There are a number of important metrics to follow if you have a website or an app; whether web2 or web3. Perhaps one of the most important is web traffic or app traffic. This measures the number of visitors to your site and can give you a good indication of how popular your site is. Other important metrics would include conversion rate, bounce rate, and time on site. They can be summarized as:
- Conversion rate measures how many visitors to your site take a desired action, such as making a purchase or signing up for a newsletter.
- Bounce rate measures how many visitors to your site leave after viewing only one page. A high bounce rate may indicate that your site is not relevant to what users are looking for.
- Time on site measures how long visitors stay on your site or app. A low time may indicate that visitors are not finding what they’re looking for.
These can all give you insights into how well your site is performing and whether visitors are finding what they’re looking for.
Of course in the current times, it’s also important to track your social media activity and engagement. This can give you an indication of how well your marketing efforts are paying off and how much interest there is in your company and products.
Although these web3 metrics are crucial for your website, web3 comes with different features and user behavior. Web3 brought new words to our world or new meanings to old words; mint, gas fee, floor price etc. With this addition, new metrics were born, here are some of the metrics that we think will be relevant in the future:
Average Gas Fee
Average Gas Fee measures the average gas fee paid by users during the transactions on your website or app. Gas fee being high might cause you some problems in the future.
Floor Price Change
Floor Price Change measures the minimum price that is being offered or sold for the product that is being listed. A decrease in the floor price might be a indicator of low interest.
Active User Rate
Active User Rate calculates the users that have been using their wallets actively in blockchain in your whole audience. A low active user rate might indicate that your audience won’t be generating any income to you any time soon.
Mint Rate gives you the ratio of minted products over all the products that you are offering showing you the interest in your offerings.
Primary vs Secondary Market Volume measures the volume difference between first sale and secondary sales of your products
Average Wallet Balance
Average Wallet Balance measures the average token balance of your users in total. Basically the average money your users have in their wallets.
There will be many more metrics that will enter our digital world in the upcoming years. In Hardal, the web3 data analytics tool, we are trying to create the right custom environment for web3 natives to understand their audience in their own metrics and system.
Join Hardal’s Early Access Program to test and try it out for yourself.