Mint at sonsofcrypto.com/nft/. Flip at Open Sea.
Part #1: Context
It is abundantly clear web3 / crypto is real and here to stay. It is dot com / mobile phone revolution in technology, alongside biggest revolution in economics since FDR took dollar off gold standard. With that comes gold rush and mania. Every VC in the valley now has crypto fund. It is stupid easy still, even in this market conditions, to raise money. We have turned down so many offers of seed funding, worth hundreds of thousands of dollars that I stopped counting. Offers we did not ask for. I am assuming we all know the playbook here. VCs get in on pennies on the dollar. Hype machine kicks into gear, IDO, early people dump on retail. Down only chart. Even when you look at solid projects like Uniswap, chart does not look so hot. This is because they have share sholders to return money to. Value generated by the product does not accrue to token. Not mentioning out right ponzies, scams and rug pulls that crypto has not shortage of.
Despite all that. We see web3 / crypto only force pushing for more freedom in increasingly authoritarian world. Ultimately we have nothing against VCs. But can you name three projects that follow crypto ideals ?
Actually decentralized and censorship resistant
Owned by users and did not raise early rounds by VCs, who will inevitably dump on retail
With tokenomics that make sense and won’t lead to down only chart at some point
Did not do IDO at stupendous valuation that guarantees down only chart. And team is not free to retire on the beach just off the IDO raise.
Gives users full self custody
Respect user privacy
Open source with MIT & GPL3 license
What we are attempting to build is a project that is an embodiment of crypto ideals. Something people can point to and say this is how you do it right. We have a product that actually generates steady revenue, regardless of market conditions. All the value generated accrues to token. Team only gets to retire on the beach if product is phenomenally successful, not off hyped up IDO.
Part #2: Problems
1. Virtually all the wallet connect to crypto networks via centralized web2🤢🤮 servers. Metamask blocked Venezuela by mistake ! So much for censorship resistance ... That is the whole point of crypto. No wallet should be able to block anyone in the first place. Let alone entire country. That's what web2 does. Defecto gateway to web3 being centralized is intolerable status quo.
2. DeFi / Web3 is practically unusable on mobile. Normies do everything on mobile. Once it is as easy to use as twitter, there is a 10x for whole space. I travel a lot and speak to a lot of people. Of course only thing I talk about is crypto. If you can't show it to them there and then on the phone. Most people will not try web3 / DeFi. Let alone install browser extension on their desktop.
3. Metamask made $300mil last year. Phantom wallet is valued at $1.2bil. They generate revenue via fees on in apps swaps. Should this money go to centralized services or community of hard core crypto native users ?
4. For all the talk of decentralization, web3 is largely being built by and funded by the very same people who built censorious, privacy destroying web2. That’s why when you look under the hood, what you find is herd of dinos (Decentralized in name only).
Part #3: Solutions
1. We are connecting to networks directly. Actually running light node directly on devices. This has its technical limitations. Where it falls short, we utilize Pocket Network (Decentralized nodes service). We have no ability to block anyone. There is no server to shut down. All the code runs directly on user's device. At no point we have custody of user’s coins. And even better, it is fully open sourced with MIT license. Anyone can inspect and use it. We don't want web3 to be just a meme. We want help accelerate adoption to web3. That's why everything is open sourced.
2. Web3 really sucks on mobile. To make it usable we are building native, in apps UI for ever growing list of DeFi product categories. AMMs, derivatives, lending & borrowing, options, bridges, mixers, launchpads... And user can choose provider. Say you wanna do swap on Uniswap, or Sushi, or Raydium. UI/UX is native and generic and user just selects provider they want to use. Goal is to support as many chains and products as possible
3. Remember profits our centralized competitors did just on swaps. Well we have the swaps and like 10 another product categories we charge fees on. To be clear this is just on in-apps usage. If you connect to any dapp we do not charge any fees. Much like every other wallet. Instead of keeping those fees. How about we **GIVE IT ALL TO TOKEN HOLDERS**. So that all of the value created accrues to token. Trustlessly via smart contract and into the yield farm. Since fees are paid in ETH. Yield is blue chip ETH. Not some forever inflating shitcoin. This mean that token has a floor price which is a function of the usage of the apps. More usage, more fees, more yield, higher the token price. DAO shall keep 20% of tokens to fund development in perpetuity. If we approach numbers anywhere near to our competitors. You do the math anons ...
4. Say instead of raising money from VCs at already unreasonable valuation. Doing an IDO on hype at stupendous valuation. How about we just raise money in decentralized way from anons. No pre-sale, no preferential treatment for anyone. Everyone is free to participate. And we only raise amount of money we need to ship 1.0 and polish it for couple of months. Plus some marketing expenses. At a reasonable valuation. And this is going to sounds crazy. But how about we have product that actually generates revenue.
There is so much more, but no one wants to read a book 🤣. That’s the part of the reason why we are doing this in parts. I briefly have to mention a few things:
Almost everyone we spoke to in the industry is super interested in white label product. Dapps know users are on mobile. To have a mobile versions of a dapp, you need a wallet in app. To create an app, you need iOS dev, Android dev, Rect dev, designer and product manager at least. Pay them for 6 months and you have yourself buggy 1.0. Or give us $150k and we do it in two weeks. It is a no brainier. I suspect that is why we had so many seed funding offers. This is a real pain point in the industry.
We want to integrate as many L1s & L2s chains and DeFi products as possible. They all have grants programs.
We think we have a way to get million users in a month. We can not say more about it at this time.
We think we are 6 weeks away from MVP / 1.0. As soon as it is out, tokenomic and other sources of revenue mentioned above start kicking in.
There is a demo of the app in second half of the video
Part #4: Funding
We though long and hard. Given our values, crypto ideals, road map, what and how we want to build this. We have settled on following. 1000 NFTs available to mint for 0.21ETH. Plus 100 reserved for rewards and giveaways. 1100 total. 1043 Regular, 19 Bronze, 10 Silver, 5 Gold. Max mint 10 NFTs per transaction. Any wallet that holds any of the NFTs from this collection is entitled to fee free usage of all the products and services within web3wallet for eternity. (Needless to say this excludes gas fees as those are part of network protocols)
If you minted Bored Ape for 0.08 ETH back in april 2021. You were up mind blowing 145,000%. This does not include Mutants, Kennel and Ape coin airdrops. Best investment of last couple of years. Point is BAYC took care of their OGs. We are not committing to anything beyond no fees at this time. You should have no expectation of profit from work of others, but ... You know the drill. We sure value our OGs dearly and ** **** ******* ***** at TGE 🙊🙈🙉.
Why not an IDO now? Goes back to crypto ideals. If we IDO now token price is function of empty hype. People buy the top, sell the the bottom. Once we have 1.0 out (~6 weeks). Apps start to generate revenue, giving token intrinsic floor price. And we can make sure to set the thing we can not talk about to number that makes sense given market conditions and make NFT holders happy.
We are trying to do this right, "playing the game" at hard mode. Rejecting VC offers. Want to give retail a chance go get in on the action from the start. This is it, time ape in, its in your hands now anons!
Mint at sonsofcrypto.com/nft/. Flip at Open Sea.