Underdog January '24 Update

Hey Joel Here’s our update for January 2024. We are Solana’s most trusted NFT API. TLDR: All-time high in NFT mints, consistent revenue, and usage from all of our tools by different ecosystem teams

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What is Underdog Protocol?

Underdog Protocol is an API that enables developers and startups to seamlessly integrate web3 into their product or workflow to enhance user experiences

We’re building a data-rich blockchain by giving NFTs superpowers to enrich experiences built on Solana. 🤝 Asks

Partnership Opportunities

There is players in the ecosystem who have their eyes set on us. Either to help with their NFT plans as part of a ‘coalition’ or as part of their team. How do we approach these conversations? We’ve been advised to be blunt, what do you think?

Flywheels + Growth Loops

Our main growth levers are social media + word of mouth and our users enter one of two ways: a. API Dashboard or b. Dust (Mass Airdrop Tool). Our revenue provider is our Dashboard so we are solving how to connect our tools (including Shop + Passport) to enable our users to get value across their NFT needs (mint → drop → claim). Do you have any thoughts?

👍 Highlights

Partnerships & Biz Dev👬

We hit an all-time high of 750K NFTs minted within 1 month, we accounted for ~2% of Solana’s Monthly Volume.

We’ve been able to work with some of web3s biggest influencers like - Wassie, Cobie, ChartFu, which lead to a ton of top of funnel inbound and word of mouth from brands like Chinatown and Magic Eden.

Great top of funnel of $120K came in this month around Customer Experience, Data, and Loyalty like

Snicketts⁠

, ecommerce on-chain

Product 📱

Continued usage of our SPL Token Airdrop Tool by memcoins like: $SILLY, $MCKEY, and $PONKE

Increased in holders by 800% for $SILLY and engagement across brands of 14% using NFTs + Tokens through Underdog

Continued scaling of our infrastructure enables us to easily integrate Token Extensions (Solana New Standard) into our API

👎 Low lights / Challenges

How do we keep up the momentum?

This is a good challenge to be facing mostly because we understand that a. meta drives alot of demand in web3 b. we have multiple tools that unlock the ability to catch a ton of demand

Enterprise Struggles & Losses

We’ve been losing a ton of our Enterprise (web2) focused deals to competitors due to a. trust (we are a 2 person team) b. ease of integration (they are dedicated platform v. API) . Unsure if we need to double down on devs or continue go upstream?

Thoughts on Metrics

We’ve seen a HUGE BUMP in metrics. Why? The Solana Mobile Saga Genesis Token became a hot item. We power the token and have tools that make it very easy to target these specific holders. So that’s what the market did, they used Dust and our API, to target specific holders of NFTs.

📰 News

We’ve been interviewing some great teams on Solana

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Check out my interview w/ Viksit who lead AI at Dropbox and building social on Solana. They’re built natively on Solana and on-chain (unlike Farcaster)

We’re powering campaigns from Solana’s biggest Names

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We’re going to be part of Solana 2’s Campaign again. We’ll be handling some of the Token infra again. Excited to be part of this initiative!

🎯 February Priorities

Biz Dev + GTM 📊

Launch FarmTrack, Cattle Management

Launch Solana Mobile 2 Non-Transferrable Token

Launch Magic Eden Non-Transferrable Token

Product 📱

Launch 3-5 Token Extensions within Underdog Dashboard

Highlight SPL Airdrop Tool via Social Media

Fundraising 📈

Finish our Seed One Pager

Send to ‘interested’ VCs from last cycle

Raise a small round from FFs, Angels, Etc

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