a16z on Wave Mint: How it works, Advantages, and Challenges

a16z crypto

23-04-10 12:11

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Original title: A new NFT launch strategy: The wave mint

Original source: Scott Duke Kominers & 1337 Skulls Sers, a16z crypto

The Odaily Planet

In NFT In projects, mint (the initial token allocation process) largely determines the tonality of your community and how the community and the broader market view the development of the project. This means that there needs to be a mechanism to attract the participation of the people you want, and to perform it in a simple, safe, and engaging way.

In this article we will review 1337 Skulls A new kind of nbsp has been introduced recently. mint Policy "wave mint", where different NFT Members of the community are invited to participate in a series. wave (wave Participation mint Opportunity) to participate in mint, Participation mint's audience started with the community and gradually expanded outward. wave mint Use people's data and reputation on the chain to select holders who are a good match for the project culture and goals, while shifting attention and energy to the project. It also avoids common "free mint" problems such as Gas War And bot interference.

Next, we will introduce. wave mint How the mechanism works, its advantages and challenges, and how we run it in practice. wave mint Some of the experience. With NFT Community try different mint And participate in strategies that we hope will become artists, Builder And other project creators. mint The way.

Wave Mint How the mechanism works

In theory, it's free. NFT Is a great way to get more users involved in your project. In practice, however, free mint makes community management more difficult because it can be overrun by bot networks and/or bottom-hunting users who plan to "flip" rather than stick with the community for the long haul.

How can the project find people who align with the values and goals of the project? The answer is to look for those who already have relevance in their encrypted wallets. NFT "And invited them to join.

In wave mint In which different groups of people were invited in order. mint, each open "mint wave" lasts anywhere from a few minutes to a few days. As long as the number of people participating in each "wave" is low relative to the total supply of tokens. It can be free (or free if it's below the market clearing price) without causing it. Gas War.

Be invited in different 'waves'. mint The group should recruit holders who are likely to participate seriously in the new project and support its goals and vision. Perhaps the simplest and most crude way to do this is to use established communities of "common interest". 1337 Skulls For similar cc 0 Items (e.g. Nouns And Blitmap) provides "mint wave". At the same time, a game on the chain might be a game for DigiDaigaku And Pirate Nation And other project holders offer "waves" to participate in. mint.

The key point is that each wallet should only be allowed. mint Once, even if it qualifies to participate in "wave mint" multiple times. A lot of NFT Community participation does overlap, so limit each wallet to just one. mint Helps ensure non-overlapping and widely distributed holders. Even with the "single mint" limit, hold from multiple invited communities; NFT Users still have a better chance than the average person. If they miss out on the first wave of eligibility, have multiple invited communities. NFT Will earn them more participation.

The community itself should be carefully planned, first developing a strong community of core holders and then building from the inside out. This strategy involves building strong ties of core community and social identity, and then using "rolofting" to expand outward, connecting to distant but like-minded networks.

Early "wave" : "Trusted Relationships" -- Early "wave" should focus on a "trusted" community. In these communities, creators have strong personal relationships and an established "presence" and reputation. Working with a close and trusted community early on can help build trust in a new project. Not least because in the nbsp; wave mint People usually get it from their wallets. mint Other; NFT, maybe even high-value ones. Student: NFT. Establish early with reliable connections; mint, which helps build people's awareness of mint The process feels "social proof" of trust.

Next 'wave' : 'Strengthening relationships' - Once a core of trusted communities has been established, the next step is likely to be to target' strengthening relationships' communities, those with significant overlap in the number of holders with those recruited through the earliest waves. The community grew through "introductions" and also helped attract people who specifically wanted to be a part of the project.

Late "wave" : Once a project has established a core community and attracted the attention of other relevant communities, it is possible to open many new Windows to the larger community with weaker ties, attracting those who do not necessarily have a direct connection, but in the early days. wave Who are interested in the project.

Test Wave Mint mechanism

We're launching. 1337 Skulls The process was tested under. wave mint This mechanism, 1337 Skulls It's a... NFT The project is aimed at NFT Build Bridges between communities that open their intellectual property for extension and remixing under "cc0 no copyright license". wave mint Is attracted to those who themselves pair. cc 0, a way for passionate holders of on-chain art and the wider Internet culture to mix.

We started with the communities we were close to, and then we worked for NFT Holders of many other projects in the ecosystem open "wave". As we work on mint As the process progressed, we gradually introduced "waves" of participation aimed at larger groups but for shorter periods of time. Finally, our goal is for all kinds of things. NFT Holders of projects offer particularly ephemeral "waves" that share commonalities (for example, similar aesthetics, release dates, and community management styles) with those selected in earlier "waves." In this way, we screen out members who are particularly interested in joining us but who have not previously had a "strong relationship" with the community.

一文读懂 NFT 新发行策略 Wave Mint

Evaluation of Wave Mint policy

By design, wave mint Methods Select people who pre-identify with the goals and values of the project. In addition, each "wave" in the same time period brings in a group of holders from an established community, which creates an immediate network effect that helps "break the ice."

From a market entry perspective, this presents a significant opportunity for compound audience growth - "attracting the next holder through the original holder". Every time mint wave "Spread rapidly by word of mouth within and between communities. From a community building point of view, wave Mint&n&N&W Method helps ensure that most token holders have at least a few strong connections in the community from the start.

We've also found, at least in our case, that wave mint&n&&N&W The process itself also draws attention to the project. Over hours and days. mint, nbsp; 1337 Skulls The community can follow NFT The launch gets exposure, and it's easier to have new community members join in real time.

From a mechanic design point of view, wave mint Mechanism means that people's wallets effectively act as a kind of "proof of character". Many people give most of their money. NFT (especially high value NFT) stored in one or at most several wallets (this is not a recommended safety practice), limiting each wallet to only one. mint A NFT Helps reduce double counting. For example, in 11337 Skulls Project's mint Later, the project has more than. 50% Independent holders (measured by different wallets), as opposed to many whitelisted mint By contrast, the concentration of supply is much lower.

In addition, it spontaneously opens for a short time. mint The window will make the whole mint The process becomes more difficult. It also makes real-time monitoring easier. mint And find anomalies, for example, if someone distributes snapshot assets to multiple wallets to get multiple "free mint." wave mint The mechanics make it easy for the team to pause in this situation. mint. Because each individual "wave" is small relative to the total supply, it is possible to keep supply in sync with demand and avoid it. Gas War.

Wave Mint versus regular whitelisting

In contrast to the more common policy of running multiple whitelists (allow-lists), wave mint The strategy has several advantages. In this strategy, members of a particular community have an opportunity to pre-register and possibly enter. mint The list.

While whitelisting mechanisms allow people enough time to discover programs and enroll, they often fail to focus participation. Many people, including ourselves, are whitelisted, but forget to participate when they do. mint. wave mint The strategy tightens the feedback loop -- from the beginning through the existing. NFT Community understanding of projects, to action. mint, and then join and participate in the community.

With an early whitelist, there's no telling how many people will participate. mint. This often leads to teams overallocating supplies, which can lead to massive disruptions. Gas War. In contrast, wave mint Allows the project to expand or shrink the number of available positions in real time, adjusting supply to meet demand. You can choose to make a "wave" last longer, or open multiple "waves" and offer a specific number of them for a specific community. mint.

At the same time, multiple whitelisting mechanisms make it harder for users to access. mint Limits, as they provide users with a number of opportunities to reposition assets to obtain multiple whitelisted slots. wave mint The mechanism addresses this vulnerability directly, although doing so relies heavily on taking a "snapshot" in advance.

Finally, wave mint There is another advantage. Whitelists managed by application or lottery are not always successful. In contrast, wave mint More likely to lead to a positive framework of open opportunities. Even if people do miss out on what they're eligible for. wave, there are other opportunities to participate.

Challenges: Operation and security

From an operational standpoint, wave mint The execution is complicated. It takes a long time to run and requires careful synchronization between the front and back end teams throughout the process. The front end and social media team will be constantly in charge. Twitter Post on the site to attract users to participate. Discord And bring fun and attention to the project (as well as a community open to what might be next). wave Guess), the back-end team will switch the wallet list, open and close. mint wave and make sure everything runs smoothly.

At the same time, on the user side, there are some critical questions about security. In essence, this mechanism entices people to use the wallets they use to hold other digital assets. mint, usually assets that may be particularly valuable, such as tokens from major communities. And bad actors may try to create fake ones. wave mint High value to access these custodial users. NFT The wallet of.

For wave mint says it's all the more important for people to check each one carefully. mint Invitation, the team is responsible for providing clear information and documentation. With wave To open and close quickly, smart contracts and other key information must be checked in advance and clearly explained and recorded. (Although the team is in It's important to enforce maximum security around Discord, social media, and other communication channels, but wave mint In particular, malicious actors need to be prevented from stealing legitimate goods in transit. wave mint.)

In the long run, it's better to have something specific. wave mint Optimized delegation solution that allows people to delegate access so they don't have to directly from the money bank wallet. mint. Finally, in terms of incentives, if "wave mint" becomes widespread, people may start storing their digital assets in many different wallets, hoping to maximize participation. mint The opportunity to This will require more creative criteria for deciding who should be allowed to participate in each wave. wave.

A NFT The way a project forms its initial community is critical to determining its path forward. Getting tokens into the right hands is critical to building a community's native culture. wave mint Is a powerful way to solve this problem. By inviting members of different communities to join in batches, it is possible to build a network of holders in a way that is long-term healthy and stable for the community, gradually expanding the community outward from the core members of the trusted community.