Chris Maddern is the founder of Floor, a web3 portfolio and wallet tracker. Originally built as a side project, he decided to go full time after seeing the interest and engagement from the community created around it. Recorded on November 8,2022 for Crypto Packaged Goods Genius Call series.
Chris Maddern is the founder of Floor, a community-driven app that allows users to track their asset portfolio and participate in the token economy. Originally, Maddern built Floor as a side project, but after seeing the interest and engagement from the community, he decided to go full time on the project. Maddern and his team are focused on building a movement, not just a product, and they believe that by partnering with their users they will be successful in the long term.
In this episode we cover:
Follow Chris at https://twitter.com/chrismaddern
Follow Club CPG at https://twitter.com/CPGCLUB
To learn more about Crypto Packages Goods, visit https://www.cryptopackagedgoods.com/
[Mikey Piro]
GMGM, we are back, our next guest. And if you're a part of the CPG community, it shouldn't be a long intro in that you probably have this app. You've probably been asking folks for admission to this app, but Chris Maddern is the founder of Floor and we are very excited to have him today at our builders club on our Genius Call. So Chris, thank you so much for coming on and welcome to the club CPG Genius Call. How's things going?
[Chris Maddern]
GMTM thanks for having me. Really excited to be here with you. Love the pump up music. I was like backstage, ready to go.
[Mikey Piro]
Excellent. Well, let's start with a couple of quick things. You are a web to business and then you started moving into web three. You started with Button. Can you give us some updates or just some background on some of your history that's relevant for our builders to this point and we'll go from there?
[Chris Maddern]
Sure, yeah. I'm a career technologist, so computer scientist by discipline. Spent the first ten years of my career somewhere between kind of engineering, engineering management and then found product as kind of my home as time went on. And so got really lucky. I've gotten to work on a couple of products that both people have loved and that I've gotten to see what scanning a product looks like. So I joined Venmo and it was pretty small team and got to see that grow from very small number of users where everyone thought you were trying to scan them through to a very large number of users where when you suggested that maybe they didn't know what venmo was, they got upset that you were trying to talk down to them, which is like a really cool journey to get to go on that. Venmo started a BDB marketing business called Button. Essentially this was right around where mobile commerce was becoming a thing. And so our belief was that ads could not be the prevailing business model of mobile. Unfortunately, we were wrong. But in doing so, we actually built a lot of the kind of attribution technology and deep thinking technology that went on to power the marketing programs for some of the biggest brands like Uber and Walmart and hotels.com and books like that. So, another really fun and really interesting journey. One of the things I think is really interesting about banter as marketing is I think it's in many ways more analogous to building a web three environment than maybe like consumer social workers in web too, because you actually care about your customers, they have interests, you have aligned interests and you're listening to them. Which if you look at the model of business of product development inside of most consumer web two businesses like a Facebook users are really just the collateral damage of your experimentation. Not things can always be taken seriously and they're certainly not partners in product development.
[Mikey Piro]
I think this building in public is something we really want to dive into more. And I think the parallels that you have for your experiences now and how you've transitioned into web three and I don't know that following into the web is the web and we're just using new technologies. But what's some of the differences between building at Button and building Floor?
[Chris Maddern]
Yeah, it's a lot more fun. So I think there's like a whole bunch of different ways to cut that. So there's billing for a new small thing versus like building for a large enterprise thing. There are hundreds of millions of users who are impacted by what we did. And so there's just lots of freedoms you get by having a relatively small number of users. But like, the really big differences come in how we're doing. And so Floor was originally a small project that had a group of NST holders who were there with us helping to find the roadmap, helping to end the mission, helping to find what came next. And in doing so, you create this like really special thing like Floor. I actually wasn't necessarily 100% convinced and I hadn't found my thesis on NFTs when I started building Floor and building Floor was what built it for me. When you get a group of people together and you align their interests and incentives and you allow them to be part of something that they're excited about as opposed to just watching it and being a user of it or paying for and being a customer really magical and special things happen. So both in unstructured ways we have open chat and the discord and we're constantly talking to users through the more structured ways, like bringing folks in, literally hiring them. Nine of the eleven people who work at Floor now came directly from the community. We use us first and now helping us to build the product. It's just wildly different. And whereas B to band for its marketing technology probably all the way far on the other end of like go and figure out what it's going to be, go talk to a bunch of customers, build it, build a whole marketing thing, like bring it to market, go talk to the media. We'll often just like have a quick chat, throw something out, give it to 100 users, like, see what happens and then you know, if things work, roll it out further. There's a lot of flexibility and everyone's like very willing to help. So we have an early builds group in the Discord who we just like throw builds to first and they're like, oh no, this thing broke and this thing broke. Oh yeah, sorry. Thanks for finding it for us. Although get new features early and help us to test them. And within minutes of dropping builds, dozens to hundreds of people will go and try it out and just kind of help you try and make it better. It's really wild.
[Mikey Piro]
It really reminds me so much of for folks that are not aware like large tech companies do this mandatory and the dog fooding aspect of it is really a crucial component. Like you'll see the early days of app development, which I think is fascinating, you had to have a beta program. Like Test Flight was originally not an Apple product. It was produced way ahead of Apple because it was a gap that was there where people couldn't test things and understand who could test them and when. Same thing with the Google Play store. Like those features you can get into lots of data programs. I think what's really impressive is that you've taken that to the next level where instead of just having a link and having some random folks pulled through, you have this closed loop where you can really interact with the community. It's really beautiful to watch and really impressive to see the fervent base that's formed around floor. I mean, I check it constantly. I think we have a lot of CpGs that are in there that are checking it. It's fun and it's beautiful. And yeah, I think we're really getting into this building in public. Is this a way that really comes naturally? It feels like you're sort of wanting to have this bee's approach for a while. What are your thoughts on that? And there's some other things in terms of building in public and building with that roadmap like how do you prevent roadmap leak or how do you prevent things from going forward or do you even care?
[Chris Maddern]
So building in public started because I just didn't have anyone else to build with. It was just me and then it was me and 100 friends and there was just a much more rewarding way to build. And those people really helped us figure out what it is, helped me at the time what then became us. And so it came really really naturally because otherwise, honestly, I'd probably gone crazy and given up because I'd be by myself over time. What it means to building public changes a lot. As you go from one person to three people to five people. There are other people to collaborate with who are full time and who are in the room with you. So that changes a little bit what it means to build in public. Then you do start to get on to something like oh, we're working on this big strategic thing, do we want to talk about it? But for the most part we tell the entire team the same thing, which is our holders, our users, our partners in building this thing will act with trust first. And honestly, there's nothing that anyone is doing right now that is such a genius idea that if anyone else had it, you don't stand a chance at winning. Our belief is that if we bring everyone along with us and we build a movement, not just a product and if we focus on executing and building great stuff in partnership with those users. We'll win in the long term. I'm not super concerned about other folks knowing what we're building.
[Mikey Piro]
This Web Three way of building is a way that I mean, it's existed, right? Like, Linux has had collaboration from the beginning and open source technologies have this way of like, bringing together folks. IETF existed in this sort of same capacity for a very long time. And I think as Web Three became the ownership component and people really getting interested in that, the stakes that are pretty much presented in front of us are pretty important. This has been a really fun way to pivot what would have been a web to lock it down. Proprietary way of building to pivot it out into the open. We're going to shift a little bit in terms of gears of those early days because how you've gotten there again, if folks don't know what floor is, they should check it out for sure. There's discords and links and if you're on test flight or Google, you can get to it. So how did you pick like, your first PFP? And how do you think that the floor app will help others? And I mean, it all started with like, the tweet. Can you talk about the Tweet that you made?
[Chris Maddern]
Yes. So the Tweet really started with this was just a thing to do. So I was getting into NFPs myself. I bought my first couple NFPs. I still didn't really get it, but I started getting a few NFPs and I realized I had to have four or five, six open Ctaps open and I was trying to like, figure out what was going on. And I think at the same time, over the last five years before that, I've gotten kind of further away from hands on product development and like literary coding. And so I put the two things together. I was like, I'm going to have a little project here. I want to build something that maybe would be useful for me and maybe some other people would find it useful and started hacking together something that's like track your asset board. And so then I did what I often do. I was like, hey, I'm doing this thing, and tweeted it out and got a ton of responses. I think over a million people saw it, thousands of people DMing asking for access to it. There really wasn't a thing yet. It was just an idea and a wireframe. And I think there's kind of a series of things that happened along the way that just kind of reinforced this idea that people wanted it and were interested in it and it was kind of worth pursuing and continuing. That was the very first one when people saw the picture and was like, yes, I want that thing. I have this problem. Number two is when we sold our 1st 500, Genesis NFCs were like, holy shit. People are actually like willing to come along for this journey, be part of it and spend their money on that. And then when we later started seeing the engagement numbers and how people were sticking around and opening the app ten times a day and kind of checking in, that was when we realized actually no, it's not just interest, like we're actually solving a problem for people today. So that was kind of that journey over the first few months in terms of my first PSP, actually forget what my PSP was before my original doodle. I think I did have one. It might have been a lady lion, I don't know. It's a little bit embarrassing I think about it. But I think for me, I probably at the time followed that really silly thesis that people seem to have, which is your most expensive PFP, is your Twitter PFP, which I don't really subscribe to anymore. I use my doodle a lot because I really like doodles. I think it's like a really nice, friendly approachable brand. It's obviously not a cheap asset, but by far not one of the most expensive out there. And I think PFPs are really interesting because it is very intuitive to some people why you want one and very not intuitive to others. And it's one of those moments where they think when you get over that hill and you're like, oh, it's this thing that kind of associates me with this group of people and this set of values that I'm interested in and I can have this representation that I choose to present to the world. I think it's a really powerful thing and I think it's one of the things that can make people feel a lot deeper and closer to web three. And that's something that we're really interested in exploring in Floor as we think about onboarding a million new people, I think there'll be a lot of different reasons that people onboard to the world, some of them will just want exposure to the asset class, some of them will be interested in that kind of metaverse representation PFP. Others will be looking for communities to join, others will look for very specific utility and kind of helping people go through that journey and figure out how did they get started to work through based on what their goals are. I think it's going to be a really fun problem to solve over the next six months.
[Mikey Piro]
Bring on the normies for sure. I definitely feel that we've lurched forward in that capacity in the space with a lot of larger web to brands really paying attention to how to get folks on. And it's generally my kind of view of it is much more of the traditional sign in with Facebook, Google, etc. For and I think that leads me to the next part of the question about floor is you've taken a very different approach on how to get folks into the app and the app ecosystem. And you're effectively designed two things. You have this portfolio tracker, but you also have this tokenomic offering that people in the space get their head around. So I'm trying to improve, not asking two questions. So just pick one of those and tell us what you're most interested about in how you mesh those together.
[Chris Maddern]
Yeah, there are lots of hard problems that we've had to solve along the way and some of them you know you're solving, and others you just realize you're solving and you're solving them. And the NFT, honestly, when we first did it wasn't some super thought out grand plan, it was we need to figure out some way of bringing a small number of people along. Thousands of people want to get this out and be among the first testers. How do we just kind of keep it sane, control it, be closer to those people, try and bring them along more, but have a small number of them. And so actually, Tweeted, again, I was like, hey, who would like, think about buying an IP for this? And again, got quite a few replies that said yes. And so we created the first generation of floor tokens, which had kind of two main benefits. One was access to the app and to the team and the community that sat inside. And then the other was it was in the middle of a bull market and I was personally at that point trading quite a lot and so had access to a lot of allowances and things like that. And so we're like and we'll give you allowance, access to all the things that we're doing. I think that one of the most interesting fun, but like, at times hard things has been you didn't realize upfront that what you were designing is two things, a product and a token on mix products. And so making sure that we kind of evolve both of them, we keep them in step and that we're always going to be building for the benefit of everybody. And that sometimes takes some folks for.
[Mikey Piro]
The builders that are listening now and will be listening. What was the split in terms of dedicated time that you set aside for both of those early days? You were doing this nice and weekends and then you sort of like hit this inflection point where you're like, all right, we probably should go full tilt on this. What was the split that you had for designing the tokenomics and the portfolio tracker? And then what signals were you like, OK, we can go full tilt on this.
[Chris Maddern]
So I think early on, honestly, everything was in let's do mode and I think we got very lucky and that we made some sensible decisions and never really tripped over anything too scary. And the market was fairly kind and collaborative with us. I think at the beginning, 95 five. So like 95% of our time is focused on building the product, building the community. The Token on it honestly really weren't on our radar for the first month or two. We saw it as a gate and users came in great, they passed the gate. Now we can focus on building value, I think is we thought about Token generations and we built Gen Two and then Gen Three and then in the future went on to build app passes which were Airdrops Genesis holders and all of that. That's where it took quite a bit more thought to make sure that we can satisfy both people's set of goals, like our goals around growing while we still remain partially Tokengated, but then user's goals of having kind of increased impact, ownership and exposure as well as not feeling diluted. And so there's definitely a lot of thought that went into that along the way. I think it's still like 85 50, 90 ten versus like 50 50. I think if Tokenizing the project and bringing people together around, it means you have to spend half of your time thinking about that. I think there's probably something a little wrong and maybe it's just like not quite the right tool for you. And I think in our case it's been effort, but effort that we like putting in because it's effort for the people who've been with us for the journey.
[Mikey Piro]
Amazing. I have a ton of questions about Apple's latest announcements. We'll probably save those for a little bit later. In terms of the Floor community and how you've been traversing to this point. Like, how would you describe the Floor community as it is right now?
[Chris Maddern]
Yeah. So today the Floor community really means two things. There's the Floor kind of like webjury capital C community, the group of people who sit in the Discord and hang out and chat and help us. And that's a small set of our overall Token holders. So I think across all five generations of Tokens was also one of the largest holder communities that exists. I think there's 13,000 unique holders across all of those collections and then a huge portion of those are daily active inside of our app. And so we have this enormous community of folks who are holders who sit inside of the app, who we can communicate with there, who we can serve content for, we can personalize for. But then there's this, like, really core set of Genesis token holders that have been here since the beginning that sit in our discord or chatting all the time or helping us shape the product like powering our Alpha channel. Our deeds and dungeon, which is, like, where people just go, like, buy ridiculous numbers of crazy penny stock NFTs and there's a lot of fun stuff that happens in there. So today, like, the Discord group is very much for those people who are interested in having a home in Web Three. Today Web Three isn't really safe to travel by yourself. You need to travel in the pack. So everyone chooses an Alpha group. And really that's about discovery and it's about trust and safety. And I think the whole purpose of floor over the next call it six months is take some of those core principles that we see groups providing for each other inside of closed environments like discord, and figure out how to platform them so that tens of thousands and hundreds of thousands of people can get the same benefit but inside of a more open platform and one that you can dip in and out of without having to be a member of the discord and all of that kind of stuff. And so that's kind of the transition that we're trying to work on. Bring that stuff to the app for everyone.
[Mikey Piro]
I want to transition a little bit to now how you built the team. Our builders, I think, watched your app be built and the rise of it. And so you have how you build out the team, and then we'll get to some of the Series A and bear Market kind of decision points that you made, because I think that there's a lot of folks that are very fascinated about your thought process there. So when did you go full time and what was the trigger for it?
[Chris Maddern]
Yeah, so I think the full time kind of came as a function of three things. So, one, we were growing quite quickly. We were actually making money. So I think we sold something like a little over $2 million of NFTs through the process, so, like, the project could fund itself and really more than the money. I think just the fact that people were interested to that extent and that was turning into real active users was really exciting. At around the same time, I met Chris Brown, who is now my cofounder. At the time, she was running the Robin Hood crypto business and she was interested in acquiring for Robin Hood. And that was a big kind of powerful symbol for me, for sure. And then when I convinced her that instead of going to Robin Hood that she should leave and join me and build four together, that was definitely a forcing function because now committing to building a team. And so over the next couple of months, we're actually transitioned out of button and into building for full time.
[Mikey Piro]
Fantastic. So who are your first two hires? What was that like?
[Chris Maddern]
So depends how you count them. I think that technically the first three people at the company that weren't me were Chris, my cofounder CTO Sid, who I was also working with at the time, and then Patrick, who is our head of design. So it was like the four of us for a short period of time, but around the same time, we had this kind of explosion of contractors who were in the community who are interested in helping out. We found like three or four of them who are actually incredibly talented and started trying to build systems to be able to get them involved and have them help. And until we got to the point of raising the Round, a bunch of people were working part time nights and weekends helping out. And then when we raised around, we just went and tapped them on the shoulder and said, hey, come on, come on over. It's time.
[Mikey Piro]
Amazing. So you had some money that you would raise from the token sales. What was the thought process around going for venture money and a Series A? How did you decide that?
[Chris Maddern]
Yes, so the Round officially was our C brown. It's definitely an aggressive C ground, but it was an interesting market at the time. And the way I think about this is I believe in Web Three, and I believe that there will be a lot of consumer brand that emerges that introduces and kind of holds the hand of folks as they get interested in Web Three. As soon as we get out of the other side of this bear market. And so I was thinking about raising money. It's two fold one. These aren't trivial problems, and we needed a serious team to be able to go and take a swing at it. I think that this bear market, what we're learning today, could be a non trivially, long bear market. Every time it looks like something good is happening, something ten times worse finds a way of happening. It's been a fun time. And so we knew that we needed to give ourselves like, 24 plus months of runway to make sure that we can be here on the other side of it and really take advantage of it. And then at the time we did this right at the tail end of the ball, we actually did close the Round in the bear market. And so everyone had the choice of whether to kind of go through with it, and everyone chose to. But in a market like that, it just made sense to go and raise the money and be able to ensure that we have the opportunity to take the swing and be here when everyone comes back and we figure out what that next wave of Web Three is and help them get in and get oriented.
[Mikey Piro]
I think it's interesting you talk about coming back because I don't know if that's the most accurate way that I was thinking about it. And I have these signals that I get kind of more daily. I kind of feel like we're going to, like, mesh together. Like folks that are here are staying. You get GMs every morning. Those are the hardcore folks on Twitter that are hanging out. And then you get the flip side. I went the other night to San Jose Sharks game, and at the conclusion of the game, I was given an NFT that I was there and it was very lowkey it was just through my email. It's a real NFT. And so I feel like those instances of people being able to interact with larger brands more and more, these wedges of getting folks interested in what an NFT will do, eventually it'll just be like, oh yeah, I have NFTs. I was given them and then I went and found these others. It's a fascinating time to be in this particular winter of NFTs because I don't know that we've had an NFT winter. We've had a couple of crypto winters. This one is certainly interesting.
[Chris Maddern]
Yeah, I think we have a winter for the pictures of monkeys on the blockchain market. Who knows if that comes back in the way that it did. I don't think pictures on the blockchain will come back to the volumes and prices that they were at before unless we find kind of significant new value for them. But to your point, yeah, NFCs as kind of a share of attention, I think are still quite depressed right now, even though there are some interesting brand activations. But I do think there are things that will happen over the next twelve months that will rocket the attention on NFCs, even if those actually aren't financial assets, even if those are memberships clubs, mementos of things, whatever those kind of use cases are, I think those will explode and with it will come back a lot of attention. And we'll return to kind of if you just look at Google Trends, the kind of public interest in NFCs as a concept is massively depressed to where.
[Mikey Piro]
It was September October last year 100%. We're going to open it up to questions as well soon. So folks, start getting your questions lined up and we'll relay them to Chris. And we've also got a bunch more questions here. I have to give a quick also shout out to Chad and Janet and the Mod team who do a fantastic job, both corralling all the questions. Janet does a ton of great research and shares it ahead of time. Chad was putting in feature requests to Chris ahead of the call as I was getting my situation going. So big thanks to the team there. But we'll shift back to some of the more long term thoughts on Floor and the app ecosystem. I personally have a lot of interest in web apps versus native apps and I think this is for folks that have been building in the space for a while. Web apps and DApps were kind of synonymous with each other and now and I think one of the things your app particularly does well is using test light to keep pushing the edge of what you want to do in a native experience on your phone. There's not a ton of web three apps that do that and especially not do it well. And then you've got Apple kind of like barreling in the past couple of weeks with changes to their. Stance on crypto and token gating. And I guess the first question I'd have is what are your thoughts on where the phone app ecosystem needs to go for web three from now out into the next two or three years?
[Chris Maddern]
Mobile has always been both hard because of some of the technologies and the work that goes in building them, but also easy because you just think about what your users doing, where they are and what they care about. Floor isn't the place that you do your NFT taxes. It's the place that when you're in the coffee shop, it's in your pocket and you can take it out and grab it. And very much like the iPhone became the world's most popular camera because it's the camera you have. I think it's the same thing with Floor. We may not be the most in depth analysis product that there is and we don't hope to be, but we want to be that front door. We want to be the first thing you take out of your pocket and grab and say like, oh, what's up with MFPs right now? Whether that's looking at your portfolio, understanding what's happening inside of those communities, et cetera, et cetera. I think regulatory and kind of App Store review guideline way. Yeah, there's definitely growing up to do. Apple's taken a stance which does, I think, a couple of things. One, it makes clear that they know that a lot of digital purchases are going to go to an FPS, which is why it's worth them going and making sure that they get their 30% on that. And like, I think if you think about worst case for Apple, apple makes about 70% of their money on people selling digital goods inside of games. That's actually a really compelling use case for NFTs. If people found and thought that there was a good workaround to the Apple 30% and that was issuing them with FTS on chain, like they would do that all day long because it's worth billions of dollars in the aggregate. And so Apple wants to make sure they keep that. I think their stance is not necessarily the most thoughtful and the most evolved. I think in particular it makes market based businesses really hard and where, you know, they've created carve outs for more traditional marketplaces like Ebay and Poshmark and things like that, they're like very specifically didn't hear for NFPs. And so for businesses like Openc, I think that's very challenging. For us, it matters a little less. I think the future of token gating is definitely an interesting question. We've always been very upfront that at some point the app won't be token the path to getting there, and like all of the tokenomics that go into that are still in the works. But token gating is a part of our journey. If you're building a consumer social product token gating and adding friction to being able to get on board, eventually it scale doesn't make sense. And so at some point in time, that has to change.
[Mikey Piro]
How has the Apple announcement specifically made you rethink your roadmap for Floor?
[Chris Maddern]
So the first half of the new App Store Guideline basically lists Floor's functionality and says this is fine. So, like, showing people their own NFPs, showing them their friends and FPS in a way that isn't like purchase driven, is literally how I would describe Floor in a very dry and boring way. And so the core functionality of Floor is fine. I think we're definitely exploring the token gaining piece and what the path is. So we've actually moved recently to an invite system that's on Polygon. They're nontransferable, they're not purchasable NFPs, and it's basically just an on chain invite list at this point. And so we're exploring with Apple whether that's actually okay. And if they say yes, great. If they say no, fine. Like, we'll just move it off the blockchain database onto a boring postgres database. It's all really just semantics at this point. So I think that as you think about business models, I think transactionality in iOS for entities is going to be challenging for a while. I think they're going to be really slow to do that. I could imagine them building an entire line of business around this. I can imagine them actually being a platform for NFPs, for helping people create tradable digital goods, for creating a marketplace and a marketplace layer that people can use inside of that. Apple is just very rarely forced to move. They typically try to lag, but then do it better. I could imagine though, a world where Apple actually becomes instrumental, but I think that's in two to three years, not.
[Mikey Piro]
Like W EC this year understood the way I've thought about it as well. And it's amazing that you're having those great conversations with Polygon and Apple around. It is like, well, you can have the creators of themselves of the app pay the subscription fee to you that you pass along your 30%, and you can have the users also pay a subscription fee. And that effectively unlocks most of the other features you want. Fortunately, like DJs that are here, if you priced it right, it's kind of like, okay, I get to keep doing what I do and I get to build this app better. And the revenue goes through. So you can push it into a state of a monthly subscription and eventually, like, I think you will, they'll just merge them together. That's the approach. The other gig I got were like, yeah, we're just going to turn on subscriptions and pay the vig and never forget that they did this, but keep it going.
[Chris Maddern]
Yeah, we've talked to them about that. We've also talked to them about just straight up selling the FC through an app purchase. There's nothing saying we can't do that. It's a digital good. It's honestly like this whole thing is just a place I want to spend as little time and attention on as possible because it doesn't create any value.
[Mikey Piro]
For our users 100%, it creates some business challenges. That's mostly what we're trying to get through to our builders here because there's a bunch of folks that have been looking at it as well. So longer term and then we're going to open it up. We have a couple of questions teed up again, the poet redemption is floor go up. So you've built a product for customers who exist, people who love NFPs. At what point do you see the normies and the newbies in the NFT space kind of really adopting it? What's your view of like I think you've alluded to it kind of broadly in certain time horizons but what's your more established thought on that?
[Chris Maddern]
Yeah, it's honestly one of the main bets you have to make. Right. Because the way to use a builder's market, which I think there is, is to make sure that when you get to the other side and things get better and people want to come in, that you've built the set. Of things during that time that makes you uniquely able to make those people coming in more successful, to keep them on your product, and to create value for new creators that are coming into the space during that time. That trades off with if there are no new people to onboard because there's no interest, then all the work you do to that is compute waste until it's not. And so we're very much approaching this quarter by quarter. I think everything that we do long term is just around helping you understand your NFD in the world of NFDS better and I fundamentally believe that that's the same stuff that is going to eventually help us onboard and orient a larger set of people. But right now we're still very much focused on how do we make the most friendly, understandable, welcoming version of a web three portfolio tracker and discovery tool that the people who are here can get benefit from. And I think what will probably happen over the next two quarters is we'll start to gradually orient that more and more and I think realistically we're not going to be looking at a bull market before next summer. Like I find that very, very hard to believe. We'll keep learning things though and I don't know what the end of next year looks like. If the end of next year still looks like a really bad bear that's when things start to get a little bit scary but we'll see. So right now, yeah, still very much focused on just making sure we're building for customers here but building things that play into that longterm vision of how do we help more people understand this world more? Turns out helping people understand stuff is quite transferable.
[Mikey Piro]
I love the approach and the answer like there's certainly a lot of uncertainty but in the macro sense. But I think, like you said, you know what you want to do with Floor and how you want to move it forward, and staying focused on that is where you'll be. We have a question from Scott Williams and he like to know the impact that the App Pass has had on your acquisition beyond the pass. And then we have a question we'll ask about, like, your origin story with linksy, but how has that impacted your growth and your thought process?
[Chris Maddern]
Yes, there's now I want to say 13,000 App passes, the vast majority of which I think like nine and a half thousand of which went to Genesis holders. And so the net effect of that was about 2800 Genesis holders who had 5000 ish 4000 something Genesis tokens in total. Got to pick the next five to 100 people who got the opportunity to get access to Floor. And that was a piece of it that we're really excited about. Access to the App Pass was kind of rooted in Genesis. We also use those App Passes to drive a number of partnerships. So like another call it 4000 maybe of those three and a half thousand, something like that went to partner communities like Doodles and Moon Birds and Proof and Jimpers and BFF and Hug in order to expand our community into these communities, welcome in them and bring them on as users, but also kind of like establish long term partnerships with these communities. There were like, lots of pros and cons to the App Pass. So the App Pass was actually designed as an on chain invite and wait list system. We ended up never using the waitlist on the App Pass because we just kind of kept letting people in and scaling it. Of the 8500 Ish tokens that we dropped to Genesis holders, amazingly, I think five and a half thousand of them were free transferred to their friends in order to just use it as an invite. The unfortunate part of that is it cost every single one of them gas. So, like, the App Pass program probably in aggregate cost the Floor community 20 $30,000 in gas fees to like, move these tokens around, which kind of sucked. And we had some programs, we had an ambassador program for people who wanted to share lots of tokens. So we did some things to make that better. So we've actually shut the app off down at this point and we've moved to a polygon based invite system. And so App invites are nontransferable 720 ones that essentially tag a wallet for having access. They can be sent without signing a transaction from directly inside of the app and they cost no gas on the back end. We pay the gas and air drop the token. We work with Openc to make sure that the collection was allow listed so that it doesn't get thrown away as kind of a bad air drop. And so that's the go forward strategy and then now we created a bunch of new supply. For the most part that supply was all gifted. A small single digit percentage of those tokens did make their way to secondary and that was definitely a large new supply. And so even though it's very small percent, that market is now gradually keeping itself up. And so I expect that to progress up prices soon. Now that there aren't new transferable assets, I think that probably covers most of what you were thinking about. There's also some really interesting weightless dynamics in the Pogon invite system that will probably be enabling pretty soon.