Very Nifty Community Update #4

It’s been a while since we did a community update so we thought of sharing what we are up to.

Learnings

As the bull market entered into full effect this past month, most degens got enticed into “dog coins” and other type of meme speculative schemes, it has been hard to take our users seriously when they complain of things on our fully working and utility based app, but will spend most of their money and time on pure speculative dog coins with no development at all.

Add to that the current state of the industry where ONLY 1% of apps have real product market fit, and the rest attract users only via subsidies and spend all their efforts in raising money and unproductive air partnership announcements. All this makes product-first focused builders question their existence and priorities.

However! we believe this is a feature and our advantage! As the “competition” in the market is not as big as perceived when you count how many focus on the real thing which is develop a product that can be used by 1000s of users over the long term.

Our mindset/approach changed a bit in the last month and we are excited to start thinking from a “for user first” mindset to a “for protocol firsts” mindset and build for other smart contracts to be built on top of us, this means that the scope of our thinking grew and our goals are bigger now as we enter into more DEFI based applications.

Stats

With our launch on Polygon we saw a lot of new pools (28) being created by users. As we are new to Polygon there is a lot of work ahead explaining to the projects how NFT20 can help them and why it will be worthwhile to promote it to their users.

This week, $84K NFTs were traded on NFT20 while the pools hold more than 1M NFTs that are valued at $1.8M. Due to the NFT down market and high gas prices, we noticed a decrease in trading volume and users on our platform this week that we’re expecting to win back once more utility is build around non fungible tokens.

Good times ahead!

Despite the “struggles” we are more excited than ever to keep growing the DAO and see where this amazing journey takes us, we are experiencing the real blockchain dream.

  1. We are live on Polygon! polygon.nft20.io and we saw some great organic usage, we are excited to keep improving it and bring more nft users from Polygon in the coming weeks.
  2. Cadu has been working on a full redesign of NFT20.io and of the new marketplace that is coming up, we hope to release it in the coming weeks.
  3. We know of one major protocol that is going to integrate the NFT20 protocol in the NFT section of their app.
  4. We are super excited to be working on the design of version 2 of the protocol, the current state is mostly about brainstorming, learning and planning but we are excited to get to the fun part (coding) very soon.
  5. We have been brainstorming with several NFT builders behind the scenes to see how NFT20 can fit into their upcoming protocol launches and we are excited to keep helping them with code and any resources they need.
  6. Adam and Jules have been working on a new type of game and exploring more areas of gamified NFTs on our free time.

Final words

As always, creating an open organization means that the collective is more important than our (the lead devs) individual decisions so we’ll always try to keep sharing our struggles together with the good, as it’s everyone right to be informed and struggles are part of the adventure that makes us grow and contribute to the larger ecosystem.

Published By : Very Nifty

NFTRADAR

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