BoostBeyond Hype: Understanding the Impact of Airdrops on NFT Marketplace Performance
IntroductionThe NFT marketplace is evolving. Over the past year, OpenSea has seen increasing pressure from new competitors eating away at its market share. LooksRare, X2Y2, Sudoswap, and Blur have decreased OpenSea's NFT Volume market share from 99% to 50-30% depending on the week.Market Share for NFT Marketplaces by WeekWhile OpenSea may have been one of the darling companies of the web3 era, there is one thing that it's lacking that all of its competitors have: a token. This left ...
BoostAirdrop Design | Past, Present, & Future
When considering the future of airdrops, it's easy to feel optimistic about their potential for aligning users of crypto networks. It’s just as valid to express skepticism based on the current state of the instrument. While it's clear that more experimentation is necessary in order to properly harness their power, the required overhead and lack of tooling to execute airdrops are prohibitive. But what are they, anyway?What is an Airdrop?Simply put, airdrops distribute tokens to past,...
BoostIntroducing Quest Protocol Rewards
Deploy, refer, and complete quests for cryptoParticipation lies at the heart of the crypto ecosystem. It’s the collective effort of countless participants worldwide that ensures the functionality, security, and growth of decentralized protocols. But beyond it being a mechanism for sustaining networks, participation embodies the very ethos of crypto and why it exists - to increase economic opportunities for every individual. Earlier this year we launched Quest Protocol, making it easy for anyo...
The onchain distribution network of Boost Protocol. Target, acquire and engage users with token incentives to drive growth.
BoostBeyond Hype: Understanding the Impact of Airdrops on NFT Marketplace Performance
IntroductionThe NFT marketplace is evolving. Over the past year, OpenSea has seen increasing pressure from new competitors eating away at its market share. LooksRare, X2Y2, Sudoswap, and Blur have decreased OpenSea's NFT Volume market share from 99% to 50-30% depending on the week.Market Share for NFT Marketplaces by WeekWhile OpenSea may have been one of the darling companies of the web3 era, there is one thing that it's lacking that all of its competitors have: a token. This left ...
BoostAirdrop Design | Past, Present, & Future
When considering the future of airdrops, it's easy to feel optimistic about their potential for aligning users of crypto networks. It’s just as valid to express skepticism based on the current state of the instrument. While it's clear that more experimentation is necessary in order to properly harness their power, the required overhead and lack of tooling to execute airdrops are prohibitive. But what are they, anyway?What is an Airdrop?Simply put, airdrops distribute tokens to past,...
BoostIntroducing Quest Protocol Rewards
Deploy, refer, and complete quests for cryptoParticipation lies at the heart of the crypto ecosystem. It’s the collective effort of countless participants worldwide that ensures the functionality, security, and growth of decentralized protocols. But beyond it being a mechanism for sustaining networks, participation embodies the very ethos of crypto and why it exists - to increase economic opportunities for every individual. Earlier this year we launched Quest Protocol, making it easy for anyo...
The onchain distribution network of Boost Protocol. Target, acquire and engage users with token incentives to drive growth.
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Today, we’re excited to launch RabbitHole V2. With RabbitHole V2 comes a brand new look, new features, and an all new Quest Protocol to make RabbitHole a better experience for users and a more powerful tool for protocols looking to distribute their token.
We’ve received feedback that RabbitHole had too much friction to get started, requiring users to get verified in various platforms to start completing quests. We’ve also had feedback that it took too long to receive quest rewards. Finally, we received feedback that it was hard for users to differentiate between Skills and Quests. Here’s the changes that we’re making to the platform:
Allowlists, A New Way to Become Eligible - Every quest is a new opportunity and new smart contract. To become eligible for new quests is completely dependent on the needs of the project. For example, the project may want to create an allowlist of users who are token holders, or an allowlist of new users to the project. You’ll only see quests on the platform that you’re eligible for.
Quest Receipts, a New Way to Claim - Rewards from quests are now easier to claim thanks to Quest Receipts. After a user completes a quest, a user will become eligible to mint a “Quest Receipt” marking proof-of-completion in the Quest. Users can use the Quest Receipt to claim the quest reward. If users don’t want the quest reward, they can sell their Quest Receipt on a secondary marketplace like OpenSea.
Goodbye Skills, Hello Beginner Quests - We’ve decided to remove Skills from the platform and make RabbitHole accessible by having Quests that are open to everyone. If you minted a credential on RabbitHole, don’t worry, your proof-of-completion is still on-chain and lives in your wallet forever. It may even make you eligible for some upcoming quests!
We’ve spent the past few months working on moving our quest infrastructure on-chain so both projects and users can transparently see the status of quests. We believe that having transparency will only make RabbitHole safer to use and increase trust between all participants in the ecosystem. This is part of a larger goal in moving RabbitHole to a permissionless quest creation model, where anyone with the right eligibility can spin up a quest and assign on-chain work.
Aside from having more quests and rewards in the future, we believe that on-chain work is going to be one of the most common ways to earn income online. We’re still in the early stages of it, with most protocols being built for speculation rather than utility. But as more protocols come online over the next decade, we’ll see new types of protocols that require users to complete on-chain actions to increase the benefits of the network, like Golden, Helium, or Dimo.
Today, we’re excited to launch RabbitHole V2. With RabbitHole V2 comes a brand new look, new features, and an all new Quest Protocol to make RabbitHole a better experience for users and a more powerful tool for protocols looking to distribute their token.
We’ve received feedback that RabbitHole had too much friction to get started, requiring users to get verified in various platforms to start completing quests. We’ve also had feedback that it took too long to receive quest rewards. Finally, we received feedback that it was hard for users to differentiate between Skills and Quests. Here’s the changes that we’re making to the platform:
Allowlists, A New Way to Become Eligible - Every quest is a new opportunity and new smart contract. To become eligible for new quests is completely dependent on the needs of the project. For example, the project may want to create an allowlist of users who are token holders, or an allowlist of new users to the project. You’ll only see quests on the platform that you’re eligible for.
Quest Receipts, a New Way to Claim - Rewards from quests are now easier to claim thanks to Quest Receipts. After a user completes a quest, a user will become eligible to mint a “Quest Receipt” marking proof-of-completion in the Quest. Users can use the Quest Receipt to claim the quest reward. If users don’t want the quest reward, they can sell their Quest Receipt on a secondary marketplace like OpenSea.
Goodbye Skills, Hello Beginner Quests - We’ve decided to remove Skills from the platform and make RabbitHole accessible by having Quests that are open to everyone. If you minted a credential on RabbitHole, don’t worry, your proof-of-completion is still on-chain and lives in your wallet forever. It may even make you eligible for some upcoming quests!
We’ve spent the past few months working on moving our quest infrastructure on-chain so both projects and users can transparently see the status of quests. We believe that having transparency will only make RabbitHole safer to use and increase trust between all participants in the ecosystem. This is part of a larger goal in moving RabbitHole to a permissionless quest creation model, where anyone with the right eligibility can spin up a quest and assign on-chain work.
Aside from having more quests and rewards in the future, we believe that on-chain work is going to be one of the most common ways to earn income online. We’re still in the early stages of it, with most protocols being built for speculation rather than utility. But as more protocols come online over the next decade, we’ll see new types of protocols that require users to complete on-chain actions to increase the benefits of the network, like Golden, Helium, or Dimo.
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