Underdog November '23 Update

Hey Frictionless Team - Let’s see how building Underdog Protocol went in November 2023. A month of momentum, possible acqui-scenarios, and growth across all of our products. We are Solana’s most trusted NFT API. TLDR:

We spoke at Breakpoint 2023 & closed a partnership with Metaplex (where we make money!). We have seen an increase in revenue, brand reputation, and are focused on 3-4 core tasks until the end of year in Account Management, Product, and Development.

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 building a data-rich blockchain by giving developers superpowers to build experiences with digital assets on Solana. 🤝 Asks

Angel Investor Introductions

Do you know any angel investors still keen on web3 or NFTs? We have been able to make progress on our goals from this year with limited resources. We believe with more fuel we can continue to make progress. We are make short term & medium term bets on our Wallet Product and bundling SDKs to approach Enterprise with the help of Metaplex Foundation.

Feedback on Underdog Story

Do you want to hop on a call and give us feedback? We’ve pivoted our story from it’s really hard to build with NFTs to building in web3 is in jeopardy and NFTs enable the potential of web3, we’re a developer platform. The Vercel for Metaplex as Vercel is for Next.js.

👍 Highlights

Partnerships & Biz Dev👬

We’ve partnered with Metaplex Foundation to create the ‘utility layer’ which will enable developers and enterprises to use NFTs easier on Solana.

We’ve seen all of our products monetize (shop,passport, minting API, dust) & we’ve seen an increase in organic deals recently we saw $1000 credit purchase, after chatting with founder, it’s going to be worth $10,000 over this year.

We are focusing on account management in segments like RWA, De-Fi/Payments, Consumer, and Infrastructure where we can see higher usage → more revenue

Once again - We’re on the radar while pricing & positioning is working , slowly but surely making our way from SMB/MM to Enterprise⭐

Product 📱

We’ve earned $500 revenue from Underdog Domains (which enables developers to mint through our Wallet Product), which is another Underdog Product that we’ve monetized, we are now focusing on GTM.

We are seeing intersting use cases develop in De-Fi with partners like

Etherfuse.com⁠

who are creating Stablebonds in Mexico and using Underdog cNFTs as access passes and receipts.

We’re creating enterprise focused SDKs+ Components to approach enterprise customers in web3

Check out the apps here -

duster⁠

and

store⁠

that are driving a good amount of viral growth!

👎 Low lights / Challenges

Revenue Velocity 🌀

As Minting API usage becomes more regular, we’re finding that revenue (especially when we charge $0.01 per NFT) is hard to come across. We have 3 customers who have grown by 2-4x in revenue usage but have a majority that spends well below $USD.

Nov. '23 Growth

Nov. '23 Growth

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Thoughts on Metrics

Revenue has seen a small bump thanks to relationship building & our product. We’re floating at $5.5K MRR including our partnership with Metaplex, a Gaming Studio, and developers. As we grow NFTs in our system, we will see an increase in Revenue, our hypothesis of lowering the barrier to use/reach value with NFTs is working ~1 month into pay with crypto.

Additionally, we’ve been frustrated with velocity of revenue. As we continue to stack our products and think about growth loops, we believe the correct packaging and positioning will do us justice.

📰 News

We spoke 3x at 2023 Solana Breakpoint and KILLED it

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We had a ton of fun. You can find our talks below:

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Metaplex Fireside Chat⁠

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Future of Metaplex Foundation⁠

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Building Data Rich Blockchains using NFTs⁠

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We’ve partnered with Metaplex Foundation to build Enterprise Focused Product Offerings

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We’re creating APIs + SDKs that enable read + writing capabilities to Solana for Enterprise clients like Nike, Instagram, Youtube, etc. We will be helping with technical , business, product, and community development.

Our partners were highlighted and spoke and launched their projects at Breakpoint 2023

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Here is our friend Robbie who launched his new venture at Breakpoint and immediately minted 150 Commerative NFTs in 5 minutes that are now trading at

13 Solana⁠

($715 USD). Robbie is creating a community-ran animation project built entirely on Underdog.

🎯 December Priorities

Biz Dev + GTM 📊

Finish 2023 with ~$7500/MRR from both developers & SMBs + Mid-Market customers ( Minting API, Dust, and Shop Products)

Finish Pricing & GTM for Passports for goal of reaching $5,000 Domains by Q1 2024 & 100 activated project domains

Continue steady +33% growth of Underdog Minting API and +10% growth of a-la-carte tools

Product 📱

Launch our revamp User Interface to unify tools + resources

Increase capabilities of no-code interface to match our API (updating image, updating metadata, burning NFT, sending to emails)

Connect Feedback loops between all of our products (shop → domains → dust)

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