Key Takeaways
- IVEY Publishing has released an MBA case study examining Polygon’s Web3 growth using Cost Per Wallet metrics.
- The study examines how Polygon achieved user acquisition costs of less than $1 per wallet using Addressable’s platform.
IVEY Publishing has released a groundbreaking MBA case study on Polygon’s cost-effective user acquisition strategy, focusing on a Cost Per Wallet (CPW) average of less than $1.
The study, titled ‘Polygon Scaling Web3 Growth with Cost Per Wallet Efficiency’, developed in partnership with Adressable, analyzes millions of on-chain events and shows how wallet-level targeting and attribution have replaced traditional marketing metrics such as impressions and social engagement.
It describes how Polygon used Adressable’s technology to target ‘wallet-ready’ users in NFTs, DeFi, gaming and business partnerships, achieving varying levels of acquisition efficiency.
According to the findings NFT campaigns delivered the lowest costs, delivering over 14 million wallets for $0.2 to $0.5 per wallet. Gaming acquired approximately 500,000 wallets for a CPW of $12, while corporate partnerships yielded $5 to $10 CPW.
DeFi showed the highest acquisition costs, ranging from $50 to $100 per wallet, driven by high-reward liquidity programs where retention rates dropped after incentives ended.
“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 view that Web3 marketing requires new models rather than relying on established Web2 tactics.
“Effective growth comes from understanding real user behavior in the chain,” says Stern. “CPW is emerging as the gold standard, and this case study provides MBA students with a framework that finally fits the reality of blockchain ecosystems.”
“At a time when blockchain companies are under increasing scrutiny from investors and regulators alike, this case study brings transparency and academic credibility to what real adoption looks like,” said Professor Alon. “It gives future executives a benchmark for evaluating blockchain growth strategies with the same accuracy as any other technology sector.”
The case study is now available through IVEY Publishing and is expected to be taught in business schools worldwide.