This is our second monthly update and we wanted to write an article about the origin story of FOMO.tools and the current status we are in right now.
In the beginning, we believed that the best way to create a software product on web3 was to start by solving our own problems, and we ourselves were the target audience and had to decide what was important and what was not. That gave us a good head start on delivering the simple product and focused on the problem at hand.
So, what were the main problems we were facing in the NFT market?
1- Everything was a mess 😵
Several applications focused on different problems and services but it was quite messy in general. So, we've decided to build an "all-in-one" platform with a powerful toolkit.
2- Managing portfolios with primitive methods 🐒
We couldn't find a good application for Solana with a user-friendly UX that helps users to track all assets with profits/losses, and incomes/expenses in different periods. We had to calculate and manage each NFT's performance with primitive methods like Excel, and Google Sheets instead of analytical tools.
3- Reaching all collection statistics, in a one-stop place 📈
Another problem we had facing was reaching the collection metrics from different data providers. Most of the platforms were providing basic metrics such as FP, volume, sales, and holders but when we want to access more detailed blockchain data, we had to use other paid/free platforms.
Platform A was providing data A, and Platform B was providing data B, but they both were not providing each other's data. So, we had to use both.
4- Researching the market, too much misinformation - no collectivity 🙄
While researching the market and following up on upcoming projects, we were using different platforms which offer no more than brief descriptions of the project, team, supply, and mint price.
Another method to research was following influencers on Twitter and other socials but we noticed that majority of them were posting tweets about the projects they generate income from instead of sharing their own opinions.
Another method to get ideas about the project was asking other friends in different communities individually, there was no collectivity so it was taking too much time and effort.
5- Accessing the real-time data with a live feed ⏱️
No good application gives significant increases/decreases in sale numbers, volume, price, sweeps, listings/de-listings, mints, and whale activities with notifications in real time.
7- Categorizing the transactions and search in any time period 📁
We wanted to categorize our transactions into personal categories such as NFTs, DeFi, income/expense, lending/receiving, and monitor all transactions on a single screen with the time period we want to see, but explorers were not customizable enough to do that.
We couldn’t find a good application for all the problems we're having above.
So we’ve decided to make one. That’s how FOMO started out.
Since the initial idea:
We have developed and set up our own RPC structure, and we can reach all kinds of core data on Solana Blockchain.
The back-end development of the MVP has almost finished, waiting for the finalization of the front-end.
The front-end development and UX works of the MVP are still in progress - it seems that UX work is taking more than expected but the whole team is just focused on this.
The collection works have finished a long time ago.
What's next?
We're planning to be able to get an MVP out really really quickly - we made a goal to ship before Christmas, and we only have to deal with the front-end side and the small details - that’s perfect.
About the collection;
The business model we will implement for the collection is still in the pipeline but:
Users must test the platform before they make any purchases
Reaching this kind of toolkit shall not be excessively expensive
There should be different pricing models that users can choose according to their budget and needs - the Freemium model
Art must be unique - ours is awesome!
We will explain other details of the collection in the future after the product is completely ready. We do it this way because we want to ensure that all users test the product before making any purchases. We think this is the right and ethical thing, and that's why we are waiting for the product before everything starts.
It's exhausting even to think back through the last 6 months and everything we've been able to build out! And the fact that this will be useful for the ecosystem is very fun and exciting. 😙
Love ❤
- Team FOMO