Rug Radio’s NFT Sells Out – Here’s What You Need to Know!
Rug Radio, the decentralized podcast network, has just launched its NFT PFP collection and it has already sold out! The collection features unique digital art pieces representing the faces of the Web3 community. This article will provide all the information you need to know about Rug Radio NFTs and their recent release.
Rug Radio NFTs, Faces of web3, are Sold Out!
Rug Radio NFTs were highly anticipated and excited the crypto Twitter NFT community. Within less than 24 hours of release, all pieces were sold out in two different waves. The collection features over 50 unique digital art pieces, each representing a different member of the Web3 community.
The Rug Radio NFT collection was released in two phases, each with its own unique characteristics and goals. The first phase was an allowlist event for early Rug Radio Genesis NFT holders. During this phase, a limited number of NFTs could be minted at a discounted price to those who held the Genesis Rug NFTs. These NFTs cost 690 Rug Tokens. Additionally, DAO token holders, creators, and team members received tokens at a rate of 1 token per individual, as a free claim. Phase 1 ended with a total of 14,665 tokens claimed.
The second phase opened to web3 communities supporting Rug Radio from the start, through an allowlist raffle. The raffle allowlists handled tokens offered at a price of .069 ETH. However, during this phase, there were some challenges. Some individuals who had claimed the free mint during phase 1 found themselves unable to mint, and the development team had to patch the issue. Additionally, there were more wallets that showed up as ineligible to mint, which the team fixed. The team ended up opening a public stealth mint to give access to those who had opened support tickets but were unable to mint. This mint occurred privately, with the URL shared only to address the issues of allowlisted individuals who failed to mint. The team implemented some safeguards to prevent exploitation, such as checking “NFT Balance”, which prevented those who had already minted from minting again.
What Happened With the Faces of Web3 NFT Mint?
After satisfying the support tickets, the development team updated the contract to reimplement the allowlist. However, as the token supply started to dwindle, more complaints rose from people unable to mint, but were on the allowlist. The team found out that the parameter for gating the mint was still set to check “NFT Balance”, instead of only allowing minting to the allowlist addresses.
In the end, wallet addresses that were not on the allowlist were able to mint, but only 1 token each and only if the wallet they were minting to did not already own a CVL x RR “Faces of Web3” token. This led to some individuals who were on the allowlist missing out on their spots and a full sellout in approximately 8 hours, not 24 hours as previously anticipated.
Despite the shortcomings and hiccups during the Public Sale phase, the mint partners at SyndicateDAO went above and beyond to support and resolve every issue that arose. They deployed a safe minting environment, free from concerns of wallet security, or exploitation.