Underdog End of Year Update ‘23

Hey Dean -

I was looking to see if you received this and you didn’t! Here’s a bump. This was our second full year at Underdog Protocol since launching as Social tokens on Solana —and wow! what a year. We are definitely one of Solana’s favorite NFT APIs. We won Global Hackathon, launched Saga Genesis, and partnered with Metaplex.

What is Underdog Protocol?

Underdog Protocol is a set of APIs that enables developers and startups to seamlessly integrate digital assets into their product or workflow to enhance user experiences via our Minting and Wallet API.

We’re enabling developers and startups to build composable user experiences with digital assets on Solana which leads to a data-rich blockchain . 🤝

Year in Review

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Screenshot 2024-01-28 at 10.18.30 AM.png

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(all-inclusive Monthly Recurring Revenue including non-API related revenue & awesome partners)

1. Product bet on no-code tools and APIs led to User Growth :

We started the year with 25 users at the end of January ‘23 to 1500+ users at the end of December ‘24, and 100 NFTs to 2M+ minted NFTs solidifying Underdog Protocol's position as a trusted NFT API on Solana

We have received a ton of feedback that the friction to get started with Underdog is increasingly lower in comparison to competitors, thanks to our tools to streamline workflows and dashboard.

2. Partnering with the best to create next-gen NFT use-cases

Formed strategic partnerships with major industry players such as Solana Mobile, Solflare Wallet, Metaplex, and even UAE backed Cattle Farms, expanding in industry leading use cases like customer experience and asset management.

These collaborations have played a pivotal role in expanding the platform's reach and utility within the blockchain ecosystem.

3. Created innovative and easy to use tools for developers & marketers to use NFTs :

We created net new products including Shop, Passport, Domains Dust, Token Airdrop, and the Minting API which all generated revenue with the top 3 being: Minting API, Shop, and Passport.

Our no-code interfaces and programmable wallets, making the platform more accessible to a wider audience, including those without technical expertise, enabling us to sell into Supply Chain and other non-tech centric companies.

4. From 0 to $10,000 revenue and more

Achieved a milestone of $10K+ Monthly Recurring Revenue (MRR) from API and tools alone, but as seen in the graph, we’ve found other ways to monetize like Token Airdrops starting in November. Including we’ve developed a pipeline of $500K worth of ‘warm’ interest spanning in both web3 + web2.

Experienced a significant boost in revenue through partnerships, including $10K from Metaplex for enterprise developement and $10K revenue from token airdrops.

5. Built an engaged community of supporters and fans:

We were Grand Champions of Solana’s Grizzlython Global Hackathon. We’ve created an active community of 1000+ developers who suggest product improvements, make introductions, and create content for us. We’re very happy to have them.

Focus Areas for the Upcoming Year:

Expand Revenue through current and net new accounts

Exploring and implementing new pricing models and packaging offerings to increase revenue streams and maximize profitability by bringing in web2 enterprises .

Enhancing account management strategies to grow revenue from existing customers and foster long-term partnerships.

2. Using our partner network to bring in web2 enterprises and build future of data

Leveraging current partnerships and seeking new collaborations to broaden market reach, increase platform usage, and drive innovation using cNFTs

3. Making using Solana NFTs even easier :

Investing in more SDKs and flexibility (token22, inscriptions, migrating collections) to lower the barrier to integration for Underdog

Increase the adoption of our embedded wallet products from 25 applications to 100 applications and a couple web2 enterprises

4. Raise a $XM Seed Round from top-investors

Building a strong pipeline for potential investments and engaging actively with angel investors and venture capitalists to secure the future of solana NFTs.

5. Community is the most, build more

Increasing participation in community events, hackathons, and ecosystem development initiatives to enhance engagement and visibility from web2 enterprises

Strengthening the platform's position and influence within the Solana ecosystem and beyond, with our Metaplex partnership

We’re excited for 2024 🥳, we are going to hone in on 10M Minted NFTs & will continue to expand our focus into web2 enterprises and real world use cases.

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