Explore

Untitled

Underdog Protocol is an API that empowers developers and communities to integrate dynamic NFTs into their products or workflows to capture user data and create personalized experiences. We want to solve the real reason that web3 products suck - lack of tooling for off-chain workflows connected to on-chain sources leads to minimal data about users. This limits the ability of communities and companies to fully leverage the potential of NFTs and provide their members with unique and engaging experiences. Underdog Protocol's includes Web2 integrations to platforms like Zapier, GitHub, Telegram and others. Projects can connect these apps to dynamic NFTs (& SBT’s) that change based on user activity, engagement, or change in data. Underdog Protocol's unique selling points are its gasless API to create dynamic NFTs, an indexer to retrieve NFT data and data from the Solana blockchain, and a metadata service that updates metadata in real-time and in a scalable manner.

The company's revenue model is a hybrid of per seat and per transaction, with the value metric being the number of managed NFTs.

The company's target market is developers building projects using NFTs and Web3 communities and protocols. Our go-to-market strategy includes community building/content marketing, partnerships, and outbound/inbound sales. Underdog Protocol has had traction with major brands and 10+ use cases falling into categories such as on-chain reputation, loyalty and rewards, and tracking activities with partners like Parcl, Dispatch Forums, and Superteam.

Underdog Protocol's roadmap for the next 6-12 months includes a builders program, expanding the Underdog Ecosystem, full force on go-to-market efforts, and a no-code builder and increased API functionality. The company is seeking funding to build out the API/ecosystem, grow the builders program, support go-to-market efforts, and expand the team.

Our vision is to empower builders to create innovative social and financial applications that improve people's lives by turning the blockchain into a shared data layer

Problem

Communities and developers lack tools and resources to connect off-chain workflows to on-chain sources which leads to minimal data about their users

Communities like Superteam spend 3-6 months building internal tools to capture data, like reputation data, on-chain.

Communities & Companies spend $50K-$250K to build specific solutions, including hiring developers and outsourced jobs.

Without this data & tools - communities & companies are facing low engagement & high churn within their projects.

Who’s facing this problem?

Developers building projects using NFTs

Description: Developers who are integrating NFTs into their projects are facing resource limitations. This means that developers are unable to create personalized experiences easily for their users that reward loyalty, engagement, and usage of their products.

Tool stack: Solana, Rust, C++, Javascript, Metaplex, Candy Machine, Webflow (or other website creators)

Problems faced: Limited functionality of NFTs due to the current standards through Metaplex, which prevent the creation of custom NFT experiences that capture data in real-time.

Web3 Communities & Protocols

Description: Communities and Protocols are facing challenges related to creating experiences that reward members for their contributions or engagement, this lack of tooling, leads to churn and low engagement resulting in an inability to scale or reach Market Fit. Still

Size: 150+

Tool stack: Discord, Airtable, GitHub, Realms, Squads, and others.

Problems faced: Inability to create these experiences for their members without incurring significant costs or team opportunity costs, limiting the ability of these communities to fully leverage the potential of NFTs and provide their members with unique and engaging experiences.

Solution

Value Proposition

We empower Developers and Communities to integrate Dynamic NFTs into their product or workflow to capture user data & create personalized experiences.

Quick Explainer A gasless API to create dynamic NFTs, manage NFTs, and integrate off-chain workflows, on-chain.

Unique Selling Points

Web2 Integrations to platforms like Zapier, Airtable, Discord, Telegram, Github, and more

Dynamic NFTs & Soulbound Tokens that change (update or downgrade) based on activity within app or other databases

Indexer to retrieve NFT data and data from the Solana blockchain

Gasless Transactions do countless things like minting, updating, and more for free with minimal need for signing on the end user side.

Metadata Service that updates metadata in real time and in a scalable manner

Insight

There will be an increase in demand for web2 integrations on-chain specifically in ways that are easy to integrate and operate. This will lead to an expectation of no-code & low-code solutions.

NFTs will be the way to capture data that lives both off and on-chain since it’s a. most accessible and b. easiest to read leading to enterprise adoption and novel use cases

Market + Competition

We believe that we are in an intersection of NFTs, Infrastructure, and Consumer. Our success metric and value metric are NFTs so we’ll use this as our focus in analyzing the market.

Based on research & traction we’ll focus on Consumer Social, Consumer Retail, and Consumer Finance specifically around use cases that use NFTs in Loyalty + Rewards, Collectibles, and Operations for the first 18 months.

Key Trends

Explosion in Brands launching NFT Collections and exploring Web3

Instagram recently announced NFT creation, sales, and trading will be available to its 160M US users.

TIME integrated Web3 tech directly into its website (TIME.com) by granting magazine subscription access to TIMEPieces NFT holders who connect their digital wallet to the website.

Draftkings targeted sports-betting fanatics with their complex, NFT-based fantasy football game, Reignmakers

NFT Growth and Interest is growing - projected to continue to grow in different sectors across business

Global adoption of cryptocurrency has grown dramatically in recent years, with conservative estimates reaching over 300M global users in early 2022

81 of the top 100 Institutions are using blockchain technology for research, in pilot, in development, and production

High Level

$15.7B - NFT Market

NFT CAGR 34.1% between 2022-2028

Variables

No. of People

No. of

% of Users eligible for [company x] NFT

$ per NFT per Month

Avg No. of Collectibles per Brand = 12,500

Initial Category

Loyalty & Rewards

250M Americans with Loyalty Rewards x 40% ( % of Americans chosen for new Rewards Program) = 100M Americans x 7 ( average # of active loyalty/rewards programs) = 700M Relationships to Manage via NFT x $1.50 (average revenue on NFT charged per month on Enterprise Plan) = 1.5B TAM

This is solely based on US focused projects - you can imagine our market expanding based on segments + markets we focus on.

Competition API Focused + Dynamic NFTs

Underdog Protocol

Platform Based + Dynamic NFTs

Hypermint

API Focused + Static NFTs

CrossMint

ThirdWeb

Platform Based + Static NFTs

Collab Land

So-Col

Business Model

Revenue Model

Hybrid of per seat + per transaction

Value metric

# of Managed NFTs.

Our three subscription tiers are packaged around # of nfts, access # of integrations (for now), type of NFT, and support. We offer the following tiers:

Starter Tier

$40/month

100 NFTs

+0.30 per nft after original 100 NFTs

Developer Tier

$99/month

1000 NFTs

+$0.10 per nft after original 1,000 NFTs

Enterprise Tier

$1500/month

30,000+ NFTs ( at $0.05)

Unlimited Integrations

Go-to-Market:

Community Building / Content Marketing - Sponsoring hackathons, community ambassador programs, and community-driven content that showcases the product plus its various use cases such as case studies, workshops, and our documentation.

Partnerships - Collaborating with large communities and startups to create whitelabel solutions and drive adoption, starting with partnerships at a large scale and then expanding to solo developers within the community. Examples of these so far are: Superteam, Magic Eden, and Parcl.

Outbound & Inbound Sales - Building relationships and out-bounding directly with potential customers, educating them about the API and how it can benefit their projects or businesses. This can be focused on Web2 Startups and complicated startups in Web3.

Traction

Major Brands

⁠

Not Included in Graphic: BooVentures , Takes.App, and other smaller partners

Use Cases

10+ with examples falling into categories such as :

On-Chain Reputation using Dynamic NFTs as a way to capture off-chain and on-chain contributions

Loyalty & Rewards through Dynamic NFTs as Coupons for Small Business using

Tracking activities in app or discord/telegram bots like posting content, making trades, etc through dynamic NFTs

On-Chain Wikipedia’s and Blogs for users to collect blogs as NFTs or Learn and Earn

Revenue

$1650/MRR as of Jan. 2023

$10,500 Enterprise Yearly Deal with a Web2 Startup

Jan 2023 Sprint 2

Jan 2023 Sprint 2

Title

Photos

Revenue

There are no rows in this table

⁠

Roadmap for next 6-12 months

Builders Program

Our goal is to have a program with 275 Builders contributing to Underdog and our Ecosystem by the EOY ‘23.

Incentivize builders in Solana to build integrations within the Underdog Ecosystem

Build a referral system and WoM by incentivizing and empowering developers

Create a user-generated content engine from developers and communities

Underdog Ecosystem

⁠

Our goal is to have 75-100 Integrations of both web2 and web3 tools to manage + create NFTs on Solana

Create custom integrations and workflows in-house from popular web2 tools

Empower builders within the Builders Program to create their favorite integrations

Create workflows and automations that are through web3 (on-chain) tools like Realms, Squads, etc.

Full Force on Go to Market Efforts

Our goal is to reach $1M+ in revenue EOY ‘23, increase our user base to 1500 developers/ 100 Protocols & DAOs / 10 enterprises across web2 and web3

Go upstream and target more web2 enterprises on the consumer brand side

Run Campaigns to acquire developers in both web2 & web3 markets

No-Code Builder & Increase API functionality

Enhance the functionality of our API by surfacing all of our endpoints

Create an interfaces that allows more users to connect their web2 workflows on-chain through a Zapier like experience

Team

Specializing in Trad-Fi, Web3, and SaaS with a perfect mix of productooors, builders, and selloors

Kevin Arifin

Co-Founder, CEO, Engineer - Citadel, Zendesk, UC Berkeley EECS with Honors

Efren Plasencia

Co-Founder, COO, Business Development - Uber, Ritual, Setter (acq. by Thumbtack)

Madhur Dixit 👑

Engineer - CapX, Superteam, and Solana

What we need to get Started

Seeking $X Million USD in funding to build out the API/Ecosystem, grow the builders program, support go-to-market efforts, and expand the team. This round of funding will enable us to hit our goals for 2023 and on of $1M in Revenue, 1500+ users, 275 builders in BP, and 100+ web2/web3 integrations!

Want to print your doc?
This is not the way.

Try clicking the ⋯ next to your doc name or using a keyboard shortcut (

CtrlP

) instead.