Fair Drop Configuration
The magic of fair drop configuration!
Some of you might be a little intimidated when they see a screen such as the one below, but have no fear as you will conquer it in no time. It's just 5 fields that you will need to fill out and they'll be easy once we explain them to you.
Duration. Let's start here! This is simple. How long do you want your drop to last? You can do anything from a matter of hours to days and it depends on how much time you want your community or potential community to discover your drop/art and have the opportunity to participate within it. For this example we will set it to three days, which is a common time frame used for drops on Fjord, but feel free to experiment with any time horizons.
Deposit Quantities. This one might be a bit surprising. You have to stake some WETH to get the drop going. But you get the WETH back in the end of the drop and there's no way for you to lose it. So this WETH is a temporary deposit that gives you the ability to run proportionate price discovery on your drop. The more WETH you deposit the higher of an initial starting price and end price you can set for your collection.
For our example we won't stake a very high WETH amount, which would mean that we're looking to run something that's closer in nature to a free mint that reacts to demand. This welcomes new entrants, while still disincentivizing sniper bots and front runners because if they buy in first they will sharply move the price up while the price might then still continue to fall down as the rest of the collectors remain on the sidelines.
You will notice that as soon as we enter the staked WETH amount a price discovery curve appears for you collection. And by varying the WETH quantity you'll see the price range change.
Weights. The weights might seem intimidating, but all they do is set the price discovery.
(Optional) Nerd Mode Explanation for Weights
The weights are used to prop the value of the launched NFT collection. So starting weight ratio of 99 HHOUSE : 1 WETH below would mean that the NFT collection is initially set to be worth 99 times the value of the staked WETH. By setting the end weights, we're specifying that over the duration of 3 days the weights will go from 99 HHOUSE : 1 WETH to 1 HHOUSE : 99 WETH for example, meaning that in the end the whole collection will be worth 1/99 the value of staked WETH.
For our drop we'll go with a full range of price discovery. 99 HHOUSE : 1 WETH to 1 HHOUSE : 99 WETH. In the price range you'll see that our NFT's starting mint price will 0.03 ETH and if there is no demand go all the way down to 0.000003 ETH.
Geoblocked countries. Fjord by default blocks some countries from participating in your drop for regulatory reasons. You also have the option to add others if you wish.
Mint fee. All that's left after this is configuring a mint fee. For this value you can just leave it at the default of 2.5% or set it to 0. This is the value you'll be earning on top of each mint, and by increasing it you can potentially further disincentivize frontrunners or bots if you think there's a high risk for them participating in the mint.
Note - Creator rights
Although you don’t need to do anything here, a note is provided about the creator rights, which include the ability to pause minting and end the mint early. More info is provided about this in X section.
And that's it! Great success! You are now a master at configuring NFT Fair Drops.