Beta NFTs: Drop 2

An important announcement from the Zeitgeist Team regarding week 2 of the Zeitgeist Beta campaign.

Beta NFTs: Drop 2

Zeitgeist Beta has kicked off to a flying start, and the response has been exhilaratingly overwhelming. We opened Beta to 500 lucky users who snapped up the Zeitgeist Beta NFTs on Monday 11 October, and today we release the next set of 500!

Due to a number of factors, and after much discussion and dialogue, our team has decided to trial a new pricing mechanism for Drop Two. We hope that you can empathise with us during this chaotic time of the campaign.

In order to ensure true Zeitgeist fans get in on this round, we're hosting a "Dutch Auction": The price per NFT will start at 1 KSM, and will then be cut in half every half-hour.

Thus, the Dutch Auction begins today, Monday 18 October, at 13h00 UTC, and the prices will continue as follows:

13h00: 1 KSM
13h30: 0.5 KSM
14h00: 0.25 KSM
14h30: 0.1 KSM
15h00: 0.01 KSM (Floor)

While we sincerely empathise with those who may find this price excessive, we ask our community to please consider the following factors:

  1. Beta is for earnest fans
    We have a committed and tight knit community of Zeitgeist fans who have been following us all year, eager to try their hand at what we have been building. We want to ensure that these committed community members gain access to Beta, and a higher price point means that such serious Zeitgeist fans willing to pay for access will be the ones who do.
  2. We need to mitigate against NFT "flippers"!
    We have understandably seen a few users sell their Beta NFTs on the secondary market at exorbitant prices, which was not the purpose of the campaign. While we can’t stop such activity, and recognise this is part of the nature of NFTs, we would rather users who want to actually participate in Beta be the ones who are buying the NFTs.
    (We of course would never look down on users who resell their NFTs after this Beta campaign - but for now, we want the NFTs to be used for their primary purpose: Access to the app!)
  3. The price will recede each half-hour allowing for more affordable access (potentially reducing the price faster)
    While many users may question this 1 KSM price, it’s important to remember that this is a Dutch Auction, and we are still slashing the price in half each half-hour, until the NFTs reach their floor of 0.01 KSM. We will be watching this sale very closely, and may even reduce prices at a faster speed depending on the response.
  4. The Gleam campaign still provides the opportunity of free entries
    We have set up the Gleam campaign to give all users a chance to try and gain access to Beta.
  5. In due course, we'll open Beta up to everyone
    It’s also important to remember that the Beta app will in time be open to everyone. This campaign is a short campaign of 3 weeks to stress test the app, and in no time at all, the Beta version of the app will be available for all to use free of charge!
  6. The next NFT drop will include double the amount of NFTs
    Keep in mind that this is only week 2 of this campaign, and we still have another batch of NFTs to release next week, which will total 1000 in number! Depending on the response to this drop, as well as after internal dialogue, we may change the pricing mechanism for week 3 - time will tell.

All in all, as everyone knows, it’s impossible to please all the people all the time. We’re doing our best to provide a high quality Prediction Market app, while releasing it publicly in an exciting and entertaining manner, all the while trying to provide value to its users via a collectible NFT.

We hope that you can understand our position, and we ask you to bear with us as we continue to roll out Zeitgeist to the world. We appreciate all of the support and feedback we’re receiving, and are proud of what we’ve been able to introduce to our users to date.

See you in the Zeitgeist!