Mindblowon NFT Launch Details
We are very excited to finally announce Mindblowon NFT’s minting date and how the process will be. It’s essential to read all the information carefully!
Let’s talk about the minting process and the Dutch Auction that has happened in the NFT space so far.
Twists and Turns About Minting Process
One of the most common and main issues big projects face during the minting phase is the gas war. Gas war happens when everyone is trying to mint at the same time while causing gas to blow up. Many projects conduct public raffles or fully whitelist the community to avoid this. But one of the most effective solutions for successful projects in the past has been implementing the Dutch Auction.
Dutch Auction - Pros and Cons:
For those unfamiliar, dutch auction is a type of auction that starts from a determined ceiling price and drops down to the bottom price over a period of time. This way, it spreads the mints over time to ultimately eliminate gas wars.
Sometimes, it may feel unfair for those who minted in the ceiling price compared to those who minted in the lowest price.
After considering various things, we also want the public first to determine the actual value of the Mindblowon NFT.
We decided to choose the Fair Dutch Auction as our primary mint process as we believe it is a very fair approach and has been implemented by big NFT projects.
Fair Dutch Auction
Date: 6 May 2022, 2:00PM (UTC)- 7 May 2022, 2:00PM (UTC)
Starting price: 0.69 ETH
Bottom price: 0.169 ETH
Duration: 5 hours 30 minutes or until sold out
The price will decrease for 0.05ETH/30 minutes until the last bottom price.
2:00PM UTC = 0.69 ETH
2:30PM UTC = 0.64 ETH
3:00PM UTC = 0.59 ETH
3:30PM UTC = 0.54 ETH
4:00PM UTC = 0.49 ETH
4:30PM UTC = 0.44 ETH
5:00PM UTC = 0.39 ETH
5:30PM UTC = 0.34 ETH
6:00PM UTC = 0.29 ETH
6:30PM UTC = 0.24 ETH
7:00PM UTC = 0.19 ETH
7:30PM UTC = 0.169 ETH
If the NFTs does not sold out until it reaches the bottom price, the Fair Dutch Auction will still open until the WL Private-Sale starts.
So what is Fair Dutch Auction again?
The Fair Dutch Auction will act similar to the traditional dutch auction, where the price starts at the ceiling and goes down over a period of time, except there’s one big difference.
If you mint at a higher price and the last NFT is minted at a lower price, you can claim a refund and receive all the excess amount you paid.
For example, if you minted at 0.6ETH and the last NFT sold was at 0.4ETH, you can claim a refund for the difference of 0.2ETH.
Please also note that the refund cannot be claimed when the Fair Dutch Action phase is live, meaning if you sold your NFT during this phase you would not be eligible for the refund.
Date: 7 May 2022, 2:00PM (UTC) - 8 May 2022, 2:00AM (UTC)
Price: 50% from the final Fair Dutch Auction price
Duration: 12 Hours
This will be exclusive for Lickpalik Frens, Maniac, Mindblowon Mates and The Blessed.
So for example, if the Fair Dutch Auction was sold out at 0.69ETH then the private sale mint price is 0.345ETH .
We will also set the minimum price of the WL Private Sale to be 0.169ETH, so the price will not go lower from this.
Time: 8 May 2022, 2:00AM (UTC)
Price: The last Fair Dutch Auction sale price
Whatever is left from the private sale will be allocated to the final public sale.
So, for example, if the last Fair Dutch Auction was priced at 0.3, then the leftover sale will be priced at 0.3ETH.
We will inform the total supply for Fair Dutch Auction and WL private sale alongside the publication of the Mindblowon Project Journey, which we will release in the next few days. Hold onto your butts because this is going to be crazy fun!