New study shows how Polygon cuts wallet acquisition costs below $1

IVEY Publishing has released a groundbreaking MBA case study on Polygon’s cost-effective user acquisition strategy, emphasizing a Cost Per Wallet (CPW) average below $1.

Developed in collaboration with Addressable, the study, titled “Polygon Scaling Web3 Growth with Cost Per Wallet Efficiency,” analyzes millions of on-chain events and demonstrates how wallet-level targeting and attribution have replaced traditional marketing metrics like impressions and social engagement.

It details how Polygon used Addressable’s technology to target “wallet-ready” users across NFTs, DeFi, gaming, and enterprise partnerships, achieving varying levels of acquisition efficiency.

According to the findings, $NFT campaigns delivered the lowest costs, onboarding over 14 million wallets at $0.2 to $0.5 per wallet. Gaming acquired roughly 500,000 wallets at $12 CPW, while enterprise partnerships produced $5 to $10 CPW.

DeFi exhibited the highest acquisition costs, ranging from $50 to $100 per wallet, driven by reward-heavy liquidity programs where retention rates declined upon termination of incentives.

“This study offers the clearest evidence yet that blockchain growth can be quantified with the same discipline expected in traditional tech and consumer industries,” said Addressable Co-Founder Asaf Nadler.

Leon Stern, Chief Marketing Officer at Polygon Labs, said the findings back the team’s long-standing position that web3 marketing demands new models rather than relying on established web2 tactics.

“Effective growth comes from understanding real user behavior on-chain,” said Stern. “CPW is emerging as the gold standard for that, and this case study gives MBA students a framework that finally matches the reality of blockchain ecosystems.”

“At a time when blockchain companies face increasing scrutiny from investors and regulators alike, this case study brings transparency and academic credibility to the question of what real adoption looks like,” said Professor Alon. “It gives future executives a benchmark for evaluating blockchain growth strategies with the same rigor as any other technology sector.”

The case study is now available through IVEY Publishing and is expected to be taught at business schools globally.