For The Greater Good

We said we’re serious about Cereal, and we mean it.

The Cereal Club

Dutch Auction

From a monetary perspective, a Dutch Auction also serves as a method of raising capital for a start-up & project that has a long term vision and a road map & plan that the team is determined to execute. It allows us the ability to build quickly, add talent to our team, & follow through on project initiatives. An important part of web3 is independently taking control of finances to empower the web3 industry as a whole. We witnessed projects that had to resort to raising capital through traditional web2 VC avenues when they wanted to scale. We wanted to keep the power within web3.

Whitelist, Discord, Community

An open Discord leads to a higher volume of users which comes with multiple setbacks, some of which are touched upon above. Although our Discord was closed, it still quickly grew to 30k+ members. One issue with an open Discord is that it creates an unhealthy environment & unreasonable expectations to attain a whitelist (WL) spot. Our messaging and corresponding actions since day 1 were that we would not allocate WL spots in a manner that would enable Discord grinding. It is one of the worst parts of our industry and is neglectful to mental health, physical health, & does not lead to genuine connection.

Our WL of 2,000 mints was originally composed as follows:

  • 1250 Food Scientists: This was a CollabLand role for Cool Cats & Doodles holders, two projects that reflected the type of community we wanted to emulate
  • 250 First Bowl (Raffle): Our Discord OG role
  • 120 Artists: Awarded to community art creators that caught the teams attention
  • 50 Notable Partners
  • 25 Cereal Club Mods
  • 10 Non Fungible Mods (Raffle): A moderator networking role
  • 5 Voice Chat (Raffle)

The balance was allocated towards project collaborations & giveaways, which is reflective of our vision of a collaborative web3 community.

This announcement was instantaneously met with a strong push back from our community. The team spent countless hours talking with & listening to the members who helped build our project. Although our intent was to dissuade Discord grinding, we failed to provide an avenue for community pillars and authentically engaged members to attain WL mints. We heard our community & implemented changes to our whitelist.

We added an additional 500 WL mints, which were allocated as follows:

  • 250 Cereal Killers & Cereally Cool People: Our most engaged members
  • 250 Cereal Olympics: A competition where each cereal role came together as a team to work on irl & digital creations

NFT Ethics

Labeling a project, and more importantly people, a scam / scammers without minimal due diligence sets a dangerous precedent in our industry. An account named “NFT Ethics” should live up to its moniker and be held to a higher standard of quality work & information. Instead, this account resorted to click bait journalism tactics that are always too conveniently timed hours before the launch of hyped projects. If its contents are even accurate, this planned & strategic method is based on engagement farming and attention rather than giving potential buyers ample time to do research and avoid making poor decisions. It also prevents any project from having the opportunity to answer questions or debunk any blatantly false allegations.

KB24

Public Dutch Auction Mint

All of a sudden, we noticed a very abrupt pause. The entire team was confused as to what was going on. After 3 hours of troubleshooting, we determined that MetaMask’s estimated gas calculations were not correctly calculating gas fees in a way that it reverted transactions, equating to an auction that was rendered no longer operational — as a result we had to implement a whole fix around by hard coding gas to bypass MetaMask’s gas calculation.

After adding that, we continued the Dutch Auction and sold out our collection.

Etherscan — https://etherscan.io/address/0x9e8b85dbb082255bd81c5b25323b694bc799a616

What We Learned

If we did not run into our public DA mint contract issue, we would have sold out quickly. And by doing so, Cereal Club & the successful DA mints before us would have paved the way for bad actors to take advantage of web3 newcomers & veterans alike, as has become all too frequent in the past few weeks. When a failed project or rug pull successfully executes a Dutch Auction, innocent people suffer & the market is destroyed from extracted liquidity.

The concept of Dutch Auctions had to be destroyed so that space we love could succeed and so that faith & integrity in web3 could be restored.

Whats Next

In the last few days:

  • We had a successful WL mint & reimbursed gas fees for failed WL transactions
  • Put Cereal Club merch into production with our apparel manufacturer
  • Hired additional members to our team that are more experienced than us in their respective fields, all of whom we are excited to introduce this week

What we have coming in the next few weeks:

  • Art Reveal on Tuesday, February 22nd at 5PM PST
  • Server gamification with earnable prizes such as Cereal Club merch, IRL cereal treats, & Cereal Club NFTs
  • “Air-dropping” Cereal Club merch to all holders
  • Rolling out our Share-A-Bowl charitable fund, which will be community driven & determined
  • Further expansion of our team with a full thread introducing everyone and their super powers

In addition, we are planning on having a community Twitter Spaces this week & will let you know once we have a date & time finalized.

Successful, quality projects are built over time with hard work & execution.

That being said, we plan on acting on the items above in our first 30 days. We will let our actions speak louder than our words.

Now that we’re officially here, we’re not going anywhere. If you would like to join us on this journey, grab a cereal box and meet us inside the club.

Nice to meet you all.

@SakoWaves

Co-Founder Cereal Club

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