Cereal Club Launch
NFT launches are a magical time. They evoke this warm feeling inside. Similar to the feeling of digging through a brand new cereal box until you feel the prize inside, excited to find out what you got. NFTs have allowed us to feel that same type of feeling again while also empowering communities through shared ownership.
The NFT space has grown immensely this year and as web3 adoption continues to grow, so will the possibilities.
Being part of the space for a long time we have seen the growing pains of the blockchain.
Our vision at Cereal Club is to create a hybrid ecosystem for all NFT projects to be able to be part of. We do not look at our community as an us vs. them, but rather a collective empowerment towards web3.
Part of this means to continually look at the industry as a whole and find better ways to create new standards for it. One area in particular has been the growing pains of the blockchain. Gas fees on the ETH Chain have become incredibly high with the increase in network demands and users have lost thousands of dollars through wasted gas or not allowing new users from entering into it due to high costs.
The precedent we’d like to adopt first would be the ERC721A contract, which has been developed by the Azuki team. Implementing this new contract helps lower gas fees for our launch by over 50%. It is an incredible feat, and we’re happy to be part of it.
The second component of our launch style just as crucial is how we are going to release the Cereal Club NFTs. We wanted to think through this very thoroughly, continuously with our core team and continued to iterate on the mechanics of it until we got it just right.
This is why we experimented by starting one of the first private discords in the NFT space for our project launch. We did this intentionally. Our goal was to first and foremost remove the ability for hackers and scammers to infiltrate our community. Scammers and hackers have successfully stolen 7+ figures this year from NFT community projects. Some of us have unfortunately even fallen victim to this ourselves. By limiting the number of accounts that can join and creating a limiting factor, it has allowed us to monitor members joining the discord, allowing us to remove bad characters before it becomes widespread. Lastly, it has fostered strong friendships we have built over time with genuine interaction. The private discord community has proven to us to be wildly successful.
This leads us to white list, what it takes to get on it, and our ideology behind it. From the start we stated that there is no grinding from the whitelist. Grinding unfortunately has become one the primary activities communities have used to try to create ‘genuine’ interest. However, looking into the statistics, it has created an opportunity for groups to game earning a whitelist in their favor and flip the NFTs on the secondary market. This unfortunately ruins communities foundations, and more importantly ruins the magical moment of opening their NFT from the cereal box and discovering what they got.
We also understand that most of our community have jobs, families, obligations, and more. Grinding for WL becomes counterproductive, authentic members on the other hand are productive. We’ve begun granting a whitelist to those who have been authentic and genuinely interested in the cereal club. This means anyone who has been creating cool fan-art, believes in our aim in empowering web3, has been authentic in community engagement, and more. This to us is magical. While we know we will miss some folks with this process we decided that doing a hybrid launch will be the best way to reward genuine members and also allow those who love the cereal club art and believe in our vision the opportunity to mint a Cereal club NFT at a price they feel comfortable paying.
How Dutch Style Auction Works
The dutch style auction is a public sale which starts at a determined set price and over time drops until it is all sold out. In this type of auction, bidders can have the opportunity to buy the NFT at a price they feel comfortable at. In the NFT space this allows gas to lower a bit more as well since demand is being spread over time between prices.
Cereal Club Collection Sale
The Cereal Club NFT will be sold in three phases. The first phase starts Feb 15, 2022 @ 5:00PM PST / 8:00PM EST. Each address will be able to mint up to 5 Cereal Club NFTs.
Dutch Auction Sale
- The first phase of our sale will begin on Feb 15, 2022 @ 5:00PM PST /8:00PM EST. We will be auctioning around 7500 Cereal Club NFTs at a starting bid of 0.5 ETH. The price will drop by 0.05 ETH every 10 minutes until it reaches 0.1 ETH.
- The second phase of the sale will begin Feb 16, 2022 @ 5:00PM PST / 8:00PM EST. Everyone who is on the white list has 24 hours to mint a single Cereal Club NFT. The price will be HALF of the price the last Cereal Club NFT sold for during the dutch auction. For example, if the last NFT sold for 0.20 ETH the whitelist price will be 0.10 ETH.
- We will hold a public sale for the remaining NFTs on Feb 17, 2022 @ 5:00 PM PST /8:00PM EST. The price for the public sale will be at the price of the last sold during the first phase dutch auction. For example, if the last one sold for 0.20 ETH so will the public sale.
In closing, we’re genuinely so excited to finally launch the Cereal Club. The community sentiment, the ideas, visions, and people that it has already brought have been humbling. To create the best experience possible for everyone we’ve done our best to mitigate gas fees, remove scammers, the pitfall of selecting a whitelist to bad actors, and provide an opportunity for everyone interested to mint and a price they feel comfortable. We understand this isn’t perfect but we’re hoping this style of launch provides the opportunity for everyone interested to get their hands on one. We can’t wait to mint and see which cereal club muncher we each get and the opportunities it will lead to in the near future when we see everyone inside the club. See you soon.