Famous Fox Fed | NFT Strategies Talk In 2023
Video Transcript:
Chris: Guess speaker for today is Draxxtsoul from famous Fox Federation. One of the leading ecosystems in the Solana space right now which brings a lot several of really nice utilities in the space game changing utilities. So yeah I would like to Welcome to our space today Drax.
Draxxt: Yeah man thanks for having us I appreciate it and yeah thanks for the kind intro. I will apologize, I’m not sure you know the whole scope of the audience here but but yeah like you had mentioned we’re like the the trusted builder brand if you will for the Solana NFT ecosystem so we’ve got a ton of utilities and have been building a lot you know in in the current market and so it’s really it’s really quite fun to be a part of if I’m if I’m honest with you guys yeah
Chris: I’m really excited today to discuss to our listeners about your project Famous Fox Federation. Actually guys if you have not seen yet we have featured them in our YouTube podcast before. But I believe there are a lot more things right now that they launch right after that podcast. So we’ll be learning more about them and then of course as the title speaks for itself we will also. What are you actually doing in Famous Foxes? discuss their insights with the current market and the NFT strategies. They may share based on their own experiences and yeah as we know they are one of the successful projects right now in the space so there are no other better guys to ask about that but with this blue chip project founders. So you have to start off yeah can you quickly introduce yourself and tell us exactly what is it that you are doing for famous Fox Federation
Draxxt: Yeah, I’d love to. So like you had mentioned, names, tracks TS, one of the co-founders for the famous Fox Federation. I’ve been with the project since day one, so when we launched, we actually minted on October 1st. I think we started our marketing campaign early September of 2021, so coming up on, I don’t even know how many months that is, 16 months, something like that. Background in engineering and business, have been in the electric industry for 10 years, and then kind of have always been fascinated with crypto as a whole. Got in January of 2017, did not hold because I, you know, was brand new to the space, and my risk tolerance was nowhere near what it is now. You know, and just have honestly knew about crypto punks when they came out in 2017, thought it was dumb to spend fifty dollars on a picture back then, and then with kind of a Resurgence in like early 2021, just became a lot more interested in the NFT space as a whole, kind of, you know, more so around like why they exist, what the potentials are with them, and what really the future looks like for NFT. And so you know had joined forces with a few friends to create foxes minted out, wanted to be different, hence the reason why we went with foxes and not like a monkey or something at that time, which was the popular animal of choice, if you will. And we really just wanted to spin, you know, spit like change the game to add in a token like every other project was kind of creating, but to figure out a deeper way to coChrisect it to actual utility in the space. And so you know we launched peer-to-peer trading, was our very first tool, Foxy Swap, and then our messaging platform, Ding, after that. I think really changed the game for a majority of the ecosystem. It might not have been immediate, but definitely over the longer-term time frame, as that’s still one of our most active tools that folks are using. But since then, it really has just been finding problems and inefficiencies that exist within the NFT space or even, like, a little bit broader, you know, businesses and such that are stacked on top of web3 and solving them. And so we’ve done that with a whitelist token marketplace, we’ve added in a commission marketplace for one-of-one artists, we started up a music NFT platform for musicians to launch their own music NFTs if they wanted to and create community around that, we have a raffle platform where you can raffle off NFTs, and Citrus, which is our latest offering for lending and borrowing Solana against NFTs. So it really is just building out this whole ecosystem that is very well-entwined with itself and has a lot of value for people that are trying to do certain things within the space that they either don’t know where to go to or are not familiar with those individual tools yet to be able to take advantage of them, so it’s really been our 16-month history. There’s a lot more tools that we’ve created. We have gamified staking. We have these weekly missions that people, you know, I’ll say kind of rally behind, and they send their foxes out to go on them and they collect rewards every weekend. You know, we distribute a portion of revenue that we bring in via this gamified staking way with treasure chests and random rewards and all that kind of fun stuff. So it’s a very well-thought-out built platform that just keeps growing. You know, I’ll say day by day, but you know it’s based off the space being so quick that’s just like how it works
Chris: Yeah, so thanks for that. So you were mentioning, right, you came from the electrical industry. How did you actually get started into this whole web3 space and then especially NFTs, right? It’d be great for us to hear a little bit about your journey and the space.
Draxxt: Yeah, so like I had mentioned, like, I got into crypto kind of early, like, well not early early like 2017, but before the bull market had actually happened. My first Bitcoin that I had bought was $865, and I, you know, obviously wasn’t of the holding mindset, but was just fascinated with the tech and really thought there was something more to it. The bank actually that I went to, like wire transfer money out, the manager was like, “you’re crazy for doing this,” and I’m like, “you have no idea,” you know, how game-changing this technology is. I think I actually might have mentioned to him like, “does he feel threatened within the banking industry that the crypto exists?” And honestly, just became fascinated with it. You know, it’s just like, you know, at the time, was just a side hobby of learning. I think that’s one thing that I would highly suggest to everyone is learn as much as you can. If you think you know everything, try to learn more. And then with NFTs, you know, like I said, early 21, there actually was like a Discord group that I was part of where they had people that were trading crypto punks, and they were making like an eth profit par, and that’s when they were.
Chris: Like, I don’t know, 15, 16 each, and so I was, you know, kind of surprised by that. I was, you know, just shocked on the fact that you could make like an ETH profit off of a 12, 13 e thing, and that’s when ETH was 3,500 or three grand something like that. So I just dove a bit deeper into it to try to figure out like what are NFTs, why do people care, why are people spending so much money on these things, and then, you know, had chatted with like I said some friends to figure out like is there a way we can get into this space and change it up. And, you know, it got to a point where I think it was July, July/August where we were ideating on, you know, does it make sense, should we do this, and then, you know, just started marketing and building out everything and launched like I said, the end of September, early October. So it really was more so on a whim of interest and, you know, the expectation that we really could compete with everyone else that’s in the space. Or coming into the space, and I think, you know, our, I think we’re battle tested. I think we’ve proven that we can for sure stand the test of time, especially with everyone else in the space, and the nice part about it too from our side is that we’ve never taken outside investment in anything we’ve created. We’ve been bootstrapped from day one, so we’re not beholding to investors. Anything that we want to do, we can do. We do have a DAO that we will functionally ask for voting and such to get like ideas from them, especially for larger scale changes that might impact the project. But aside from that, you know, we’re a very small, agile, capable group of individuals that are changing up the NFT game within Solana.
Draxxt: Yeah, I can definitely observe that because upon checking the project, right? Can you tell us more about Famous Foxes and your platform? So, you have really an arsenal of utilities, as I can say, like an Arsenal. If you’re going to war, you definitely have all the weapons. Yeah, things I got. For those who don’t know and to all our wonderful listeners listening, can you tell us more about Famous Fox Federation and yeah, all these things that you currently have in your platform?
Chris: Yeah, certainly, I’ll try to do an abridged version because we do have a lot, like you said. I would suggest anyone interested in jump into our website famousfoxes.com, and then you can check all the tabs at the top. So we have our foxes section, which is more for launching missions, bringing foxes back from missions, staking, claiming your rewards, and doing a lot of fun things within the fox ecosystem. Then you have the utility tab, which has all of our tools, which I’ll talk about in a few seconds. You’ve got our coin, foxy, which again shows you where and how you can transact it. We have our token Market of Jupiter aggregator. We have our dens page, which is our third collection that we launched. That is just more so a gamified ecosystem for staking, but then on top of it, it’s like a gallery where you can also show off your Solana or Ethereum NFTs. It can help too for transacting for doing foxy swaps or jumping in and checking out someone’s wallet if you want to see what they have going on. It also helps the transparency for treasuries of other projects and things, but there are some ways to poke around like a directory and all that fun stuff. The last tab we have is our merch, so if you’re interested, you can buy merch from us. It can be done with Solana or USDC, and yeah, that’s all available right through our website, with free shipping worldwide. How they would suggest checking that out if you get a chance, but then going back to our utilities, which is really kind of the bread and butter for foxes. I mentioned a little bit earlier some of them, so the first one I’m just going to rattle off the list from top to bottom. It’s easiest on my side, but we’ve got our famous token Market, which is an SPL token Market. It’s more known for like whitelist tokens for mints which haven’t been super popular recently. Last year about this time, it was everything. As well as SPL tokens for individual projects like utility tokens that they’re using, and it’s an order book style so you can just put buy offers and sell offers in. You can only put buy offers in if you own a fox, that’s one of the perks of owning a fox. We have Marmalade, which is our artist commissioned Marketplace. So, if you are an artist and you’re interested in getting into the space and you want some exposure, feel free to apply for Marmalade. We do have like a little bit of a process for approving people, but it’s USDC based. You can basically just use it as a safe platform for if you want to create commission pieces for people. We charge like a three percent commission fee on there, but it’s just a safe way that escrows the USDC for some work that an artist is trying to get from somebody else and it just helps them out to kind of proliferate their specific brand. If Citrus, which is our newest offering, it’s a peer-to-peer lending platform so you can either lend Seoul against NFTs and you can create your own terms. It’s a really awesome platform I highly suggest checking it out if you have not. You can change your AP wides: you can have different durations anywhere from three days to 21 days. You can offer it on a plethora of collections. I think we’re close to 50 collections on there, and you can earn yields, and the yield can be significantly higher than a lot of other D5 products. There is obvious risk exposure that happens with NFTs, so you have to have a strategy for it but definitely a very interesting offering. And then on the borrower side, if you own NFTs that are in that platform and you want to borrow Soul against them, you can certainly do that. You can list your own NFTs for certain terms. You can accept the terms that someone else has already created. Again, a very awesome platform. And that’s for lending. We have a raffle tool where you can raffle off NFTs or you can buy tickets into Raffles. You might see it all across Twitter as a lot of people do tweet out about our raffle platform, but people create their own terms if they want to sell. If they want to raffle off a d-god, you know, and try to make, you know, 600-700 Soul when the floor price is 500, they can create it for a thousand tickets at 0.5-0.6.7 Soul, and people can just go buy up as many tickets as they want to possibly win that D guide. So again, pretty awesome offering. Definitely more on the degenerate side, and there’s just a lot of people that are involved in it. So Raffles are really quite fun. You’ve got a coin flip coin flip application, double or nothing coin flip auctions to be able to create your own auctions for SPL tokens or peer-to-peer swapping. Foxy swap lets you swap NFTs with another person. You could do up to six NFTs in a single transaction like a one for five, two for four kind of deal. You can add Seoul on either side as well. We have ding, which is our NFT messaging platform. You can send an actual NFT to another wallet that has a personalized message on it. So if they have an NFT you want to try to get, it’s not listed, or maybe it’s listed for a ridiculous price, you could send them a ding message. If you don’t know who they are, you can mint your own NFTs using foxy mint at a small cost, and you could do additions. You can airdrop editions, that’s really quite fun. You can book send NFTs with foxy sends from one wallet to another or from multiple NFTs to multiple wallets. Foxy sweep is an aggregate floor sweeper for across. I don’t even know how many platforms we have that across, but quite a few platforms where you can sweep a collection you’ve got, foxy lists to bulk list and d-list NFTs, foxy bid to bid on multiple NFTs within a specific Marketplace, foxy share which is a token distributor, so if you have a list of addresses you want to send a bunch of money to or if it’s like your payroll, you could just put a list in there with the amount of Soul or USDC or whatever token to send, then you can send it out in one shot. Foxy save lets you save your NFTs into like a folder locally on your computer. We have five different tools that are up on Aptos, so we have a button in there for you to jump over. So it’s part of the tools that I’m mentioning here, but you can access them and use them on Aptos. Then we’ve got revoker for revoking account permissions, and then TMI, which I would recommend folks that are in the Solana NFT space to check out. It allows you to close old open accounts so you can possibly get back like 0.002 Soul per account, and that’s for any NFT that’s ever been in that wallet. It creates like an account for it automatically. It doesn’t cost much, but it can add up over time. And then the last tool worth mentioning is Snapshot. So, it allows anyone to go in (you have to hold a fox in order to do it), but anyone to go in and snapshot a mint list. And then ultimately turn that into a holders list for any collection that they want to. And it can’t even be broken down by a specific attribute. So, if you wanted to snapshot, you know all the cope foxes that exist and airdrop them something, you can grab, you know, the cope hats and the cope bodies separately. And then you could just get a whole list and figure out whatever you want to do from like a foxy send kind of option or foxy sharers and say a kind of option to distribute tokens to them. So, a ton of different tools, a lot of fun things for people to play around with. The other piece that I didn’t mention was Boombox. We don’t have a direct item right on our utility page to it, but that is a music NFT Marketplace that we’ve helped build, and in there, you know, anyone can create their own profile. They can mince their own music NFTs. You can have audio visuals as well, and you can set them up for mints. You can sell one of one editions. You’re one of one’s Master copies. You could sell additions. There’s a ton of different offerings in there as well, so I highly recommend checking that out. That’s Boombox. Boombox stock market to get to that page as well, so a ton of different things that we offer.
Draxxt: Yeah, that’s really awesome, right? I also saw in one of your tweets that there’s like this something that caught my eye. It’s like a metaverse version of the foxes.
Chris: oh yeah yeah yeah yeah so we so so I’ll give a shout out to
Brink one of our one of our foxes he does awesome work and he’s helped build out like portals so anyone again that’s also in the NFT space might be familiar with portals it’s like
probably the most known within the Solana ecosystem for metaverses and Brink had created both a district and
Draxxt: an individual room and that District that I posted so we do weekly voice chats with our community I actually am the one that hosts it and just to kind of give a recap of updates and things that went on that week and then at the end we’ll typically do like a drawing for some chest rewards that we give out and so like this week actually someone had won five Soul Brink was actually the wiChriser of that five Soul that’s not very common that we give out five Souls normally a lot of Foxy that we give out but but yeah we we have 3D foxes so anyone that owns a fox you can’t unlock it after after you pay foxy in order to do so and you get a a GLB file that you can import into portals it does work in a lot of other things as well like Adobe Arrow or miximo so you can kind of mess around with your Foxes or you can upload them into other metaverses if it’s kind of rigged correctly or if you have to do a little modification to it you can but yeah in our portals that that screenshot just shows you some other foxes and folks that are messing around within our district during one of our voice chats that we do weekly so it’s super awesome we’ve got you know a lot of these tools kind of built in it as like I don’t call them Easter eggs but like within like this little town and it’s just a lot of fun to kind of have a space for foxes to be able to go through every week and and mess around with and chill and stuff in like a metaverse setting it’s pretty fun yeah
Chris: I’m really in awe right now actually because some of these utilities I have seen in other projects in the space but then you know it’s actually single-handedly made the project that’s all in one right like you’re pushing the space really forward and it’s really hard to quantify as you mentioned I really like what you are working on right now Frankly Speaking
Draxxt: yeah it’s it’s a lot of fun you know like one of the bigger challenges I’ll say with like a lot of projects is it’s like it’s like being sticky is is having a reason for someone to stick around and want to participate want to be a part of it want to tweet out you know why they’re part of a community what it kind of stands for like you know even from themselves from a personal identity standpoint like a lot of projects struggle with kind of keeping that and I think that’s the one thing that we’ve done quite well is because we offer so much that you know you might be a musician and like the only thing you care about from boxes is the fact that like we’ve created Boombox and like maybe you’re able to make a living off of Boombox but you will Advocate you know for foxes and Boombox like just because like that’s helped you personally and and us having this multi-faceted approach with utilities like I know you know a lot of our tools has changed people’s lives even our collection as a whole has changed people’s lives because you know at the end of it and people like give a all the time for like our floor price being kind of like a stable coin or stuff like that like we it you know it doesn’t pp that often or what have you in a in a 16-month time frame our floor price and our collection has gone up 50x and then on from a salon aside of course Solana’s price action hasn’t been the best at the same time but on top of that like we have another collection that was airdrop to Holders so they got that for free that’s another right now I’m around 15 solar so and then our dens were minted using our foxy token you couldn’t buy them with Seoul even if you got like a den you know fermenting it with foxy when those came out you know and at our absolute Peak I mean you’re probably talking like 130 140x within you know a 16 month time frame in the space some people might be jaded and be like oh yeah like that’s not that crazy but in the global economic side of things it’s nuts I mean it yeah you know 100 140x in a 16 month time frame doesn’t exist for many companies yeah and and that’s just like a little part of it right there’s so many so many What sets you apart within web3? different ways you can go down of how we’ve impacted lives you know for the better that I think just really helps like a brand with stickiness and being relevant as long as we have because the space is very competitive
Chris:yeah actually I was about to ask about that but I think you already answered my question like you know I think this is what sets you apart within the web dry space yeah because you know they are always mentioning right provide value Etc. But here this is a prime example of providing value and adoption first and then you also reward your holders so as you mentioned they got this foxy token which is also coming from one of the utilities of your project then right now they can mint an NFT using those tokens as well
Draxxt: yeah yeah I was going to say like I could I could probably break it down a little better So within our actual like foxes the the missions that I was telling you about so there’s there’s two ways that foxes themselves can can get some kind of reward and I’m going to use air quotes there the first way is we have like our gen 1 staking so it’s just on our website under foxes they’re staking in there and so if you stake your Fox you can earn foxy for our first collection famous foxes you earn 100 foxy per day for our second collection trans-dimensional foxes you earn 25 boxy per day what we did was then we added in this gamified missions and the missions are based off of traits so the the fox that that are in here as an example like I see Guay on my screen so she’s got a blue bucket hat she’s got Thug glasses and she’s wearing a camo shirt or jacket those different traits can count towards different missions and so if she’s eligible for a
Chris: mission she sends her fox out on a Six-Day mission that fox will then bring back treasure chests and in those chests we have a page it’s famousboxes.com forward slash redeem you do have to ochriest the wallet to it so I always advocate for people to use burners first but we have prizes from foxy to Interior rooms on our dens to Solana anything from a half to five soul in a single chest to any of our NFTs a famous fox a trans-dimensional fox or a den you have a chance at withdrawing a more expensive the rare chests from a chest you can win or merch you could win shirts cups hoodies you can get these other partner items that we have with NFT graphics and slabs and then we have like other ecosystem prizes as well that some of them go for 25 30 up to 50 Solana that you have the chance at possibly withdrawing out of any Treasure Chest you open and so you know we have I want to say it’s probably close to five six thousand foxes a week that go out on these missions and and so we we’re
Draxxt: basically giving out you know Soul NFTs other prizes and every week that people are going out and doing these things right yeah yeah yeah
Chris: that’s really something like you are just engaging then you’re earning something
Draxxt: exactly 100 and it’s active it’s not it’s not like a passive you know reward system and we’ve even had we’ve we actually changed it recently this this past week we modified it to allow us more scalability to it because Fox is when they go on these missions they earn Fame which is our experience they get higher levels they can unlock like different art attributes for them to like upgrade into and pay foxy for we want to add more rewards for folks that are doing those things and so we added in scalability so now a tier one fox gets another Treasure Chest a tier 2 Fox gets another treasure chest on top of that so people that are like active in participating in our gamified ecosystem now as he’s getting rewarded even more for participating
Chris: that’s really nice to hear actually I started my career in Web3 in play to earn so right now it’s not working anymore right so right now I’m seeing this engage turns schemes so this is really one of the great examples of this engagement and a prime example of utility for your holders as well and rewarding them just by merely having these foxes in their wallets
Draxxt: yeah exactly and participating in like being part of the culture you know and having that stickiness so like every
Chris: every week Monday 11 o’clock in the morning my time EST is when foxes go out on missions or raids you know if you send them out around 11 then that means on the next Saturday at 11 o’clock in the morning you know your foxes will come back you claim them you get your chest you go open them and then you just see this flood of Twitter messages because we have it hooked up to our our notification bot of the prizes that people are getting and just seeing you know people withdrawing foxes people withdrawing five soul and you know all these other Soul prizes and stuff it’s like really fun to watch and be a part of you know on top of what we’ve built for foxes yeah
Draxxt: and also as a community member I really wanted to have that experience for example on a weekly basis you’re updating me on the metaverse from the portals
Chris: yup yeah
Draxxt: that’s really something that’s really cool and you know something that I would not see in any other projects out there
Chris: too to get feedback you know like I think that’s that’s one of the biggest in my opinion one of the biggest like reasons that I think web3 will be like longer term successful is having that direct intimate cocreation within a project or Community or or company if you will I think just helps give a better understanding of if you’re what you’re doing is is right you know and and how much do people actually give a shit and if they do and they tell you all the time like you know tweak this fix that like UI kind of sucks like that means that people are legitimately using it and they’re not the only person that’s going to have that problem How do you think NFTs are going to move forward & have specific strategies and effective in upcoming times so I love it when I get feedback on you know our tools and things to figure out like what can we do better because there’s just there’s so much to be done in general and I I love getting that feedback weekly yeah yeah
Draxxt: so speaking of you know NFTs moving forward right so in the correct situation of the market right how do you think NFTs are going to move forward and
Chris: do you have any specific strategies or trends that you are seeing that would be effective in the upcoming times
Draxxt: yeah I think that’s a very great question I think I think there’s kind of a combination here the first thing that I would say is that it’s it’s fun to me to see how quickly this ecosystem evolves I think that that a lot of people that are in it might get might not appreciate it as much because like I’ve been talking to a lot of people recently too just around the fact that like we move so quick compared to anything web 2 like it actually frustrates me to try to do things in real life you know that I know can be done more efficiently that just aren’t because of how efficient like I personally think that our industry is within NFTs but but on top of that I think like the biggest challenge that we have to kind of look at is is always figuring out why more people should care about NFTs I think at its absolute core right like it’s not to say how do we sell our bags to someone else that’s not here yet I don’t think that that makes sense it more so along is along the lines of if you are a you know insert whatever demographic here right like a I have no idea but but insert whoever you you think could be a good target audience for an NFT why should they care about NFT why would they want to own one what’s the what’s the value prop for them you know I’ve always talked about it before and this is like way back so I’m I’m still waiting but when you look at like reward systems within companies I I know Starbucks has done the thing with polygon and I’m sure there’s others as well that are trying to like figure out what makes the most sense but you know think about like Airline Industries credit card companies I mean all these things that have rewards Associated to them but not necessarily having it like logged in blockchain and a way to kind of prove ownership and you know just have like easier access and like a smoother process for those things and possibly even a way for people to monetize them on a different level compared to just using their shitty systems that they’re forced to use because that’s the way that it works I think there’s a lot of like those industries that we’ll see personally over the next five years I I’d actually be surprised if we don’t see all of them in the NFT space at one capacity or another to figure out how do we you know make people’s lives easier for using our systems and so looking at you know larger scale web to based companies figuring out web 3 strategies to get into the space and I’m already seeing it you know with with companies for trying to do this like multi-faceted approach if you look at how the us as hams have been evolving when it comes down to
Chris: technology right like everything is just becoming more online more mobile friendly just like an easier way of getting into you know the web and I think web3 is like another cocreations for it you know there’s already a lot of people that deal with collectors items you know I’m staring at slabbed up Pokemon cards coin collectors art collectors all this kind of stuff these people already exist us as han beings like always will have this like inherent nature for collecting things and being supportive and you know having like these different brand identities and such and I think like within the web 3 space and NFTs it’s just an extension of all of those kinds of offerings in a in a different way that people can relate to and so that’s that’s kind of how I look at you know also like the future of NFTs is that they’ll become more of like a name like a home brands that people will just like have them and not even think about them but they’re go. Chrisa have them for different reasons and the only reason that people are go. Chrisa get into them are going to be based off of like why people in the first place would like want to own an NFT there has to be like some kind of catalyst or reason for that so that’s kind of my general opinion for it
Draxxt: Okay, so thank you for that insight. It’s really something that interests me as well. Like you know, I see that actually right now as well, like brands from web to coming into web3, trying to do loyalty programs through NFPs and rewards to NFTs. So yeah, I really agree. Have you also encountered a hurdle in operating the Famous Foxes, and how did you overcome it? With you in that, we will be seeing more utilization of the blockchain itself as a technology and NFPs as well going over to strategies. Right back to strategies, our topic, right? So, have you also encountered some hurdles within the span of operating Famous Fox Federation, and then yeah, how did you actually overcome these obstacles?
Chris: I will apologize could you could you rephrase that for me again
Draxxt: So, did you have any big hurdle within the span of operating your project? And how did you actually overcome this?
Chris: Yeah, there have been many obstacles, I would say. Like early on, I think one of the biggest obstacles for us, for the very beginning, is – and this could be true for a lot of collections at one point or another in their existence – figuring out like if your value is actually in line with what the sentiment is from holders.
Draxxt: I think, I think like, just based on the way that the ecosystem works, as soon as we minted it, I think our floor price went up by like 13x within like three days. And at that point, yeah, and at that point, aside from creating the collection, like, we hadn’t done a thing. And so it’s kind of like, well, now there’s like this added pressure because the price is so high, but we just came out, and that’s just based off of how the market works, you know? There’s going to be like a level of correction to it. It didn’t deter us from doing anything, but like, that’s one of the things that we just had to figure out, like, okay, we have to disassociate the way we look at the pricing of the collection and what we’re actually doing and not let one influence the other. If people want to speculate and trade for that, they can, but from our project side, it doesn’t make sense to, like, watch the floor and every, you know, 0.1 Soul, you know, floor price changes. Like, we have to figure out, like, oh, how do we bring the floor price back up or whatever, which I think is a big struggle for, like, probably a lot of projects that are out there. So, like, that was just an early-stage thing that we just thought about, talked about it, you know, between ourselves and said, you know, like, there’s little we can do about it. If people want to, you know, make the price whatever they want to make the price of the collection, like anybody out there with enough money can do that. That’s how stocks work, that’s how any market works, it’s supply and demand. The second thing for us that I would probably call like our largest hurdle was around the fact that we were like the first project to have utility based on a token, and so in order to use our utilities, you had to use the token to do so. That created a lot of friction. So, Foxy Swap, as an example, it costs a hundred foxy to do a swap back in the early days, and we priced that based off of boxes. Foxes were earning 100 foxy per day. Then we give them the ability, if they want to go do a single Swap, they could do a single Swap. All they have to do is have a fox stake for a day, and then they’re able to do that basically for free. And then for anyone that has the token, they can just, you know, if they want to sell it to somebody else, they could sell to somebody else. They could go and use the tool, but that level of transaction to just do a swap added so much friction. People would legitimately go use other platforms to pay a percentage to do the same thing, and that percentage could be 100, 200, or 300 dollars compared to literally a dollar at Foxy. People would rather pay that percentage because it’s less friction. So, that was a big lesson learned for us. We said, “Okay, well, if people don’t want to pay Foxy to do things, we’ll charge a reasonable price and a very, very reasonable price.” Then, we have to figure out how to create value in Foxy in order for people to want to stake their foxes, earn it, and then use it on things. That’s where our gamified ecosystem came in. We do monthly raffles, which we actually just got prizes for. I think it’s around 900 sold for the month of February that we’ll be doing a drawing for this coming Sunday. Then, other ways that we can create different drains on Foxy, like our leveling-up system to get tier one and tier two for foxes to unlock your 3D models, to get tails for foxes if you want it, and then to do like our friends’ info auctions that we do as well with artists for our fourth collection, or just ways that people can spend Foxy if they want to spend Foxy. We just have this whole ecosystem built around it, you know? So, there’s a lot. What I would say to projects, too, is the lesson learned for me is to look at your whole ecosystem for what you’re creating is almost like a game. Figure out how do I make this game interesting for people to want to come and play, and the more interesting you can make it, the better off I think you would be for the longer term. Which previous strategies actually work before that no longer right now, and what strategies are now working for the current meta.
Chris: “Alright, so for new projects as well, it seems many are struggling right now and many are researching for some strategies that they can use for the NXT projects, etc. But then, from your observations, which of the previous strategies that are being used by most of the NFT projects that actually worked before are no longer working right now? And what are the new strategies that you observe to be working in the current status or meta?”
Draxxt: So, I guess I can kind of touch on that a little bit, and if I don’t give you the best answer, feel free to rephrase part of it. I think the biggest thing that I would suggest for projects, as a whole, is to figure out what differentiates you from the rest. Not only what differentiates you, but also how you try to push your vision for your project forward. I think a lot of projects get caught up in trying to copy whatever has been successful in the past, and depending on their skill set for doing that, either the competitors they’re trying to replicate catch on and realize there has been a gap in whatever they’ve created, and the complacency they’ve developed over time. So, a competitor could come in and possibly take part of our idea, or there’s a legitimate market fit for that new project, and there are people interested in it. Maybe there’s still some interest left in the old one as well.
Chris: But that project has stickiness, and they have the ability for them to grow a project like they want to create. So, I think, like, that’s the biggest challenge, is really differentiating yourself and having the skill set and dedication to legitimately building out that vision. I think it is one of the most challenging things for new projects in the space, and the same could be said for us when we were first created. A lot of projects were creating tokens, creating some kind of utility to it, whatever they would consider that, more so along the lines of like mean utilities, if you will. But we wanted to be different. You know, we just kept on, we kept figuring out like what else can we build in that would make sense for people to want to do on our tool, and more so as we were building out our ecosystem, it’s how do we relate to everyone in this ecosystem. We don’t want to just have one group of people that care about our project. We want everyone to care about our project. If you’re an artist, if you’re a musician, if you’re a degenerate, if you’re a community member, if you’re a contributor, whatever, if you’re a trader, like whatever you are within this ecosystem, we want you to care about part of the foxes. You don’t have to care about everything; you can care about just one thing, and if it changes your life, so be it. Like, if it changes your life, that’s really the goal with what we’ve created. So, I think, for a lot of projects, trying to find their niche, trying to find your community, it’s not easy; it takes time. A lot of people think they can just start a project, mint it out in a month, collect millions of dollars, and then dip, and it’s not that way. It has never really been that way. There might have been a couple of projects that, unfortunately, had done that, but it’s a lot of work to do what we’re doing in the space.
Draxxt: Yeah, actually, that’s most specially applicable right now during the bear market. So remember, right during the bull market, any project can be easily hyped, and then yeah, they can just do those things that you have mentioned. But actually, right now, I’ve observed the space and the people within the space. May we know what’s next on famous foxes? Are actually more, you know, smart buyers. They don’t just Degen in every project that they see. They actually check for real quality in each and every project that they are coming in. And with that being said, you know, as you’ve mentioned, right, there’s a lot of things happening in a very fast-paced environment in this industry. So may we know what’s next for Famous Fox Federation? Can you talk to us more?
Chris: About the exciting future of your project and your plans for 2023, to ensure the longevity of the project.
Draxxt: Yeah yeah yeah yeah, so I would say right now it’s more so improving the toolset that we have, just based off of the current sentiment in the market – things that have been going on. You know, I’ll call it like a level of uncertainty in general, but we’re in not the best market conditions in general, so we’re just working on improving everything that we have right now for our project. There are a few lower-level things that we’re working on that we haven’t talked much on, and I don’t want to release information for it, but you know, like our portals, the experiences that are in there that the 3D foxes are trying to enhance, like that level of co Chrisection within our community, and then hopefully within a larger-scale ecosystem. We recently brought on someone as well to deal in Instagram marketing for us, so we’re working on more of an Instagram strategy for improving the marketing as well for our brand. You know, really just watching and seeing what goes on at a larger scale for the rest of the NFT ecosystem, and how we can help move the space forward and figure out strategies to help onboard people into the space, you know, from a traditional Web Two sense of maybe helping out from a web 3 marketing strategy or, you know, to kind of figure out are there other ways we can co Chrisect with web to folks that are not in the web 3 space yet, buy some offerings from our project. So we have a lot of fun stuff going on in general, but right now we’ve got a lot of tools to maintain and to make sure that they’re the best they can be for the ecosystem.
Chris: Yeah, and I believe that you’re right. The characters or the foxes themselves are highly bendable, you know. Maybe in the future, we will see them on more products or even video games. What, who knows, right?
Draxxt: Yeah, yeah, exactly. I mean it. Who knows what could happen? Plushies are like… I’ll say that, like, plushies and different things like that are definitely of interest to try to get access into different things to co Chrisect with people. But there haven’t been like anything official that we’ve gotten done yet, and we’ve been talking to like a few vendors and things like that to try to get more items out, but it’s like a little different. It’s just step by step, so yeah, see you again guys in the next space, and bye bye! Have a nice day.