Can You Switch an ERC721 NFT Drop to an Ethscriptions Drop — e.g., If Your ERC721 Did Not Sell Out? | by Jim Dee, OG Web3 Dev & Generative NFT Code Expert | Generative NFT Programming Articles | Jan, 2024
NFTs, Ethereum, Ethscriptions
Just some random thoughts for any frustrated ERC721 founders.
Okay, here’s a situation: You had an ERC721 NFT project, but it only sold 50 or 100 or 200 (or whatever) NFTs out of the 10,000 planned. You’re feeling stuck because you just don’t have the marketing reach to get the project moving as it is now.
A few founders in this situation have asked me lately whether moving to the Ethscriptions ecosystem might be a viable idea to salvage a project. So let’s look at this!
First, one of the reasons such a move could work is that, because Ethscriptions are so new, the community is smaller and it’s thus somewhat easier to get the attention of those you’ll want to know about your project. Also, there are simply fewer new projects in this ecosystem (currently) and so it’s a little easier to stand out.
That all said, while a few projects have gone on to floors above, say, 0.02 ETH or so, pretty much ALL of them (currently, to date) have been minting out at less than 0.01 ETH. I’ve personally minted many at around 0.003, 0.004, etc.
And so if you were planning an ERC721 drop of 10,000 NFTs at, say, 0.07, that meant your project’s gross budget was 700 ETH (upwards of $2 million USD, let’s say). If you downgraded that to, say, 0.005, that puts your gross budget at about 50 ETH (and, again, that’s gross, so the actual funds you’ll earn, if you sell out, would likely be quite a bit less).
Let’s say, after it’s all minted out (which, again, is still not a guarantee), that you wind up with 25 ETH after everyone is paid. That’s $62k. And sure, that’s not a small amount of money. But it’s not $2 million, either.
And so most likely you’ll need to look at seriously scaling back whatever utility you had planned for your project. Maybe it becomes simply an art project, with the primary utility being ownership of the art. Or maybe it’s that plus the community aspect.
That’s up to you to think about. But you’ll need to, for sure.
