uniting traditional art and Web3: how to find a Product-Market Fit together with a loyal Web3 Community (Andrei Blinov, CTO at TON Diamonds);
— Fundraising in Web3: How the Market changed in the past year and how it affects you (Marcus Bläsche, CEO & Co-Founder at Rumble League Studios);
— Experimenting with Сommunity Art Curation in Web3: World’s first national gallery in the Metaverse (Marja Konttinen, Marketing Director at Decentraland);
— And much more.
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🧞 How to scale a gaming platform in Web3? Community Insights from the Liquidifty case study.
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This case study is brought specifically to Epic Web3 readers by Vera Osipova, Product Manager at Liquidifty.
— First of all, what's Liquidifty?
Liquidity is a Web3 gaming portal with hundreds of releases to explore and transparent game analytics. Our tools allow players to:
Track their game stats and NFT portfolio, the performance of the top participants in different games;
Engage with the community;
Establish clans and gangs,
Get feedback on the latest releases
Participate in different incentives and promos.
At the same, we offer Web3 builders a free access to its own SDK and API solutions for NFT management, API tools for players statistics and on-chain game analytics, and own solutions for collateral free NFT renting.
Finally, Liquidifty is a multi-chain NFT marketplace with an overall trading volume of almost $39.5M since the launch and various NFT assets for all sorts of Web3 games.
— Initially Liquidifty was an NFT marketplace. Could you tell us more about it?
Yes, in the very beginning it was a marketplace based on BNB Chain. We even raised $4.5M for this purpose.
Eventually, our marketplace attracted over 50 projects and generated revenues, which in some cases accounted for hundreds of thousands or even millions of USD.
We found out that 99% of the assets traded on Liquidifty were gaming NFTs and decided to introduce our own Launchpad allowing users to participate in initial DEX or NFT offerings (or IDOs and INOs respectively)*, and airdrops.
💰 As a result, this new service has brought us a quarter million dollars.
*Editor’s note: IDO (Initial DEX Offering) is when a project decides to launch its token on a Decentralised Exchange (DEX). While INO (Initial NFT Offering) is usually done through launchpads or other trading platforms.
— Why did you decide to scale an NFT marketplace to a Web3 gaming platform?
The main reason for scaling was the combination of two factors:
1️⃣ The changes in user behavior
By mid 2022, the IDO and INO craze faded away. Users had some reasonable doubts about the presale model and started investing their money in the projects with working prototypes.
BNB Chain also hasn’t become one of the top of NFT-blockchains. But despite this fact, many game projects have chosen BNB Chain as the main network since 2021.
2️⃣ VCs’ attention to the emerging industry:
In 2022, Web3 gaming became the key investment driver in the whole blockchain industry with ~$4.5B raised by the projects.
Also, we noticed that although NFT sales dropped, more Web3 games were released and the number of active players stayed stable.
— How did a bear market affect your product?
Like many other crypto projects, in 2022, we had to deal with bear market conditions, which have resulted in sharp decline of NFT sales and asset devaluation.
As I mentioned before, we weren’t able to exploit the old model of presales any more. That's why we focused on understanding what Web3 users want and creating a platform that meets all their needs, given the current market situation.
— What steps did you take?
We outlined a new approach in a list of hypotheses that aimed to help Web3 gamers with:
Choosing a proper Web3 game to avoid wasting their time and money on low-performing projects;
Assessing the earning potential of the project and its active player base;
Tracking their profits and losses in different Web3 games on one platform.
At the same time, this platform should help Web3 games to find their audience or a market for its product.
Eventually, we rolled a set of solutions, including:
A universal platform for seasoned Web3 gamers and newbies with a built-in NFT marketplace to buy assets;
Trusted on-chain analytics allowing to select the best games and NFTs or track the top players;
A convenient gamer profile dashboard to control the most important indicators, like cumulative profit or ROI;
A commitment to build a “Steam” for Web3 games (though, we’ve never positioned ourselves like this yet).
— Can you share some of your significant numbers and metrics you track?
Around 100K monthly visits;
Almost 300 games, or about 15% of all the released and announced Web3 titles;
User retention with an average rate of 25-30% (the most helpful metric for us when it comes to selecting the most effective ideas).
— What challenges are you facing while building a product in Web3?
Web3 audience research: the crypto community indeed values its privacy, which makes it difficult to analyze user behavior.
Marketing & monetizing analytic solutions: there are many other companies, like Nansen, Dune, etc., providing similar fee-based services for a wide range of tasks.
— What are you mainly focusing on now?
On building a “win-win” Web3 analytic solution that can provide Web3 games with access to high-quality audience. Players will enjoy extra ecosystem benefits from games, including whitelists, airdrops, and other bonuses.
We’re now working on the three main components of this solution:
Building an engaged community of Web3 gamers on social media, structuring and ranking its members;
Developing a unified Web2 and Web3 gamer profile allowing to connect gamer’s accounts on Steam and save progress in various games;
Designing an on-chain reputation and track record system to give more opportunities for active players, and provide Web3 games with the access to the selected audience and extra ways to onboard users.
Simply put, this solution looks like this:
That’s where Liquidifty is now! I hope that our story will bring some valuable insights to other Web3 builders and their businesses.
And if you want to kickstart your Web3 gaming journey, you’re very welcome to visit Liquidifty!
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