The MetaDrop team is working with novel distribution methods and collaborating with a top crypto personality can help the company to stand out among new non-fungible token (NFT) entrants springing up daily nowadays.
The platform is applying a curatorial model which is not only for the work released on the platform but also for how it’s released.
One of the founders of the company, Psyopcop, said that a new “custom sale mechanism” is going to be designed for each individual work it hosts.
MetaDrop Plans to Remove Marketplace Fees
Currently, drop models often make a run of 10,000 NFTs available for purchase at a set time that can bring big profits for artists and platforms.
However, when buyers try to secure an NFT by increasing the Ethereum network transaction fee they pay, a gas war will have appeared.
As the competition between new NFT projects among startups is stiff, MetaDrop launched the self-described “Kickstarter for NFTs” on Monday and planned to start a buzzy auction from Loomdart, a popular crypto influencer from Tuesday.
OpenSea remains dominant with $3.4 billion in volume processed last month has proven that curated platforms like Foundation have secured a foothold with a 30-day volume of over $77 million, according to DappRadar.
In addition, the startup plans to fund itself by positions taken in projects launched on the platform instead of collecting a marketplace fee. The exact fee amount will vary depending on the complexity of the drop and the details of each project.
“We plan to only work with projects we believe in, and so our fee is generally taken part as a stake in the project itself as well as a small commission to fund the custom development work,” Psyopcop said.
MetaDrop’s team plans to host one drop per month. Once the platform has proven to be stable, its scale also will be expanded.
Partnerships with Top Influencers
The first release, loomlock, hosted on MetaDrop has been teased for weeks on Crypto Twitter. Loomlock is an NFT collection from one of the members who come from the angel investing collective eGirl Capital, Loomdart.
Individualized or “honorary” NFTs from the collection were distributed to influencers aiming to build excitement in advance of the primary drop which was standard practice with high-profile drops.
The loomlock team sent more than 60 to community members which made a wide net in this regard.
In addition to the honorary collection, the drop will also feature wassies, tiny creatures created for the mold of inversebrah, who is a trader who has been playing a role as one of the critters.
Wassie lore and culture mostly focus on Twitter users, pretending to cook or torture them during times of bearish market action. Many have used platypus-like images as their profile picture.
Loomlock said in an interview that the drop will offer various attributes and features of a differing rarity for wassies. According to Loomlock, the distribution will be implemented under a custom-designed English-style auction with its goal to avoid gas fees and make the sale as accessible as possible.
“The three-day English auction accomplishes all of these reasonably well. Users can place a bid at any point during the auction, gas to bid should be quite cheap and there are no additional transactions requiring gas needed, and users can choose to bid however much they want. Whales who can afford it can bid higher to increase the likelihood of winning, but they will end up paying more than users who take a risk and bid lower,” he added.
The NFTs will be changed for a physical goods, which makes them a pretty interesting product in the NFT marketplace.