Crypto Gaming Campaigns Cost $8.74 Per Wallet, DeFi and CeFi Campaigns $2.79

Crypto gaming and gambling campaigns have emerged as the most expensive strategies for attracting wallet users in the Web3 industry, according to recent data. The median cost per wallet (CPW) for these campaigns stands at $8.74, with the lower quartile at $3.40. This metric, CPW, is crucial as it measures the cost of acquiring users who already possess a crypto wallet, indicating a more engaged user base likely to interact with crypto products.

Despite the high costs, some industry leaders view this period as an opportunity for strategic growth. Axie Infinity co-founder Jeff “JiHo” Zirlin encouraged teams to leverage this phase for developing new games and product lines, consolidating market share, and preparing for future expansion. He described the current climate as a “coiling phase” before potential explosive growth.

In contrast, campaigns in decentralized finance (DeFi) and centralized finance (CeFi) are significantly more cost-effective. These campaigns posted a median CPW of $2.79, with some as low as $0.10. The data was derived from 200 programmatic ad campaigns managed by Addressable, involving over 70 advertisers targeting around 9.5 million crypto users globally. The report also tracks how CPW varies by region, campaign type, and market cycle.

Premium markets like the U.S. and Western Europe saw a dramatic surge in CPW in 2024, with increases up to four times in the U.S. and 27 times in Western Europe from Q1 to Q3. This surge is attributed to declining interest among crypto wallet users during market consolidation. While these regions offer scale during bullish phases, they become expensive and less sustainable in bearish conditions. Emerging markets like Latin America and Eastern Europe offer lower CPW during favorable periods but come with greater volatility.