Teng ⛩

Teng ⛩

12-04-2022

02:10

Picture this: you’re an awesome founder/artist/brand. After months of work you’re ready to release your NFT collection to the world. Your launch is one of the most important things that is in your control - it will make or break your project. Here's how you can do it right 👇

2/23 Firstly, DON'T do a stealth launch. That's the worst possible way to launch a project. Why? 🔸 Epic gas wars 🔸 A large % gets bought up by bots/sophisticated traders that are watching for contract deployments

3/23 Also loss of goodwill: your passionate community members gave up sleep waiting for the launch (yet lose out to bots & still pay gas on failed transactions). Or miss out on because they were away. it's a lazy way to drop a project. At least do it on an L2 if have to do it

4/23 VaynerSports Pass stealth launched last week and cost minters $26M in gas fees. Imagine what could happen if the fees were instead used for product development & marketing.

5/23 Kudos though to the @vaynersports team for deciding to refund all gas fees for failed transactions, that's big-hearted. it's a double whammy for the team's treasury in terms of value lost into the ether.

6/23 There are a few tried & tested ways to distribute your collection depending on your objectives 🔸 Dutch auctions work well for price discovery 🔸 Allowlists can be a powerful tool for community building 🔸 Public raffles (if done right) are usually fair and equitable

7/23 Dutch Auction: Instead of fixing an arbitrary mint price, you let the market decide. it's an excellent (but not perfect) price discovery mechanism Pricing needs to be sufficiently high at the start, way above the demand curve. otherwise it will just lead to a gas war

8/23 No NFTs should be available on the secondary market before the dutch auction. Reserved/whitelist/free mints should be done only AFTER the dutch auction has concluded. Otherwise this destroys the beauty of the auction because the price is already anchored in people's heads

9/23 If you're worried there is not enough demand/no bids, some modifications can be made One way is a DA where everyone pays the same price as the lowest bidder. or early bidders get additional rewards. can be done via @metadropmeta It gets interested parties to commit early

10/23 Another idea is a gradual dutch auction proposed by @FrankieIsLost @danrobinson & team. Here NFTs are sold via multiple batches of dutch auctions, with each successive one starting at a higher price. I've yet to see this be implemented live.

11/23 Whitelist/Allowlists This is the standard meta for new launches today. but so many projects do it the wrong way You live & die by your community. Giving WL to ppl who joined your discord early or have 5 invites or Level 7 in discord is a poor way to build one.

12/23 This incentivises 'grinding' - there are tons of people now farming WLs just like they were farming SLP on Axie Infinity. No one should be surprised if they dump on the market once it's profitable to do so, cos money was the only reason they were there

13/23 Instead, allowlists can be a powerful community-building tool. Be very selective about who gets awarded precious WL spots. Give them out to deserving people. Get the community to be part of your project and co-create with you, and reward them handsomely in return.

14/23 I love projects that take their time to build a community b4 launch - I know they will have a much more sustainable level of liquidity/demand Compared that to a project that zooms from 0 to 30k followers in 3 weeks thru marketing hacks like giveaways and referral contests

15/23 One project that's done this super well is @Imaginary_Ones. They've been building up momentum since Jan while actively engaging their community with daily sneak peeks & creative contests. Everyone knows there's something magical brewing there..shhh

16/23 Public Raffle If done properly, this can be a very equitable way to distribute NFTs: everyone gets an equal chance to win. We love lotteries, our brains are wired that way. Unlike allowlists however, it doesn't allow you to curate for the right community members

17/23 The main concern is bots & Sybil attacks, but there are ways to minimise this with some planning & effort eg. require verified twitter/discord accounts, min amt of ETH in wallet, manual filtering.

18/23 A good example is @moonbirds_xyz which has done this quite well IMO. it's the most hotly anticipated project today. yet by requiring the right checks and 2.5E in the wallet, there were ~100k entries into the raffle for 7.8k spots. pretty decent on the other hand...

19/23 ...Murakami Flowers only required an email address to register for their public lottery. This led to over 4.9M entries (!!), of which I estimate >95% must be bots/multi-accounts. I love Murakami's art, it's going to take weeks of effort to filter through them.

20/23 PREMINT is a god-send for NFT projects now, simplifying the process of conducting a public raffle significantly. You can specify your requirements and collect wallet addresses easily, even filter out specific IP addresses & wallets @PREMINT_NFT

21/23 Alpha leak (for mintooors): as more and more projects use PREMINT, PREMINT collector pass holders have more opportunities to find and get into these raffles

22/23 Final thoughts: Implementing a refund mechanism built into the smart contract is relatively novel. this corrects the power imbalance that is strongly tilted towards the team (vs minters). it can reduce rug pulls and improve accountability. Love to see this get adopted more

23/23 for example, @CryptoFighters created a new ERC721R standard that includes refunds and which other projects can also use

As 2022 progresses, there'll be even more interesting launch experiments, with their own tradeoffs. It's a topic i've been thinking a lot about lately. If you found this interesting, please share it out. Together we can have fairer & more successful NFT launches 🤝



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