SKOSHY
Revolutionize NFT World: Seamless Payments & Management
INTRODUCTION
Role
UX Design Lead
Timeline
Aug 2022 - Sep 2022
Jan 2023 - Feb 2023 Last modified
Team
Qilin Chen (UX Designer)
Tianwei Li (UX Designer)
Tools
Figma, Adobe Illustrator, iMovie
Problem
How can we help traditional investors
to make digital assets purchasing and managing more accessible?
For traditional investors, the obstacles of NFT purchase & management...
Traditional Investors
NFT Purchse
Designs
Approach
1 Research
Market Research
Competitive Analysis
Pain Point
Persona
Problem Statement
2 Design
Brainstorming
Solutions
Wireframes
Mid-fi & Hi-fi Iterations
3 Iterations
Pitching Feedback
Latest Design
My Contribution
Project Information:
-
2 MIT Sloan Business School fellows founded SKOSHY in 2022
(supported by MIT Sandbox Innovation Fund Program & MIT Venture Mentoring Service)
-
Currently pitching to investors and hiring engineers to work on beta launch
My role:
-
UX Design Lead, working with 2 other UX designers
My contribution:
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Drove the design from end to end and built the mobile app from 0-1
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Set the strategy with founders and developed the roadmap
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Developed the branding and design system
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Created the interactive prototype
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Expanded the scope and developed the landing page to attract investors bette
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Helped founders successfully gain funding
(More details in my resume under "About")
Results
SKOSHY got in the the Startup Bootcamp (Inclusive Fintech & Defi section) on Feb 2023!
It is planned to kick off on March and launch on Jun 2023.
SKOSHY also received its first investment in Feb 2023!
01 RESEARCH
Problem Finding
The founders have done solid market research when they approached us for design.
The NFT marketplaces generated more than $25 billion in sales in 2021 — from art to sports to video games to collectibles to metaverse platforms.
A new Mastercard survey of more than 35,000 people in 40 countries found that 45% had purchased an NFT or would consider doing so, and roughly half sought more flexibility — being able to pay with crypto for everyday purchases or using a credit or debit card to buy an NFT.
Study shows that 80% of the average person finds card payment to be more convenient than using crypto wallet.
It is shown that conversion rate increase by at least 25% when buyers can choose their preferred payment methods.
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The current process of NFT
purchasing: 8 Major Steps
SO COMPLEX!!
The current process of NFT
managing:
1 Marketplace - 1 Account - Multiple Wallets & Cryptocurrencies- Multiple NFTs
SO COMPLEX!!
Competitive Analysis
Transferrable Insights
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Various payment methods
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Access to multi-chain marketplaces
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Good customer support system
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Large variety of NFT collections
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Certification to help traditional investors get in the field
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Offer financial data about cryptocurrencies
Possible Improvement
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Complicated process of purchase
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Not transparent fee structure
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Numerous fraudulent NFTs in market
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Limited area & limited devices availability
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Lack straightforward educational process
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Hard to manage all different cryptocurrencies for different chains
Summary - Pain Points of Traditional Investor
By analyzing the user journey of purchasing and managing NFTs, as well as the competitor studies, I helped identified the three major pain points below.
Traditional investors face difficulties in investing in digital assets, including a complex purchase process, numerous marketplaces with different cryptocurrencies, and difficulty in determining the right platform for investment. This can make it challenging for them to effectively track their investments.
Complex Process of Purchasing
Difficulties of management
Lack of integration
Persona
Gary
Gender: Male
Age: 35 years old
Occupation: Banking
Location: Singapore
He has heard about NFTs and he know that people are investing into them. He has been exploring but the process seems different from traditional investments so he does not know where to start with. He's not quite crypto-savvy and don't know how to setup or manage crypto wallet. So he is now asking his tech savvy friend to buy and manage the NFT for him. However, this is not sustainable and he does want to manage it on his own.
Gary really wants to purchase and manage NFTs easily so he can diversify his investment portfolio and make gain from investment more directly without asking his friends to do so.
Problem Statement
How can we help traditional investors
to make digital assets purchasing and managing more accessible?
02 DESIGN
Business Strategy
Design Focus [Mainly on Phase 1, Phase 2 is for future development]
PHASE 1 - embedded in current market places
One-click Checkout
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Checkout with credit, debit card, bank transfer and local e-wallets.
One Account To Manage All Purchases
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Using one SKOSHY account in multiple marketplaces for better organization.
Safety and Security
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Provide safety and security assurance through colors, typology etc.
Consistency Across Platforms
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UI design adapts to the existing marketplaces but also keeps the iconic blue color of SKOSHY
The Purchase Process
From 8 steps to 3 steps
Before
After
The Management Process
1 SKOSHY account for all
Before
After
Design Iterations
Based on the wireframes, we've developed a mid-fidelity and a high-fidelity mockups.
During each iteration, I organized a session with both designers and founders in order to receive advice from founders. Following that, I arranged a session for us three designers to distribute the work.
Wireframes
The wireframes were provided by the founders in order to better communicate with us designers.
PHASE 1
PHASE 2
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Mid-fidelity Mockup
The goal of this iteration is to show design pattern with modification from the wireframes.
We used Figma to create the mid-fi prototype so as to get feedback from founders. I was responsible for creating the NFT item page and log in page.
PHASE 1
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High-fidelity Mockup
We used Figma to create this high-fidelity prototype with interactions so it can be used for founders to pitch business idea to investors.
PHASE 1
PHASE 2
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NFT Item
SKOSHY Log In
Choose
Payment Method
Input Card Info
Purchase Confirmation
My Profile
SKOSHY Home
Visual Style & Logo & Video
Typology is also designed to be reliable and stable that suits traditional investors.
Blue is a commonly used color in banking.
Color change to convey the feeling of safety and security for investors.
Pitching Video
03 LATEST ITERATIONS
Key Insights & Latest Design Iterations
As we finished the prototype on Sep 2022, the two founders have been joining business contests and pitching to investors. The latest design iterations are based on the feedback they got during the pitching process.
Then I made changes in design in the following pages:
1 - NFT Item Page
2 - Log In Page
3 - Payment Page
4 - My Profile Page
5 - SKOSHY Website
1 - NFT Item Page
It is originally designed to show this page's look in Phase 2 (the independent SKOSHY app). However, during the pitching process, investors felt confused because it is used in the process of expressing the idea in Phase 1 (embedded in current market). Since the key part of pitching is Phase 1, I changed it into using the current page of NFT market place (OpenSea) as the base, and implementing SKOSHY CTA button into it.
An investor asked: "I'm confused. Is this page for phase 1 or 2?"
BEFORE
AFTER
Safety and Security
Consistency Across Platforms
2 - Log In Page
After selecting the NFT to purchase, by clicking the "BUY WITH SKOSHY" button on the NFT item page, it jumps to the SKOSHY log in page in order for checkout using cards and e-wallets. However, the disconnection between market place and SKOSHY, the payment method, was huge in the design before. So I added a transition page and a banner to ensure the users that it is still in the process of buying the NFT they selected.
A user said: "It feels interrupted when the page jumped from NFT to SKOSHY log in."
BEFORE
AFTER
Safety and Security
Consistency Across Platforms
3 - Payment Page
An investor mentioned: " This looks a bit undeveloped..."
BEFORE
AFTER
Safety and Security
One-click Checkout
4 - My Profile Page
I negotiated with the founders about the navigation bar design. As a wallet, the most important function is to managing user's balance and NFTs, so the search function can be placed in the hamburger menu.
BEFORE
AFTER
Consistency
One Account To Manage All Purchases
5 - SKOSHY Website
From the perspective of business concern, I expanded the scope of design by recommending the founders to re-design the landing page for the SKOSHY website. The old one is provided by founders as their old SKOSHY page.
Old
New
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Clean and modern look
More contrast of CTA button
Fixed navigation bar
Click CTA button anytime while scrolling
04 FINAL PROTOTYPE
The prototype for Phase 1 is our design focus and Phase 2 is a simple demo for future developent.
Phase 1 - Embedded in OpenSea
Phase 2 - An independent app
05 REFLECTION
More finance-related function for investors
The very next consideration must be made for our target audience, traditional investors, who require additional finance-related features and content in addition to convenient payment methods. For instance, the ability to view analytical charts of the ups and downs of NFT market prices, AI-based forecasting and portfolio construction for NFTs, etc. This step requires additional financial investment product research and NFT integration.
Safety issues
Since accountability in Web3 networks is still a concern, complex crypto wallets employ a variety of security methods. And SKOSHY, after proposing a simpler and more direct approach, the most important thing to consider is how to maintain the security of the user's information despite the simplicity of the proposal.
The future of NFT market & tokenization
After 2021, it is common knowledge that the NFT market declined. Despite the market's size, I believe it is necessary to consider what other digital assets SKOSHY can work with.
Secondly, SKOSHY provides an anti-tokenization payment method. Therefore, one must consider how SKOSHY should evolve in the future if tokenization becomes the dominant trend.
What's next?
The founders of SKOSHY are planning to hire an engineer for the beta launch as the next step. After collecting information from users, they can better pitch their product to investors and launch it.
As SKOSHY got selected in the Startup Bootcamp (Inclusive Fintech & Defi section) on Feb 2023, it is planned to kick off on March and launch on Jun 2023 with the help from mentors and investors.