Our RedRex suite of tools is aimed at addressing the significant gap in Web3 tools. While there are a number of point solutions available, they often only solve a single issue and fail to provide comprehensive solutions.
At RedRex, we believe in solving problems not just at an individual level, but at an industry level. We strive to offer solutions that work in tandem to help Web3 communities achieve larger efforts, such as taking a project from inception to mint. Our approach to tools goes beyond simply providing solutions; we aim to provide insights to founders and offer new and never-before-seen options to communities
Our first two tools are designed to upgrade the pre-mint experience by lowering development and gas costs, while giving founders meaningful feedback. Furthermore, our tools will allow teams to focus on selling the value of their project.
For community members, our innovations lower gas costs overall, and remove the need for constant grinding, making for a more pleasant user experience.
The Need for On-Chain Whitelist
What is a Whitelist?
In the NFT space, a whitelist is a list of wallet addresses that are eligible to mint an NFT. The list can guarantee the option to mint, sometimes at a cheaper price prior to the public launch. NFTs have a maximum supply and getting on this list means you can skip the race during public mint, and avoid paying high gas fees to mint a project.
Problems with current whitelist?
Whitelists can pose issues from two different perspectives: That of the project and that of the purchaser.
For projects, managing dozens of partnership and collaboration spreadsheets can become a nightmare. During our pre-mint phase, RedRex collaborated with over 200 communities, each with their own spreadsheet of wallets to maintain and add to the chain. However, adding numerous wallets to the chain can be expensive and, depending on a project’s size, can cost multiple ETH. For gas fees alone, RedRex spent over 2 ETH. Due to situations like this, most projects resort to keeping their lists on spreadsheets. Additionally, adding thousands of wallets to a whitelist does not guarantee that these individuals will mint your NFT. Currently, without RedRex, there is no way for a project to gain tangible evidence on the number of individuals who genuinely intend to mint.
On the community side, members who are given a spot on the whitelist face their own set of challenges. Firstly, they have no way of confirming whether their wallet is on the whitelist without a whitelist checker, which also requires development efforts. Secondly, community members who do not closely follow project announcements might miss out on the opportunity to submit their wallet for the whitelist, while others might need to change their wallet last minute due to their previous wallet being compromised.
Our new whitelisting method saves projects both time and money while providing their communities with a fair and transparent minting process.
Our Solution:
Introducing the Whitelist Sale tool! This tool allows projects to create batches of whitelist to give (or sell) to certain individuals that can be handpicked and/or that meet minimum requirements. (like, follow, etc.)
We believe getting whitelist data on-chain is the best solution. However, instead of uploading information to the chain, our solution calls information from an existing contract, which creates a significant advantage in speed and costs.
To create a batch, founders will need to define at least the number of spots in the batch and the price. The price can be 0, but adding a minimal amount will help remove the grinders and keep the non-serious people out. Other factors are also available to be added to ensure that every wallet is serious. The tool is capable of applying minimum requirements to gain access, and these verifications are numerous and routinely expanding as the market demands. A few of them are Twitter following, Discord servers, or even server roles.
Once a batch is released, a unique page is generated that can be shared with the community. These individual pages are how community members will be able to connect and reserve their spots. The pages are designed to be responsive and accommodate as many users as possible.
Benefits:
As mentioned before, the costs for calling our contract are far cheaper than uploading whitelists on your own. Looking at figure A below, the gas cost per whitelist is almost 10 times lower than the “Do-it-yourself,” method.
The benefit of releasing whitelists in batches is that founders can use them to gather data on their projects. This data could be used in many different ways to gauge interest in their project. Within these batches founders can gleam even more data points: uniqueness, total ETH, social connections, etc. Projects are able to gather meaningful feedback during these batch sales, and adjust future batches to respond to any community feedback.
For the community, on-chain whitelists give them the opportunity to confirm their whitelist is on the contract, and not have to worry about missing wallet submission deadlines. If they ever need to change their wallet, all they need to do is edit their wallet through the project’s unique page.
Early Minting
Let’s face it. The current pre-mint cycle is broken and dated.
Community members are forced to fight for whitelist spots, grind for returns, and deal with gas wars. On the other hand, founders are faced with the task of constantly proving their project’s value, combatting internal and external FUD, developing their project, growing their personal brand, all leading up to a perfectly-timed mint day, with the perfect price and supply.
Only then does the project get real feedback on the market demand for their project, and if any of those factors are lacking, many projects might experience last minute changes to their price, and/or face supply cuts.
Our Solution:
Introducing the Pre-Order Minting Tool! This tool allows users to pay for their NFTs before mint date, and have their NFT airdropped to them on mint day!
NFTs can be offered in batches, allowing for different sizes and prices. Founders can modify prices as they see fit, whether to test the waters, or for a specific community/group. Upon defining a project using our tool, a splash page will be generated for you to share access to your pre-order batches. Furthermore, founders can choose whether to defer gas fees to the purchaser, or pay it themselves.
For users, any ETH collected in pre-order sales is held in escrow until mint day, and users have the option to refund their ETH anytime leading up to mint!
Benefits:
For founders, the option of selling NFTs anytime relieves the pressure of mint day and takes advantage of the hype built from events. How many AMA’s or partnership announcements have gotten communities hyped and excited to mint, only to learn that mint is weeks or months away, giving time for their attention to be occupied elsewhere or allowing FUD to creep in and drive people away? Now, founders can host private Pre-Order events or AMAs for specific communities and lock in sales right away, with the assurance that these individuals are interested enough to commit funds.
With the Pre-Order mint tool, founders can receive meaningful feedback on their supply, pricing, and see revenue right away, which is a strong signal that their message is resonating with the community. With the feedback given throughout the pre-order process, founders no longer need to suffer from last-minute supply or price cuts.
For community members, find peace of mind in the fact that your ETH is safe in Escrow, with the ability to refund your ETH at any time before the mint is live. Also, using the airdrop method means you receive your NFTs first, and with no gas wars.
With the Pre-Order tool, we remove the need for constant grinding to get your whitelist spots while introducing new ways to show support for a project. Moreover, we understand that many community members might base their minting decision on who and how many others are interested, and seeing the popularity of a project’s pre-order is a new way to determine the demand of a project.
