Mint NFTs with Escrow
Mint payments will be escrowed, slowly vested and released to project owners over time.
Flair provides escrow for minting NFTs to establish trust and attract more collectors. Collectors' payments will be escrowed and slowly released to project creators. This creates a higher accountability and increases collectors' confidence in project roadmaps.
- Create a community around a certain topic or cultural activity and mint PFP NFTs as a way for people to express their interest and involvement in your movement.
- Launch a campaign for your music album, sell NFTs, get enough initial funds to start, work on your songs and receive funds hourly as you work.
- Launch a campaign for your video game, sell characters or rare items of the game, get enough initial funds to kick-start your work.
- Launch a campaign for your animation series, sell NFTs of your characters, e.g. with a profile-picture style, get enough funds to kickstart on your pilot episode, receive funds hourly as you build new episodes.
Projects like Starcatchers NFT have proven that this model is positively received by community of NFT collectors, after so many irresponsible rug-pulls done by other projects:
https://twitter.com/StarcatchersNFT/status/1484545728080920583
- 1.
- 2.Choose name, image and description for your campaign.
- 3.Define your NFTs categories or rarities, their mint price, maximum number of mints. (e.g. songs in your album, character races in your game)
- 4.Define your funding options, for example to receive 20% of the mint payments immediately and release the rest over 90 days.
- 5.Publish your campaign.
If you need any help in creating your campaign, hop on our Discord, our team is always available to help.
- To give your NFT collectors peace of mind, Flair funding options allows a slow release of the payments. This will help establish long-term trust with your community.
- It helps you stand out in the competition for attracting more collectors, because you have confidence in your work by providing escrow through Flair.
- You are showing the community that you see your work as a long-term continuous income to hit your future milestones, rather than a quick cash-grab, riding on market hype.
- With the additional security that you're giving your collectors, you can charge a small premium and have a slightly higher mint price, for this extra collector security.
- Collectors will receive $FLAIR token rewards for each mint. Early project creators will also receive $FLAIR tokens.
We advise you to plan your budgeting like many other projects in multiple milestones. For you first milestone you can define a certain portion (e.g. 10-20%) to be released immediately as Upfront Payment.
With this approach, as you deliver on your first milestone your community will be encouraged to stay longer with your project and put their trust in you, as you hit milestones rest of their payments will be released.
The main idea is to prevent projects from doing a simple cash-grab and take the money without any responsibility or accountability.
With proper communication and organic grow of true supporters there's a very low chance that everyone decides to leave the project at the same time.
Still in some rare circumstances such as crash of 2008, or bear market of 2018-19, there might be a downtrend or crash or bear market that you might be worried about. It's important to remember collectors have already paid the upfront payment and some already vested amount, so it would be a loss for them to return their NFTs, and you'll be able to sell them again.
To help projects protect themselves against such macro-economic meltdowns Flair provides an optional community-based voting module, which means projects can opt-in so that "refund" is only enabled if more than 51% of NFT holders vote for it.
Payments of NFTs are escrowed in the vault and will be released as per funding options set by you. For example right after launch you can claim 10-20% of your sales, and claim the rest hourly over your defined vesting schedule (e.g. 90 days).
These funding options are defined by project creators when launching their campaigns.
Last modified 1yr ago