Now that you’ve selected the Dynamic Pricing sale method, you’ll be configuring the Dynamic Pricing of your auction, and scheduling the drop. Once you complete these steps, anyone will be able to mint up to 10 NFTs from your collection if you start your drop immediately, or at a future date and time.
What you’ll need
- A starting price
- A resting price
- A sale duration
- A launch date and time
Here you will be defining the decreasing price range for your auction. You will be selecting the starting price, resting price, and the sale duration.
The starting price is the price your drop will start at when it’s launched.
The resting price is the lowest price the drop can go; it will not go under this price. If your drop mints out above the resting price, the resting price will never be reached.
The sale duration is the length of the dynamic auction.
When the auction ends, the drop will turn into a fixed price (your resting price) drop that will remain open until it’s minted out. Creators also claim their earnings on the drop contract page when the sale concludes and the price is known.
Set a launch date and time
Here you will set the launch date and time for your drop to open to the public for minting.
You have the option of scheduling it for a later date, or you can also start it immediately. During this step you can also choose to launch your Dynamic Price drop into a world.
Add your Dynamic Price drop to a world
If you’ve been invited as a seller in a world, you can launch your drop in a world. Once a drop is added to a world, the curator will collect a percentage of the price each time when an NFT is minted from your drop. This curator fee does not apply to secondary sales of your drop.
To launch your drop in a world, simply toggle the “Launch in a world” setting and select the desired world from the dropdown. Take care when choosing the world, and keep in mind that the connection to the selected world cannot be changed after the edition contract is deployed. Self-destructing the drop will remove it from the world.
After setting and confirming your Dynamic Pricing, click Continue to review your drop details and schedule your drop. These details cannot be changed after deploying your contract, so you’ll want to confirm the date and time that your drop will begin minting.
Once confirmed, click Continue to review your drop details.
- Click the "Confirm onchain” button.
- Approve the Gas fee: A message will appear within your connected wallet for you to approve the gas fee to start your drop.
Gas fees are the cost of interacting with the Ethereum blockchain. Gas fees are not set or collected by Foundation.
Your drop is now scheduled or ready for minting! We’ll send an email to all of your followers on Foundation to let them know your drop is scheduled or starting.
Customize your drop page
Once your drop is deployed to Ethereum, it will be represented with its own page on Foundation that you can access from your profile. Add a collection logo, cover image, and description to make your drop landing page stand out! You can also edit the drop URL. This information on your drop page can be edited at any time.
- Brand color. Provide the hex code to brand your Drops page with a specific color. This is the color representing your auction dial. You can set that to a custom color.
- Logo. This is the image representing your drop.
- Recommended Spec: 1920 x 1920 JPG, PNG, or GIF. 10 MB max.
- Cover Image. This is the image at the top of your drop page.
- Recommended Spec: 2800x2000 JPG, PNG, or GIF. 10 MB max.
- Description. This is where you can describe your drop in more detail.
- Recommended Spec: Use 500 characters or less.
- Collection URL. This is the URL of your drop, and you can use this link to share your drop with others.
You’ve now successfully created your Drops contract, scheduled your Dynamic Pricing, and customized your drop page. We now recommend you start building awareness, growing your community, and telling the story of your work.
Now that your drop is ready for minting, it's time to start preparing for the reveal. There is one key date to prepare for moving forward: Your reveal date.
The reveal date is the date that your drop’s final assets will be revealed to your collectors.
- For the final assets, keep in mind that Foundation has a file size upload limit of 50 MB, and we currently support JPG, GIF, PNG, SVG, MP4 + MOV files.
Withdraw drop earnings
Unlike a Fixed Price drop, you will need to manually withdraw your drop earnings. You can do this any time after the drop mints out or after the dynamic period of the drop ends, whichever happens first. This is because we need to know the final, fair price of the drop to calculate the final sale.
After withdrawing the funds, the funds from all subsequent mints (if applicable) will be automatically sent to your wallet if your drop hasn’t minted out yet, just like a Fixed Price drop.
If your drop mints out during the auction - the sale will conclude, and you will be able to withdraw your earnings. Please reach out to Foundation Support if you have any questions!