FAQ - NFT Creators

A list of frequently asked questions about Fjord NFTs for creators.

What starting price should I set for my NFT drop?

You can think of the starting price of your Fair Drop as the ceiling you’d want to set for the price of the NFT. Fair drops are typically priced higher at the start of the mint to disincentivize early buying to prevent gas wars and sniper bots. The price will then drop during the mint until buyers step in and purchase when they feel it’s a fair price.

Please note that Fjord NFTs is a tool to allow creators the flexibility to customise how they want to fair launch their NFT collection. It is up to individual creators to determine how they choose to conduct their mint depending on their individual goals.

Why is a Fjord fair drop a better option when compared to dutch auctions?

Optimized to sell out - Not only are fair launch NFT drops on Fjord fair for the community, they are also structured to significantly increase the likelihood of a sold out mint and to maximise value capture for creators.

During a fair drop, as the price decreases, the value opportunity becomes even better for prospective minters. In many cases that can result in more mints and more users choosing to mint multiple NFTs. This price decay and demand responsiveness resulting in increased price allows for organic price discovery. By encouraging organic price discovery, and providing a system that allows minters to pay at a price they are prepared to pay at, it can help support maximum value capture, rather than set pricing too high and missing sales, or set pricing too low and missing out on potential upside.

Fair market driven pricing - Since the NFTs are minted via dynamically weighted pools, each mint has an impact on price movement. Early in a Fjord Drop, significant mint activity will have an outsized impact on price, versus mint activity towards the end of the drop. This special drop design creates an interactive mint experience, encouraging purchasing from prospective buyers and ensuring the final price of the NFT reaches a fair market price based on buyer demand.

Interactive and engaging - The buying and minting experience of NFTs on dutch auction platforms is monotonous and typically lacks an engaging element. The Fjord Drops live pricing chart provides a truly interactive, immersive experience for NFT minters. Unlike straight line Dutch Auction pricing, Fjord Drops pricing is responsive to demand. So even if price is designed to move from 2ETH to .2ETH, price will fluctuate down AND up in response to natural market forces. Through Fjord Drop's immersive UI, participants will be highly engaged while tracking price and activity in real time.

No wallet limits - As Fjord Drops are demand responsive there is no need to set restrictions on the number of mints per wallet. Wallet restrictions can be detrimental to building an organic and passionate community. Fjord Drops price discovery allows for true market value to be determined without the need for wallet restriction as market price is organically found.

How does Fjord compare to the traditional First Come, First Served model?

The Fjord fair launch model ensures that sniper bots will have a reduced impact at the start of your mint due to the artificially higher price.

If a group of sniper bots were to attempt to buy a significant amount of the supply of the collection all at once via the Fair Drop method, it would then send the price skyrocketing, creating a very clear inefficiency. The fair drop method provides a vastly superior experience to the first come and first served model which rewards sniper bots.

Do I need coding or developer experience to create a Fair Drop on Fjord?

Fair drops on Fjord can be created via two methods. The first method requires no coding experience while the second method requires a beginner level of developer experience.

The first option with no experience required is to create the NFT collection via no code tool Manifold. Once you’ve created the contract via Manifold you can seamlessly set up your mint on Fjord.

The second way requires adding a small extension to the NFT contract you create.

You can find full creation instructions for both methods here.

What fees do Fjord charge?

Creators keep all of the funds raised from their mint and upon exit pay a 2% fee of total funds raised to Fjord.

Do I need permission to launch an NFT project on Fjord?

No, Fjord is permissionless and open to all.

Does Fjord NFTs work with whitelists?

While there are some arguments for and against the whitelisting process and the effect it can have on the long term sustainability of NFT projects, Fjord Drops is flexible enough to work with whitelists and as a platform that does not require whitelists.

A case study on a previous fair launch conducted by Felt Zine on Fjord NFTs showcased the ability to conduct a whitelist prior to a fair launch event. The final mint price in this example finished at a higher price than the pre-sale whitelist price.