It has been brought to our attention that a substantial amount of members in our community are worried about the gas fees on public mint date. This is something that we as a team been increasingly worried about as well. Instead of excitement, the more traction and hyped our project gets, the more we are concerned about gas.
With the current demand for NANO, gas fees are likely to cost upwards of 1 ETH just to mint, with no guarantees that the transaction even will go through. Failure on any transaction means that the gas you paid will be lost to the ether. This is exactly what happened with JF’s during their mint — a crazy amount of people ended up spending 1+ ETH without minting anything.
Thus we conducted a poll to hear the community’s thoughts on the idea of doing 1,000 public mints in a dutch auction format. The poll resulted in a large favour towards holding the public sale as a dutch auction.
The final vote was 2,391 for the change and 519 against.
Based on the polling results, the team and community has decided that the remaining 1000 public mints will be held as Dutch Auction. We understand that some of you may not agree to this, however this is deemed the best approach we, the team and community, can take to reduce gas wars and lost ETH to transaction fees.
The dutch auction will begin from the price of the current highest auction bid of our wallpaper — 2.69ETH (our highest wallpaper bid price), with the price decreasing to our original mint price of 0.0888ETH.
Please keep in mind that we released our mint price and format on the first day of opening our Discord, almost 8 weeks ago. We could not have predicted that NANOPASS would go viral the way it has, putting us in this tricky situation where the old mint format is simply unsuitable for us now.
To be very clear and 100% transparent, it’s also true that our dev team would have a lot to gain financially. However, we have always promised that 50% of all funds will be allocated to building out Phase II and beyond.
The additional funds will go a long way, allowing us to hire even more talented artists and programmers to build a better quality product for Phase II, whilst preventing any lost ETH for no reason.
Ultimately, we believe that a Dutch auction is the fairest distribution method + would be win/win for both us and the community. But we placed a great deal of importance on our community’s opinions hence we were not going to make this decision without the community’s vote.
For the record, its not feasible to distribute 1000 WLs manually within the next 3 days like some of you are thinking. The large majority of WLs for NANO have been given out this way to people that either were nominated or we saw them contributing consistently. That’s 4000 WLs given out manually over the course of 8 weeks. In a 20k server that’s a 1/5 chance of getting WL.
Truth of the matter is that we have to have a portion available to people outside of this Discord. Dutch also has the added benefit of helping post mint floors, people that have conviction will buy in at higher prices and likely be holders. Gas also doesn’t get lost for no reason.
Raffle will be prone to botting. Paid raffle will still leave some people out of pocket without getting anything. These options always leave a sour taste.
We asked the community and we heard you — thank you to everyone who voiced their opinions on altering the public sale format. Again, we understand this may not please everyone however it is something that we must do.
The Nanopass team sincerely thanks everyone for the amount of support and love we have received and will continue to endeavor for the best outcome for all parties.