After over 15 months of meticulous work building smart contracts, conducting extensive testing, undergoing audits, and more, SegMint reached its long-awaited launch milestone on Wednesday, February 28th. Was it a success?
The succinct answer: It's still too early to definitively determine. However, in this note, we delve into the challenges encountered, observations on what went both right and wrong, what surprises arose, and what lies ahead for SegMint.
What is SegMint?
The ONLY fractionalization platform where you retain ownership of the underlying NFT. The platform provides many features, including the ability to create NFT collections and generate SegMint keys used for experiences and access to specific digital assets. With the exception of gas or transaction fees, these features are free to SegMint users.
New users to SegMint may also claim a free Adventurer NFT with completed and verified KYC (Know Your Customer) analysis. As users leverage the various tools on SegMint, they accrue XP or experience points, which can be used to level up the character and/or claim on/off-chain reward items. It’s important to note that KYC is only needed to create SegMint keys. Therefore, users new to SegMint may enjoy the minting and SegMint safe features at their leisure.
🎉 How was the launch?
The good news:
KYC Stats - Within the first week of launch, we've had over 100 users who completed the KYC process and became eligible to claim their free NFT. This figure surpasses expectations, as there was concern that Web3 participants might be unwilling to undergo KYC or that we would need to provide more incentives.
The bad news:
Transaction fees - Gas fees were high at launch and remain elevated. Due to recent token launches and migrations from Ethereum to Blast’s new L2, gas or transaction fees have been incredibly high. This presents problems for SegMint users, as the cost to mint their free NFT ranged anywhere from $50 to $100 over the last few days. As a result, many new SegMint users have postponed claiming their character until transaction fees decrease.
Inaccurate press mentions - SegMint users outside the U.S. may utilize SegMint’s trading platform for trading keys. However, access to this feature is strictly off-limits to U.S. users. This was noted during many interviews with various journalists. The problem is that they took things a bit too far. In some cases, recent articles gave the assumption that U.S. users would not be able to use SegMint at all. This is inaccurate, and thus, we have additional marketing work to do.
🔊 Community Feedback:
The SegMint community has been great and we’ve received some amazing feedback:
Wallet Connect Bugs- Many users encountered issues connecting their wallets to SegMint. This is a Wallet Connect issue that typically arises when users have both MetaMask and other wallet extensions, such as Phantom wallet, installed. This problem is widespread across Web3 and is not exclusive to SegMint. The issue has been fixed!
Try Before You Buy - When visiting SegMint.io, the sign-up window would follow you to every page you visited. We received feedback from our users that they would like to explore the site before signing up. This is also being addressed.
The Community Loves Cryptonia - To support the storyline and lore of our characters, we partnered with the Portals.to team to build a fully immersive world where users can explore, partake in quests, and chat with AI-enabled NPCs. The feedback was extremely positive, but some users felt that they needed some in-game help. Since then, we have added a game manual to provide some tips and even a few secrets for finding success within the mystical world.
🗺 Where do we go from here?
For the remaining parts of March, we will tackle the following:
Supporting a positive user experience remains our top priority. Throughout March and beyond, we will continue to refine the UI/UX and address any outstanding bugs.
Deployment on additional chains – Given that user experience is influenced by the cost of gas or transaction fees, we are presently deploying SegMint contracts to new blockchain networks. Our emphasis is on chains that provide lower transaction costs, potential support for our gaming features, as well as streamlined integration for our partners. Polygon is an obvious choice to satisfy all of these requirements.
Because of this, we are temporarily pausing the Adventurer Character NFT claim as well as freezing some features during deployment. Join our discord to stay up to date on these issues.
Additionally, we are preparing for the onboarding of SegMint partners. We plan to introduce both general-purpose NFTs and RWA-linked NFTs to the platform. RWA-linked NFTs would include tokens such as Wine or Watch-backed NFTs. This represents a significant advancement for both SegMint and our proprietary Lock & Key Model.
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Disclosures:
IMPORTANT INFORMATION
This is a marketing communication.
This content is intended for educational purposes only. Please note that the availability of the products mentioned may vary by country.
This communication is issued by SegMint GmbH, Kreuznacher Strasse 30, 60486 Frankfurt am Main, Germany.
The information herein may change at any time and from time to time. Non-SegMint proprietary information contained herein has been obtained from sources believed to be reliable, but not guaranteed. Not intended to be a forecast of future events, a guarantee of future results. Current data may differ from data quoted. Any graphs shown herein are for illustrative purposes only.
This is not an offer to buy or sell, or a recommendation to buy or sell any of the digital assets, tokens, NFTs and SegMint keys mentioned herein.
With regard to the delivery, minting and/or receipt of non-fungible tokens (“NFTs”), fragments of NFTs (“SegMint Keys”) or any other tokens to/by/from SegMint (all together “digital assets”), you represent, acknowledge, accept and agree to the Terms and Conditions of SegMint[TH1] .
The above content is for informational purposes only, you should not construe any such information or other material as legal or other advice. Nothing contained in this email constitutes a solicitation, recommendation, endorsement, or offer by SegMint or any third-party service provider to buy, sell, mint or otherwise dispose of any digital assets in Germany or in any other jurisdiction in which such solicitation or offer would be unlawful under the applicable laws of such jurisdiction.
Risk Factors associated with the use of SegMint
There are specific risk associated with the use of SegMint. The services of SegMint and the associated digital assets involve special risks, including technology, political, economic and currency risks and differences in accounting methods.
All content in this note is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in the email constitutes professional advice, nor does any information in the note constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. The author is not a fiduciary by virtue of any person’s use of or access to the site or content. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content on the site before making any decisions based on such information or other content. In exchange for having access to this newsletter, you agree not to hold the author, its affiliates or any third-party service provider liable for any possible claim for damages arising from any decision you make based on information or other content made available to you through the email.
You could potentially lose all your Digital Assets in your SegMint account.
Risk associated with Digital Assets:
Use of SegMint including acquisition of digital assets involve a high degree of risk. These risks include, but are not limited to: the technology is new and many of its uses may be untested; intense competition; slow adoption rates and the potential for product obsolescence; volatility of the value of digital assets, including but not limited to, inability to sell a digital asset; loss or destruction of key(s) to access accounts or the blockchain; reliance on digital wallets; reliance on unregulated markets and exchanges; reliance on the internet; cybersecurity risks; and the lack of regulation and the potential for new laws and regulation that may be difficult to predict. Moreover, the extent to which Web3 companies or digital assets utilize blockchain technology may vary, and it is possible that even widespread adoption of blockchain technology may not result in a material increase in the value of such companies or digital assets.
The monetary value of digital asset changes very quickly and frequently and Web3 companies, can rise or fall dramatically and quickly. If their value goes down, there’s no guarantee that it will rise again. As a result, there is a significant risk of loss if you acquire digital assets.
Digital assets are not guaranteed, generally backed or supported by any government or central bank and are not covered by FDIC or SIPC insurance. Accounts at digital asset custodians and exchanges are not protected by any consumer protection or investment schemes and are not insured. Furthermore, markets and exchanges for digital assets are not regulated or not regulated with the same controls or customer protections available in the financial industry.
Digital assets include, but are not limited to, cryptocurrencies, tokens, NFTs, assets stored or created using blockchain technology, and other Web3 products.
Web3 Companies include but are not limited to, companies that involve the development, innovation, and/or utilization of blockchain, digital assets, or crypto technologies.
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