London Collection Drop Retrospective

Our recent London Collection sale has taught us two lessons:

  1. The best way to drive demand for a token sale is to offer the chance to mint works from great artists at an affordable price
  2. We need to do a better job of communicating token sale mechanics, especially in situations where we believe there is more demand than supply

We conducted an internal retrospective of the drop and will be updating our tokenomics based on what we learned. For future City Collections, expect to see a similar token-gating mechanism (e.g. CryptoCitizen + Golden Token), but with more clearly delineated bands to participate in the sale for those who want a guaranteed minting spot.

The following is a summary of the feedback that we heard and lessons learned for our next city collection drop.

On Drop Mechanics

0xBach:

I’ve participated in many a mints and gas wars, and this one wasn’t too bad at all. It was well handled by the team IMO. If anything, with this demand, it’d be interesting to see other mint dynamics (e.g. DA).

jstenn13 — Yesterday at 3:18 PM

I agree, the team should use Premint for raffles for current holders

Sunday:

IT IS SO EASY - WHY NOT JUST LET US VOTE NEXT TIME ON THE DROP MECHANICS

jstenn13 — Yesterday at 3:20 PM

yep there are deff better ways than having to own multiple items just to qualify for a presale with just a chance at winning a gas war. and this is coming from a guy that did just win the gas war.

sucks to see so many disappointed

bagcollector — Yesterday at 3:29 PM

errors are pretty normal with hyped mints like that no reason to not just keep trying instead of typing in chat when you dont see a team member say anything like its delayed

Lessons Learned

  • Even with the brightlist of CryptoCitizens + GTLN holders, there was a gas war and near insta-sellout.
  • Those who know how to mint with high gas, through the contract, and those who got lucky were able to receive a mint

This means one or more of the following:

  1. Drop was under priced
  2. There was more demand than supply
  3. Pre-sale became the sale
  4. Some loyal customers/cryptocitizen collectors feel left out
  5. Some that purchased a GTLN with the hopes of minting a pack/their favorite artist may have missed out
  6. Some flippers who don’t want the art got packs and are flipping for quick financial gain to true collectors of the artists and possibly CryptoCitizens

Mitigations/Lessons Learned

  • We have two levers for utility: early access and/or discount
  • Using Golden Tokens caps the number of presale buyers at 333, and we need to come up with a clear mechanism for those buyers to organize themselves
  • It would be preferable so buyers with multiple GTLN don’t need to split into multiple wallets
  • We could have done a dutch auction for Mint Packs and then priced the individual Mint Passes based on the resting price
    • This would have raised more funds for the artist and given us better price discovery for the Mint Passes
  • Consider using private transactions for the deployer.brightmoments.eth wallet (e.g. eth_sendPrivateTransaction - Ethereum - Alchemy Documentation) to avoid people watching the contract from having an advantage over those using the fronend
  • Be more clear about naming (e.g. don’t call it a pre-sale if there is a chance it will sell-out, maybe “Early Access”)
  • Make it clear if a drop has the potential to sell-out and at what stage (e.g. in a perfect scenario where everyone buys the maximum number of mints, at what phase will it sell out)
  • Consider using a tiered approach for unlocking additional supply
  • Using Citizens + Tokens was an effective pre-sale / gating mechanism
  • Scarcity, reasonable price, and a great artist lineup drove the demand
  • Consider decreasing the per wallet limit for brightlisted wallets (e.g. 1 mint pass total, instead of 1 per artist)
  • Consider taking brightlist snapshot before making an announcement is made to reward existing holders
  • Consider doing individual “blind” packs — e.g. there are 150 individual brightlisted buyers and 420 packs. Every presale buyer gets to mint 420/150 = 2 passes and the artist included in the pass is only revealed after the sale
  • Let community members “tip” using our staking token to move up in the queue
  • We should consider a public queue that has clear rules about how to move up
  • Consider creating more unique “packs” (e.g. A Pack for Week 1, A Pack for Week 2)
  • Another pass idea: do a Friday, Saturday, Sunday pass with headliners

On Execution

Lee_and_hester:

the unlock transaction was 1min and 43 seconds late.

lee and hester_lah.pcc.eth — Yesterday at 3:52 PM

they are withholding 30 of each for marketing purposes/institutions. i think artists get 1 and brt gets one. if anyone from the team was communicating right now they could tell you

Howardvk:

So here’s my thoughts. I’m TOTALLY ok with not getting a hot mint on mint day.

But this experience sucked

I mean, just an error message saying ‘something went wrong’ - how is that a good UI experience? Or AT LEAST tell us that that would happen in advance so we can expect it,…or at the VERY least haver a team member in the chat telling us that it’s normal

This on top of the already pretty confusing golden ticket & holding an existing citizen already mechanic

Gets a massive fail

howardvk — Yesterday at 3:13 PM

Jeez if stuff is sold out, why don’t they update that on the website?

Durtis:

Since the demand was so high weren’t there always going to be many disappointed people for this?

blockbird — Yesterday at 7:48 PM

fwiw, i found the minting experience to be fine, and no different from many art blocks drops last year. it was 5am here so i was a bit blurry eyed, but just kept incessantly clicking the purchase button through the red messages until mm opened (ABs drops were often 1-2 mins later to open than expected), thumped in 2000 gwei and confirmed, resulting in a 1.14e tx fee, for a total of 4.64e pack cost - a very reasonable cost for what it offers imo. I really feel for everyone who missed out, i know that pain very well, but when there’s more demand than supply, that’s just how it rolls out. If you had got in, someone else would’ve missed out and would be feeling the same frustration

PUBLIKFRUIT — Yesterday at 3:31 PM

Got a Matt and an Emily for .01 gas on both. More of a Battle than a War. I didn’t go for the pack today. Might regret it, but gonna have some fun either way.

ICON 4860 — Yesterday at 3:31 PM

I fumbled this one big time. Lesson learned

Lessons Learned

Tense moments leading up to the unpause as the site was down and a lot of inbound chatter came. Some comments:

  • Team not communicating enough realtime — need someone dedicated to Discord
  • Difficult to have team engaged in Discord when they are also trying to manage the sale
  • Unpause was late (~1min 50 seconds) due to it sitting in the mempool and not being picked up instantly by a miner
  • Consider deploying contracts earlier
  • Make sure multisig isn’t the blocker for deploying contracts
  • Need to have upfront disclosure policy about whether team is participating in the sale
  • Site errors were unclear / not specific enough
  • Number of remaining packs were missing in the original version of the UI
  • Some buyers were not aware if they were on the BrightList and needed a GTLN
  • Late deployment of a few contracts as Etherscan went down and we were not 100% confident if we were going to hit the drop time. Gas had spiked 40 minutes before drop as we were deploying which slowed things down

On Customer Satisfaction

Publikfruit:

Got a Matt and an Emily for .01 gas on both. More of a Battle than a War. I didn’t go for the pack today. Might regret it, but gonna have some fun either way.

davey — Yesterday at 3:13 PM

Is it fair to sell this as a “presale” if its not really available?

davey — Yesterday at 3:50 PM

I feel misled. Does pre-sale really = raffle / lottery?

ICON 4860 — Yesterday at 3:44 PM

There’s winners and losers. The team does their best and genuinely tries to do right by as many people as possible. Impossible to please everyone. I lost today but will find a way! Congrats to the team on a rapid sellout.

0xBach — Yesterday at 3:41 PM

So many trade-offs, not an easy job. You want to reward holders but also grow the community. You’re doing projects with just 100 editions w some of the biggest names – you want to balance exclusivity but also inclusiveness. It’s just hard.

sunday — Yesterday at 3:25 PM

my disappointment stems from it being so predictable. but team saw oppty to capitalize to sell more London tickets and took it.

sunday — Yesterday at 11:23 PM

@philm @FatKingFred - gonna ask this again. asked in my help ticket and in :grinning:|general but no response. not a huge rush, but would like to understand better how the funds from mints passes and city tokens flow. is there an accounting of these funds and documentation of how the funds flow? is it in Notion?

KingBaller — Yesterday at 3:55 PM

We cant all win every time. This team is not only awesome for what it does as far as it’s crypto citizens mints. But the alpha it has created is pretty insane. None of which I have won BTW. But they gave away hundred of thousands of USD in the Tyler Hobbs giveaway alone, not to mention many others. No complaints here. My time will come!

brougkr — Yesterday at 3:26 PM

yea, i didn’t even get to buy one, and i deployed the contracts lol. all good though, happy for those who purchased, some great art on the way

mixbrick — Yesterday at 3:27 PM

i refreshed and was on my iphone 3 connected to 2g. didnt get a pack, got a pass :NM_peepoIcePop:. Listenin to some hawaiian music jammin, life is good frens

trilldebeest — Yesterday at 3:12 PM

do u need a golden token london to mint the passes?

mixbrick — Yesterday at 3:12 PM

yeah, needed it several hours ago

Leila K

Please push for more mint passes for CC + GT holders! I couldn’t get in last night … and I have 2 sets!!

Lessons learned

  • Make sure to clearly communicate when the sale may sell out
  • Over-emphasize if supplies may not last
  • Have a consolation prize (?) — e.g. a date for a giveaway that is predetermined before the sale
  • Give people a clear way to transparently jump forward in queue (e.g. the Squiggle Sale used a tip auction that went to the foundation / artists)
  • Consider having an ETH requirement in the wallet for the snapshot
  • Make it clear to institutional investors that they will not be able to participate in the public sale based on Golden Token requirements unless they do so in their own personal capacity
  • We don’t want new community members to walk away from this with a bad taste in their mouth

On Market Buzz

Soleater — Yesterday at 7:27 PM

Sup citizens

Havent been here since the hype of Venice good to see you all have grown

I had a friend tell me about those mint packs and when I saw who were on there I got pretty salty that I > didnt snag one…I havent been paying attention to this project

KingBaller — Yesterday at 3:13 PM

i don’t know why everyone getting upset. was huge demand. that’s what we want don’t we? I wasn’t eligible but it sure helps the dao to have this kind of demand

Lessons learned

  • Having a great curated selection was the most important driver of the sell-out
  • Consider giving artists enough time to have previews
  • Do we frame this as a commission / patron? I.e. if you are buying into the sale you are supporting the artist, not the work

Artist Relations

Lessons learned

  • Provide them with guidance about the sale mechanics with enough time to provide input. We did ~1-2 weeks for the London Collection which was fine, but could be improved
  • Consider setting aside a fixed number of passes for the artist’s core collectors
  • Scheduling a Twitter Space after the presale to focus on the art was a good idea
  • Letting the artists know and up to date about expectations when the sale will close

Product experience

Lessons learned

  • Unify the marketplace and the marketing website (e.g. brightmoments.io/london <> app.brightmoments.io)
  • Make sure there is a real-time counter with the number of mint passes remaining
  • Need clear error messages when the smart contract sale is not live
  • Allow users to distinguish whether their wallet is included on the brightlist

One of the most ambitious mints I’ve seen / participated in. Impressed by the overall concept, though it and the implementation need tweaks. But I think there is some ‘good soil’ here to consider and perhaps take from. https://twitter.com/punkscomic/status/1487938704542887937?lang=en