Part 1
The current crypto consumer
So what does the typical cryptocurrency customer look like?
As far as demographics go, active crypto owners tend to skew male, they're mostly Millennials (almost half!) and primarily get their information about crypto from YouTube.
And chances are, if a consumer does hold crypto, they're actively engaged — in fact, on a global scale, there are almost twice as many active crypto owners (21%) as there are passive crypto owners (11%).
The biggest difference between active owners and curious consumers is that curious ones are far less likely to believe crypto is easy to use (38% curious vs. 67% owners).1
1 Visa, “The crypto phenomenon: Consumer attitudes and usage,” visa.com.
The average crypto consumer is:
Financially motivated
Tech-savvy
Optimistic about the future
Actively learning about crypto
Primary reasons people invest in cryptocurrency
- Being part of the financial future
- An opportunity to build wealth and diversify portfolio
- Transaction freedom and lower fees
Understanding crypto consumer top expectations
- Security
- Ease and speed of use
- Support
- Education
Zooming out: How leading brands are approaching crypto
Over the past few years, some of the world’s most renowned brands have been diving head-first into the blockchain buzz — 40 out of 200 companies on the Forbes Global 2000 list announced their blockchain initiatives in 2022.2
2 Forbes, “The Global 2000,” forbes.com.
Spotlight
Our Web3 partner, ITAK, shared with us an interesting case story of how one jewelry brand entered the community. This well-known jewelry brand created an iconic bond with a Web3 brand, the CryptoPunks. They introduced a collection of 250 CryptoPunks pendant NFTs named after their brand, which were priced at 30 ETH ($50k approx.) and could be minted only by CryptoPunks NFT holders from the official website. The collection sold out in 22 minutes and generated $12.5M in revenues.
Key takeaway: This brand was able to link NFTs to real, physical objects and also find a new way to target a specific Web3 community.
The collection sold out in 22 minutes and generated
in revenues.
The opportunity for your brand
So how can your brand set itself apart and establish strong experiences to help guide your customers over the crypto bridge? Three keys include:
Accessibility
Crypto can be intimidating. Make it more accessible by offering entry points for your customers to get started investing. For example, NFTs, crypto-linked card programs, crypto rewards, etc.
Education
Part of your CX strategy should be to consistently provide simple, consumer-friendly education and self-service help tutorials in addition to live support to answer questions.
Support
Show your customers you can hold their hand through the experience.
Our takeaway
Crypto consumers are primarily tech-savvy, financially motivated millennials who need superior customer experiences that provide support and education. As the industry rapidly grows, your brand should pay attention to how you can cater to this budding group of consumers.