Good Game

Finding Product Market Fit: How 2 Engineers Built the #1 NFT Marketplace on Solana (Tensor) | EP 17

May 16, 2023

01:22:59

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Episode notes

Introduction

2min

The Battle Between Tensor and Magic Eden

2min

How to Evaluate Founding Teams in Crypto

2min

How to Validate Your Product

3min

The Bottom Up Analysis of Solana

2min

How to Launch a Product

2min

How to Raise a Seed State Startup

2min

How to Be Frugal in Crypto

2min

How to Find a Good Co-Founder

2min

10.

The Importance of Having a Co-Founder

2min

11.

How to Find a Good Cofounder

2min

12.

The Importance of Having a Good Work Ethic

2min

13.

How Tensor Built a Successful NFT Trading Business

3min

14.

Building a Bar of Last Resort Protocol

2min

15.

How to Assess Buyers of Last Resort as an Asset Class

2min

16.

The Importance of a Good Hunch

2min

17.

The Importance of Hunch

2min

18.

How to Iterate and Pivot to Assess a Big Market

2min

19.

How to Acquire Your First 100 Customers on Solana

2min

20.

Building a Marketplace of NFTs

2min

21.

How TensorSwap Transitioned to a Two-Sided Marketplace

3min

22.

How to Create a Feedback Loop That Works for You

3min

23.

How to Build a Product Market Fit

3min

24.

How to Keep Users Coming Back

2min

25.

The Importance of Timing and Luck in Building a Successful Platform

2min

26.

The Competitive Landscape of Magic Eden

3min

27.

The Importance of Segmentation for Founders

3min

28.

How to Be a Frugal Startup in Crypto

2min

29.

How to Find Product Market Fit for Your Company

2min

30.

How to Pitch VCs in a Bear Market

2min

31.

The Importance of Financial Models in Startups

2min

32.

The Importance of Intuition

2min

33.

How Do You Feel About Salato Now?

2min

34.

The Future of Cryptocurrency

2min

35.

Ethereum and the Future of UX

3min

36.

How Did You Know You Had Product Market Fit?

2min

37.

The Importance of Product Market Fit

3min

38.

The Importance of Honesty in Your Initial Idea

2min

39.

How to Build a Customer Feedback Loop

3min

Imran and Qiao invite Tensor cofounders Ilja and Richard to discuss about achieving the right product-market fit in crypto.

No BS crypto insight for founders.

Timestamps
(00:00) Intro
(00:56) Welcome to Good Game
(01:18) Product-market fit has been a common topic
(01:59) The battle between Tensor and Magic Eden
(02:46) Who is Tensor exactly?
(05:02) The most important episode for early-age founders
(06:13) Where did "product-market fit" come from?
(10:33) Tensor got 15 noes from investors
(11:50) Welcome Richard and Ilja
(15:17) Richard’s background
(16:37) Ilja’s background
(17:37) The greatest edge that Tensor has
(19:02) How did the Tensor guys ascertain their compatibility as cofounders
(23:02) From a Solana hackathon project to Tensor
(32:12) Why they decided to build a pro trading product
(34:30) How Tensor validated their product
(36:42) How Tensor acquired their first 10 to 100 customers
(38:41) The cold start problem
(42:55) How they created their feedback loop
(47:15) What really gets you your product-market fit
(48:25) Tensor’s flat traction and lessons learned from several months of pain
(52:05) The competitive landscape of Magic Eden and why build on Solana?
(56:01) 2 devs, a truckload of coffee, and a wild dream
(56:20) Why did they decide to stay lean
(58:05) Why it’s important to find product-market fit first
(1:02:02) Lessons learned from 50+ rejections from VCs
(1:08:19) How they feel about Solana now and in the near future
(1:12:04) Qiao’s bullish argument for Solana
(1:13:08) Upcoming problems for Ethereum
(1:14:14) How did they feel when they achieved product-market fit
(1:18:23) Quick recap + lessons learned

Richard Twitter: https://twitter.com/0xrwu
Ilja Twitter: https://twitter.com/_ilmoi

Good Game Podcast: A podcast for crypto natives.
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DISCLAIMER: The views expressed herein are personal to the speaker(s) and do not necessarily reflect the views of any other person or entity. Discussions and answers to questions are intended as generalized, non-personalized information. Nothing herein should be construed or relied upon as investment, legal, tax, or other advice.