Hello Troversians!
Wow, we can’t believe how amazing the past few months have been! During this time that the entire team has been working tirelessly, Troverse has experienced exponential growth and many new Troversians have joined us. We are so grateful to our beloved community!
We are so excited to finally announce the minting details and share important information with you all. Of course, one of the most important pieces of info that you want to know about is the minting approach we are going to take.
Before going through all the details, let’s review the common issues that usually happen in the public sale and discuss possible solutions.
Common Minting Issues
During the past months that NFTs went crazy, we witnessed many projects trying to come up with creative workarounds to address some of the major minting problems with the so-called gas wars on the top and some of these ideas worked fine. Something like a public raffle minting event that maximizes the luck element or manually whitelisting several thousands of members who are active in the chat. One of these practical solutions that many successful projects utilized is the Dutch Auction.
Dutch Auction — Pros and Cons:
Dutch Auction is a type of auction that starts at a set ceiling price and the price drops over the course of a set time to reach the floor/base price. This way everyone can mint at a price they are willing to pay and own the NFT. This can meaningfully spread all mints over the course of a few hours and mitigate or ultimately eliminate the gas wars which prevents wasting and burning ETH on the gas itself. This way minters are paying the price they feel comfortable paying that could also act as an additional source of funds to help founders better execute the future plans and milestones, ultimately benefiting everyone involved, instead of just burning crazy gas amounts to win the competition.
However, this comes at a price that could be arguably the worst problem with this type of auction; the most loyal members of the community who perceived the highest value in the project are paying the highest prices and that is not just rewarding by any measures, but this is extremely punishing in our opinion. This made us think about how we can reward our most loyal members instead, while we are utilizing the working solution of the Dutch Auction.
Troverse Unique Minting Method
We have been discussing this in the team for countless hours to come up with a groundbreaking and fair approach to shift the power to the hands of the community and enable you to direct the actual mint value of Troverse planets as you perceive it, and we think we achieved something special here.
We believe it would be the healthiest to let the minters lead the pricing with their own actions and realize as much value as they perceive within the entire project. We explored and scrapped many designs and finally came up with an idea that the whole team loved it! We decided to stick to the Dutch Auction, but we are going to evolve it:
We will return the difference between the price of each mint and the price of the last minted planet in the Auction.
Yes, that’s true! It means that if you mint at a higher price tier and the last planet is minted at a lower price tier, when the auction is over you can claim and receive back all the excess amount you paid, secured by the smart contract. It eventually allows all planet owners to mint at the same flat price, but through a Dutch Auction that is utilized to mitigate the gas wars.
Let’s give you a practical example:
You mint a planet at the start of the auction for 1 ETH. The last planet is minted at the price of 0.6 ETH.
When the auction is over, you are eligible to receive back and claim the difference for what you paid for your planet Vs the final mint price:
1 ETH - 0.6 ETH = 0.4 ETH claimable
The FAIR and FINAL price having been decided by the community for all who participated in the auction, leaving nobody to pay a higher price.
Let’s call this unique auction method the Trove Auction. We are hoping to leave our mark following the successful launch of the Troverse planets collection and see that the upcoming projects find this fair approach beneficial to their community as well and consider utilizing the same method to bring this value to their sale events.
Troverse Minting Phases:
1. Trove Auction
- Date: March 04 @ 10:00 am PST
- Supply: Approximately 7000 planets
- Minting Limit: Max 5 planets per wallet
- Minting Price: Starting at 1 ETH, dropping by 0.1 ETH every 20 minutes until it reaches 0.1 ETH.
2. Whitelist Phase
- Date: March 05 @ 10:00 am PST (Runs for 48h)
- Supply: Approximately 2700 planets
- Minting Limit: 1 planet per whitelisted wallet
- Minting Price: 70% of the last minted price in the Trove Auction
3. Public Phase
- Date: March 07 @ 10:00 am PST
- Supply: Unminted planets from Whitelist Phase
- Minting Limit: Max 5 planets per wallet
- Minting Price: The last minted price in the Trove Auction
There is also a reserved amount of 300 planets which will be used for promotions, marketing, strategic partnerships, giveaways, airdrops and also for Troverse team allocation.
Trove Auction Rewards
Although the outcome of the auction is a flat price for all minters, who will not think of appreciating and rewarding planet owners who realized a higher value in the Troverse project? In a future article, we will be sharing the AMAZING rewards that we are considering for the Trove Auction.
ERC721A Integration:
We love the community-owned nature of the NFT Space and the contribution spirit of all talented minds who continuously strive to bring something new to the table to benefit the entire community.
We are proudly announcing that we will follow the path that the Azuki project successfully opened to the whole space with the implementation of ERC721A smart contract. We would love to bring this value to the Troverse community to be able to mint multiple planets for the same gas cost of minting a single planet! We should also shout out to the Treeverse project that earlier achieved to save up to 50% of the minting gas fees by optimizing a poorly used enumeration!!
You can read further about ERC721A contract here:
https://www.azuki.com/erc721a
Conclusion
Well, that was our take on revamping the Dutch Auction for the NFT space. It may not still be the perfect solution as it’s impossible to have all community members among planet owners, but at least we like the versatility we can offer.
We believe whatever method each project incorporates, it is critical to assure that the distribution is fair and all NFTs go in the right hands who genuinely believe in the future and vision of the project. As we mentioned a few times more earlier, Troverse Planets are the most important elements of the project ecosystem.
This is the major reason that we decided to have a combination of a public sale followed by a limited whitelist. We were extremely cautious with whitelisting to make sure that we are granting spots to our dedicated community members. We also cherish our collaborations and partnerships with premium Alpha groups and blue-chip projects that led many diamond hands holders to join us, making the Troverse community stronger. We also sincerely apologize to all fellow projects and groups that we couldn’t serve them with whitelist spots because of the limited supply. Troverse has MUCH more to offer and will make sure to reserve your spots for what’s about to come soon!
Join the conversation in our Discord, chat with other Troversians and let us know your opinion. There are still opportunities available to secure your whitelist spot.
Stay tuned for the next announcements, starting with the collection launch date. Follow us on Twitter, Join our Discord channel:
