SOSIP-16-Lowering Barrier of Entry for 721Starter

Author(s): Angyts

Date: 2022/02/25

Summary:

721Starter, the premium NFT launchpad at 721.com only allows for the top 1% of our users to participate in, or the top ~2000 wallets. We have heard feedback to reduce the barrier of participation.

Background:

Some data to explore

Most launchpads in this space are highly competitive and exclusive. Most require participants to put up 1 ETH to 10 ETH to be eligible for an allocation. We initially pegged our entry to 1 B SOS Power which is about $1870 USD right now, as winning any of the raffle would make this participation very worthwhile.

As you can see, our tokens are highly concentrated amongst a small group of diamond hands.

Implications

Pros:

• By lowering the entry number of tokens, a wider portion of our community can potentially participate.
• A launchpad with a wider participation can potentially request for more whitelist spots.

Cons:

• Smaller accounts that win the whitelist might not have sufficient ETH to mint the NFT even if they won, and they might proceed to take profit immediately after mint.
• The large account holders still maintain a large disproportionate chance of winning the whitelist.

Key Measurables:

If the barrier of participation is lowered, we want to see more users participating and joining the 721Starter.

Timeline:

If snapshot is passed, it can be immediately enacted on the next NFT launch. There is also a forum post about tiering the SOS Power, but we are still working on it.

Snapshot vote

The minimum SOS Power to join 721Starter at 721.com should be _______.