Hey Any Forums, I'm a web3 dev working on an NFT app and I'd like your input on how to monetize it. I think it has a lot of potential.
The app is called Redeemable, and in a couple words it allows anyone to transform their NFTs into claimable URL rewards. The app is basically a wrapper around the redeemable smart contract. Currently it's only deployed on Polygon chain, but I can deploy it on other chains at any moment.
I'm not exactly sure how to monetize this, and I'd like your thoughts. At the moment I'm just collecting emails. I don't charge anything for the creation or redemption steps, and users don't need to pay any gas to redeem NFTs using my service, thanks to my gas Relay service. I think trying to charge people to create Redeemables just invites competition in a race to the bottom. What are your thoughts?
did your previous thread get jannied for advertising or smtg ? whoever pays the gas and that's where you take your cut, either the one creating the url or the one redeeming
Lincoln White
>did your previous thread get jannied for advertising or smtg ? I deleted it because I made a typo >whoever pays the gas and that's where you take your cut, either the one creating the url or the one redeeming I have concerns that charging people to create Redeemables will 1) Result in a race to the bottom with competition (no competition exists currently, but anyone can build a webapp that interacts with the Redeemable smart contract and undercut whatever I charge). 2) Kneecap the app's growth -- on the contrary, if creating Redeemables is free, the app has more of a chance to establish market dominance in this space 3) Make for bad UX. You would have to do multiple transactions every time you want to create a Redeemable, meaning 4 clicks instead of 2.
I have been considering keeping the B2C model free and with as few barriers to entry as possible, and focus on acquiring as many users as possible. So far, I have collected ~ 200 emails from people redeeming NFTs since I launched the site 2 weeks ago.
Here's my reasoning: once Redeemable is a household brand in the NFT/crypto space, I can add a B2B Redeemable service that allows for bulk Redeemable creation and gives NFT businesses a nice dashboard showing how many of their NFTs were claimed, the emails of the claimers, and other relevant stats.
What are your thoughts? Thanks for the advice user
everyone charges for everything in this space you shouldnt look at it the way you look at "traditional" apps
Michael Hill
>Jeetposting aside, brainlet here. I don’t understabd what it does? Basically you can take any NFT in your wallet and turn it into a redeemable URL. If you share this secret URL that only you have access to, another person can then claim the NFT. This is pretty neat because you don't need someone to have a wallet and everything set up to send them an NFT. If they don't have a wallet they can just set one up as part of the onboarding experience, all provided within my app. I see it being especially useful for NFT projects and promotions and things like that.
Picrel is what the redemption screen looks like. This would normally be a transaction that requires gas, but I built a gas-less redemption Relay that pays gas so people claiming the NFT don't have to worry about gas or chains. The relay delivers the NFT to your wallet and babysits the transaction to make sure it clears and handles cancellations + re-submittals.
So it’s a pajeet scam? No chance I’m reading all that OP I need a 5 word answer max.
Mason Rivera
you must be real stupid or real busy to not want to read sixty seconds of text. you're here so I know it's not the latter
Brody Diaz
Cool idea but you are out of your FUCKING mind if you think I'm going to let any of my wallets ANYWHERE near some random pajeet's "le web3" phising site. Goddamn.
Daniel Cook
Contact me on teleg @doc_Bravestone
Samuel Collins
Ha ha I get it. Redeemable funny word.
>So it’s a pajeet scam? No chance I’m reading all that OP I need a 5 word answer max. >Cool idea but you are out of your FUCKING mind if you think I'm going to let any of my wallets ANYWHERE near some random pajeet's "le web3" phising site. Goddamn. I'm not trying to scam or shill anything, I'm asking Any Forums for advice on how to monetize my business. Is that not reasonable? I'm not even asking you to click any links, you can look at my app screenshots that I post in the thread.
That being said, I appreciate any advice you anons give me, thank you for being here.
>everyone charges for everything in this space >you shouldnt look at it the way you look at "traditional" apps That's a good point. But wouldn't you agree that a free service would grow faster? Personally, I think there's a lot more money to be made B2B than B2C with something like this. And imo B2B is only possible once Redeemable is an established brand. Think about it in terms of use-cases. I envision the B2C usecase being something like: Person A has NFTs and wants to share it with their friend, Person B, who doesn't know anything about crypto. In this case, Redeemable offers a nice free service similar to a gift/post-card like NFT redemption experience. I might also make it so that users can add a message with their Redeemable to make it more personal. Realistically, I don't see a lot of money being made here. 1 B2B contract can be a replacement for thousands of B2C users using the app and paying a small fee. Does this logic make sense or am I missing something?
>So who actually pays the gas fee To claim an existing Redeemable, you don't have to pay any gas as the end-user. I wrote a gasless Relay to pay the gas on behalf of the person redeeming so that normies that don't have wallets/don't understand crypto don't have to worry about any of that. Just press Redeem and the NFT is delivered straight to your wallet.
On the creation side, in order to create the Redeemable, the creator pays a small gas fee to deposit their NFT into the Redeemable smart contract. This is equivalent to a NFT transfer fee from one wallet to another. Very minimal. Currently I'm only deployed on Polygon chain but I could deploy on other L2s like AVAX, BSC, etc.
>Drop your contact information Sure. Feel free to email me at [email protected]
Picrel is my napkin business strategy. Let me know what you think.
> Just press Redeem at the NFT is delivered straight to your wallet. I mean - who pays the network fee for this? Sending an NFT costs a small fee no matter what (like you said when it's being created & sent to the smart contract originally). So, when it is being sent out of the smart contract and to the redeemer's wallet, where is the contract getting the money to front that fee? Does the person who created it pay slightly extra or something?
Hunter Hall
>I mean - who pays the network fee for this? Sending an NFT costs a small fee no matter what (like you said when it's being created & sent to the smart contract originally). So, when it is being sent out of the smart contract and to the redeemer's wallet, where is the contract getting the money to front that fee? Does the person who created it pay slightly extra or something? I pay that using the relayer I built. My app fronts the gas fees for redemptions. Under the hood, I use metatransaction tech to send the tx on the user's behalf using their signature.
