A Brief History

On Glass, we’ve tried just about every NFT sales mechanism in the game.

1. Reserve Auctions

2. Limited Editions

3. Bonding Curves (aka PRISM)

We have always been in search of that sweet spot between opinionated design and creator flexibility, and ultimately takes away the stress of a drop so creators can focus more on creating what they want to create.

Imagine an NFT drop that combined:

1. The collective ownership of limited editions

2. The hype of a bidder coming in clutch in an 1/1 auction

We’re proud to unveil a new type of NFT mechanism that brings reserve auctions and limited editions together.

Wait… but why?

Anyone whose dropped an NFT can attest to the stress. The pressure of selling out. The challenge of getting collectors to buy in to a piece that dropped multiple days ago.

It’s hard to choose the right supply. And every video is different. What works for one may not work for the other. There’s also a fear that maybe a drop that doesn’t “do well” will discourage other collectors from joining.

Well, what about range editions? There’s still that disappointment that comes from setting a goal and not reaching it, that not just the creator feels but also the collectors.

We think there’s more work to do, so we decided to tackle that problem head on. We came up with a solution that not only removes the pressure of selling out… but also happens to be a lot of fun.

Introducing Milestones

Here’s how it works:

1. A creator uploads a video and sets a minimum supply and a (hidden) maximum supply.

2. When the minimum supply is sold, the supply increases by 5 and a timer is set for 1 hour. Collectors have 1 hour to hit that new milestone.

3. Every time a new milestone is reached, the timer resets and the supply increases. This continues until either the maximum supply is reached or the timer expires.

Let’s look at an example:

1. A creator drops a video with a minimum supply of 5 and a maximum supply of 50.

2. As soon as the first 5 are sold, the timer starts counting down from 1 hour and the next milestone is set to 10.

3. Collectors come together before the timer runs out to get it to the next milestone.

4. This continues all the way until the video reaches it’s max supply of 50, or the timer expires (say at 33). Either way, the video is SOLD OUT™️.

What we love about this model is the fun it brings to the whole sale - the momentum of hitting milestone after milestone. We’re more than excited to see what the community does with it!

Explore

Check out GLASS CLASS EP 003, where we dive in to milestones further.

If you’re a creator interested in being one of the early pioneers of milestones… shoot us a DM on Twitter or fill out an application. If you’re already a Glass Creator, you can try it out today on your next video!