We’d like to share here some ideas on how Keycard can be used to help Status user acquisition
What is the problem?
It is commonly known that user onboarding is one of the biggest obstacle in the way of adoption of dApps.
Remember this incredible and funny video « How dApps work in 2018 ? Dawn of the dApps »
Things haven’t changed much in 2020 actually: from the moment a user hears about a dApp, gets excited about it, and can actually use it, he has to go through a number of issues he’s not familiar with, and these user interactions are creating a friction that is absolutely killing the user experience.
He has to:
- first find out and install the right tools (should I use an extension to my current browser ? Should I download a new browser ? Which one ? ),
- then he needs to set these tools up (what is a wallet actually ? How do I set-it up ? What are are all these odd numbers and words to store ?
- he sometimes gonna need gas for any transaction (if no abstraction mechanism has been set-up by the dApp): Where do I get ETH ? Ouch I need to do a KYC …
- For some dApps, he’s going to need some specific assets from the dApp to have a truly first interesting experience with the dApp. For instance, in a game he should get some free NFT to start with, in a dApp with a specific ERC20 utility token he could get some free tokens to start interacting with the dApp.
What is the opportunity?
Status priority is user acquisition : we need to get users to download Status, onboard and discover how easy it is to interact with dApps, transact and chat from here.
We believe that Keycard is a fantastic tool that can help Status and dApps solve together a piece of the acquisition problem. We believe that Status can partner with a couple of dApps in a win-win scenario, where customized (co-branded) keycards can be distributed, leading to joint onaboarding of new users in status and in the dApp
Why Keycard ?
Keycard has several characteristics that make them interesting here:
- It is tangible
Apart from the fact that the human brain loves tangible things, ‘tangible’ is great for marketing. It can be printed, branded, distributed (events, shops, mail) in a variety of ways. In particular, this opens marketing channel to non-crypto users
- It can guide a user with a couple of taps
Keycard can behave like a contactless link, well even a deeplink. It’s particularly interesting because it reduces the friction for the user to download his browser and wallet (user taps his card, and it prompts Status download), and also to search/type the dApp URL
- It can store assets securely
Keycard can do two things here:
- It can come preloaded with assets (but we hear you, they we won’t be ‘blocked’ on the card itself, they are actually stored on a smart contract). They can be ETH or ERC-20 tokens, or NFTs
- Once the user has onboarded, Keycard can be used as hardware wallet to store assets, or a mean of payments (crypto debit card)
- It’s cost effective
You know that, we’ve been saying it for a long time now
What kind of partnerships ?
A Status/dApp partnership can looks like this:
- Status build a cobranded (dApp+Status) keycard
- dApp distribute the card on its markets/events/channels
- Status & dApp make co-marketing/PR efforts
- (to be discussed) in some conditions Status can subsidize a part of the card costs
- dApp provides assets to preload on the card (ETH gas if needed, ERC20, NFTs)
- Status provides reference code and tools to deploy the redeeming contract of the pre-loaded assets
The user experience is absolutely key here, it can look like this:
- User taps card on his phone
- User is automatically taken to Status download page
- User is prompted to open Status
- When the user clicks yes, he’s directed to Status onboarding and creates a wallet (on his phone or keycard)
- Once wallet creation is finished, the user is taken to a redeem page, to get his preloaded assets on his wallet
- User is then directed to the partner dApp, and is ready to interact with it
What’s the added value for each party?
Status gets new users:
- Each new user going through the experience above is a new Status user that has onboarded and created a wallet in Status
- We directly benefit from the dApp marketing efforts to adress their channels. And they are tons of interesting ways for them to distribute them: offer/sell them, in events/ in shops/through mail etc.
- We can quantify the results of each partnership
Users have drastically reduced friction to try the dApp:
- No brainer to download the right browser
- Guided by Status onboarding to create their crypto wallet
- Guided to redeem their assets
- Guided to open the dApp
- Can use the keycard as a store-of-value (secure hardware wallet) or a payment mean
dApp get a tangible marketing tool and create value to their users:
- It’s a tangible marketing tool, we’ve talked about that
- They control their user onboarding experience from beginning-to-end, making sure users are guided and that this works (compatibility of the dApp with Status browser for instance)
- They offer/sell a hardware wallet to their customers. It makes a lot of sense for Dexes or dApps for instance
Please share what you think about this !
We are particularly curious to have your ideas on which dApps would make most sense to integrate with ?
If these ideas make sense, let’s build our first partnerships soon