Today, all of us at Web3auth moved a step closer to realising our mission of passing the identity ownership back to the individuals and users. We partnered with FOX -owned Blockchain Creative Labs (BCL) to provide a seamless Web3 user onboarding experience for The Masked Singer Experience.
https://twitter.com/i/status/1626028978220990464
A typical web3 wallet’s user onboarding experience involves setting up a seed phrase for authentication, which is a complex and tedious task. It takes the user anywhere from 10 to 15 minutes. This timeframe has churn written all over it, and it is quite significant in web3 user adoption standards.
But this has been the standard practice over the years. After we launched Web3Auth and had numerous customers using our wallet infrastructure, several consumer-focused applications have seen a 3x increase in conversion rates, from 24% to about 63%, as opposed to conventional seed phrase wallet solutions.
In a significant paradigm shift that we have been able to enable today, we joined forces with FOX Entertainment-owned Blockchain Creative Labs (BCL) to offer the most seamless onboarding experience possible for the fans of The Masked Singer Experience. This digital fan community is an evolution of the singing competition The Masked Singer — television #1 unscripted series.
With this partnership, Web3Auth will allow the fan community to connect to The Masked Singer Experience seamlessly, by logging in to the experience and setting up a web3 wallet directly via email, social and Google accounts instead of having to use the conventional seed phrase-enabled wallets. After this collaboration with us, users will need only less than a minute to set up their wallet accounts.
We decided to give this renewed onboarding journey a special name.
Two-Factor Wallets (2FW)
Users can set up a 2FW via 2FA flows — including social logins, phone, laptops, or even biometrics which would take less than a minute. The 2FW also significantly enhances wallet security — if one factor is damaged, users can still recover the wallet using the other factors.
Our Co-founder and CEO Zhen Yu Yong recommends three key factors for web2 businesses to consider for a successful web3 project launch:
- intuitive user experience
- familiar user journey
- security
He believes that intuitive user experience and accessibility are paramount to allow the show’s fans and crypto enthusiasts to enjoy the reimagined Masker Singer NFT experience.
But the partnership only makes more sense for Blockchain Creative Labs (BCL). It empowers creators to build their communities through web3-centered fandom experiences that allow people to interact with content in new ways, ultimately reshaping the entertainment industry as we know it by infusing it with a new sense of freedom, access and control. BCL believes the future of the entertainment industry lies within Web3, which will help democratize access to Hollywood, strengthen the bond between creators and their communities and pave new avenues for creativity, innovation and success.
Today, we have been able to scale Web3Auth to a place where we have already onboarded over 500 web2 and web3 applications and wallets. Today, we are able to clock over 12 million user keys a month, which is an exponential growth from that of last year. But this is only scratching the surface. Having said that, our larger goal is to provide users with Two-Factor Wallets that are secure and seamless.
“We are all set to partner with larger enterprises within entertainment, gaming and blockchain industries. We want to close the gap between Web2 and Web3.”
~ Zhen Yu Yong, Co-founder and CEO, Web3Auth.
