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LastKnown Marketplace: Enhancing User Onboarding with Simplified Trading Experiences
Blockchain Foundry
2022
Crypto, Web3
Simplifying NFT Ownership and Bridging Web3 with Real-World Value
LastKnown bridges the gap between NFT creators and consumers, offering a platform for managing, verifying, and securing NFT ownership. Through innovative technology, LastKnown simplifies the process of connecting digital assets to real-world use cases, enhancing the value and utility of NFTs. Whether for creators or consumers, LastKnown ensures a smooth and secure experience, maximizing the potential of NFTs in both Web3 and traditional markets.
Framing the Problem
In a saturated NFT marketplace filled with low-quality projects, consumers struggle with verifying the authenticity and rarity of digital art pieces, while security issues and online fraud remain rampant. As NFT projects and smart contracts lacked regulation and quality assurance, the shopping experience was compromised, leading to a lack of trust among consumers.
Laying a Foundation
We began by collaborating with key stakeholders, exploring the pain points surrounding existing marketplaces, and identifying how we could elevate the user experience. We workshopped flows, focusing on creating a seamless minting and transaction process, and we developed a roadmap that integrated innovative features such as NFT staking and play-to-earn gamification. Our goal was to provide a secure and trustworthy platform that fosters user engagement and trust, ultimately driving the success of the NFT marketplace.
Data Driven Solutions
We delivered a marketplace platform designed to streamline the NFT minting process, enabling creators to easily list and manage their NFTs. We introduced features such as a secure verification system, skill-based gamification, and NFT staking to enhance user engagement. Additionally, we implemented tools for developers to facilitate drops, while providing transparent metrics to establish credibility for each NFT listed. By focusing on transparency, security, and innovative features, we ensured that consumers could confidently trade NFTs.
Streamlined Minting Process: Simplified the NFT creation and minting process for creators, enabling them to easily list and release NFTs on the marketplace with minimal effort.
Comprehensive Marketplace Platform: Developed a robust platform for buying, selling, and browsing NFTs, featuring secure transactions, smart contract validation, and transparent metadata for each digital asset.
NFT Staking and Gamification: Introduced NFT staking functionality to incentivize user engagement and rewards, alongside play-to-earn features that enhanced the platform's overall interactivity and user retention.
Developer Tools for NFT Drops: Provided developers with the necessary tools and API integrations to facilitate seamless NFT drops, creating opportunities for increased exposure and marketplace activity.
Measurable Learnings
The launch of LastKnown Marketplace resulted in a successful execution of a go-to-market strategy, generating over $500K in gross revenue during the initial release. The streamlined minting and transaction process attracted both creators and collectors, while the added features like staking and token integrations kept users engaged and returning. Despite the downturn of the Web3 industry during the crypto winter, the product continued to evolve with several ship-ready features in development. Ultimately, the project’s focus on security, user engagement, and quality assurance laid the foundation for future growth, even as we pivoted strategies in response to market shifts.
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