The world of NFTs is not easy. This statement proved to be particularly true on Sunday evening, during the launch of the NFT collection by world-famous street-art artist Alec Monopoly. Undermined by repeated technical hiccups, the operation turned into a total fiasco, triggering the fury of buyers. But all’s well that ends well. Summary of operations and status of the project.
Alec Monopoly is an American street artist known for having appropriated the Monopoly game mascot, Rich Uncle Pennybags. He paints in a stylecomics” to critique capitalist hierarchies through the language of consumer culture, media, and pop iconography. He shares his concerns with British street artist Banksy. His works sell for between $25,000 and over $125,000 each and his Instagram account boasts nearly 1.5 million followers.
What could be more logical than to launch an NFT collection. Especially since he already tested the waters in March 2021 through a collaboration with the Latin street-art star Ozuna during a sale on the NFt ArtGrail sales platform launched by the gallerist Avery Andon, the brother of Alec. The success was total with a “SoldOrt” in a few hours.
Except that launching your own NFT collection represents a challenge of a completely different nature. Initially, Sunday’s sale was planned in two stages:
- 8 p.m.: “PreSale”, reserved for privileged people registered beforehand, which allowed them to acquire up to 3 NFTs for one hour.
- 9 p.m.: “Public Dirty”, open to all. Problem: it’s after 2 a.m. that the PreSale was finally able to start. Between the fake links instilled by hackers on the official Discord account of the sale and the fake collections launched by other hackers on OpenSea, the server carrying the sale and the “mint” was totally blocked from 8 p.m. due to too many simultaneous connections (price of success), it was in fact total chaos.
A poor service provider and angry buyers
Add to that very poor crisis management on the part of the service provider, as well as a communication error consisting in purely and simply closing the messages on the Discord. This is how on this silence several hundreds of pest tweets have started to bloom on the official account (RAGS to RICHIE by Alec Monopoly). These accused the artist of the names of birds practiced in crypto: RugPull (“pull the plug”), Cash grab (“steal the money”), and others.
While the SoldOut (Total Sale) was almost recorded thanks to the reputation and the community of fans around the artist, barely 35% of the NFTs finally left in the early morning. Ultimate hiccup, an analysis of the wallets used during the operation showed that 400 NFTs were minted within the first 30 minutes for a cost equal to zero on a wallet belonging to the team. And it was left for a new salvo of suspicions and conspiracy theories. While experts were talking about a textbook case of “everything not to do when launching NFT”.
But as often in the world of crypto, everything will change positively during the next 48 hours. First of all thanks to the responsiveness of Alec, his agent Avery. But above all thanks to the service provider who will finally fold the towel, put down the Moritos, put his pants back on, leave the beach bar and get back to work. And this is where things get interesting. We go from an almost irrecoverable situation but this shock team will know how to return to an exceptional operation. It already delivers more than 100% capital gain over the issue price of NFTs in just 3 days.
Turnaround for Alec Monopoly thanks to communication with fans
First, in order to resume the floor, an AMA (“Ask Me Anything”) is organized and will allow everyone to ask all the questions to obtain all the necessary clarifications. The 400 token issued on an Alec Monopoly account? Long planned as it is an airdrop for collectors of the previous collection (the Ozuna-Monopoly collaboration on ArtGrail). Technical concerns: explained, mea culpa in support.
And the damage suffered by those who waited and stressed for more than 6 hours before being able to buy their NFT? And the reputation of the operation tainted by these problems and which ultimately did not “SoldOut”, when this is one of the conditions in general for NFTs to increase in value? On these points too, Alec will respond. He will be creative in 4 points like no one before him in such a situation:
Alec Monopoly Project Clarifications
- Of the 6500 NFTs planned at the start of Alec Monopoly, only 3333 tokens will remain. Following the operation of a “burn” (deletion) of the most common NFTs. It is indeed a collection based on rarity: each token is unique. They belong to one of the sub-aggregates defined by their own common characteristics (character color, background scene, etc.). In this sense, some sub-aggregates are rarer than others. De facto, this reduction makes the collection all the more popular and thus increases its value. It will quickly reach the SoldOut within hours of this announcement.
- The commission paid to the creator during secondary market transactions on OpenSea is traditionally 10%: Alec will decide to lower it to 6.5%. Never seen.
- Copyrights will be included for each NFT: this detail, unique in the universe of NFTs for a listed academic artist, de facto confers on each NFT the status of official work which may be part of the catalog raisonné of the artist. When we know that his works sell for between 25 and 125,000 dollars.
- A lottery “bonuses” is to emerge among NFT buyers whose lots are worth more than $1 million in physical works by the artist. They will be offered to the winners declared by drawing lots.
CQFD. The rescue operation is brilliant, the buyers of the NFTs again in heaven, contact reestablished between the artist and his community. Forget the worries of the launch, and place in the euphoria in front of the coast which rises every minute since then. Sold at 0.5 ETH at launch, RagstoRichie by Alec Monopoly Collection NFTs now trade at over 1.2 ETH. That’s 140% added value!
Beware of fake synonym collections on OpenSea. Indeed, the official collection link (recognizable by its blue sticker validating that the account has been validated by the platform) is here.
Congratulations to the team, and to follow…
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The Cointribune editorial team unites its voices to express itself on topics specific to cryptocurrencies, investment, the metaverse and NFTs, while striving to best answer your questions.
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