The world of NFTs is not easy. This statement proved especially true on Sunday night, during the launch of the NFT collection by world-renowned street art artist Alec Monopoly. Undermined by repeated technical sobs, the operation turned into a total fiasco, unleashing the fury of the buyers. But all is well that ends well. Summary of operations and project status.
Alec Monopoly is an American street artist known for appropriating the Monopoly game mascot, Rich Uncle Pennybags. He paints with stylecomics”To criticize capitalist hierarchies through the language of consumer culture, media and pop iconography. He shares his concerns with British street artist Banksy. His works sell between $ 25,000 and over $ 125,000 each, and his Instagram account boasts nearly 1.5 million followers.
What could be more logical than launching an NFT collection. Especially since it has already put the waters to the test in March 2021 through a collaboration with Latin street art star Ozuna during a sale on the NFt ArtGrail sales platform launched by gallery owner Avery Andon, brother of Alec. The success was total with a “Sold Ort “in a few hours.
Except that launching your NFT collection represents a challenge of a completely different nature. Initially, the Sunday sale was planned in two phases:
- 8:00 pm: “Presale”, Reserved for privileged persons previously registered, which allowed them to acquire up to 3 NFTs for one hour.
- 21:00: “Dirty audience”, Open to all. Problem: it is after 2 am that the Presale he was finally able to get started. Between the fake links instilled by hackers on the official Discord account of the sale and the fake collections launched by other hackers on OpenSea, the server that carried the sale and the “mint”Was totally blocked from 20:00 due to too many simultaneous connections (price of success), it was in fact total chaos.
An inadequate service provider and angry buyers
Add to this the bad management of the crisis by the service provider, as well as a communication error consisting in the mere and simple closing of the messages on the Discord. Here’s how about this silence several hundred pest tweets they started to bloom the official account (RAGS to RICHIE by Alec Monopoly). These accused the artist of the bird names practiced in crypto: Rug Pull (“insert plug”), Cash taken (“steal the money”) and others.
While SoldOut (Total Sale) was almost registered thanks to the reputation and community of fans around the artist, just 35% of NFTs left early in the morning. Last hiccup, an analysis of the portfolios used during the trade showed that 400 NFTs were coined within the first 30 minutes for a zero cost on a wallet belonging to the team. And he was left to a new round of suspicions and conspiracy theories. While the experts spoke of a textbook case of “everything not to do when starting NFT“.
But as is often the case in the cryptocurrency world, everything will change positively over the next 48 hours. First of all thanks to the reactivity of Alec, his agent Avery. But above all thanks to the service provider who will finally fold the towel, drop the Moritos, put on his pants, leave the beach bar and get back to work. And this is where things get interesting. We pass from an almost irrecoverable situation but this shock team will be able to return to an exceptional operation. It already offers more than 100% capital gain over the NFT issue price in just 3 days.
Turnaround for Alec Monopoly thanks to communication with fans
First, in order to take the floor again, an AMA (“Ask me anything”) Is organized and will allow everyone to ask all questions to obtain all necessary clarifications. The 400 token issued on an Alec Monopoly account? Long planned as it is an airdrop for collectors of the previous collection (the Ozuna-Monopoly collaboration on ArtGrail). Technical problems: explained, mea culpa in support.
And the damage suffered by those who have waited and stressed for more than 6 hours before being able to buy their NFT? And the reputation of the operation tainted by these problems and which in the end has not “Sold”, When this is one of the conditions in general for the increase in value of NFTs? Also on these points Alec will answer. He will be creative in 4 points like no one before him in such a situation:
Clarifications on the Alec Monopoly project
- Of the 6,500 NFTs expected at the start of Alec Monopoly, only 3,333 tokens will remain. Following the operation of a “burn“(Deletion) of the most common NFTs. It is in fact a collection based on rarity: each token is unique. They belong to one of the sub-aggregates defined by their common characteristics (character color, background scene, etc.). In this sense, some sub-aggregates are rarer than others. In fact, this reduction makes the collection even more popular and therefore increases its value. It will quickly reach the Sold within hours of this announcement.
- The commission paid to the creator during secondary market transactions on OpenSea is traditionally 10%: Alec will decide to lower it to 6.5%. Never seen.
- Copyrights will be included for each NFT: this detail, unique in the NFT universe for a listed academic artist, effectively gives each NFT the status of an official work that can be part of the artist’s catalog raisonné. When we know that his works sell between 25 and 125,000 dollars.
- A lottery “bonusIs emerging among NFT buyers whose lots are worth more than $ 1 million in physical works by the artist. They will be offered to the winners declared by drawing lots.
CQFD. The rescue operation is brilliant, the NFT buyers are back in heaven, the contact re-established between the artist and his community. Forget the worries of launch, and put yourself in the euphoria in front of the coast that has risen every minute since. Sold for 0.5 ETH at launch, NFTs in the RagstoRichie by Alec Monopoly collection now trade at over 1.2 ETH. This is 140% of added value!
Beware of fake synonyms collections on OpenSea. In fact, the official link for the collection (recognizable by its blue sticker validating that the account has been validated by the platform) is here.
Congratulations to the team and to follow …
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The editorial staff of Cointribune
The Cointribune editorial team joins their voices to express themselves on specific topics of cryptocurrencies, investments, metaverse and NFT, trying to best answer your questions.