KEY
TAKEAWAYS
More stakeholder insight
While our team was able to receive 30+ survey results, we might have gained a more nuanced understanding of NFTs if we conducted more interviews about stakeholders' experiences in the crypto space.
Understanding crypto market
This project was distinctive as it marked my first steps into consulting while breaking into crypto & NFTs concepts. By following the steps of design thinking process, I was able to discern gaps in learning about the current crypto market.
Next steps
After evaluating recurring responses, our team presented 3 potential solutions to Waterfall. The next step would be to implement them and see which of them supports their user acquisition.
Building Trust
Because people tend to be more cautious with purchasing NFTs, Waterfall should ensure a system that filters out and only lists NFTs that:
Have proven docks
Build art before launch
Release updates before launch
We also concluded that a member loyalty program will help users experiment AND continue to use Waterfall's program as long as it provides adequate resources for them to stay updated about the crypto and NFT marketplaces.
FINAL DELIVERABLE
USER SURVEYS
We performed an online survey to help us gather insights and motivations for being in the NFT space. We utilized various question types so that we could obtain quantitative and qualitative responses of people's opinions.
Likert Scale
To gauge familiarity and approachability of crypto market and NFTs
Multiple Choice Questions
To understand how people are exposed and continue to participate in the market
Open-Ended Responses
To obtain personalized stories of crypto/NFT experiences
RESEARCH
We conducted secondary research of these three target areas:
Crypto / NFT markets
Competitive Analysis
Traditional Art Markets
To better understand the scope of our project, we identified the current situation in the crypto market and NFT space and compared how artwork is traditionally traded vs. virtually exchanged.
PAIN POINTS
After conducting surveys, we noticed patterns in the responses we received and categorized into three topics: volatility, tangibility, and education. Finding the pain points allowed our team to analyze the core issues with Waterfall's marketing and directed our analysis for the best solutions.
Education
People unfamiliar to the crypto space and NFTs find it difficult to learn about the industry and are unsure how to delve into it.
Tangibility
It is difficult to gauge the physical value of the assets because it seems more based on concepts.
Volatility
The industry seems highly volatile and risky, yet there is some thrill in the chance of gaining large profits.
Mobile Alternative
Develop a mobile-friendly, easily accessible option to engage with the marketplace
Layer 2 Solution
Amplifies Blockchain (Layer 1)—integrate scaling solutions that reduce transaction costs & increase speed
Collaboration Payment Platforms
Allow users to purchase NFTs using traditional fiat currencies
Increase Accessibility
Waterfall
TIMELINE
ROLE
SKILLS
TOOLS
Sep 2023 - Dec 2023
Marketing Consultant
Market Research
Competitive Analysis
User Research
Marketing Consulting
Google Suite
Figma
Waterfall is an all-in-one platform for NFTs on Base built for creators, collectors, and traders. It allows users to create and mint NFTs using different ERC-20s on the launchpad in addition to trading and collecting NFTs on the marketplace.
Waterfall is looking to strengthen their user acquisition strategy of wealthy art collectors to expand their range of consistent customers. Their audience remains limited & has low brand commitment, sometimes driven away to other platforms, due to low user engagement & weak marketing tactics.
PROJECT
OVERVIEW
Centralized Information Source
Due to decentralized information about the crypto/NFT market, we suggest Waterfall create a feature to educate new users & update current ones about news and trends.
Museum Partnerships
To make NFTs more common knowledge and understandable, partnering with museums and featuring NFT artists in exhibitions will make NFTs seem more than just a virtual concept.
INTERVIEWS
Our team did a round of interviews to get further insight on people's approaches to NFT and the crypto space. We wanted to get individual stories of what platforms they trust, the kinds of marketing tactics that influences their decision-making process, and their personal struggles as starter investors,
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There's often an information asymmetry between new & experienced investors, specifically as to how NFT’s function/what they actually mean and entail.
Many users use Twitter, Discord, and sometimes Bitcoin.com to learn about the developing changes within crypto.
The legal framework haven’t really been developed for crypto because it’s fully online, so there’s not much that can be done for those scammed in the space.
NFT projects are evaluated based on their following, vision, & value proposition; a lot of people apply to NFT "scholarships" because there's a lot of hype on Twitter about their different campaigns.
There's a lack of accessibility to information and not much wiggle room to experiment with the market.
It seems too risky and complicated to be able to trade crypto with some degree of confidence.
PROPOSED SOLUTIONS