IOTA EVM Buildsphere AMA #13 – Figment

Published 29 August, 2024

In this AMA of IOTA Foundation which took place on July 31, 2024, Jonathan hosted Dracula Presley from Figment to discuss the development and launch of Figment, an NFT marketplace on the IOTA EVM, the importance of community engagement in the NFT space, and more! Read our notes below to learn more.

Background

Jonathan Hellweg (Host) – Community Manager at IOTA

Dracula Presley (Guest) – Contributor at Figment

Figment – an NFT marketplace, focusing on user experience and community integration within the IOTA ecosystem

Exploring the Evolution of NFT Marketplaces in IOTA: Figment

Jonathan introduces the 13th edition of BuildSphere, featuring Dracula Presley as the guest. He explains that BuildSphere aims to showcase protocols populating the IOTA EVM and encourages audience participation.
Dracula Presley introduces himself and Figment, an NFT marketplace he’s been developing for about two years. He shares his background in Web3 development, starting with Binance Smart Chain and later focusing on Fantom. Dracula Presley mentions his long-term involvement with IOTA and his transition from trading to building projects.
Dracula Presley explains his decision to build an NFT marketplace, noting the historical popularity of NFTs in the IOTA ecosystem compared to DeFi. He highlights the need for a flagship NFT marketplace in a developed ecosystem, citing the existence of well-established NFT projects within the IOTA community.
Regarding business development efforts, Dracula Presley mentions that they’re just starting to reach out to creators and artists as they approach launch. He stresses the importance of understanding creators’ needs, plans, and roadmaps. Dracula Presley highlights the significance of community engagement in the NFT space, contrasting it with DeFi where products can sometimes succeed without as much community familiarity.
Dracula Presley uses the example of Hyperspace, an NFT marketplace that struggled when moving from Solana to Avalanche, to illustrate the importance of deep community integration for NFT marketplaces. He highlights that success in the NFT space requires ongoing communication and collaboration with the community, unlike some DeFi projects that can attract users based solely on their product offering.

Enhancing User Experience, Streamlining NFT Listings, and Supporting Soonaverse Transitions

Jonathan asks Dracula Presley about the major use cases for Figment and how it aims to be better than competitors.
Dracula Presley highlights the importance of user experience in the current market. He explains that while anyone can fork an NFT marketplace, the focus now is on making the interface intuitive and easy to use. He mentions trimming unnecessary features to allow users to quickly accomplish their tasks.
Jonathan asks about the process of getting an NFT on Figment.
Dracula Presley describes Figment as permissionless to an extent. Users can see and interact with anything in their wallet, but for a collection to be prominently visible and fully functional on the marketplace, there’s a small verification process. This includes filling out a short form and paying a small listing fee to prevent spam. He stresses that this process is not meant to control content but to maintain a basic standard for NFT projects.
Jonathan agrees with the need for a small barrier to entry to prevent low-quality spam listings.
Dracula Presley elaborates on finding a balance between complete permissionlessness and restrictive listing policies, based on his experience with other marketplaces.
Jonathan asks about Figment’s plans regarding the closure of Soonaverse and stranded collections.
Dracula Presley confirms that Figment is actively supporting collections affected by Soonaverse’s closure. They’re discussing with project teams about migrating collections to IOTA EVM, which often involves redeploying contracts and airdropping to original holders. He invites any projects affected by the Soonaverse closure to reach out to Figment for assistance in getting listed on their platform.

Figment’s Commitment to Creator Royalties and Future Plans

Jonathan asks Dracula Presley about Figment’s stance on creator royalties for NFT collections.
Dracula Presley expresses a strong belief in honoring creator-set royalties. He explains that unlike some marketplaces that have made royalties optional, Figment will adhere to the royalty fees set by creators in their contracts. He argues that royalties are crucial for NFT projects to maintain ongoing support and development, unlike DeFi projects that have constant fee streams.
Jonathan inquires about potential additional products or features for Figment.
Dracula Presley reveals plans to develop tools for launching NFT collections after the marketplace rollout. This will include a curated launchpad for extensively supported projects and no-code tools for individual creators to launch their own collections easily.
Jonathan asks about plans for a token launch.
Dracula Presley confirms that Figment will have a reward system and token. He mentions studying successful models like Blur‘s campaigns, aiming to create a balanced system that rewards platform activity while maintaining intrinsic token value. The token system will be implemented in “seasons” with specific date ranges for rewards.
Jonathan invites audience questions and asks about the best ways to learn more about Figment and for creators to get in touch.
Dracula Presley directs people to Figment’s X (Twitter) and their Discord server. He mentions a dedicated creators’ area in the Discord for interested parties to engage and discuss.
In closing, Dracula Presley mentions that Figment is about 75% through the building process and looks forward to launching on IOTA EVM. He also notes the recent launch of new vaults for IOTA EVM on Accumulator, another project he’s involved with.

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Show Information

Medium: Twitter AMA & YouTube (Audio)

Show: IOTA Foundation

Show Title: Buildsphere AMA Ep #13: Figment

Show Date: July 31, 2024