ShapeShift, a decentralized, non-custodial cryptocurrency platform, recently launched the FOXatars NFT collection, a dynamic Non-Fungible Token (NFT) for its users. FOxatars represent the identity of participants within the ShapeShift ecosystem and allow them to earn rewards by performing various tasks. The launch aimed to leverage the power of gamified user engagement and Mercle's decentralized identity infrastructure to create a robust, reward-based digital ecosystem. This case study assesses the impact of FOXatars' launch on ShapeShift's user engagement, growth, and trade volume.
To enhance user engagement and value within its ecosystem, ShapeShift launched the FOXatar NFT collection in partnership with Mercle, a company specializing in decentralized identity and utility infrastructure. Mercle's system registers each user's actions and contributions as 'proof of work', an innovative concept that rewards users for their activities within the ecosystem. This 'proof of work' serves as their digital Identity and unlocks various rewards, including tokens, NFTs, giveaways, and more.
Using Mercle's base-layer infrastructure, ShapeShift provided its users a gamified platform where performing tasks and contributing to the ecosystem became a rewarding experience. By making users' actions and contributions valuable, ShapeShift aimed to enhance their participation and loyalty, thereby increasing overall user activity and trade volume on the platform.
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FOXatars: Your Evolving ShapeShift NFT
Evolution Of FOXatars
The launch of the Foxatars NFT collection had an immediate and significant impact on ShapeShift's DAU, with an increase from 500 to 900 just after the launch. This suggests that the Foxatars NFT collection and the prospect of earning rewards motivated users to participate more actively within the ShapeShift ecosystem.
DAU of last 30 days (June 6 - July 6)
Wallet Breakdown of the ShapeShift platform.
ShapeShift also saw substantial growth in its social community post-launch. Discord members rose from 13,634 to a staggering 14,120, and Twitter followers increased from 139,640 to 146,500. This surge in numbers indicates the viral effect of the FOXatars NFT launch and the success of the gamified engagement approach in attracting and retaining users.
Increase In Discord Members During The Campaign
Increase In Twitter Followers During The Campaign