The State of Mintplex 2023
Web 3 is down bad, but it’s the perfect time
In the last few months, Tim and I have been constantly asked the question,
“Is Mintplex doing alright?”
The question itself has a lot of implications that are much deeper than what is perceived first glance (especially considering who the parties that are asking the question as well).
First, this implies that other companies in the space are struggling heavily and are under enormous pressure in a space that is incredibly lacking in growth.
Second, the question expresses genuine concern for a relatively new company that has raised an amount that is undisclosed to most other than our own investors.
Lastly, since Mintplex hasn’t been going absolutely headfirst into marketing and PR campaigns (unlike a lot of our peers in the space), a lot of folks are curious about how we’re doing as a company and if we’ll be able to weather the storm that is the overall crypto and tech downturn.
So in lieu of this incredibly loaded question, let me breakdown to you readers who are following our journey how things are going at Mintplex.
What’s Going On
Since our YC Demo Day in September, Mintplex has gone through a lot of transformations (here are some that I can think of off the top of my head).
- We went through a full rebrand (Rampp -> Mintplex)
- We decided to change our pricing model (0% mint fees!!!)
- We started working on a new product and then launched it (Mintfoundry.xyz)
- We launched a biweekly/weekly podcast (Mintplexity on YT)
- We iterated on our UI (Lots more blue folks)
- We’ve transformed our pricing model again (Pro + MintFoundry Sub)
- Focused on upgrading our Pro features (Too many awesome features)
- Launched more tutorials and documentation (Mintplex University)
- Saw some of our partners shutdown (RIP Mintparty and Quix).
As I list these things out, you may notice that not once have Tim and I really been reacting to news about the market. Much like other SaaS companies of the yesteryears, we’re going through the same cycles of experimentation, iteration, and launching in spite of market forces.
Product market fit is still a world away and there are metics that we’re trying to hit as we continue to go through our runway that take precedence over the noise that is trends and downturns.
The single biggest takeaway that I’ve learned through this entire journey of building Mintplex as a company, so far, is that you constantly need to evaluate where value is being derived.
Right now, we see that traders are generating a majority of short term value for the NFT/Web 3 space, yet our own users are not these traders, they’re niche creators that are all aiming to experiment and expand what creative ventures they can push out with our technology. NFT/Web 3 as an industry has only been around since late 2019, so it’s incredible to see that it’s taken such a hold in tech discourse regardless of it being a joke or not.
With this type of persona in mind, our priorities are here to enhance experimentation and launches, we wish to help grow the market as much as we want to establish our hold on the mindshare of the space.
Mintplex’s goal has and always will be to be creator-first and Web 2.5. We wish to take the best parts of the technology stack we’ve grown to love and share it with others, really be a catalyst for some innovative experiences.
So to answer the question, “Is Mintplex doing alright?”
We’re doing better than alright, we’re doing great.
We’re also going to be hiring soon, so keep a look out…more to come :)
