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How to Decide Blockchain, Supply and Mint Pricing

HOW TO DECIDE BLOCKCHAIN, SUPPLY AND PRICE OF MINT

Welcome to the seventh chapter of the NFT creation course! In this chapter we are going to make 3 key decisions that will set the course of our NFT Project, affecting even how we should do the marketing, what utilities to offer and of course the investment of time and money we will need to get a sold out.

We must be clear before we start making decisions that our collection must be in high demand, not in the long term, but before the day of mint. If we do not succeed in mint, it will be very difficult to succeed in the long term.

As always there are exceptions, for example there are many collections that release "batches", i.e. they release mints of a percentage of the supply as demand increases.

HOW TO DECIDE BLOCKCHAIN, SUPPLY AND PRICE FOR NFT COLLECTION - SMITHII

HOW TO DECIDE BLOCKCHAIN FOR NFT COLLECTION

This decision should be taken in many cases from the beginning, in order to soak up the existing ecosystem of the chosen blockchain: NFT projects, DeFi platforms, Marketplaces, Communication, etc.

If you have been investing in a blockchain for a long time, the ideal is to directly create your project in the blockchain, for the simple fact that everything will be much easier for you.

If you have no predilection for any Blockchain I would propose 3 alternatives as the main ones, for their volume of users, their sales volume and in general market: Ethereum, Polygon and Solana.

Each has its advantages and disadvantages of course, but I would rank them in the following order in terms of sales volume, the reverse order indicating ease at all levels.

  1. Ethereum
  2. Solana
  3. Polygon

WHAT BLOCKCHAIN WE HAVE CHOSEN FOR TILLARYS

In the case of tillarys we have chosen Solana. It makes the most sense for us because of our background, which is 2 years offering development services on the Solana Blockchain.

And not only that, competitively and for the type of project we are looking for NFT is what we consider a better option, I'll explain why.

Solana is lower in sales volume than ethereum, but it is in very goodnumbers. This means there is less competition and it is easier.

Also, for the amount we are looking to get in mint, it makes no sense to go to ethereum, as the fees alone would double the price of Mint.

If we compare to polygon, the ease would be greater there, because it is an affordable Mint price (according to the type of polygon user, who is usually there because he cannot afford ethereum fees). But the volume is lower and we consider that for the utility we are going to offer we can fit better in Solana, which still has a long way to go at the development level and many market gaps. Taking advantage of something simpler and with less investment than ethereum but also something with more volume than polygon.

Of course, you will have to assess your situation and decide, but in general, any of these is a good decision.

HOW TO CHOOSE BLOCKCHAIN FOR MY NFT COLLECTION - SMITHII

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HOW TO DECIDE THE SUPPLY OF AN NFT COLLECTION

The supply can be decided before or after the Blockchain and will be linked to the mint price.

Basically we must decide the supply depending on the type of project we want to launch and above all, how much money we want to get in the mint.

Of course the more the better, but remember what we saw in previous chapters; an nft project is a business, you have to make it economically healthy and it will be practically obligatory to get a sold out.

In this case we must know our capabilities and decide. It is better to fall short than to fall long, because if we fall short we will always have many more options to monetize post mint.

We must also take into account that depending on the supply and the mint price we will "establish" the type of project we are. A degen mint (high supply and very low price, usually low quality), an exclusive mint (low supply and medium/high price), a top mint (high supply and medium/high price) and much more.

It is usually easier to sell more supply cheaper than less supply more expensive.

WHY TILLARYS SUPPLY

In Tillarys, due to our utility and the decision that we did not want to be on top of the community but simply offer a clear value proposition without having to be constantly creating hype, we decided to do something "small" and exclusive.

In other words, a very low supply of only 999 NFT, which would facilitate the exclusivity and quality of our holders, also thanks to the price.

HOW TO DECIDE THE MINT PRICE NFT COLLECTION

In the case of the mint price it will work the same as the supply. My recommendation is that you make calculations and test quantities.

It is also a very good option to set a medium wide range and a fixed supply, then for the public you would set it as "TBA" (To Be Announced).

Once this is done you will work on marketing and growing your community, so based on the feedback you will have a clearer idea of what price to set always taking into account the supply.

TILLARYS MINT PRICE

In the case of tillarys we wanted to get about 50-60k on the mint, so we left the price set at $60, as we are pretty clear on what we are looking for and what we need to get it.

It also serves as a barrier to entry for paper hands, which we understand tend to mint cheaper projects, although we are not too expensive.

Obviously we did not have it clear from the beginning, we had several options in mind, with the idea of remaining exclusive. We made calculations and ended up making this decision.

CONCLUSION

There is no perfect supply or price. We will always have to analyze the Blockchain situation we have decided on and base it on the market.

We emphasize that it is important that you always keep an eye on the market, compare and see the numbers of other projects. It will be theeasiest to adapt it to the idea you have for your NFT collection.

Keep in mind that the supply and the mint price will affect how easy it will be to grow your community; for example, a free mint will get much more attention and interaction, but it will also be more difficult to monetize. 

In spite of all this, the most important thing in our opinion is to always keep demand above supply if you want long-term success.

Thanks for reading, see you in the next chapter!

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