OpenSea Case Study

122%

website traffic increase

181%

Increase on ROAS

About OpenSea:

Devin Finzer and Alex Atallah were captivated by the burgeoning movement of non-fungible tokens (NFTs) and joined early adopter communities on Discord to engage with users. Recognizing the immense potential of NFTs as a new asset class, they launched OpenSea in December 2017. This platform became the first open marketplace for any NFT on the Ethereum blockchain.

Growth and Expansion

Since its launch, OpenSea has evolved into the largest general marketplace for user-owned digital items, supporting multiple blockchains. It is renowned for its extensive range of categories and competitive pricing on emerging digital item classes. OpenSea has firmly established itself as the go-to platform for digital assets, continually enhancing its features to help users discover the perfect digital items.

Commitment to Users

OpenSea is dedicated to providing users with complete control over their digital assets. The platform offers a secure and user-friendly environment for discovering, buying, and selling digital items. Whether dealing with NFTs or other digital asset classes, OpenSea equips users with the necessary tools to trade safely.

Innovative and Reliable

OpenSea is committed to revolutionizing the way people interact with digital assets by ensuring a secure and efficient marketplace. With 24/7 customer support and advanced fraud prevention technologies, OpenSea continues to set the standard in the digital asset marketplace, making it easier for users to navigate and enjoy their digital transactions.

The challenge:

OpenSea partnered with HeyLead to develop a robust paid search marketing strategy. The primary challenge was to quickly adapt to the fast-paced and ever-evolving NFT and cryptocurrency industry. This required comprehensive and ongoing research to stay current with industry trends, competitive landscapes, and regulatory changes. Developing and scaling the SEM account from scratch was a complex task that demanded precision and agility.

Our Approach

To tackle these challenges, HeyLead implemented a multi-faceted approach:

1. Comprehensive Industry Research:

Market Analysis: Conducted extensive research on the NFT and cryptocurrency markets to understand current trends, popular keywords, and emerging opportunities.
Competitor Analysis: Analyzed competitor strategies to identify gaps and opportunities for OpenSea.
Regulatory Awareness: Stayed up-to-date with industry regulations to ensure all campaigns complied with relevant guidelines.

2. Custom Campaign Development:

Keyword Research: Identified high-value keywords specific to the NFT and cryptocurrency sectors.
Ad Group Segmentation: Divided target keywords into focused ad groups based on audience intent and behavior, ensuring that each group was optimized for maximum relevance.
Ad Creation: Crafted targeted ads for each ad group, emphasizing current market trends and value propositions unique to OpenSea.

3. Continuous Campaign Optimization:

Weekly Monitoring and Adjustments: Monitored all campaigns closely and optimized them weekly to improve performance metrics such as click-through rates (CTR) and conversion rates.
Bid Management: Implemented smart bidding strategies to balance cost-per-click (CPC) with desired outcomes, ensuring efficient budget utilization.
Negative Keywords: Regularly updated negative keyword lists to exclude irrelevant traffic and improve ad spend efficiency.

4. A/B Testing and Ad Refinement:

Ad Copy Testing: Conducted A/B testing on different ad copy variations to determine the most effective messaging.
Landing Page Optimization: Tested and optimized landing pages to ensure they provided a seamless user experience and encouraged conversions.
Performance Analysis: Used data-driven insights to refine ad creatives and landing pages continuously.

The result:

After just 6 months of Google Ads paid search management, OpenSea experienced a significant increase in website traffic and performance metrics. Our strategic approach yielded remarkable results:

Increased Website Traffic: Achieved a substantial increase in traffic through targeted SEM campaigns.
Improved ROAS: Both branded and non-branded traffic contributed to a higher Return on Ad Spend (ROAS).
Efficient Cost Management: Maintained low cost per click (CPC) and cost per acquisition (CPA) rates while scaling the account.

Unfortunately, the global economic downturn in mid-2022 impacted the cryptocurrency industry, affecting OpenSea’s paid search traffic. Despite this challenge, OpenSea successfully developed campaigns on various other channels to maintain their momentum. This included implementing creative SEM strategies to sustain the growth of their paid search traffic.

HeyLead‘s innovative and adaptive marketing strategies ensured that OpenSea could navigate the economic downturn and continue to grow their digital presence effectively.