What Will Floor Do?

GM frens,

Instagram has over 1.4 billion active users.

OpenSea just announced they crossed 1 million active users.

In order for NFTs to scale to meet the needs of even one billion people, a lot has to change in the way people interact with this new technology.

One such company aiming to be at the center of this change is Floor.

Yesterday, Floor announced raising $8 million for its seed round.

With this news, it only seems fitting to break down the past, the present and the future of Floor in today’s edition of The Ground Floor.

What Will Floor Do?

Breaking down the past, the present, and the potential future of Floor…

What does it take to turn an idea into a product?

For Chris Maddern, all it took was a single tweet.

A Strong Response

In response to the following tweet 257 days ago that received over one million impressions, Chris received thousands of messages expressing interest in using Floor.

As the following image illustrates, Floor began as an app designed to help people understand the current value of their NFT collections.

The Problem

During this time, NFT collectors such as myself were opening multiple tabs to calculate the value of our NFT collections.

Floor successfully solved this problem by providing an elegant mobile app that provided a detailed overview of the current value of your NFT collection.

This tedious task that once took minutes, was reduced to seconds.

To access the Floor app at this time — collectors were required to mint a Floor Gen I token that cost 0.1 ETH which provided Floor with over $250,000 to develop the app.

The Current Value

The value of these Gen I tokens is now 2.46 ETH.

While Floor started as an app to help people understand the value of their NFTs — the Floor community has since become a very valuable hub for Web3 enthusiasts to find and chat with other passionate NFT collectors.

Floor has also supported the creation of this newsletter, The Floorcast community podcast, with much more Floor eco-system support coming soon.

The Future Value?

While grand ambitions are quite common in the Web3 World, what makes Floor very unique is the past experiences of the company's founders.

Chris Maddern (CEO) has built a half dozen companies at the intersection of culture, money and personalization — with most having been successfully acquired.

Prior to co-founding Floor, Chris co-founded Button, a leading mobile commerce platform used by Uber, Hotels.com, Walmart where he was Chief Product Officer.

Christine Brown (COO) was formerly COO of Robinhood Crypto where she built the team from 5 to 100 people and oversaw the growth of the crypto business to its position as a primary revenue driver for Robinhood.

Christine holds a masters degree in computer science & has previously been a product manager, operator, and engineer at companies including Google & Udacity.

Siddhartha Dabral (CTO) has a wealth of experience leading engineering teams from his time as the co-founder & Chief Technology Officer at Button.

Prior to Button, Sid was a lead Engineer at AKQA where he built software solutions for a variety of clients, ranging from financial institutions like JP Morgan to goodwill organizations such as Project (RED).

Looking Forward

Today, interacting with NFTs leaves a lot left to be desired.

Purchasing your first NFT can take days for non-crypto native people, clicking the wrong link can result in your wallet being drained — the list goes on and on.

With this, Floor is aiming to make NFTs more accessible & understandable, while simultaneously becoming the trusted home for all of your NFTs on your phone.

This presents a BIG opportunity for Floor — should they successfully execute on this mission statement, and with the support of 3,500+ NFT collectors, we would be willing to wager that Floor stands a great chance of succeeding.

2 Things You Need to Know

1) Anthony Hopkins Shares His Love For NFT Artists

This week, Sir Philip Anthony Hopkins — one of Britain's most recognizable actors known for his roles in The Silence of the Lambs, Westworld and many more massive hits declared his love of NFT artists.

Don’t be surprised if an NFT collection of his own follows in the coming months! 👀

2) Sartoshi Deletes Their Account

The undoxed founder of the popular NFT project Mfers known as Sartoshi has officially departed the project founded less than 8 months old.

As part of their departure, they announced the following update to the distribution of the royalties the project receives from each secondary sale.

• 50% unofficial mfers multi-sig.

• 25% sartoshi creator-royalty wallet.

• 15% westcoastnft (main mfers dev team - obligated to receive 15%)

• 10% other mfers dev/consult.

This news has so far received a mixed reception, with the floor prices of mfers falling over 30% in the hours since this announcement.

Tweet of the Week

Last week we broke down the recent success story of Goblintown.wtf

Despite a recent reduction in the floor price of this project, the creators of the project have earned more in royalties in June than Yuga Labs, Proof, RTFKT, Doodles, World of Women, VeeFriends, & Azuki combined. 🤯

P.S — for other amazing NFT stats, Punk9059 is one of the best accounts to follow!

Thanks for the read,

See you next time! — OB1, Pet & Corwin.

This newsletter is for informational purposes only and does not constitute financial or business advice to any person or entity.