About the latest crypto crash and our reaction as an upcoming NFT project
If you are reading this article later we are talking about the 2022 early may crash of crypto and NFT markets. We are also using the word latest since this is far from being the first event of its kind. We are sure eventually the market will recover as it did previously because our mint day coming closer and closer we could not wait it out without a reaction.
The situation
After the crash, our first reaction was ignorance toward the Ethereum price. We saw the growth in the cowlony community, all the team were putting 2x the work into the project since before. We wanted to compensate for the bad market conditions just by putting in the extra efforts. As days passed and started to lose price the larger collections such as BAYC & MAYC, Azuki, and Moonbirds it become obvious that the situation won’t be resolved in a matter of days. Another factor was that we saw a lot of new collections failing on their mint days, people just did not start minting, and 10k collections could not sell 1k items. We know it’s hard to compare collections and communities just by the discord member number, item counts and prices, and assumed trustworthiness of the creators. But even with this consideration, we felt we must do some more drastic changes.
Motivations & goals
Our top priority is always focusing on the interests of the community. The first approach to adapt to the market conditions, the much moderate NFT buying mood is to reduce the size of the collection. Cowlony is our first collection, we understand that we have to prove ourselves. For this is much easier to start with a smaller community and build from there step by step. For us, this also makes sense when we thinking about new collections down the line to first start with a smaller genesis.
Our next idea was to lower the entry barrier by reducing our price. Our collection is traded in Ether, which price dropped more than 30% in the last one and a half weeks. While we are sure it will recover eventually, we understand that converting USD to ETH could seem like a risky move currently.
And lastly our final announcement, we are burning the remaining supply after the allowlist mint if any. We understand that maybe it could make sense to allow a public sale just for a couple of hours, so there are talks about it. But in general, you can be sure that shortly (like hours) after the allowlist sale the remaining items will be burned. We assume we will be easily sold out during the allowlist sale but wanted to add this guarantee as well.
The new parameters
- Collection size: 4998
- Allowlist mint price: 0.02 ETH
One final detail, we will be also doing instant reveal. We are confident in the quality of our collection and it is especially important with the current market to show it off as soon as possible. So you can expect will be to see your cow for a couple of minutes after the mint transaction through our site. We could not guarantee anything from OpenSea side, but our integration will be as seamless as possible we expect the items will sync there in minutes as well.
Stay tuned,
cowlony
