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NFT20 & MUSE Community Update

This post was originally published on Nifty NFT

Very Nifty

Jul 13 · 5 min read
The Tao of Pooh the Bear

It’s been a while since the last community update, in part because we’ve been growing and working on so many things that we didn’t have time to write one, but time is due.

Community

After 9 months of daily product iteration and investing time in the community, we are really happy with the state of things and enjoy more than ever the every day of coming to discord and discussing ideas, laughing with, and getting mad at anon pepes, a dream come true.

We also see a consistent uptick in contributors, here are a few mentions of latest contributors:

Danner.eth — created really good video tutorials and dune dashboards for nft usage.

Tldbreakfast — continues to share from his different POVs and Bootstrap pools from time to time (this only when he doesn’t sleep for 28 hours)

Enea — Is becoming more and more indispensable and growing into what we envisioned when we first met him.

Bnse — Is the biggest piece of our growth, had the most impact as he is the biggest NFT20 ambassador and his work in the front lines of projects and educating can’t be overstated.

Bailey/defiance capital — there is s lot of shit talking about vcs (from us too lol) as like in any industry there are many scammers, but so far having Bailey in our corner understanding we are noobs and being patient in helping us and introducing us to industry leaders, is becoming a key experience for the core devs that will make us grow as entrepreneurs further than if NFT20/MUSE fails or succeeds.

Altjumpan — Helps with pool creations, sharing the word to communities and starts to be more active in DAO discussions.

Lam and Cadu — They help with design behind the scenes.

DarkForestCap and AG — with their contributors framework help.

There are more contributors that weren’t mentioned for the brevity of this post, but we created nft20.io/contributors and we’ll add everyone there over the coming days.

We hope with the new contributor frameworks, communuty members will start getting paid for some of the help while others will follow their lead

Voters

We are very happy that all our snapshot proposals still get a lot of engagement, in the past proposal we had almost 90 voters and in the one prior over 65 voters.

One of our key goals as an open community is to have high engagement for DAO decisions, otherwise we would be fooling ourselves by using ineffective tools (why have a DAO with 1 voter?).

Our core developers which hold together about 8% of the supply, still abstain from voting to let the community decide on all that maters when it comes to official proposal voting.

NFT20 Growth

NFT20 is now top 4 most used NFT marketplace, usage has been growing consistently and you can track our live stats here in Dune Analytics.

We now have 100+ single wallets doing on chain txs with our contracts every day, 1000s of visitors to our protocol website and ~$1 million in trading volume a week, while earning ~$2000 a day in fees.

We start to notice many NFT projects go to market strategy/roadmap including NFT20 pools, this is a huge milestone as when we started many in the industry didn’t understand why we created our product (and we suck at communication).

We are also being loved by users and get a lot of positive feedback and constructive criticism every day to keep growing.

However, we understand NFTs will grow and change so we are ready to improve and pivot expand our offering as we are learning more about the market.

Product update

The most memorable features since the last update were:

1) The cart and checkout page with one click from within each pool page.

2) NFT20.js developed by Jules (waiting on docs creation), anyone can create an NFT exchange and access our data with 20 lines of code.

3) Overall UX improvements, the app is way easier to use now.

4) Wallet — any NFT user can go to nft20.io/wallet and check their NFTs to sell them in one click, this is an MVP and will get improved over time.

5) PEPESCORE™— we have a few features lined up to incentivize communities to interact more with our pools, this is the first step to get data on usage and market/NFT community sentiment.

6)The single muse staking farm is out! — as promised in our lite paper we finally started distributing the protocol fees to MUSE holders, so far we sent out 420.69 $MUSE and we have about 6300 more MUSE to distribute + we are adding about $2000 a day.

7) Contributor Framework — AG and DFC came to help us with DAO management and setup the contributors framework, we just started this but we are extremely excited to develop an area where we had 0 focus up until now.

Upcoming products

These features and more — we are known for no planning and work based on creativity — will be coming over the coming month

  1. we are releasing a new NFT tamagotchi game in the coming days, at first only Mooncats owners will be able to play but we could open it up for other communities in the near future.

The less good

Official Communication

We are known to be all day on discord talking to users but when it comes to official communication we lack attention to details, a lot of frustration came from the community when we mentioned the second fee distribution will be in 2 days but 6 days have passed and we still didn’t distribute the fees, we are going to distribute them tomorrow after this article is live.

With the contributor framework in place we will get someone more detail oriented to run our communication around DAO management and fee distribution.

Not very decentralized at the DAO level

We are still not decentralized as we could at the DAO level, the multi sig signers are still the core developers and in theory they could steal treasury funds or implement protocol upgrades at any moment (like in most projects tbh).

This will change long term, but short term it has been working good enough as we are known for moving fast and the community is trusting enough.

If a change were to happen where the community disagrees with an action, it would expedite the process to make it less trust oriented but the downside is it would make us ship slower.

There is a balance somewhere that we are learning about.

That’s it for this update! join our discord if you want to stay on top of what we are doing daily.

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