I Built A $1M App In 5 Hours

I Built A $1M App In 5 Hours

Starter Story 4/6/2024

This article is based on a detailed interview with Dawson Botsford, a solo developer who built a $1 million Ethereum airdrop app in under a day. Presented by Starter Story.

Introduction

Dawson Botsford is a solo entrepreneur and software engineer who developed a cryptocurrency app, nfy, that helps Ethereum users find and claim unclaimed money via airdrops. Remarkably, Dawson built this viral app in just four to five hours and quickly grew to over 250,000 free users and 5,000 paid users, resulting in more than $1 million in annual recurring revenue (ARR).

In this article, Dawson shares his ideation, marketing, monetization strategies, and his journey transitioning from a corporate 9-5 to a nomadic life in a van in Colorado.

Who Is Dawson Botsford?

  • Solo entrepreneur and software engineer
  • Creator of nfy, a Web3 startup for Ethereum users
  • Former software engineer at Uber and healthcare tech companies
  • Currently lives and works from a van in Boulder, Colorado, enjoying skiing and consulting

What Is NFY?

nfy is a simple website that helps Ethereum users discover unclaimed airdrops-free money distributed as tokens or coupons to Ethereum wallet holders.

How NFY Works

  • Users enter their Ethereum address on the homepage.
  • Instantly, the app reveals any unclaimed airdrops.
  • Many users were surprised to find hundreds or thousands of dollars in unclaimed funds.
  • The average user discovered about $750 in unclaimed cryptocurrency.

Dawson’s Backstory and Journey

Early Inspirations

  • Passionate about video games, math, and science as a kid.
  • Learned programming through a friend in middle school.
  • Built programs that helped classmates cheat on geometry tests, which became his first taste of product-market fit.

Academic Struggles

  • Lost interest in software during college due to the degree taking the excitement away.
  • Considered dropping out after two years but discovered hackathons which reignited his passion for building products that real people use.

Corporate Experience

  • Worked at Uber (pre-IPO) and other tech companies.
  • Found downsides of large corporations frustrating - ineffective teams and lack of direct impact.
  • Left corporate life to travel the world for a year, embracing a nomadic lifestyle.

Reigniting Software Passion

  • During travel, met a group in Australia distributing financial aid via Ethereum.
  • This experience revived his interest in blockchain and crypto.
  • Gradually embraced software development again with a crypto focus.

The Birth of NFY

  • After returning to the U.S., Dawson spent over a year readjusting and participating in hackathons.
  • Competed in a one-month hackathon focused on crypto.
  • Took several weeks to ideate until he had strong conviction.
  • Built the MVP in just 4-5 hours during the hackathon.
  • Launched the website with a public URL.

How Dawson Grew NFY Rapidly

Viral Launch and Marketing

  • Published a carefully crafted tweet with a video showcasing the app’s value.
  • The viral nature of the tweet led to 10,000 organic signups in 48 hours.
  • Designed the landing page to optimize call-to-actions:
    • Email sign-up buttons placed prominently in the header and above the fold.
    • Effective use of drop shadows and borders to draw attention.
  • Emphasized adding real value to users to organically gain traction.

Monetization Strategy: The "Anti-Email" Approach

  • Dawson despised spam emails, so he only sent emails containing personalized claims like:

    “You have matched this amount of money.”

  • This led to extremely high email open rates.
  • Soon, all airdrop claims were paywalled.
  • Created public Twitter campaigns such as “25 Days of Christmas”, where he tagged users with screenshots of their unclaimed funds, fostering community engagement and sign-up growth.
  • Attended crypto conferences and meetups to build awareness and trust.

What Made NFY Different?

  • Obsessive focus on quality and trust:
    Competitors diluted quality by including too many low-value or irrelevant airdrops. NFY provided clear, high-value results, earning strong community trust amidst crypto’s frequent scams and phishing.
  • Being early:
    Entering the crypto airdrop space at the right time helped build a loyal user base.
  • Laser focus on user experience and fast website performance:
    Using modern web frameworks ensured a smooth, fast user experience.

Solo Developer Experience

Pros

  • Total control to build and ship without needing permission.
  • Ability to iterate and release quickly.
  • Direct relationships with users.

Cons

  • Can be lonely working alone.
  • Risk of echo chamber thinking; validation can be harder.
  • Importance of engaging with communities, co-working spaces, and conferences to get feedback and combat isolation.

Tools and Technology Stack

  • Languages & Frameworks:
    • TypeScript full stack
    • Node.js backend
    • React frontend
    • Next.js framework for fast websites
  • Hardware:
    • Maxed-out MacBook Pro
    • Split ergonomic keyboard
    • Large 31-inch monitor for eye comfort
  • Code Editor:
    • Visual Studio Code (VS Code)

Acquisition by Bankless

  • Received a direct message from David Hoffman, host of the popular Bankless podcast.
  • After months of discussion, nfy was acquired by Bankless.
  • Dawson became the CTO at Bankless, fulfilling a personal dream and bucket-list item.
  • The acquisition marked a major turning point after two years of solo growth.

Life After Selling NFY

  • Felt a mix of celebration and a dopamine crash after exit.
  • Realized the importance of community and social connection beyond solo pursuits.
  • Currently balances skiing, vide nomad life, consulting, open source work, and decentralized social media efforts like Farcast.
  • Embraces building and publishing openly in the crypto space.

A Day in the Life: Van Life & Work

  • Balances three main activities:
    • Spending time with friends
    • Skiing and enjoying the mountains
    • Working on software projects
  • Uses co-working spaces and meetups to stay connected with tech communities.
  • Prefers working for fun rather than pressure for growth or new acquisition.

Advice to His Younger Self

"Enjoy the process more. Don’t be anxious or worried about missteps because everything will work out in the end."

  • Dawson emphasizes that even perceived failures provided valuable lessons.
  • Encourages patience and trust in the journey.

Final Words from Pat Walls / Starter Story

Dawson’s story proves a single developer can launch a million-dollar business in just a few hours - if they find the right problem and apply the right strategies.

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