Crypto 2021 Collector Card Set Compensation
Thank you all for your patience! When we first set out to create this set, we could have never imagined the overwhelming support and interest from the creative and NFT collecting community. We’re excited to build this project with you and to see collectors open their packs beginning in April and for many future content drops.
We have worked as a team to create a compensation plan for those who were early and took part in the initial presale launch yesterday. As a brief recap, we released packs in allocated pricing tiers at 500 packs per tier. When we launched, those who began a transaction reserved the packs in the current available tier on our platform. While many sales were reserved at this time, many weren’t finalized for a variety of reasons including gas fees being too high, users having other pending transactions blocking their transactions, etc. These issues weren’t entirely unforeseen and we attempted to outline them in our pre-release FAQ. We understand how frustrating it is to pay for packs at a higher tier price and then see them sold at lower tiers afterward. I personally purchased a pack for .6eth and empathize with the community making purchases at the higher price tiers.
Our goal with the pricing model for this drop was to provide early collectors with lower pricing as a reward for their early commitment to Kolectiv. We underestimated the demand on the platform and also the frustration of failed transactions. A lot of lessons were learned for our team and will be taken into consideration for future drops, along with the feedback many from the community provided. We created Kolectiv to be a place where we could experiment and be creative as artists and technologists. Like many projects in the NFT space, we are also learning from our successes and mistakes.
We did not intend for large numbers of collectors to purchase at the higher price point when there were large numbers of pending transactions in the lower tiers. We expected some demand at lower tiers, but for the vast majority of those transactions to clear and for any failing transactions to be cleared with their packs returned to the pack pool at their original tier. However, this happened in a product drop that we designed and we take fault for it and want to offer fair compensation to collectors who were negatively affected.
We’ve come to our decision after speaking to many of you on Discord and hearing your feedback, as well as reviewing the practicality of different ideas. Kolectiv is a new brand but we’ve been in business now for four years serving a large community of loyal collectors at Epics.gg. We have grown every year by taking a long term approach and when we’re in the wrong; showing our collectors that their interests are our interests.
Now to the details…
Compensation will be for those who participated from launch time until the packs were re-added to the store at 10 PM UTC on March 18th.
Each tier will receive different rewards based on both the purchased price of their packs and the quantity of packs. The average price per pack in this time window was 0.36 ETH so those who purchased for .4 ETH and up will be eligible for additional packs. There will be 678 packs allocated for this compensation.
- Price Group 0.4: Users receive 1 pack for every 10 packs purchased. This is rounded up from 5+ packs purchased.
- Price Group 0.5: Users receive 1 pack for every 3 packs purchased. This is rounded up from 1 pack purchased.
- Price Group 0.6: Users receive 1 pack for every 2 packs purchased. This is rounded up from 1 pack purchased.
- Price Group 0.75: Users receive 1 pack for every 1 pack purchased.
- Price Group 1.0: Users receive 2 packs for every 1 pack purchased.
We’re also working additional content related compensation for a future release on our platform. We’re thinking through the best way to do this and ensure we review all possible ramifications before announcement.
We are excited for Kolectiv’s future and the devs are hard at work to make the launch in April a huge success. We couldn’t have done this without all the artists and their amazing pieces. We are truly in awe working with them throughout the process and seeing many WIPs along the way. It is truly a humbling experience. We cannot wait to open packs and collect with everyone!
-The Kolectiv Team