Roles: Researcher / Communication / Prototype / NFT Artist

Rugbit is an innovative lottery-style NFT platform designed specifically for the bearish NFT market. It offers a unique solution for investors holding value-depreciated NFTs, allowing them to use these underperforming assets as entry tickets into a prize pool. Rugbit operates by accumulating these NFTs until the total value in the pool reaches a predetermined threshold, at which point a draw is conducted. This system provides investors with the opportunity to potentially win significant rewards, transforming their otherwise stagnant NFT investments into exciting chances for substantial returns. Rugbit's model not only injects excitement back into the NFT market during downtrends but also creates a dynamic ecosystem where lesser-valued NFTs can still offer value to their holders through potential windfalls.

Problem Statement

In the face of a prolonged bear market within the NFT industry, our department is faced with the challenge of securing investment on a short-term basis amidst declining market mechanisms. This situation necessitates the identification and implementation of strategies that are resilient to the current market downturn and capable of attracting immediate investment. The core of this challenge involves innovatively navigating the constraints imposed by the bear market, while simultaneously appealing to investor confidence and interest in a sector that is experiencing a temporary decline in value and activity.

How might we give failures hope during the NFT bear market?

During the bear market, many investors opted to pause their activities to mitigate financial losses. To address this, we introduced a pool where investors could exchange their seemingly worthless NFTs with us in return for lottery tickets. The lucky winner had the opportunity to claim all the tokens.
This initiative not only added value to these seemingly valueless NFTs but also reinvigorated the market while offering a glimmer of hope to investors.

Ideate

Research

We've all been manipulated by those widely recognized NFTs.

• Secondary Research
  In 2023, only 16% of investors managed to profit. Unfortunately, certain well-known NFTs engaged in 'rug-pulling,' leaving investors with assets that quickly became worthless and nearly impossible to liquidate, resulting in significant financial losses as the NFT teams absconded with the funds.
• Interview
  I conducted interviews with approximately ten individuals who experienced financial losses during the bear market. Among them, one individual's situation was particularly devastating, resulting in a divorce. The common concern among these investors was feeling deceived by the promising blueprints presented by NFT teams, only to be left with virtually worthless NFTs following their investments.

NFT Arts

I created the 'Rugbbit' NFT using AI-generated drawings, then customized them to align with my vision. The name 'Rugbbit' draws inspiration from both the Eastern Rabbit and 'Rug Pull.' My design keywords revolved around concepts like 'rabbit,' 'anger,' '2D cartoon style,' 'flat design,' and more. I fused the chosen images into the final design.

The initial concept centered around critiquing well-known NFTs, with the 'Rugbbit' tearing off a photo of these prominent entities. Additionally, our prize pool functioned as a lottery drawing, transforming our NFTs into ticket-like assets. Investors who purchased these NFTs gained access to the prize pool game. Following the draw, the NFTs underwent a transformation, resembling a torn ticket.

Elements Design

Phases of Lottery pool

Founder avatars

Feedback

Prior to launch, our tweets garnered over 100 retweets and approximately 50 comments. At that time, our Twitter following exceeded 3,000 users. The comments overwhelmingly expressed attraction to the idea and resonated with the sentiment of 'disapproving of well-known NFTs.'