Important points
- IVEY Publishing has released an MBA case study examining Polygon’s Web3 growth using cost per wallet metrics.
- This study examines how Polygon used Addressable’s platform to reduce user acquisition costs to less than $1 per wallet.
IVEY Publishing published a groundbreaking MBA case study on Polygon’s cost-effective user acquisition strategy, highlighting an average cost per wallet (CPW) of less than $1.
Developed in conjunction with Addressable, the study, titled “Polygonal Scaling of Web3 Growth with Per-Wallet Cost Efficiency,” analyzes millions of on-chain events and demonstrates how wallet-level targeting and attribution has replaced traditional marketing metrics such as impressions and social engagement.
Here, we detail how Polygon used Addressable’s technology to target “wallet-enabled” users across NFTs, DeFi, gaming, and enterprise partnerships, achieving varying levels of acquisition efficiency.
According to the survey results, NFT The campaign delivered the lowest cost, onboarding over 14 million wallets at $0.2-$0.5 per wallet. The game garnered around 500,000 wallets at 12 CPW, while the enterprise partnership generated between $5 and $10 CPW.
DeFi had the highest acquisition costs, ranging from $50 to $100 per wallet, driven by reward-driven liquidity programs that reduced retention due to the end of incentives.
“This study provides the clearest evidence yet that blockchain growth can be quantified with the same discipline expected in traditional technology and consumer industries,” said Asaf Nadler, co-founder of Addressable.
Leon Stern, chief marketing officer at Polygon Labs, said the findings support the team’s long-standing position that Web3 marketing requires new models rather than relying on established Web2 tactics.
“Effective growth comes from understanding real user behavior on-chain,” Stern said. “CPW is emerging as the gold standard for that, and this case study provides MBA students with a framework that finally fits the realities of the blockchain ecosystem.”
“At a time when blockchain companies face increased scrutiny from investors and regulators, this case study brings transparency and academic credibility to the question of what real-world implementation looks like,” Professor Aron said. “It provides future executives with a benchmark to evaluate blockchain growth strategies with the same rigor as other technology fields.”
This case study is now available through IVEY Publishing and is expected to be taught in business schools around the world.
