How did Banana Drops Season 1 Go and What’s Next?
Read to the end for an overview of the Banana Drops market, and a teaser for Banana Drops Season 2.
When we dreamed up Banana Drops in November of 2022, we had a pretty basic reason: We
like love NFTs and want to make more of them. Banana Drops started as a program that allowed us to give back to the community, and work with amazing artists we love.
If you’ve read the Banana Drops Manifesto, it’s pretty simple: Banana Drops are badges of participation that prove you were early. Banana Drops quickly evolved into a program that let us do all of that, and test product ideas with users, while helping us track who has been with us from the beginning.
When we started, we committed to three editions of Banana Drops for Season 1 as an experiment. They were based around 3 key borrow/lending flows.
We ended up doing a bonus 4th for the holidays (our biggest, by far) and ultimately we couldn't be happier with the results.
What did we learn?
Takeaway #1: The lending product is too complicated
Lending on NiftyApes is tough. Based on the sheer volume of questions Mariana (our amazing Head of Community), folks had a lot more trouble understanding how lending worked.
We rolled out gass-free offers. That helped! We actually saw a serious boost in offers made, but we still saw a drop in Banana Drops qualifiers when Lending was involved.
How did this help?
We completely reinvented lending with a new primitive called Seller Financing.
Seriously. A brand new product. A new primitive not yet seen in Web3, under-collateralized lending, as an outflow of our learnings from Season 1. How cool is that?
Takeaway #2: Borrowing, on the other hand, works amazing well
By far, more Borrowers made it through Banana Drops flows than Lenders, and led to a multitude of refinements on the Borrower Side.
All of these refinements were rolled up into the Rollover Loans.
We polished our lending application, identified the biggest gaps in our documentation and UX, and learned a lot about our product. As we wrap up Season 1, we're excited to share some stats with you:
"HAPPY HOLIDAYS!" SECRET BANANA DROP
A surprise Banana Drop for you and a friend. Mint 2, give one away.
Minted NFTs: ~8298
Boost Attribute: .001
Total Boost Available: 8.298
Banana Drop 1 - Greta Gremplin
Connect to the NiftyApes dApp and take a screenshot of your Borrower Dashboard. Share your borrower screen by QRTing our announcement and tag @NiftyApes.
- More than 2000 RT to the announcement
- More than 3000 submitted forms
- 2500 new community members on Discord
Minted NFTs: ~920
Boost Attribute: .005
Total Boost Available: 4.6
Banana Drop 2 - Messhup
Create at least 3 offers on any of our listed collections. Take a screenshot of your lender dashboard with your offers and post it to Twitter, tagging @NiftyApes.
- 1518 submissions
Minted NFTs: 326
Boost Attribute: .01
Total Boost Available: 3.26
Banana Drop 3 - Facu Serif
QRT NiftyApes’s announcement and attach a screenshot of your Borrow Page with your rolled-over loan and post to Twitter or Discord.
- ~21 qualifying addresses on Mainnet.
- 55 qualifying addresses on Goerli.
Minted NFTs: ??
Boost Attribute: .5
Total Boost Available: 11
We want to express our heartfelt thanks to everyone who participated in Banana Drops. Your feedback and suggestions were invaluable to us, and we couldn't have done it without you.
We're thrilled to announce that we're already planning (ripening) Season 2 of Banana Drops, and this time we're focusing on our Seller Financing Product.
We'll be incorporating the insights (and NFTs) we made with Season 1.
We can't wait to show you what we have planned. Stay tuned for more updates in the Banana-Drops-Holders channel in Discord.