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NFTs are the foundation of Web3 communities. They are the entry tickets to blockchain games, DAOs, and metaverses, becoming digital avatars for participants and the vehicles through which they build their experiences.
The incubation and launch of an NFT collection can make or break a company’s wider Web3 ambitions. A strong collection can easily become the cornerstone of an expansive metaverse with other collections, tokens and assets worth billions.
But how do highly experienced Web3 teams initiate NFT collections successfully?
With a multi-stage rollout spanning several campaigns from January to last March, the world’s largest blockchain company by valuation, Animoca Brands, launched its first membership NFT collection to bridge communities within and beyond the existing ecosystem.
By bringing together different projects and people in Web3, Mocaverse aims to unite the Web3 community to exchange ideas, learn, connect, play games, cultivate a resilient Web3 culture, and build a better future for Web3. The Key to NFT Project Success: Product, Promotion Strategy, and Execution.
To ensure the effective timing and strategy for the Mocaverse Realm Ticket Collection airdrop and rollout of the Mocaverse NFTs, Mocaverse used real-time on-chain data to plan their January airdrop and monitor their March mint event. Industry watchers and brands considering launching their own metaverse projects can learn several lessons from the initiative.
The Mocaverse was originally meant for partners, employees, friends and family of Animoca Brands. That included:
Institutional and retail investors
Employees of Animoca Brands and its subsidiaries
Management teams of companies in Animoca Brands’ Web3 investment portfolio
Partners of Animoca Brands
Whether intentional or not, this fuelled interest from the broader community based on perceived scarcity and exclusivity.
As a result, on Dec. 30, Animoca announced a 5th category of eligible people — Mocalist members. This was a category for community members and supporters, as defined by a weighted calculation of token holdings, NFT holdings, and community activity.
In other words, an NFT airdrop for those whose wallets have Animoca and Animoca-adjacent tokens and NFTs, and for those who participated in those communities.
Each ticket gave the owner entry to Mocalist registration with the possibility of winning eligibility to mint.
Footprint provides support for Mocaverse Realm Ticket Collection Airdrop
Footprint allows brands to leverage on-chain data before and after an airdrop, accelerating the planning process and enabling them to analyze the campaign afterward.
In the pre-airdrop phase, Footprint supported the creation of an accurate, massive snapshot of all Animoca Brands contracts. This snapshot generated several highly useful stats and key findings.
For example, the contracts blue chip holders snapshot showed how many wallets held each asset and on which protocol.
By looking at the registered users and the bluechip NFTs snapshot, Mocaverse was able to see and present the cumulative portfolio value of participating wallets.
After the airdrop, Footprint data helped define the direction and positioning of Mocaverse. Using an analytics dashboard, the Mocaverse team was able to track the transaction price and change per transaction, the number of buyers vs. sellers, the distribution change over time, and more.
Footprint Growth Analytics also helped analyze transactions and event logs with multiple custom dimensions. For example, are holders accumulating more Realm Tickets to get on the Mocalist? Or is the distribution increasingly biased towards unique holders, which could indicate public interest?
A Case Study in Optimizing an NFT Project at Launch & Beyond
A successful NFT minting campaign drives momentum upon mint and generates hype in the community. Therefore, it’s important to monitor social media activity and sentiment around the campaign, specifically on Twitter — the most important platform for Web3 projects.
Mocaverse looked at the change in the number of Twitter followers and Twitter followers’ activities before and after the mint. This data allowed the team to ask questions about when Twitter followers are most active.
Understanding the importance of social data for Web3 marketing, Footprint Analytics plans to expand its capabilities in this area, including having the ability to identify influencers and influencer mentions and see the accumulated reach of various communities.
Another purpose of analyzing and visualizing on-chain data during a minting event is to understand distribution of holders and the amount they hold and strive to maintain a healthy community. When NFTs are concentrated in a small number of individuals, it is not full decentralized and diverse, which hinders community outreach. Conversely, a too-high count implies a community with a shortage of whale investors. A good distribution of unique holders might be a figure around 30%-65%.
Nevertheless, every project has its whales, whose actions significantly affect sentiment and price. Hence, Mocaverse looked at whales and top holders to identify their actions, and Footprint also included ENS names with wallets for ease of tracking.
Footprint also included “diamond hands” as a segment for long term holders and their activities. Overall, the Footprint dashboard made it easy to analyze the holding duration of the collection, which allowed Mocaverse to ensure they had a good percentage of strong holders and to reward them as they were identified.
The Mocaverse team also looked at community growth by analyzing the number of new wallets from sales and transfers. A good and healthy holder composition has a balanced distribution of all sources, and there are several charts that can help understand holder behavior. For example, the diagram below illustrates what recipients did in relation to the NFT collection, e.g. did they sell their NFTs, buy them, transfer them to another wallet, or a combination of all these actions?
Finally, Footprint Growth Analytics included mutual holder analysis, which showed what other collections Mocaverse’s holders hold. The Mocaverse team used this as a jumping board to research potential collaborations and to further understand holder preferences.
Last but not least, the Mocaverse team has also leveraged FP to analyze the royalty data., As we take a proactive approach to support enforcing creators’ royalties, we would like to know how much royalties we are making, but more importantly, their source. According to Yat Siu, the Chairman of Animoca Brands, providing royalties to NFT creators is crucial for a decentralized and democratic ecosystem. This helps distribute fair value to contributors and creators, promoting value creation in all NFT commons.
Using Footprint Growth Analytics to Manage Your NFT Project
Every project is different, and Footprint Growth Analytics (FGA) can turn any on-chain data into insights with its flexible data architecture. However, based on the gaps for most marketing programs in Web3 currently, the most critical and high-value areas where the tool helps are user segmentation and lifecycle management. Projects can:
Find the target user segment before an airdrop
Select users who are eligible to participate in a campaign
Check the campaign participation status of eligible users
Beyond the user, FGA also lets projects open free minting or airdrop to those who have won the whitelist and detect bots fishing for airdrops. Throughout the mint/airdrop campaign, FGA supports real-time tracking of key data like mints and transfers.
With continued NFT project monitoring, including social data and price activity, projects can understand their community and product lifecycle.
This piece is contributed by Footprint Analytics community.
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