For context:
I've been working with @SolanaSanctuary for 9+ months & have had the privilege, & curse, of seeing the absolute worst this ecosystem has to offer.
Including but not limited to:
50+ rug investigations, negotiations, and lawsuits; from unknown projects to bluechips.
I've been working with @SolanaSanctuary for 9+ months & have had the privilege, & curse, of seeing the absolute worst this ecosystem has to offer.
Including but not limited to:
50+ rug investigations, negotiations, and lawsuits; from unknown projects to bluechips.
Section 1: Profit & Complexity
I will break this down into three parts:
1. How much money are we talking about?
2. How easy is it to make generative art?
3. How easy is it to launch a mint?
I will break this down into three parts:
1. How much money are we talking about?
2. How easy is it to make generative art?
3. How easy is it to launch a mint?
How much money can you make?
The infamous Yogi, from SolBears paid less than $2,500 to a Fiverr artist for the original assets and likely generated them himself.
They did 120,000β in primary sales at ~$80 sol. He oversold the project by 90,000β. He refunded 90k.
ROI: 960x
The infamous Yogi, from SolBears paid less than $2,500 to a Fiverr artist for the original assets and likely generated them himself.
They did 120,000β in primary sales at ~$80 sol. He oversold the project by 90,000β. He refunded 90k.
ROI: 960x
This is an even more common occurrence now.
Example 1, @okaybears:
Revenue: 148,587β (~$4.5 mil @ $30 $SOL)
Art, website, and branding were all (well) done in-house, so, for "free." Fair-market cost is around ~$30k-$60k.
ME fees: ~$450k
Total take: $4-$10 mil+.
Example 1, @okaybears:
Revenue: 148,587β (~$4.5 mil @ $30 $SOL)
Art, website, and branding were all (well) done in-house, so, for "free." Fair-market cost is around ~$30k-$60k.
ME fees: ~$450k
Total take: $4-$10 mil+.
Example 2, @TrippinApeNFT
Revenue: 81,234β ($2.5 mil @ $30 sol)
Fair market cost, assuming all work was contracted: ~$30k-$60k
ME fees: ~$195k
Revenue: 81,234β ($2.5 mil @ $30 sol)
Fair market cost, assuming all work was contracted: ~$30k-$60k
ME fees: ~$195k
Let's assume you see these successes and want to emulate them yourself. We'll give you the best-case scenario.
Part 2: Making Generative Art
Part 2: Making Generative Art
How hard is it to make generative art?
I'm a rather piss poor illustrator, but, I've tried a few generative things for fun.
DeadGods (complex):
For me: ~2 months
Pro illustrator: 1 month
OkayBears (relatively derivative, simple):
For me: ~1 month
Pro illustrator: 1-3 wks
I'm a rather piss poor illustrator, but, I've tried a few generative things for fun.
DeadGods (complex):
For me: ~2 months
Pro illustrator: 1 month
OkayBears (relatively derivative, simple):
For me: ~1 month
Pro illustrator: 1-3 wks
OR
Just go on Fiverr or Upwork and pay $250-$2500.
TLDR: Digital illustration NFT art is really, really, f*cking easy and has a very low barrier to entry.
Just go on Fiverr or Upwork and pay $250-$2500.
TLDR: Digital illustration NFT art is really, really, f*cking easy and has a very low barrier to entry.
Part 3: Minting
The easiest part.
Option A: Bot some followers and head over to the ME Launchpad, ~10% of your projects revenue and ~2% royalties.
Option B: LaunchMyNFT, so easy, your grandma could do it.
Option C: Learn to setup a Candy Machine mint in an afternoon.
The easiest part.
Option A: Bot some followers and head over to the ME Launchpad, ~10% of your projects revenue and ~2% royalties.
Option B: LaunchMyNFT, so easy, your grandma could do it.
Option C: Learn to setup a Candy Machine mint in an afternoon.
Likely Scenario 1:
You sold out a 10k at 0.1β
WOOHOOOOOO!
You're F*cked.
You sold out a 10k at 0.1β
WOOHOOOOOO!
You're F*cked.
Likely Scenario 1 (cont):
You held $SOL
This is pretty simple, you got 1,000β in December, you didn't sell, and now you owe more in taxes than you collected for your project. You no longer have operational funding, you've rugged.
You held $SOL
This is pretty simple, you got 1,000β in December, you didn't sell, and now you owe more in taxes than you collected for your project. You no longer have operational funding, you've rugged.
Likely Scenario 2:
You get sued. Statute of limitations is up to 3-5 years in many states.
You're betting against time.
What if your project infringes on IP? (See quote tweet)
What if new precedent is set that makes you liable?
(more in image)
You get sued. Statute of limitations is up to 3-5 years in many states.
You're betting against time.
What if your project infringes on IP? (See quote tweet)
What if new precedent is set that makes you liable?
(more in image)
Likely Scenario 3:
You get doxxed, you get death threats, someone shows up in your house.
I've seen it all happen. I've gotten a couple death threats as a mod, I've seen project mods who have nothing to do with the project's financials doxxed & threatened.
It gets real.
You get doxxed, you get death threats, someone shows up in your house.
I've seen it all happen. I've gotten a couple death threats as a mod, I've seen project mods who have nothing to do with the project's financials doxxed & threatened.
It gets real.
Typos aside, now that Iβve killed your dreams, at least youβre not dead.
99% of these projects are run by people who have no idea what theyβre doing.
This is evidenced by the 20,000+ Candy Machines that have been spun up in the last 9 months.
How many had success?
99% of these projects are run by people who have no idea what theyβre doing.
This is evidenced by the 20,000+ Candy Machines that have been spun up in the last 9 months.
How many had success?
All above aside, I love this ecosystem.
I've found more admirable people in this ecosystem than anywhere else in my life.
Here are (a few) of the good ones:
I've found more admirable people in this ecosystem than anywhere else in my life.
Here are (a few) of the good ones:
Also, NFA, a few projects I trust:
@BearsReloaded
@GrooviesNFT
@ExiledApes
@SolSlugsNFT
@atadia_io
@therealLitJesus
@DedMonkes
@MortuaryIncNFT
@The_URS_
@MonkeDAO
@grapeprotocol
@breadheads_nft
@General_Sol's whole army
All 1/1 art.
Ily anon.
@BearsReloaded
@GrooviesNFT
@ExiledApes
@SolSlugsNFT
@atadia_io
@therealLitJesus
@DedMonkes
@MortuaryIncNFT
@The_URS_
@MonkeDAO
@grapeprotocol
@breadheads_nft
@General_Sol's whole army
All 1/1 art.
Ily anon.
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