An eventful day for 5150 and our community. Our 5150 FIAT Series sold out, which further continues our mission of delivering quality NFTs. Our debut mint permanently locked 144,744,000 $FIFTY, the equivalent of roughly 2.8% of the entire supply.
Due to volatility with Uniswap, we opted not to use our ETH > FIFTY swap function, and only allowed minting with FIFTY token. Minting was opened at 6:43pm UTC, with immediate transactions.
Instantly after the minting contract was open, NFT minting transactions crossed the chart as sells.
oh no, we didn’t whitelist the NFT contract-fifty devs rushing to meet our countdown timer
Although we were successful in the deployment of our custom mint contract, and 92% of the token used for each transaction was permanently locked into the FIAT NFT contract, the 8% transaction fee continued to pull from the liquidity pool, causing understandable confusion. Our minting process was intended to have the reverse effect, and our demonstration for this debut proved the exact opposite.
What should we do here
Our team immediately jumped on a call to discuss next steps. At 7:01 pm UTC, 18 minutes after launch, we decided to pause the minting contract.
We now had two options. Close the collection entirely as is, or confirm our whitelist function was the issue, send the tax whitelist transaction, and resume the mint. We deliberated and decided on the latter.
After a successful confirmation, we restarted the countdown timer for the resumption of the mint process, and at 9:01pm UTC we unpaused the mint.
Selling out another series
At 10:04pm UTC, the last item of this collection sold out. While this was an incredibly trying and stressful launch of minting with our own token, we were still successful in our core mission, which is to sell high-quality, sought after NFTs.
At 5150 our ethos is to do what we say, always. While we may make mistakes by pushing the boundaries and utility of both the NFT and ERC asset types, we’re confident we will continue to grow, learn from our mistakes, and introduce some of the most forward thinking products in this space.
Our intention is to calculate these total taxable amounts, both during the mint and during the timeframe of the collection release, and move these directly back to the liquidity pool.
Please stay tuned for updates.