How to Easily Onboard Users On Your NFT Marketplace
So you’ve launched a non-fungible token (NFT) marketplace, but how do you get users on board? It’s important to identify your target users, and how you can provide a seamless experience for them to start browsing, buying and selling NFTs on your marketplace.
According to survey, Millennials are the most likely age group to collect NFTs. About 23% of Millennial respondents collect NFTs as a hobby or an investment.
Gen Xers were the next most likely generation to acquire NFT. 8% of them collect NFTs.
About 4% and the third generation to collect NFT were the Gen Zers.
There is significant crossover between physical and digital collectors. About half of physical collectors are interested in NFTs. 1 in 4 indicate they already do. [source]
Users who have been in the crypto space for a while, and frequently purchase NFTs and tokens. Barriers to onboarding them are lower, but you will need to ensure that you provide a seamless user experience, secure platform and transactions, and a good variety of collectibles to be an NFT marketplace they trust and enjoy using.
Users who probably invested in some ETH and BTC, but would prefer to hold onto their digital currencies. They don’t fully understand the technology behind NFTs or the utility of them, and are mostly interested in investment opportunities but are open to exploring more.
Users who have heard about the hype of Bitcoin and NFTs like Bored Ape Yacht Club selling for millions. They might be interested but have no idea where to start, and are inundated by the complicated process of wallet creation, seed phrases, and purchasing crypto before even getting to NFTs.
The onboarding experience is key to getting more users on your NFT marketplace. Removing as many roadblocks as possible will make the process faster and smoother – and help you maximize conversions!
Get 54% higher conversion rates simply by going passwordless. Integrate magic link logins via familiar methods such as email, SMS, or social logins so that users do not have to deal with downloads or remembering passwords. Not to mention, passwords are not secure. 81% of all breaches are due to passwords, and 59% of people reuse their passwords everywhere [source].
First, users want a secure wallet as it contains all their assets. Many use Metamask, and NFT marketplaces usually require them to connect their Metamask wallet to their platform. Setting up a Metamask wallet however, might not be the easiest for the new or average user. Users will have to remember their 12-word seed phrase, private key, and login password, and download a Metamask extension. Setting up usually takes about 20 steps.
Web3 onboarding solutions like Magic Connect simplify that process, while maintaining and increasing security. When users sign up with their email, a non-custodial wallet will be created in the background, without the need for seed phrases, mobile apps, or chrome extensions. That greatly reduces the number of steps needed and encourages more user conversion. Developers who integrate SDKs such as this in their platform will be able to reduce the wallet creation and sign up process to just two steps for users.
Introducing fiat on-ramp options for your marketplace users will reduce barriers to NFT transactions like buying, selling and transferring, which are important for the liquidity and health of your platform. Implementing familiar payment methods like Google Pay, Apple Pay, and Credit Cards will reduce friction if users do not need to worry about first purchasing cryptocurrencies on an exchange or a third-party platform.
Magic Connect is your one-stop shop for Web3 onboarding. It is a web-based authentication and wallet that does not require browser extensions, seed phrases, or downloads. Magic Connect comes with out-of-the-box functionality and range of Web3 features such as:
Web2-friendly login methods such as passwordless email and Google One Tap that allows frictionless mainstream user onboarding to your dApp.
Pre-built non-custodial global web3 wallet that is created in the backend as users sign up
Fiat on-ramp options for users to purchase crypto through instant credit card, debit card, Apple Pay, Google Pay, or SEPA transfer.
Find out more at https://magic.link/connect