📊 Veve Deep Dive: NYCC Breakdown
Who joined during NYCC and are they still around?
Hi friends 👋
Welcome to VeveFox Insider, where I break down the the latest data and trends in the world of Veve collectibles.
In this issue, I explored the impact of the New York Comic Con (NYCC) on user engagement and new user acquisition on the Veve platform. Focusing on the following questions:
How did the NYCC event impact user engagement and new user acquisition on the Veve platform?
What was the extent of activity during and after NYCC, and were these new users just fleeting visitors or are they here to stay?
How does the engagement of new users who joined during NYCC compare to the overall user engagement on Veve throughout October?
Let's dive right in!
🚨 Important Note: Whenever I refer to “active users/wallets” it only includes users that made at least one transaction on Veve, either in the store (mint) or in the secondary market. Not including users that engaged in any other way with the App.
Likewise, when I refer to “new users/walltes” it refers to users that have made their first transaction on Veve. This means the number of actual new installs or account creations on Veve might be higher.
October brought a whirlwind of excitement to the Veve community with the Veves attendance at the New York Comic Con (NYCC). As an official partner of Marvel, we had an incredible lineup of Comic-Con Exclusive drops that had collectors buzzing with anticipation!
After a bit of a dip in overall engagement on the Veve platform last month, we were eager to see how the NYCC would affect user engagement, especially among those who would join during the event. So, I took a deep dive into the data, and the results do not disappoint! 📊🕵🏻♀️
First things first, the NYCC event, which happened from October 12th to 15th, caused a noticeable spike in active wallets and new active wallets. The day that saw the highest influx of new users was the 15th with a total of 112 new wallets joining the collecting fun. Furthermore, it seems like the Marvel's Vinyl Gold 18'' Iron Man drop and the Amazing Spider-Man #41 comic drop kept the excitement alive in the days after the event.
Out of the 23,201 unique wallets active in October, a whopping 60% were active during NYCC.
And speaking of new blood, 680 new wallets joined Veve in October, and of those, 25% (171 wallets) jumped on board during NYCC. It's worth noting that the bulk of these new users joined on the last day of the event.
Now, let's dive deeper into their engagement. Among those who joined during NYCC, 89% were active for just one day, 8% for 2 days, and 3% for 3 days. Not surprising, given that most joined on the last day of NYCC.
When we look at the overall engagement during the month of October, we see that 60% of these new wallets were active only one day, 28% for 2-3 days, 10% for 4-7 days, and 3 wallets were super committed, showing active on more than 10 days, despite joining in the middle of the month.
But how does this engagement among NYCC newcomers stack up against the activity of long-term Veve users during October? It should come to no surprise that seasoned Veve users tend to be more consistently engaged than newcomers. The key distinction lies in their activity patterns – only 33% of these veterans were active for just a single day. The majority (48%) exhibited sustained engagement over 2-7 days, while an impressive 14% were active on more than 10 days. And let's not overlook those 41 wallets that were active every single day of the month! I call that unwavering commitment! 😳
* Remember that “active” means making a transaction (mint, purchase or sale).
Now, how did the newbies from NYCC engage with Veve? Well, here's the breakdown:
80% of these users minted an item in the store.
35% made at least one purchase in the secondary market.
40% made at least one sale in the secondary market.
Let's break that down even further. Comparing new wallets joining during NYCC, other new wallets that joined before or after NYCC and the non-new active wallets (wallets that joined before October’23).
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When it comes to average mints per wallet, non-new wallets took the lead with an average of 4.9 items minted, while new wallets averaged 2.6.
For average purchases per wallet, non-new wallets were again the leaders with 9.9 items, but NYCC new wallets did quite well, averaging 6.5, outshining other new wallets at 2.3.
Average sales per wallet were also higher for non-new wallets, but this time, NYCC new wallets had lower sales compared to other new wallets.
Now, when we look at the average netAccumulation (mints + purchases - sales), we see that NYCC new wallets are quite close to non-new users, and they outperformed other new wallets that joined in October, but not during the event.
But remember, averages can be deceiving with Veve’s userbase, where a few big players can skew the numbers. So, take those averages with a grain of salt.
Instead, let's focus on the total collection size of NYCC wallets by the end of October:
20% hold 0 collectibles, meaning they've minted or purchased and sold everything.
50% hold 1 item.
22% hold 2-5 items.
9 wallets have accumulated 6-10 items.
3 wallets are in it for the long haul, already owning more than 100 items! 😮
Comparing this to other new wallets that joined in October, only 5% hold 0 items, and 9.4% have collected more than 5 items.
It's still early to judge the sentiment of those with 0-1 collectibles, but it’s save to assume that those who've accumulated more than 5 items are showing a keen interest in digital collectibles, making up 7%-9% of the new active wallets. Even those with 2-5 items (about 30% of new wallets) have a solid chance of sticking around.
In conclusion
The NYCC brought a surge of new users and engagement to the Veve community, and while their engagement varies, it's clear that some of the have started diving into the world of digital collectibles. 🚀✨
That's it for this edition of VeveFox Insider!
Thanks for reading, I hope you found this analysis useful. Stay tuned for more Veve updates, until then happy collecting! 💎
— VeveFox 🦊
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