In a fast-moving space like crypto, marketing is the name of the game. Even the most technically advanced token can flop if it doesn’t get enough exposure. Similarly, zero-utility meme coins often explode on pure marketing and hype.
In today’s hyper-competitive Web3 world, marketing is backed by dozens of metrics and data points. Addressable, a brand new Web3 startup, is aiming to revolutionize this by introducing key new metrics like cost-per-wallet (CPW), optimizing conversions, and consolidating blockchain and social media data.
Today, we’ll be speaking to one of the founders, Asaf Nadler, about how CPW impacts Web3 companies and marketing trends in crypto startups.
1. Why is Cost Per Wallet a more effective metric compared to traditional alternatives, like Cost Per Acquisition?
CAC is ultimately what companies optimize for, but in crypto it’s a lagging metric because funnels are very long, driven by skepticism and complex products. That means teams can spend a lot of money before they’re able to properly optimize it. This is why Cost Per Wallet matters as a complement.
CPW acts as a powerful leading indicator by measuring real consideration, whether traffic is driven by wallets rather than just clicks. Our research shows that users with a wallet are 7x more likely to convert for crypto products, and once teams understand what drives wallets, they know exactly where to double down, which is what ultimately brings CAC down.
2. By focusing on CPW, companies can tap into an audience that’s 7 times more likely to convert. How could this help smaller crypto brands compete with large players amid bloated marketing budgets and stiff competition following the shift toward revenue generation over the attention economy?
That’s exactly where CPW levels the playing field. When budgets are tight, smaller crypto brands can’t afford to “buy learning” the way large players do, especially with long funnels and lagging CAC signals. By focusing on CPW, they get an early read on whether they’re attracting high-intent users, wallets, not just attention, and can reallocate spend much faster.
3. How can taking time to develop a reputable brand reduce acquisition costs?
In crypto, trust is the biggest bottleneck. The space is crowded with scams and lookalike products, so users need to trust you before they even consider converting, which makes brand more important here than in most industries.
In our 2025 Cost Per Wallet study across 50+ brands and over $500k in ad spend, we saw that weaker brands are paying 50–110% more than in 2024, while stronger brands are paying up to 60% less compared to last year. That gap shows how brand reduces friction, shortens the funnel, and drives down Cost Per Wallet first, with CAC following over time.
4. Is it possible to determine the optimal audiences for revenue generation by focusing on average CPW metrics?
Yes, average CPW helps identify audiences that consistently attract wallets, which is the earliest signal of revenue intent in crypto. That’s why Addressable shared a 2025 Cost Per Wallet report with practical benchmarks across regions, audiences, seasonality, and brand strength to help teams focus on the right audiences before committing serious budget. Our hope is that this also encourages others to share data and benchmarks, so the industry can move toward more transparency and more efficient growth overall.
5. What long-term ramifications could the shift toward revenue generation over attention have for crypto start-ups?
This shift is a clear sign the industry is maturing. As VCs direct more capital toward AI and other sectors, crypto startups are being pushed into a revenue-first mindset rather than attention-driven growth.
Long term, that’s very healthy for the ecosystem. It forces teams to focus on real utility and value creation instead of speculation, and it raises the bar on what gets built. It also accelerates the need for stronger distribution infrastructure, better targeting, attribution, and measurement, so growth in crypto starts to look more like a durable business discipline than a hype cycle.
With over half a decade of experience commentating on the cryptocurrency market and even more as a trader and investor, Jay has developed a robust knowledge base that enables him to dive deep into the inner workings of crypto platforms and the broader market to deliver unique, user-focused insight.
Jay's work has spanned public relations firms, crypto projects, affiliate sites, and news outlets.
