AlphaBack

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Retro

Institutional Capital for NFT Promotions & Progress Upgradeable Contracts

This week was delightful! We released upgradeable contracts and analytics in staging, and we welcomed an institutional investor on our cap table. We’re making good progress toward onboarding our first 10,000 NFT-friendly users.

Highlights

  • Fundraising. We’re excited to welcome Hashkey Capital in our round, an institutional fund with over 200 portfolio companies that has been investing exclusively in blockchain technology since 2015.
  • Upgradeable contracts. As mentioned last week, we’ve been working on upgradeable smart contracts. This week, we released that code in our staging environment. Next, we’ll conduct QA and aim for a production release in the next sprint.
  • Analytics. We can now track connected wallets, enabling us to identify users who should receive payments for viewing NFTs 🤑
Analytics show a user's wallet ID connected to AlphaBack, an extension that pays users to look at NFTs

Challenges

  • Deployments. A new code package introduced conflicting dependencies. We lost two days of dev time diagnosing and fixing that issue in our staging environment. Production systems were not affected.

Asks

  • We’re working on user research and mockups of our next NFT discovery user experience. Signup for a short user interview here.
  • Do you know any NFT collections who would be interested in a simple win-win collaboration? We’ll promote them on AlphaBack, and they encourage their community to install our extension. Here are a few that we’re approaching:

Food for Thought

We’ve been thinking about traditional advertising models and how we can leverage them to provide users with more yield in the future.

For instance, we can empower users to control their advertising experience, allowing them to offer more data to advertisers in exchange for greater payments. In one scenario, users may get a multiplier on rewards if they connect more wallets. Or perhaps users opt-in to share browser activity and history, leading to another multiplier. We believe these will be rich data sources in the future (post-cookie) advertising world — and users should benefit directly from offering their data.

Additionally, we could reward users based on the number of ad views they generate in their typical browsing experience. Cost-per-click campaigns are also possible in the future, where users earn a percentage of each paid click. Similarly, we could introduce cost-per-action campaigns that are uniquely tied to wallet addresses, encouraging higher rewards for users and conversions for advertisers.

That said, we leave those ideas for future implementation because they require careful product development to prevent abuse. Any model where the user benefits from doing more of the paid activity presents a moral hazard. For example, did the user click on the ad to earn money, or were they genuinely interested in the advertised product or NFT? Fortunately, advertising fraud is an old problem with well-established methods for detecting such activity.

But, first things first, we must grow our user base to make all of this possible. So I want to thank you for your support as we climb to 1M users.


Install the AlphaBack Browser Extension today!

By Rod Fuentes

Authentic, exited startup founder. Exploring Web3, DeFi, NFTs. Co-founder @AlphaBack_xyz. Loves: coding, cooking, climbing, and CoLab machine learning 😜