It hailed earlier today for a solid 5 minutes. I guess you could say 2023 is off to a great start. This is understandably laughable for many of you, but gnarly for Northern California standards đ€·đ»ââïž
Not pictured: Me slipping and falling on my ass lol
Ledger Support Spaces
Last week I came across a Twitter Spaces hosted by Ledger Support. This was a pleasant sight to see (and hear) as security is one of the most important topics in Web3. These Spaces are held every Tuesday and Friday, lasting about an hour each.
Having spoken to several companies looking to grow their social presence and brand, I believe themed Twitter Spaces is one of the best marketing strategies. For Ledgerâs AMAs:
Theyâre able to brand and following quickly on social through consistency with an important Web3 topic.
The Spaces is in an AMA (Ask Me Anything) format, making the conversations more authentic. I imagine most of the questions are related to same set of topics, so questions coming out of left field are less likely.
If someone asks a question chances or someone else has the same question. The open Twitter Spaces format allows for a two birds with one stone opportunity where others in the audience are not only educated, but may have their questions answered.
Though I didnât listen to the Ledger AMA for a long time, this can also be an avenue for Ledger to provide additional announcements for the company and product.
The Spaces is focused on providing value first and it shows. Because of this, the audience will be more receptive and ok with the occasional marketing message to promote Ledger products. IMO, itâs a perfect channel x product x market fit.
The AMA topics serve as additional datapoints to show where FAQs and customer support docs may have blind spots.
But TPan, weâre not Ledger. We donât have millions in the bank nor do we have a support team of 100.
Youâre right, and thatâs exactly why Twitter Spaces is a great strategy to test out at the minimum.
Outside of security, a few other industries that could utilize this strategy:
Tax services: As we head into tax season, Web3 tax startups like TaxBit and CoinLedger could employ a similar AMA strategy around taxes. This could apply for both B2C and B2B companies as taxes around crypto are complicated and intimidating.
Legal services: Just as thorny as taxes, there are opportunities for companies operating in the legal space that could also employ the AMA strategy for builders that are looking for support. This would primarily be a B2B effort with smaller audiences. However, the value of each listener is likely much higher.
Supporting founders: Capital (neobank for companies) has implemented a brilliant Twitter reply strategy that has helped them earn a reputation of supporting founders.
Capital has turned this one-off tactic into a larger strategy. Theyâve provided growth hack ideas and redesigned websites for founders that reply to their tweets.
I can imagine agencies employing something similar, and even transposing it onto Twitter Spaces as an avenue to show what the team is capable of.
That said, live social audio is not for everyone. It wouldnât make sense for United Airlines to host Twitter Spaces when they get viral complaints like this.
Provide value first. The recognition and respect will follow.
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Following up on #162: Art with a Twist
Last week I wrote about a few emerging examples of how artists are incorporating unique mechanics to their art. I figured it would be good to followup with what those respective artists have been up to in the past week as they are ongoing efforts.
If you havenât read #162, I recommend you read it first for better context.
Creators are a great source of inspiration to larger brands and companies looking for new ways to engage with their audiences and create new experiences beyond a typical ad or marketing e-mail.
SoâŠwhat have these creators been up to?
Drunk Santa by cryptopainter
The Drunk Santa ecosystem continues to grow and become more complex, and the Google Doc guide reflects that.
The third snapshot for claiming will have a 2 week window because:
On brand for a drunk Santa.
For one of the burn to redeems, collectors had to burn 2 race cars for 1 trash, with a limit of 200 that could be redeemed.
Earlier today, cryptopainter revealed that the trash piece could be burned to redeem an early sketch of one of his pieces.
cryptopainter đ @painter_crypto
Cryptopainter is providing his audience a deeper look into his thought process. There are similar themes, but the draft is clearly different than the final product.
The Final Chapter by Hiroji Kotegawa
I was particularly curious about this one because I wanted to see how many holders would burn their tokens in each of the 3 windows, and how many would either forget to burn or decide not to burn.
As a quick recap: Kotegawa released âThe New Beginningâ, with 3 versions of the piece. Each of the versions had a separate 24 hour mint window, and holders had to burn 2 âThe Final Chapterâ tokens in order to mint.
So what was the result?
The New Beginning #1: 17 redeemed
The New Beginning #2: 26 redeemed
The New Beginning #3: 29 redeemed
This means 144 out of the 190 (~76%) Final Chapter tokens were burned, with 46 leftover.
In the first window, I imagine token holders wanted to hold out to see what #2 or #3 looked like. On the other hand, #3 was the last chance for holders to redeem their tokens, resulting in the highest volume of redemptions.
The unknown factor here is holder engagement. Kotegawaâs only means of communication with his audience seems to be through Twitter, so itâs likely that some holders had the intention of burning their Final Chapter tokens, but forgot to. If all holders were engaged, I believe the number of redemptions for #3 would be even higher.
Good news is The Final Chapter is still art.
I wonder if Kotegawa will provide Final Chapter holders with another opportunity to mint a surprise #4. That would be a fun plot twist.
Outside of the psychology and analysis of Kotegawaâs redemption results, I appreciate layers his work provides. The Final Chapter concluded its mint at the end of 2022 while The New Beginning redemptions happened over the past week of the new year along with various themes for each New Beginning. Love that.
Burn Adventures by Logik
This past weekend Logik provided more details regarding his Burn Adventures.
Burn Adventures đ„ Update - Burn ACT II January 12th - Need (3) 'Burna Phones' to mint (one) Act II - 10% of revenue donated to @ChibaCenter StudioLOGIK.io/burnadventures
When I wrote about Burn Adventures last week, I called out that 4,565 supply of the same piece of art may seem like a lot at first glance and how Logik could create scarcity.
Logik decided to incorporate a 3 to 1 redemption mechanic, similar to Drunk Santa and Kotegawa, resulting in a max supply of 1,521 Act II pieces.
If we apply Kotegawaâs ratio of 76% of tokens redeemed, weâd see ~1,156 Act II pieces redeemed. I believe that number would be even lower because:
The time between Act I and Act II is longer than Kotegawaâs redemption mechanic
Logikâs supply is 4,565 while Kotegawaâs was 190. Larger audiences tend to be less engaged on an individual basis.
Iâd be curious to see how the redemption ratio adjust as supply decreases:
Will it continue to be 3 to 1?
Will it increase or decrease?
Will different Logikâs different story paths he hinted at incorporate different redemption ratios?
After Logik shared details around the 3 to 1 redemption mechanic, the price of Act I increased.
Will that trend continue as Burn Adventures continue? Guess weâll see.
What does this mean for businesses and brands?
So youâre an art critic now TPan?
Absolutely not. However, Web3 has helped me to appreciate art a lot more, and Iâm 1000% grateful for that.
What can brands and businesses take away from these artists a week later?
Drunk Santa
Cryptopainter continues to innovate with Drunk Santa by enriching the collection with special features, like a DVD. DVDâs have deleted scenes and Trash was a deleted scene from his final SB Fraud piece.
What if Nike rewarded their most dedicated fans and collectors with their version of âdeleted scenesâ? Prototypes and samples, sketches gathering dust, or discontinued products from the vault. Legal aside, this would be an amazing activation.
The Final Chapter
Engagement is a never-ending game of cat and mouse. In most cases, user engagement declines over time.
What if the most engaged users get rewarded for their participation? It may be through scarcity, a surprise and delight moment, or a benefit announced at a later date.
Burn Adventures
In the digital world, supply and demand mechanics can be adjusted more easily than in the physical world. Burn and redemption mechanics help with this while still leaving room for mystery and intrigue.
How might brands incorporate burn and redemption mechanics to measure user engagement, sentiment, and feedback?
Art is art, and itâs so much more. The best artists are storytellers, marketers, and growth hackers and theyâre able to uniquely blend these disciplines, especially in Web3.
See you Thursday!
