How To Sell Out a NFT Collection in 7 Minutes
SUMMARY KEYWORDS
crypto, people, project, buy, community, brands, sell, ads, women of crypto, days, founders, marketing, case studies, collection, twitter, listeners, wallet, discord, casino, froggos
SPEAKERS
Crypto Travels Michael, Arvin Khamseh
00:00
Arvin Khamseh is one of the foremost thought leaders in the NFT industry. He has consulted with over 300 NFT brands and partnered with Reddit, Twitter and Quora. He has some very exciting current projects generating incredible profits and garnering the attention of celebrities. This is the genius behind the sellouts for some of the top brands and collections in NFT’s including Froggos which sold out in seven minutes, Women of Crypto which sold out in one hour Meta Legends which sold out in 23 hours and Sand Vegas Casino Club in 20 hours. Today Arvin is going to break down the exact process of how he has helped so many NFT projects sell out and do it in record time. This interview you do not want to miss.
00:43
Welcome to the New To Crypto Podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New To Crypto Podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend. Let me ask you, Are you new to crypto and don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you coming at you from the trading center in the lifestyle design studio. Here’s your host Crypto Travels Michael.
01:37
Brave wallet is the first secure crypto wallet built natively in a web three crypto browser, no extension required. You can store, manage and grow your portfolio, get NFT’s and multi chain support. Download the brave privacy browser at Brave.com/newtocrypto and click on the wallet icon to get started. Alright, I’m excited about today’s episode. The guest that I have on here is definitely one that you’ve been waiting for. Arvin has helped five major NFT projects sell out in the first 24 hours. And he has helped founders of over 300 NFT projects. absolutely crush it with sell out results. He has been featured in Forbes and USA Today. Arvin man, welcome to the show. Thanks for coming out.
02:23
Thank you for having me, Michael. Absolutely. Hey, before we dive in, can you tell our listeners just a little bit about yourself? Yes. So back in 2016, I had a really good friend of mine, Nick. And he basically sold everything he had and bought Bitcoins. And then I got very interested in, you know, figuring out like, why he’s doing that. And I didn’t get into bitcoins back then. But it was just very interesting for me. And then I moved out of the city where we both lived and a few years later, I called him up and I’m like, Hey, Nick, how’s everything? How’s work? And he goes, what work? I’m like, What do you mean? And it goes like, well, he’s completely retired. And he’s just like traveling the world. So that was my intro into the crypto world. And then since then, you know, I got into actually understanding okay, what NFT’s are, started trading into NFTs. And then I helped an artist in Italy, sell out his collection with just Twitter ads. And then that had that proof of concept. So I was like, Okay, this is cool. I have a lot of knowledge in this area. I want to get into this industry. And since then, you know, worked with 300 Plus NFT projects, as you mentioned earlier on also helped a ton of them sell out anywhere from like seven minutes to 2023 hours. Wow, man, talk about a resume. And let’s break down what it is that you do know, who are your clients? And what do you help them with? Yeah, so typically, there are different types of people that get into the NFT industry to create their own and fts. Interestingly enough, some of these people, they’ve never made a dime online, sometimes even they’re not even experienced in business, let alone just like online marketing, but they come in, they build a community in a month of, you know, up to like 80,000 100,000 and then they sell out there NFT’s have, you know, collections of anywhere from you know, 5000 to 10,000 and FDS, literally in a month, and they make you know, somewhere around and say five mil to 10 mil so, I’ve been in marketing since 2012. And, you know, businesses when they will come to me, like you know, we will set expectations with a business be like Okay, so you need to work with us for at least three months, six months, and then we will show you some results. Right. And then now people come in, they’ve never done business and then in a month they make $5 million.
04:50
Right and it’s just crazy when the beauty of crypto and NFTs. Yeah, exactly. And and just so accessible to everyone right so
04:59
Yeah, that’s incredible from zero to explosion in a month, you know, what are some of the largest NFT projects that you have helped? Yeah. So with Woman of Crypto, we hit number one on trending on the open sea trending on icy tools. And actually, Paris Hilton just retweeted us a few days ago. And there’s another project frog owes. It’s not by any means a large project. But it’s definitely one of those exciting, very, very tight communities. I mean, so tight, like my sister got one of the NFT she called me on the reveal day, she called me just to talk about the frogs that she got for like half an hour. And so it’s just a very tight community, they just go everywhere they go, they just, you know, it’s so it’s all about frogs. And everywhere they go, they just say Ribbit, ribbit.
05:52
It’s really, really funny. And it’s actually by the way, that’s one of the one of the coolest things you can do in marketing to just have some sort of meme or some sort of insider thing in your community, where it makes it easy for them to just distribute the information to everyone else, and just connect with everyone else. I’ve worked with metal legends, San Vegas casino club, and quite honestly, I have consulted so many people, like some of them, they’ve already sold out. And I haven’t even gotten to buy the case study about them. And like, for example, generative dungeons, I found out last week that they actually hit top 40 in the world for open sea. And I didn’t know so there’s so many already that I don’t like. I can’t possibly follow like every single one to see what’s happening. But also things happen so fast, right? So just in 30 days, you go from nothing, like for example, women of crypto went from zero people in their discord to about 80,000 people. And yeah, it is I just think about think about like, so when I started in marketing, I was working with small businesses or when medium size and you know, all the way to, you know, public companies, fortune 500 companies, but it was always the the concept of building a social media platform, building a following is always like, it takes time. Like that’s what comes right after that. Like when you say, ‘I want to build my social skills”, then you are immediately followed by, it’s going to take a long time, it’s going to take a few years, right. But now that has changed, that you just in a month, you don’t have any knowledge about social media, anything about like, do you don’t know what Twitter is. And then you go in and just build a Twitter and discord following. Like, you’re just like a pro. Right. And like, you don’t have to actually have anything special. I mean, I’m balling means, like all the products I work with, I’m sure there are special people. And they’re very cool people. But there’s nothing extraordinary like anything in this project. Of course, they’re like, you know, cool utilities, they really believe in their projects, but it’s just things have changed so much, where you no longer have to spend so much time and so it just doesn’t take that long, you know, things have changed. Okay, before we dive into the solutions, and how you’re helping all of them achieve incredible results. What are some of the challenges that founders of NFT projects face? Maybe you know, when they first come to you, or in general? You know, honestly, the biggest thing I would say, I guess the two biggest problems are one is you can’t really tell the difference between a legit influencer versus one that’s not. So there’s a lot of paid influence that you would do inside the NFT marketing.
08:41
And sometimes unless you have developed a relationship with people, it’s hard to tell, and you don’t have a lot of time, right? You only have like four weeks, it’s hard to tell who is actually going to produce results for you. And even like, the challenge for me is I’m not going to just use one influencer, you know, for the span of four weeks. So also it’s hard for me to tell which influencers are actually pulling the most weight, right. So even though I’ve used many of them. So I think that’s like a big show challenging for people to the point where people offer me on a daily basis, they say we pay you just tell us which influences to use. Just give us a list. We just buy that list off you for 1000s of dollars. Wow. Yeah, well, definitely knowledge is power, right? Oh, yeah, of course. And then the second one is the politics of NFT. So what I mean by that is social media platforms, although NFC is going really fast, and so you have a running joke with my friends. It’s like if we take a day off, we’re going to be behind 10 years, right? So now social media platforms including Facebook, Twitter, Quora, Reddit, YouTube, these are all kind of behind on NF t’s not so much of like not knowing what NFT’s are more so they don’t have the regulations completely figured out. So what happens is on Reddit, Quora and Twitter.
09:59
Actually Facebook used to be the same as well, if it’s when Instagram used to be the same, you just could not run an FDS. And Facebook changed the policy in November 2021. They lifted the ban on crypto and NFT. And now for crypto, you still need to have a permission. But NFT you can freely talk about it online, on your ads. But then Reddit, Quora on Twitter, you still need to have approval to run NFT ads. And so sometimes, like I remember, like, there was at the beginning, when I didn’t have the partnership with these companies, it was so hard because we would run ads, especially for example, San Vegas casino club. First of all, it’s a casino, like marketing casinos and social media ads on social media platforms is already like a challenge, just because most of the time it’s not allowed. Gambling is not allowed. But the idea of like, you know, spending hours and hours just talking to different people on Twitter, explaining to them Be like, Hey, this brand is not going to be a rock poll here. Why? Here’s why, like, you should trust us why you should trust this brand, basically, pitching brands to get the approval. Like that was probably the hardest thing in the NFT marketing, not so much the marketing, the NFT itself, actually just approvals to be able to advertise. I think that was the hardest thing for me. And also harvesting for the founders as well. Because sometimes data like I would get a lot of people come to me and say, Hey, so you can’t run ads on Twitter, right? I’m like, No, you can just you just need to know how, right so I think that those two are the biggest challenges. And then I guess one other thing I would add, every time Gary Vee says 99% of the NFT brands are not going to make it, a lot of actual brands’ prices go down. So I think Gary Vee is also contributing to that too, as a challenge. But other than that, those two, those two are like the largest, largest challenge. Wow.
11:52
And so a lot of influence your way to be, you know, floor price. So let’s move into how on earth are you able to help so many NFT projects achieve incredible results, and ultimately sell out? Meaning? How do you help them solve this? Let’s break down some of the process. Yeah, so I mean, I’ve developed my relationship with the platforms, you know, Reddit, Quora, and Twitter. And so I can leverage those relationships where it’s a process like not still like, I still have to look over the handles website, make sure everything is compliant, then vouch for them. And also don’t do it for everyone. Right. But even then, I think that’s probably been the hardest thing that I guess, hardest challenge that I solved, why by just having those relationships as far as the actual launch itself. So I think just by simply consulting so many different brands, I’ve gained a ton of knowledge into what’s working, what’s not working for different brands. And so, you know, people come and talk to me about, like, why certain things are not working for them, or why certain things are working for them really well. And of course, I have like my inner circle, like in discord, you’re part of it, you know, so they talk about, like, what’s really working for them, right. Also, like, I would say, NFT community is like really cool in that sense, because they’re not really competing with each other. So they share everything so freely with each other is is the coolest community. So there’s that. But also, like I came to the NFT world, I had the knowledge and experience of doing investor relationship marketing for public companies. So I would actually help them increase their stock price. And the advertising platforms that we would use was just exactly the same as NFT’s. And also a lot larger volume. So you know, we will spend like, say, 500k a month, no NFT brands. So far, I’ve worked with fixed metal legends, they had a lot of spending, but most of them didn’t have like that much spending. But the point is, I’ve tested out certain things that I knew that were going to work in investor relationship marketing, and FD in turns out, it was working as well as the same thing. It’s just, you know, targeting investors. And then I tried it out with a bunch of brands and figured it out, it was working. And then I just started just doing the same thing. And as we do things, I also see how the community is evolving, right? So give you one specific example. I used to say you want your white listers. And for those of people who don’t know what wireless routers are, if you buy NFT, you can have your crypto wallet approved to buy the NFT at an earlier date than the public. So that’s called being whitelisted. So I used to tell people to be like, Hey, you want your wireless routers to buy 30 to 50% of your collection before the public sells. So that was what was working for us. Right? But lately, one of the reasons like we can sell out in seven minutes one hour is just because we make it so that people in our whitelist there’s almost wiped out the entire collection. So it’s more like right now it’s more like 80 to 90% of the collection that they buy and then we open it to the public but there’s not much left to buy. So that’s why it happened so quickly. Interesting. So the process of basically, you know, beginning a project and ultimately launching it and selling it out. So you working with the brands and knowing what can be approved to run ads and ads is probably would you say?
15:20
Ads are a large part in building a community?
15:23
I would say. So I would say there are two, especially at the very end, because once you build a community, well, well, actually, let me give context to your restaurant. So on any social media platform, when you post something organically by design, social media platforms are, by their default, not going to show your message to everyone, not all your followers, right. And the reason for that is that you would pay that social media platform for advertising, right. So that’s the whole point. This could n’t have any ads, but like Twitter has the say, tick tock YouTube, Google, Facebook, Instagram, Twitter, Quora, Reddit. Like all of these, they have ads. So now if you think about it, let’s say you built 80,000 people in your community in discord, or let’s say on your Twitter, over a span of one month, but then if they don’t remember that your meant Day is coming up. So they mean the day that you’re actually going to go by the NFT at a presale, if they don’t remember that they are going to do it. And when you’re going to do it, all that effort goes to waste. So that’s a really important thing. So a lot of people start coasting a few days before their mandate. And that’s actually the most important day for any brand. So like, all you’ve done, now you’re going to actually retarget people actually get your message to everyone using ADS, specifically, because that’s the only way you can actually reach everyone in your community, you cannot possibly organically reach everyone in your community, it’s just not possible, like the ad platforms won’t let you. And so with that, you’ll be able to do that. And like, I’ll give you a specific example. So we do this thing called teasing. So five days before the means, which are saying, hey, five days left, four days left, three days left, two days left, right. So we do just a lot of hyping up. And a lot of reminders to make sure these guys know that our mentor is coming up. And you’re going to come in and just like by the end FTS find that we do with ads plus organic.
17:27
Okay, yeah, I can see how that would be really important, not only to build a community, but to remind them when you’re launching. Yeah. And you mentioned building a community of 80,000. And, you know, before we start getting inbound messages from our audience, I know, they want to know what kind of, especially for some of the listeners who are creating their own in a few projects, and they want to launch them. What kind of budget are some of your clients needing in order to build 80,000? You know, person, community in such a short amount of time? For sure. Yeah, so this way, if your listeners want to get the exact numbers, I do case studies, where literally after a brand sells out, someone in my team is an amazing writer, he goes on to actually interview the founders, everyone, their team, and then ask them questions. I’ll go into my ads platform, and also basically screenshot everything, and then just record everything to see how much money we spent on what platform, right. And I published that as a case study on NFT czar IO. So if anyone wants to use the exact breakdown of the spending, they can go see. And there’s literally screenshots where they can see how much we spend, like what we use, so on and so forth. But other than that, typically is about $15,000 on paid ads, and about 30 to 50k on paid influencers. So a larger, larger contribution of influencers. Okay, so that’s a good idea for a good ballpark for our listeners. So let’s circle back to we were talking about building a community, what are some of the initial steps that need to be taken, let’s say we have a listener creating a project or maybe you’re not getting ready to launch? What are some of the initial steps to building that community? Yeah, so the first thing I do with any brand is I like to get that one liner, the messaging that is so special about the brand, so you can no longer just just come up with a PFP and expect everyone’s just gonna, you know, rush to buy it. Like that’s been done already. Right? So this is NFT’s in that sense that the artwork itself is not new, even if it’s a very famous artist like we have the artists like Floyd Mayweather in our in my course we have. We have lots of people like Hollywood triple A legends. Like it’s actually like in my community, like literally using these strategies that I’m sharing with you guys. And so everyone
20:00
Like already doing a lot of things, so just having an artwork alone is not going to cut it. So what I like to do is just give you an example of that one liner. So for example, some Vegas casino club, it was, you can be the house, and the house always wins. Yeah, it’s for gamblers, right. And it’s also for people who are interested in getting a profit, essentially getting a share of the profit of the casino, right. And so just having that one line, that clearly tells people what this is about, right. In fact, in specifically, I didn’t show much of the art for San Vegas casino club in the ads, most of the stuff that I did, and actually, two reasons, I would say, I didn’t show the art because the utility, meaning, you know, the, I believe is 50% of the profit of the casino is going to be distributed amongst the holders so that that utility was strong. So I wanted to just really showcase that. The second thing is, if I did show the casino, we would get banned immediately. In fact, I even use SVC instead of Sand Vegas casino club everywhere. So those are the things like I would try and just get banned on every single platform. And then just come up with strategies to get around here. So first thing is just getting that one liner figuring out, like what is so special about this, like, for example woman of crypto is, you know, the cultural reference. So like the role, let’s say a woman plays in the community, right in the society at large. So certain things about every brand are just so special. And that’s like one of the things I do with every brand, just figure that out. The second thing is we’re going to figure out, okay, what our numbers are, what numbers we need to hit to be able to sell out. So for a 10-10k collection size, your discord is supposed to be three to five times that number, meaning if you have a 10k collection size, you need to have 30 to 50,000 people in your discord to be able to sell out. So that’s the minimum you want to have. Now sometimes we like people again, so that NF T’s dot io, if they go and actually read the case studies, you see, like sometimes we did like 1212 times 13 times, right. But that’s the minimum for Twitter. So you’ll notice your like brands that sell disproportionately large on Discord versus Twitter. So Twitter is essentially like a resume. So it’s just a presentation. Like you don’t need to have lots of people on your Twitter, but you need to have a good size of following like, let’s say if some around, let’s say five to 10k for a 10k collection, the most important thing is the engagement rate needs to be at least 0.5%. Now. So this is where NFD founders make really weird decisions. So they start buying followers, they start paying promoters or like Schiller’s for like $4 an hour to just get the numbers. But you have no idea how many times I mean, actually, if you literally look over my Discord, like you see how many times a day I say this, and people still do it. Now, the problem with, you know, buying, like actually having fake people in your community, well, first of all, the biggest problem is like they’re not going to buy NFT’s. For sure. The second problem is, then you actually need to make up like you actually need to run more ads and spend more money to make up for the engagement that they’re not actually providing for you. But it’s so it’s just so problematic. And sometimes even like I’ve seen it in brands that are consulted, people forget that they bought followers, and they think they have lots of people actually supporting the community, they go into the midday and they get disappointed. Like, I would say that’s like one of the worst decisions any NFT founder could make for any reason, like you don’t even need to buy one with a single follower, like you do not need it. And people think that way, because they think like, you know, at the beginning, if they don’t have followers, no one’s gonna join them. But there’s a way to fix that to like, you don’t need to buy followers at all never. Right? So hitting those numbers is a second thing. So first thing is like, Okay, what’s the messaging, just get that clear. Second thing is what numbers we need to hit. And then the third thing is basically your roadmap has to be fully fleshed out. So if you just copy pasted it from another brand, this is a good time to go and actually edit that and actually elaborate on that. Because a lot of people think this is also weird because sometimes people like NFT founders, they don’t have a lot of business experience. So they think like people not gonna find out and, you know, so they just put like someone else’s stuff in there and they say like, oh, it should be okay. And it’s not obvious so if I see for example, I’ve I’ve read so many of these roadmaps, if I see something I can recognize, be like, Oh, I’ve seen this before. Like I know exactly where I’ve seen it from. And so I think that’s also very important just like flesh it out actually shows people you understand what you’re going to do with their money later on. Those are tough.
24:58
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26:04
Okay, thanks for breaking that down and sharing that. So having an actual genuine following, and having a fantastic project and a clearly defined roadmap and actually a good project not just a bunch of JPEGs to release to the world to make a quick sale, but actually have a great project. Yeah. And also don’t be a rug pull. Yeah, absolutely. So let’s go down the Froggos launcher, the frogs you mentioned no earlier what was it like in the days leading up to the launch and ultimately like the day before and on launch day, our listeners and now they’re all you pique their interest. They’re all excited in this, like, you know, give them a sneak peek behind the curtain perfectly. So this is a very different type of project than other ones have done. Of course, again, the case study is on my soldoutnfts.io. They can read the full details of it but then the Sun Solana blockchain first of all, so that’s also something very important for people to think about which blockchain they want to be on. Right? So Aetherium is very well known. Because of options you most probably, and let’s say Solano is not as well known, so you’re targeting newbies for your project, then you may just have to explain an additional thing to them. So you have to explain first what the NFT is, what you’re going to do and then also what Solana is, because they may not know it. Right? And still like with Aetherium and salon is still pretty good like, let’s say XRP or something else that polygon. Now you have like an additional thing to explain to people to nothing like they can be successful, but you just got to be mindful. That’s the thing. You added it to marketing. So anyways, this guy’s on Solano. Now the cool thing about Santa Ana is it’s just a very tight community still, it’s not as large as Aetherium. So they are still trying to make their mark. Right. So it’s really cool. Like, the communities are so helpful for each other. So when you as an NFT founder, you come into Solana, like a lot of people just gonna follow you like a lot of actual big timers in Solana blockchain, just because they want you to be successful. And so a few days leading up to this, we had a ton of obviously people joining in and just like talking about saying how excited they are. And they literally are excited like me so my sister was one of them. But they were super excited that this project was going to happen. And we would release these like previews of what the frog would look like in the metaverse, the characters, what it will look like, and people will be freaking out. It’s so fun. And so, that was a big thing. As far as just like the vibe of the community. As far as the numbers are this good, we’re going up fat as fastest compared to any other time. And then our wireless routers, we had a ton of wireless routers that just basically got selected about a few days before. And so those were some of the highlights of what was happening. Right before. And for me, of course, it’s like the most stressful time just just figuring out like, okay, are we going to be okay, you know what I mean? So, yeah, absolutely. So you mentioned the white listers, is it? You build a community, you drive the demand, you have the ads going, and then you’re marketing to the community to sign up to whitelist early? Is that accurate? Yeah. And so it’s getting to the point now, where I mean, there’s this Hollywood legend I just consulted the other day. And basically how his project is going to go is unless you’re whitelisted you’re not going to be able to buy like that’s how it’s gonna go. Like, I’ll give you another example. Actually, I think it was a board bunny, if I’m not mistaken. I don’t know about the project. I’m not associated with the project by any means. So I don’t endorse them or anything but um, just want to make a point here. I think they sold out in like five minutes. But like most people who wanted to buy it, they couldn’t buy it. Because of the wireless, there’s just bought everything. Right. So we’re getting into that, I guess time of the NFT communities wanting to have the sell out before the public sale, meaning we just want to select people to tell them, hey, you can buy and just tell us that you’re going to buy. So we don’t have to worry that our public sale is going to be a mess. Right? So we’ve gone in that direction. And so there’s a huge focus right now on wireless routers, and getting wireless is now I remember with Amy, Woman of Crypto, I told her I was like, so this was right after the Sand Vegas casino club. So they gave away a lot of wireless spots to people.
30:49
And it freaked me out. Because the day before the wireless, I thought, you know, I was just like I couldn’t sleep that night, I was like, I don’t know if they’re going to actually buy it because we gave it away, right. And so there wasn’t a huge commitment from people to get the wireless spots. So then I told this to Amy. And then Amy kind of went overboard on that. So she made it so that you had to invite I think 10 people to the discord, and also be a level 10 engaging on Discord. If you guys don’t know what that means, that means that you got to spend your entire life on their discord. And so literally like a part time job there. So and then, on top of that, on top of that, you have to fill out an application. And on top of that, she would just reject a lot of people as well. So that gave us a lot of certainty to know, hey, these guys are actually going to buy, right, because they’ve just gone through the hazing process, I would call it. And then we knew we knew these guys are very serious, very committed. So we are getting into that direction of just heavily focusing on wireless routers, pulling most of the weight for the seller. Okay, I know that there’s a question on our listeners minds so you’ve explained how these projects launch and ultimately how they’re successful when they launch? And everybody’s wondering, how many NFT’s do the founders keep, you know, when they launch a project? You know, there, you know, you’ve held 300 different projects. So, you know, I mean, is there a trend that you see in this area? Yeah, I mean, that’s interesting, because I think they are obviously very interested in their own projects, like, so frog was the founder. I mean, we have marketing meetings. Every time we talk, we spend like 10 minutes at least just this guy. He’s talking about his Franco’s just saying how handsome they are, right? So. So this is like, the coolest thing, right? So these are all like a lot of people, artists themselves, or they have their artists, they’re so excited about the project. So they do keep a lot. But then obviously, what happens is they you know, up to the project, they like assign certain number to themselves. But what happens is like, as the projects is like going well, and everything, typically people want obviously make money. So then they sell most of it, and they just keep a few. And you know, they already make a ton of money. So the the financial side of things, they already make ton of money on demand Monday, plus, they get anywhere from three to 6%, on average royalties, you can do up to 10%. But that’s why I advise people to do three to 6%. And so they’re going to get money from people trading these NFTs. So they don’t have to like, wait until the NFT goes up, and then maybe sell it themselves. Like they make money regardless, there’s no reason for them to keep it. But honestly, I could see some of them. I don’t ask them ever like how many exactly they keep, but I could see some of them, they would just keep so many, because they just love it so much. And what is the average, like opening price minting price point that you see on this project? Yeah, so I just want to give context to your listeners. First of all, like people know about internet marketing. So when the price point is somewhere around 500 bucks, that’s the equivalent of in ETH. So whatever blockchain you’re on, then people don’t have to think much to pull the trigger to buy it. So up to 500 bucks is almost the same. So 400 bucks, and 500 bucks is the same, like you may as well just do 500 bucks at that point. And it also means that, let’s say, you know, they don’t have to consult their wife to buy that NFT. Right. So like, it’s just the low enough for them to just say I’ll just do it myself. But then with women of crypto, we actually did 0.2 ETH. This was back in December time. So 0.2 is back then was almost 1200. That’s definitely higher than average. And so typically, I tell people to answer your question. Typically, I tell people to start with the equivalent of 500 bucks, because that just removes a lot of barriers from people wanting to buy. But then you know, there are projects like I’ve consulted one project, they’re NFT
35:00
Is 30 yeast? So? Yeah, I mean, there’s that too. But
35:04
yeah, 33 Zero. Yeah, he Yeah, turn it in for the opening day.
35:10
And by the way, for those people who don’t know what ETH is, we’re talking about Ethereum sometimes because it kills. Yeah. Yeah.
35:18
So what is the average collection size? You know, your clients are? Yeah, give us a variety from what? To
35:25
what? Yes. So, again, I think I go back to give context to people, like see why the number it is, but a lot of people when they come into wanting to do their NFT collection, the knowledge they have is from social media that like the early, early on, people were doing 10,000 collections. So if everyone thinks they need to do 10,000, and everyone comes to me, and they say, 10,000, if I asked people like all the time, I’m like, why 10,000 is like, Well, what do we do? Like, they haven’t thought about anything else. And so I actually advise a lot of people against 10,000. Because to have a 10,000 collection sell out, you have to have the budget for it. And you can still do 10,000, but you could just do it in drops, meaning you could do 2000 fairs, and then 8000 later, but by the time you do your 2000, you’ve made a bunch of money, you can inject it back into your second round of marketing, and then just sell out that complete like 10,000. So unless someone has a budget, I don’t actually like it when people do 10,000. But most people do 10,000 regardless. And then I believe like women of crypto we had like 8888. For San Vegas, we had about 11,000. So 11111 But yeah, typically about 10 Somewhere around 10,000.
36:46
Okay, and of the projects that you’ve helped, how many of them have NF T’s? How many of them are NF T’s with utility or have utility behind the NFT? Great question.
36:57
If I think about it, almost all of them now have some sort of utilities. In fact, even if they’re not, we pass that point where you can get away with meaning. If you don’t have any utilities, people are just going to quickly sell it and your flow price drops significantly. And then well, that will be the end of that project. But funny enough, what almost everyone is doing as far as utilities this year is some sort of bow, some sort of like creating their own token. So then you can do a staking and play to earn games. And I would say those are like the biggest things like everyone’s just trying to offer it right now. But I like it when people have their own story or like their own type of utility that’s just creative, not just like, hey, I’m also doing staking, you know what I mean? So,
37:50
absolutely, no, I have to agree. Let me ask you, what are the keys to keeping the floor price up after the project launches?
37:58
Yeah. So first of all, I think it’s very important when you do your reveal. So if you do a reveal, what I advise people is to do five days after the sell out, then you have some time, first of all, to have a bunch of things happen. Sometimes people forget that they just bought the NFT. So they forget to sell it. And then because it’s just been so many days, right?
38:22
Five days is a lot of shoulder reminder.
38:30
And then the other one is I like because they start actually reading on like, why they’re holding it. So we actually advertise heavily during those five days to show them all the things that they’re going to get as a holder, right. And you need time for that if you just literally like to reveal the day after you don’t have time to market that. So I think that’s a very smart move to actually give yourself time to reveal for it’s not too long, you can say like, we’re going to get a next year because then everyone’s gonna freak out. But we want to have enough time. So that’s, that’s one thing, the biggest thing you want to do, we got to have this plan out a little bit in advance, you want to have something that’s so cool about being a holder and just like reveal it right there. So for example, San Vegas casino club. So initially, they said they’re going to buy a three by three land on a sandbox. And then instead they bought a three, three by three. So a lot larger, right. And when they put that offer in, everyone was just like, Wait, I don’t know if I want to sell this now. Like, you know what I mean, so that they change their mind. And so it’s very important to have something very significant right there to say, Hey, this is what we’re going to do. What I don’t like people doing is just when they say like, if you hold on to this NFT we’re going to give you a hoodie, like in a year. Like that makes no sense that somebody is actually doing that, some of the there’s a large brand that’s actually doing that. I bought their NFT myself and it was like the weirdest thing I stole from them. So
39:56
interesting. Interesting. Well, Arvind, man, it’s been a pleasure. pleasure to have you here and really unpack, you know, somewhat of a, I guess you could say an invisible process to, to most of the consumers, you know, they’re not aware of this entire process that you share today. Is there anything else in closing that you want to share with the listeners?
40:17
Yeah, I mean, I do a lot of case studies, I think it’s good to just be up to date with what’s happening. So you guys can go to sold out NF ts.io. So that’s all soldoutnfts.io. soldoutnfts.io is where I publish case studies. And then my handles are Arvin K NFT. I also just published a lot of news and a lot of, I guess, content that’s just about, like, what I’m finding, what’s working, what’s not working. So those two, I would say great resources for your people.
40:58
Awesome. All of your links are on the episode Blog Post page for today. So it’s also in the description, or you can just head over directly to Arvin site. Arvind man is a pleasure to have you here and we’re gonna have to bring you back on the show and do like a video for YouTube and share some more value for everyone.
41:16
Thank you for having me. Pleasure.
41:17
Absolutely. Hey, if you like today’s episode, definitely like and subscribe to the podcast. Show your support and chime in here tomorrow for another special episode. Until then, make it a great day.
41:30
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