For the TL/DR: Read my twitter thread for this article here.
What makes OnePlanet a standout NFT marketplace on the Terra blockchain?
OnePlanet has found its niche in the NFT marketplace space by focusing on promoting strong engagement between NFT creators and their communities.
But before diving deeper, what does positive community engagement actually look and feel like?
Let’s start by having a look at examples of traditional companies and web 3.0 brands that have absolutely nailed their community engagement strategy to see what they have in common.
Successful community engagement by traditional brands
While traditional companies typically provide a vastly different selection of products and services to Web 3.0 companies, the principles of successful community engagement are often very much the same for both. Let’s look at two examples:
- Harley Davidson — Following a leveraged buyback that saved the company in 1985, Harley Davidson set things in the right direction by focusing on how to organically grow their community. The “brotherhood” of riders, united by a shared ethos laid the framework for Harley Davidson to build out their brand with a strong focus around facilitating genuine interpersonal connections.
- LEGO — After being on the verge of bankruptcy in the early 2000s, LEGO managed to turn the company around and surpass Mattel to become the world’s largest toy maker. This was achieved through launching the Lego Ideas platform, where fans can submit concepts for new LEGO sets. Fans who submit ideas that are chosen for new release LEGO sets then receive 1% of the royalties.
Successful community engagement by Web 3.0 brands
If you’ve spent a bit of time in the NFT space, you likely already know that the community can be the make or break point for a project. Two NFT
- Bored Ape Yacht Club (BAYC) — residing on the Ethereum blockchain, BAYC is one of the most well known NFT projects. Owners include Stephen Curry, Madonna, Eminem, Snoop Dogg and Post Malone. On top of this, BAYC has featured on the cover of the Rolling Stone magazine and partnered with Adidas. The key to BAYC success has been their ability to form an exclusive community around their distinctive digital art pieces. Each BAYC NFT essentially acts as a ticket or ID card to this exclusive community, in which holders may get the opportunity to attend private events with various high profile individuals.
- LunaBulls — while not quite as well known as BAYC, LunaBulls NFTs are one of the most successful collections on the Terra Blockchain. Similar to BAYC, much of this success can be attributed to their ability to build an exclusive community around their project. Specifically, Iced Out Bulls is one high profile sub-community in which members must hold one of the 152 rare LunaBulls with the “iced-out” trait (i.e. shirtless and wearing a gold chain). By holding an Iced Out Bull, members join an exclusive community supposedly consisting of some of the best and brightest brains in the Terra ecosystem.
So, what do successful web2 and web3 community engagement strategies have in common?
- Assist with growing interpersonal connections
- Provide exclusive opportunities for users
- Reward members for participation
- Trust their communities
Now that we know what to look for when it comes to successful community engagement, we can start to unpack some of the features that make OnePlanet truly stand out.
Assist with growing interpersonal connections
By providing networking channels and exposure through marketing events, OnePlanet helps to connect NFT creators with their communities and bring together like-minded individuals.
Examples of OnePlanet’s community growth initiatives include:
- Weekly Roundtables on Twitter Spaces — OnePlanet invite notable Terra community members to discuss projects and share their insights. Previous guests include Danku_r and Evan from TerraBites.
- Sponsoring the NFT museum at the upcoming Terra Dapp Expo — The Terra Dapp Expo will be hosted in Austin, Texas and is set to be the biggest Terra event of the year. Learn more about the Dapp Expo here: https://twitter.com/TerraDappExpo
Additionally, OnePlanet further supports community growth by helping to minimize barriers to entry for creators and users looking to get involved with the NFT scene.
Creating an NFT collection is an great opportunity for artists to share their talents with the world and profit fairly from royalties. However, the technical requirements for minting NFTs is a massive barrier to entry that prevents many from achieving their ambitions. That’s why OnePlanet have developed a no-code NFT minting tool.
No-code NFT minting
With OnePlanet’s no-code minting tool, creators and community members will be able to mint NFTs without any knowledge of coding or smart contracts. And even better — OnePlanet’s no code minting tool will be free to use, which will make it even easier for creators to focus on building their communities, without getting bogged down in the technical details.
Social features
Additionally, OnePlanet is also building out a suite of social features into their platform. Users will initially have the ability to follow each other via an Instagram-like interface. Following this, OnePlanet plans to introduce more social features, such as DMs, community boards, and video chat.
Rewarding members for participation
Incentivizing and rewarding members for their input plays an important role in strengthening communities. Strong communities exist to serve their members. Take Lego for example, where members who submit concepts for new Lego sets can receive 1% of the royalties from that set if their idea gets implemented.
On OnePlanet, 100% of the protocol fees created from trading on their platform will be distributed to different parties in the ecosystem. From this revenue stream, users of the OnePlanet platform can receive rewards in two main forms:
- Giveaway events
- Passive income for holding verified NFTs
Giveaway events
Recently, OnePlanet hosted a Trade to Win event in which 15,000 UST worth of blue chip NFTs including Galactic Punks, LunaBulls and Derby Stars were given away to users who traded on their platform.
Passive income for holding verified NFTs
OnePlanet will be releasing their native $OPT token in the near future. While OnePlanet have not released the final tokenomics yet, the vision they have hinted for the $OPT token promises some very exciting passive income opportunities for NFT collectors.
At a high level, passive yield opportunities for users on the OnePlanet will be exclusively available to NFT collectors who hold $OPT and actively participate in governance.
Rewards for holding NFT will be distributed in a similar fashion to traditional staking rewards. Basically, investors will be able to delegate their $OPT to multi-sig wallets set-up on behalf of their favorite NFT collections to be eligible for rewards, similar to how you would delegate your LUNA to a validator node to receive staking rewards.
While users need to hold both NFTs and the $OPT token to gain passive yields, the beauty of this mechanism is that you don’t need to lock your NFT itself into a staking contract for a set period of time to receive rewards.
This is advantageous because NFTs are relatively illiquid assets in comparison to fungible tokens (i.e. $OPT). As a result, locking NFTs into staking contracts for a set period of time comes with a much greater opportunity cost. This means that if the market for your NFT goes up while it is locked, you may miss out on being able to sell to a buyer who is willing to make an offer that is too good to turn down. Alternatively, if the market dips while your NFT collection is locked it may be difficult to sell at a desirable price if liquidity is desperately needed. In contrast, with fungible tokens it is a lot easier to sell them instantly at a fair market price on a decentralized exchange (DEX).
Also, because OnePlanet supports private storage for individual wallets, rather than having protocol owned holding contracts, it will be possible to receive passive income on NFTs even when they’re up for sale!
But what good are rewards if they don’t have any real value? Fortunately, OnePlanet’s concept for the $OPT has been developed with sustainable long-term value accrual in mind.
$OPT value accrual
As mentioned previously, users will need to delegate $OPT to their favorite NFT collections in order to receive rewards on their NFTs. However, it is important to note that rewards will only be distributed to the top 15 collections, ranked in terms of the amount of OPT delegated. This places positive buying pressure on $OPT, because in order to receive rewards on NFTs, collectors will likely need to accumulate and delegate increasing amounts of $OPT to their favorite NFT collections.
Delegating OPT to NFT collections removes $OPT from circulation, acting as a supply sink to help drive up the price of $OPT.
Provide exclusive opportunities for users
In the Web 2.0 space, exclusive content plays a massive role in attracting users. This is particularly true for streaming platforms, such as Netflix, Disney, Amazon Prime and more. At the end of the day, users will simply go to the platform that gives them what they want, especially when they have options to choose from.
Launching exclusive NFT collections has played a major role in the success of other marketplaces. For example, Luart have rapidly increased their market share on the terra blockchain through releasing a number of high profile collections, such as Hellcats, DystopAI and Rekt Wolf.
But OnePlanet is hot on their heels, with a number of promising projects already to their name and many more exciting projects coming up.
Some unique projects on OnePlanet to keep your eye on include:
- Tim: The Invisible Man. An animated short film with a community led storyline, developed by a team of creatives who have previous experience at major brands including Disney, Netflix and Heineken.
- Playible. Play to Earn fantasy sports platform. Fans will be able to purchase Starter Packs containing athlete NFTs for their MLB fantasy league for 200 UST. Considering that Terra Labs have partnered with the Washington Nationals MLB, Playible is well positioned to see some major adoption.
Building trust
Decentralized NFT marketplaces place power to control the platform in the hands of the community. As with most decentralized systems, this requires placing a large deal of trust in the community. In the case of OnePlanet, decisions on how the platform runs and functions will be voted on by OPT holders.
But this emphasis on trust doesn’t stop there! Not only does OnePlanet entrust the community with determining how their platform functions, they also give NFT holders the ability to vote on decisions made by NFT collections listed on the OnePlanet platform. This further strengthens the connection between NFT creators and their fans, in which the community shares the responsibility for each project’s success.
To promote active participation in governance, OnePlanet have developed smart contracts that will withhold rewards for NFTs holders if the standard voting rate for that NFT collection is not reached. This incentives creators and communities to work as a team in shaping the future for their favorite NFT projects.
When it comes to voting on decisions regarding the OnePlanet DAO or the direction an NFT project should take, user’s voting power will be determined by the equation:
Delegated OPT to the collection*1/N(#staked NFTs)
This helps to mitigate the risk of first mover advantage when it comes to the verified NFT rankings. If a successful verified NFT project that gains a strong early following has much of their collection concentrated amongst a few wealthy individuals, these individuals would need to delegate substantially higher portions of OPT to maintain their voting power. Therefore, OnePlanet not only incentivises active participation in governance, but they do so in a way that is fair and enables everyone’s voice to be heard.
Giving all NFT holders their say on the direction their favourite project should take helps to create passionate and more engaged communities, where individuals are more likely to contribute because they are truly empowered to make a difference.
Conclusion
By strengthening engagement between NFT creators and their communities, everyone wins. OnePlanet has developed their NFT marketplace with this idea at the heart of everything they do, which is reflected in the innovative range of social features, minting tools, token design and governance mechanisms they’re currently working on.
By focusing on strengthening engagement between NFT creators and their communities, OnePlanet are clearly building with a long term vision — which is what makes them truly stand as an NFT marketplace on the Terra blockchain.
References and further reading:
Turn your Customers into your Community: https://hbr.org/2020/01/turn-your-customers-into-your-community
Getting Brand Communities Right — https://hbr.org/2009/04/getting-brand-communities-right
How Bored Ape Yacht Club became the most successful NFT brand: https://bettermarketing.pub/how-the-bored-ape-yacht-club-became-the-most-successful-nft-brand-5158a80f1bd9
OnePlanet Interview on TerraBites: https://www.youtube.com/watch?v=-C1OHOtfEAY&t=102s
Disclaimer: Nothing in this article is financial advice. Always DYOR.
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