The MetaDrop team is working with novel distribution methods and collaborating with a top crypto personality can help the company to stand out among new non-fungible token (NFT) entrants springing up daily nowadays.
The platform is applying a curatorial model which is not only for the work released on the platform but also for how it’s released.
One of the founders of the company, Psyopcop, said that a new “custom sale mechanism” is going to be designed for each individual work it hosts.
MetaDrop Plans to Remove Marketplace Fees
Currently, drop models often make a run of 10,000 NFTs available for purchase at a set time that can bring big profits for artists and platforms.
However, when buyers try to secure an NFT by increasing the Ethereum network transaction fee they pay, a gas war will have appeared.
As the competition between new NFT projects among startups is stiff, MetaDrop launched the self-described “Kickstarter for NFTs” on Monday and planned to start a buzzy auction from Loomdart, a popular crypto influencer from Tuesday.
OpenSea remains dominant with $3.4 billion in volume processed last month has proven that curated platforms like Foundation have secured a foothold with a 30-day volume of over $77 million, according to DappRadar.
In addition, the startup plans to fund itself by positions taken in projects launched on the platform instead of collecting a marketplace fee. The exact fee amount will vary depending on the complexity of the drop and the details of each project.
“We plan to only work with projects we believe in, and so our fee is generally taken part as a stake in the project itself as well as a small commission to fund the custom development work,” Psyopcop said.
MetaDrop’s team plans to host one drop per month. Once the platform has proven to be stable, its scale also will be expanded.
Partnerships with Top Influencers
The first release, loomlock, hosted on MetaDrop has been teased for weeks on Crypto Twitter. Loomlock is an NFT collection from one of the members wh