Project name: OptiChads
Author name and contact info: Dicaso on behalf of OptiChads.
I understand that I will be expected to following the public grant reporting requirements outlined [here](Public Reporting Requirements for Grantees): [Yes]
L2 recipient address: 0x10850762bac0dc6660630c1effe188a7cbfddc88
Which Voting Cycle are you applying for?: Cycle 10
Which sub-committee should review your proposal? Growth Experiments
OptiChads is a 10k original art collection on Optimism. Leveraging the power of ‘Chad’ to build a strong NFT community around health and wellness culture. With over 10,000 sales and almost 100E in volume we are one of the more successful NFT projects on Optimism.
Additional team member info:
Our dev, Distractionboy co-founded Optimistic Bunnies and lead developer of the upcoming L2 NFT exchange HyperDrive.
Relevant usage metrics:
Sales: 11,434 (Quix + Opensea)
Mint Price: 0.0015ETH
Floor Price: 0.038 ETH
Market cap: 380 ETH
Unique Addresses: 2,887
Competitors, peers, or similar projects:
· Apetimism (https://apetimism.com/)
· Motorheadz (https://motorheadz.xyz/)
· Bored Town (https://twitter.com/BoredTownNFT)
Is/will this project be open sourced? Yes. We are cc0.
Optimism native?: Yes.
Date of deployment/expected deployment on Optimism:
OptiChads- August 2, 2022
OptiBabes (Next Collection) - Q1 2023
Ecosystem Value Proposition:
Recent data from Glassnode indicates that NFTs account for roughly 22% of the gas usage on Ethereum mainnet. Opensea for the Ethereum mainnet has about 2,500,000 total users versus Quix on Optimism that has about 314,000 total users. This data shows both the relevance of NFTs in a thriving ecosystem, and the gap between users that have interacted with NFTs on Ethereum mainnet versus Optimism. This presents a huge opportunity for Optimism to acquire these users. For this to happen there must be strong NFT communities on Optimism with original art like OptiChads. OptiChads minted out in the middle of the bear market and have seen tremendous growth in a period where many other OP NFT projects failed, including the NFT marketplace, Quix. Social dynamics have a lot of impact on NFT sales. We consider the Fitness Challenges to be one of the main catalysts for our growth, as participants spread awareness on Twitter for all to see. The virality of working out to earn $OP has increased our relevancy in the NFT scene. Repeating this experiment with stronger incentives on a broader timeframe will allow more people to participate and ultimately results in continued gains for both the Optimism NFT ecosystem and Optichads.
Has your project previously applied for an OP grant? Yes.
Previous Grant Proposal:
Our last grant was received on October 28th 2022. In the following 10 weeks we distributed 50,000 OP using our partners at Quest3.xyz to distribute the funds. We also gave out more than 50 NFTs through various Twitter giveaways as this was easier and more practical than doing so all at once. The first week was slow but this quickly changed. On average we gave out 5,000 OP a week. It was rare for the Quests to last longer than a day before all of the slots were filled. We gained more than 1,000 holders while the challenges were active and many are now active community members on both Twitter and Discord. To prevent sybil we eventually moved to Twitter only submissions, on top of additional filters like manual verification, and a requirement to follow our social media. The fitness challenges worked well as a cost effective way to promote Optimism NFTs as a form of viral marketing.
Number of OP tokens requested: 200,000
Did the project apply for or receive OP tokens through the Foundation Partner Fund?: No
How much will your project match in co-incentives?
50 NFTs through weekly twitter giveaways.
Proposal for token distribution:
100% of the tokens will go towards a 12-week fitness campaign.
We plan on distributing the the 200,0000 OP equally into 12 weeks as incentives to complete fitness challenges. Every week will have a pool of 16,666 OP. Each week holders of our NFTs will be able to claim a small fraction of OP provided they completed that weeks excercise. For our first week we will aim for 13.89 OP for 1,200 people (16,666 total). We can than dynamically adjust each week by decreasing the rewards and increasing the slots to account for demand. On top of this we will perform robust sybil filtering including on and off chain verificatation, such as following on different socials and holding an NFT. Finally I will personally verify each submission for authenticity.
Using the Quest3 platform we can reward our NFT holders OP provided they complete fitness related challenges. Given the success of our previous campaign, we see it as a net gain for the Optimism ecosystem that we repeat the experiment but at a larger scale. A greater allocation of OP allows us to have more participants and avoid people being left out as was the case before.
A lot of the collectors on Optimism are priced out of L1. These users are from regions of the world where these rewards have been life changing. This market segment is priced out of L1 NFTs and is a great opportunity for growth.
Because rewards are per person, we expect our greatest KPI will be increasing our unique holders count. Our target will be to add another 1,000 holders. This means more participants in the quests as well as more people holding Optimism NFTs. Unique holder count is an important metric that many collectors consider when purchasing NFTs. Giving out 50 NFTs from our treasury as co-incentives will also increase this metric. More holders means more trades so we can also expect an increase in volume which. Volume increasing is a sign of a healthy NFT ecosystem so increasing our current volume to above 300E will also be another KPI that we will track.
As our team continues to build products such as a new NFT exchange, and a female collection, we expect there to be interest in OptiChads long after the rewards dry up. We see the promotion of art, and health & wellness as public goods. NFTs allow us to coordinate around these ideas and perpetuate them.
Smart Contract: https://optimistic.etherscan.io/address/0x9B9F542456ad12796cCB8EB6644f29E3314e68e1