Why choose Fjord NFTs?
Seven reasons why you choose Fjord NFTs for your next NFT mint.
Choosing how to undertake your NFT mint is one of the most important decisions you can make when planning the release of your collection.
No solution is perfect, however, ensuring that your drop is as fair as possible for participants is vital to building a successful and sustainable NFT community who are in it for the long term.
With that in mind, lets break down seven reasons why a fair launch on Fjord is the way to build sustinable NFT communities.
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.
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.
When utilising a ‘first come, first served’ (FCFS) pricing model for your NFT drop, if the drop is expected to be popular, advanced users who have superior technical knowledge can use ‘sniper bots’ to mint the NFT at the same time the NFT contract enables minting. The Fjord NFTs fair drop method severely reduces sniper bots' ability to interfere with the beginning of the NFT mint, because of the artificially inflated price.
Fair Drops ensure that there would be a clear market inefficiency if a large number of sniper bots attempted to purchase a sizable portion of the collection's supply all at once. When compared to the first-come, first-served strategy, which favours sniper bots, the fair drop method offers a considerably improved experience. This provides a far superior experience for your community to ensure that your brand and NFT drop does not suffer from negative publicity that can occur when a launch is effected by sniper bots.
Users face competition from "whales" that utilise high gas settings, to outbid others during popular NFTs drops. This is because transactions are more likely to be picked up by blockchain validators when users increase their gas settings, ensuring they can secure the NFT during popular mints. During high demand times, these gas costs can skyrocket, pricing out retail users as the gas costs to mint become too expensive.
Fair launches on Fjord NFTs ensure that gas wars are a thing of the past. This is because the artificially high price at the beginning of the mint event ensures that there is no rush to mint all at once. Due to the demand responsiveness feature, even if users were to mint at the very start, the price of the NFT would then respond to that demand and continuously increase, resulting in a market inefficiency if buyers were to continually mint, before then decaying again to a more reasonable price once that demand has slowed or stopped.
Creators don’t need to seek permission from centralised entities anymore to undertake a drop on their platform. Anyone can now set up a fair launch NFT mint on Fjord. No coding experience is required thanks to our Manifold seamless set up option. If you’re a new artist looking to launch their first collection, but are afraid of getting your application rejected by the big marketplaces, Fjord is here to support you.
Creating a fair launch NFT drop event on Fjord is a seamless experience and doesn’t require any coding experience. While for your audience, keeping them engaged and intrigued throughout the drop is vital to ensuring a successful drop. Fjord NFTs provide a truly interactive, immersive experience for NFT minters. Through Fjord Drop's immersive UI, participants will be highly engaged while tracking price and activity in real time while participation is easy for those familiar with crypto, and those who aren’t.
Through our partner project Fjord Foundry, we’ve hosted nearly $1.5bn in volume and supported teams raising nearly $750m. These stats show the use case of the Fjord method while proving the reliability of our platform.