Executive Summary

• Flipside is organizing campaigns to retain acquired NFT buyers.

• We leverage on-chain data and our established bounty program to understand what drives retention.

• The following metrics display the results, as well as comparisons to non-Flipside projects

• See the Terms & Definitions section for metric definitions

Key Findings

• For every $1 spent, users are purchasing $1.57 worth of NFTs

• Flipside’s Active NFT Buyers are 60% more likely to be retained than non-Flipside ecosystem participants

• Monthly Active NFT Buyers would qualify Flipside as a top 10 Flow project by unique buyers (Flowverse NFT Statistics)

EXPERIMENTS RUN

First Experiment

• Categorizing Hunts for New Users vs. Acquired Users (began 10/3/22):
  • We create two identical campaigns: one for new users, and one gated for previously-acquired users. This helps us target recurring users to encourage more consistent NFT purchases and ecosystem exploration.
  • Results: 120 new active NFT buyers (current month)

Second Experiment

• NFL Playbook Hunt (began 10/20/22, running through 11/7/22):
  • This retention hunt targets NFL All Day Playbook challenges. We’re encouraging participation in the top Flow projects’ utility-driving vehicles. By encouraging users to burn common moments and partake in Playbook challenges, we’re hoping to inspire more interest in All Day itself.
  • Results: 87 new active NFT buyers (current month)

Third Experiment

• Repeat Activation: a refinement of the first experiment that targets acquired users that have participated in a campaign in the past 90 days - 30 days

WHAT’S NEXT

• “Step by Step” hunts: have users do some on-chain activity over several weeks to qualify for payment

• Targeting churned Active NFT Buyers leveraging experiments that have been effective in boosting monthly retention

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🖼 Monthly NFT Buyers

• Numbers below observe the total number of Flipside’s acquired users purchasing at least 1 NFT each month (Active NFT Buyers), total NFTs purchased, and the total value of NFTs purchased. Restarting at the beginning of every month

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📊 Monthly Cohort Retention Comparison

• Below compares the retention rates of monthly cohorts for Flipside buyers compared to non Flipside buyers.
• Since beginning hunts on May 24th, Flipside’s cohorts always displayed better retention compared to non-Flipside cohorts.

THE GOAL

Boosting user retention involves two elements. First, the Flipside Data Science team identified tracking methodologies to identify repeat users.

Identifying returning users enables us to find out what works and what doesn’t. In other words: via both on-chain tracking and qualitative methods, we can discover the characteristics of “sticky” users.

Then, our Flow Advocacy team introduced a series of experiments to “move the needle” on retention by exploring various methods to induce repeat NFT purchases

RESULTS

The chart to the right identifies the median percentage of a user retained all-time. Flipside’s NFT Median Retention rate compared to non-Flipside sources is 60% greater

WHY IT MATTERS

• Our first several experiments have been successful in improving week-over-week active NFT buyers
• By identifying consistently active users, we can improve understanding of Flow user-demographics
• Leveraging this understanding helps us uncover effective retention techniques for each demographic

TERMS & DEFINITIONS

Revenues and Costs

• USD Returned in Revenue Per $1 Spent: the dollar amount of NFTs purchased by Flipside’s Active NFT Buyers for every $1 spent
• Average Revenue Per User, USD: the total number of NFTs purchased in the current month divided by the current month’s number active NFT buyers
• Average Cost Per User, USD: the total number of NFTs purchased in the current month divided by the dollar amount Flipside paid out to active NFT buyers in the current month

Retention: Flipside Metrics

• Active NFT Buyers (Current Month): Users acquired via Flipside campaigns that purchase at least 1 NFT in the last month

Retention: Flipside vs. the Field

• FLOW NFT Median Retention Rate Comparison: comparison of median retention rates of users acquired via Flipside campaigns vs. users acquired via all other non-Flipside sources.
• FLOW NFT Buyer Monthly Retention (Flipside Campaigns): Flipside user retention by month
• FLOW Monthly Retention (Non-Flipside): Non-Flipside user retention by month

♻️ Superior Retention

• Flipside Retention Rate compared to general purchasers

• The statistics and chart identify the median percentage of a user retained all-time.

💰 Monthly Revenue & Incentive Costs (October)

What’s Next

• Continue to experiment & iterate to identify effective methods to bolster acquisition and retention

• Develop dedicated tooling to enable cohort tracking & user segmentation

• By identifying, targeting, & rewarding high-value users, Flipside can activate repeat Flow buyers

RESULTS

Flipside’s Monthly Active NFT Buyers would qualify Flipside as a top 10 Flow project by unique buyers (Flowverse NFT Statistics)