Crypto wallet activity has emerged as a superior method for identifying sales prospects, surpassing traditional Web2 data collection practices, according to Spindl CEO and former Facebook executive Antonio Garcia Martinez. Spindl, a Web3 startup founded by Garcia Martinez, has introduced the first truly on-chain ad network, revolutionizing how advertisements are served and tracked in the crypto space.

The Launch of Spindl’s On-Chain Ad Network

Spindl’s on-chain ad network connects advertisers, publishers, and attribution service providers in a manner similar to Web2’s off-chain networks. However, this network utilizes crypto wallet providers, which increasingly function as social apps with news feeds and discovery tabs, as publishers.

Read more: https://blockchainmagazine.com/spindl-secures-7-million-to-illuminate-web3-customer-insights/

How It Works

While ad content is served off-chain as usual, advertisers fund campaigns through smart contracts. These contracts release payments to publishers only after an attribution provider verifies that the ad led to a sale by reviewing on-chain data. This method offers greater transparency, fairness, and privacy, leveraging publicly available on-chain transactions instead of personal browsing histories or other Web2 data.

Benefits for Advertisers

Spindl’s ad network charges advertisers based on on-chain conversions, such as minting an NFT or depositing crypto into a DeFi liquidity pool, rather than the traditional cost per mile model. This approach allows for more sophisticated prospecting using the wealth of public data on crypto wallet activity. For example, advertisers can target users who have recently minted NFTs and fall within specific price ranges, significantly enhancing the accuracy of audience targeting.

Benefits for Publishers

Crypto wallets, acting as publishers, can now generate revenue through ads in addition to transaction fees. As these wallets evolve into Web3 portals, similar to how Yahoo functioned for Web1, they are motivated to offer social experiences alongside transactional capabilities. Key participants in this new network include Collab.land and Daylight, which will sell ad inventory on behalf of crypto wallet services.

Distinctive Features and Future Plans

Unlike other ad networks that claim to be Web3-native, Spindl’s network genuinely operates on-chain. The network currently accepts payments in stablecoins like USDC or other existing tokens and is not confined to any single blockchain. Most clients use Ethereum Virtual Machine-compatible chains or their own chains.

Looking Ahead

Spindl is the network’s sole attribution provider, acting as the smart contract’s oracle for a share of the revenue. In the coming months, Garcia Martinez plans to open the network to rival attribution providers, fostering a more competitive and diverse ecosystem.

Final Thoughts

Spindl’s on-chain ad network represents a significant shift in digital advertising, offering enhanced privacy, transparency, and efficiency. By leveraging publicly available on-chain data, Spindl provides a more ethical and effective approach to targeting and conversion tracking. As the network expands and welcomes new participants, it promises to set new standards for Web3 advertising.

Explore the potential of Spindl’s on-chain ad network to revolutionize your advertising strategy. Visit Spindl’s website for more information and to get started today.