Web3 Quest Platforms
Web3 quest platforms have been catching fire recently. At the backend of summer 2022, we decided to pivot from launchpad to a community engagement (aka quest) platform Back then, only a handful of close competitors existed. Today, a handful of quest platforms exist per blockchain.
Web3 quest platforms help web3 projects acquire, engage and retain users. A friendlier way of putting this; quest platforms help web3 projects build a strong community.
The above graph demonstrates how web3 projects can leverage quest platforms to set up calls to action (CTAs) for their users to complete. In turn for completing these CTAs, users receive rewards. Examples of such CTAs include participating in a survey, providing feedback on product features, referring friends, engaging on social media channels, etc.-the possibilities are endless. Quest platforms play a crucial role in this exchange between project and user, as they (1) connect users with projects, (2) facilitate the completion of CTAs on a large scale, and (3) distribute rewards to users, typically automatically via smart contracts.
If you don’t understand why web3 projects don’t just engage their users themselves, think of it this way: You may be able to sell your book to a single person, while Amazon helps you sell it to thousands. Your friends may listen to your latest song, while YouTube helps you reach your whole city, even your country. Platforms generally specialize in exchanging goods, services, and information — allowing web3 projects to focus on building, writers to focus on writing, and musicians to focus on composing.
Most quest platforms leverage blockchain technology in various ways. Primarily, quest platforms distribute rewards to users via cryptocurrencies and tokens, allowing for anonymous, transparent, and seamless global distribution. Secondly, more blockchain-heavy quest platforms have already integrated on-chain capabilities, i.e., they enable users to complete quests recorded on-chain, such as locking tokens, providing liquidity, or swapping tokens on a DEX. Lastly (and oddly enough), most quest platforms have the following core relationship with web3: They simply work with web3 projects. In contrast to web2 companies, web3 businesses have a much greater demand for community management, as they view the community as a fundamental building block of their business. Web2 companies don’t seem to share this view on a large scale, yet.
How do quest platforms work?
As mentioned, quest platforms allow users to complete various CTAs via pre-defined tasks and activities, such as social media engagement, surveys, games, and feedback. Here’s an example of our UI.
Why would a user complete these quests?
It’s simple. Quests are usually associated with rewards, which are paid out in cryptocurrency or tokens. And as users become more fond of a project, they are happy to complete quests to support a project.
As you may already know, Lithium consciously decided on the term mission instead of quest. While “quest” reminds us of a medieval adventure into the forest where you fight a goblin and collect, the term mission provides a more futuristic, engaging, and meaningful spin on the concept. Missions are more purpose-driven than quests and demonstrate meaningful CTAs; quests sound like vanity tasks users complete merely to collect a reward.
Why would projects want users to complete these quests?
For a variety of reasons, from community engagement to important feedback allowing founders to achieve product<>market fit.
What can quests/missions be?
Most web3 quest platforms are highly customizable. Companies can create their quests and tasks, set rewards, and even choose the currency they want to use as a reward. This allows companies to create their own unique and engaging experiences for their users. Overall, web3 quest platforms are an innovative way for companies to engage with their users and reward them for their participation in various activities. By leveraging blockchain technology, these platforms can provide a secure, transparent, and highly customizable experience for users.
Interested? Want to have a look around? Check it out here!