tw3c #20: Pudgy Penguins - From rug pull to serious Media IP 🐧

Welcome and GM to The Web3 CRM Brief - or short, tw3c. 

tw3c is the number one Web3 CRM newsletter for founders and marketers who want to learn how to launch and scale a Web3 product or service with CRM tactics. In this newsletter, I'll share the most interesting stories about

👋 best practices to steal with pride📊 on-chain wallet data & analytics⛓ tool tips to make your life easierand actionable resources to make the most of your Web3 communities!

👋 One Best Practice: Pudgy Penguins - From Rug Pull To Serious Media IP

It started as a 'hype' NFT project in the 2021 PFP project bull run and later fell just as hard when the project founders dropped out. Was it a rug pull?

Now, it may be one of the first examples of a historically influential NFT project making the transition from "emerging culture" to a media brand.

How?

They're building out a media and entertainment IP with the goal to make Pudgy Penguins a true "feel-good brand" led by a seasoned brand-building leadership team around Luca Schnetzler, who bought the IP for 750 ETH in April 2022.

For PP, this endeavour involved opening up both the product line to physical toys and the distribution channels to web2 giants like Amazon.

Key insights:

👉 Skills and qualities honed in Web2 environments can be beneficial when scaling Web3 projects👉 A 'Web2.5' approach in the product development, target audience and distribution might be vital to scale👉 Any Web3 project essentially is a brand in itself and needs all the attention a proper start-up would need👉 Don't underestimate the power of constant communication with the community - the Pudgy Penguins community has shown that it can even be used to turn the tables and come out the other side of a rug pull as a media IP

📊 One Metric To Consider This Week: Time To Wallet Connection

Wallets have become the new login.

Tracking the Time to Wallet Connection metric can provide valuable insights into the user's login experience, efficiency of your platform, and areas needing improvement, i.e. less complex instructions or fixing technical glitches.

To measure Time to Wallet Connection on a landing page, you'd technically need to capture two main events: 1) when the user lands on the page and 2) when the user successfully connects their wallet. There are a variety of tools and methodologies you can use to measure this:

1. Analytics Tools: Google Analytics, Mixpanel, and other similar tools can help you measure user interactions on your website. You can set up event tracking to capture when users land on the page and when they successfully connect their wallet.

2. Web3 Analytics Tools: As blockchain and decentralized applications continue to grow, specialized analytics tools like Dune Analytics, or The Graph are becoming more popular. These tools can help track user interactions with blockchain, including wallet connections.

3. Backend Logging: Depending on your tech stack, you can add logs in your backend system to capture these events. For instance, you can log an event when a user lands on the wallet connection page and another when the user's wallet address is successfully received.

4. Smart Contract Events: If you're using smart contracts for wallet connections, you can emit specific events when a user connects their wallet. These events can then be tracked and analyzed.

⛓ One Tool To Look At This Week: Tropee

Extraordinary web3 experiences set you apart. 

But going through the use cases in your industry, every experience or utility provided to customers sound the same?

Say no more!

The tool recommendation of the week has got you covered: Tropee.

Tropee empowers you to bring your ideas to life by providing a user-friendly interface and a library of 50+ proven utility templates. With Tropee, you can effortlessly create custom utilities tailored to your community's needs. Literally within minutes.

Some cool utility ideas that stem from their template library?

• Offering exclusive Facetimes or one-to-one calls (think: artist, musician, other creators)

• IRL product pick-up via QR code (think: fashion, consumer products, retail)

• In-person meet-ups (think: community events, fandom)

Happy testing!

Kudos to Guillaume & team for building this :)

Thanks for reading! I hope you found it helpful.

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Until next week,Lea

P.S.: What to read next today? 👇