Thank you, for a successful mint

Hey TipsyFam, on March 15, we launched TipsyCoin. Shortly after, we launched the TipsyVerse game demo. Just 48 hours ago, we concluded the sale of our first NFT collection ever – the Genesis Penguins. We are grateful to all that have been a part of our milestone moments, and we thank you for your support .


TL;DR
1. The mint was a success, and all unsold Genesis Penguin NFTs were burnt. No extensions for the mint were made, and it was a fair play for all who were whitelisted. Those who minted in stage 2 and who buy a Genesis Penguin from OpenSea will equally enjoy the airdrops to come. The reveal of the penguins is 3 May, 11am EST.

2. We prove (again) that we care more about the interests of our community instead of capitalizing on profits. Gas fees were extremely low (~$15 – $30) for those who minted, because our tech team rocks. We are converting the ETH proceeds from the mint into USDT, since our expenses are in fiat. The funds will be used to continue the project’s development. With our TipsyFam enjoying the game demo, we’re ahead of schedule and we will continue to deliver as communicated.

3. The buyback wallet has mitigated the $tipsy price correction, which we had anticipated. 665m $tipsy was burnt forever. Right now we are 100% focused on developing TipsyVerse, and we believe that the true value of our ecosystem will be reflected this way. It’s a great opportunity for true supporters to load up even more now, and at the same time weed out speculators who are purely focused on short-term plays.

You are awesome, WAGMI.


Preface

The crypto / web3 space is filled with mystery. NFTs are sold to offer “alpha” (exclusive access to other projects), which in turn offer more “alpha”, for more “alpha”, for “more alpha”… Projects are founded with the main focus of making their founders millions overnight. It is almost as if JPEGs are disguised as NFTs, being sold for hundreds, if not thousands of dollars apiece. Most only built a community that is surrounded by hype, with no real product or utility. Such communities often shatter because they consist of short-term flippers who are all playing musical chairs, and their true colors surface when the music stops. Roadmaps are easy to draw, but take foresight, commitment and effort to execute. In the Tipsy World, everyone is welcome and even our game is all inclusive – free to play. Thankfully, market dynamics are shifting to NFTs with utility. And that’s exactly how it’s supposed to be, because try raising some millions on Kickstarter without a prototype or POC, and you’ll most likely have little success.

We had a successful mint. The crypto markets are in a bit of a bear and the NFT space was not exactly thriving since several investors wanted liquidity for upcoming land sales from Otherside. Despite this, we sold out 1,111 Genesis Penguins (stage 1) in 15 minutes. Right after, our TipsyDiamonds (holders who have at least 100m TipsyCoin) were able to mint at a privileged price, and they almost minted out the entire ~600. None of those minted by our Diamonds (numbers # 1212 – 1805) have popped up for sale on secondary marketplaces, even though they could easily make over 0.05 ETH by flipping each penguin. This is a strong testament of our largest coin holders – there are around 130 of them. Stage 2 of our mint was not sold out, but we kept to our commitment like we always do.


Fairness

We had stated that only whitelisted wallet addresses would be able to mint a Genesis Penguin, and we kept to that. We had an over-allocation of whitelists (about 4k whitelisted wallets for a collection of 3,333 penguins), and we took this approach because it is statistically proven that about 20% to 50% of whitelisted wallets do not mint, for whatever reason. Whitelisted wallets expressed concern that they would not be able to mint our penguins, but we reassured them that they had a good chance (when considering the total 3,333 initial supply). We also iterated that users had to be fast in securing a penguin during the mint. Stage 1 left hundreds of pending transactions on the blockchain, which were eventually canceled (or failed), because the 1,111 penguins were sold out fast. There were perks for those who minted in stage 1 (2x item airdrops, and 1x jelly-bean airdrop to make baby penguins), and many of those who were unable to mint in this phase (but tried to), were a bit disappointed. They never knew if they were going to get a Genesis Penguin, and they missed the chance of enjoying the airdrops to come. It was then that we decided to commence stage 2 shortly after (in about 30 hours from when stage 1 ended), maintain the mint price of 0.15 ETH (instead of charging more for stage 2) and we extended the exact same airdrop rewards. 

The team also decided not to add substantially more whitelisted wallet addresses for stage 2, even though that meant a higher probability of selling out all 3,333 Genesis Penguins. We wanted to prioritize the interests of our community, and wanted all who minted, to enjoy the same benefits and experience. The mint time was communicated clearly, albeit at a short notice for stage 2, but with several announcements through all our socials, and emails. We understand that some missed the stage 2 mint, but we took the decision not to extend the stage 2 mint time window.


Decision to Burn all Remaining NFTs

A potential lost revenue of ~US$500k worth of ETH. That’s the cost to the team, but a commitment is a commitment. Yes, we would have earned more if we extended the mint time beyond the originally planned schedule, and we could have opened up to a public mint (this would be the typical approach of any other NFT project). But we were not built to sell a bunch of NFTs or coins. TipsyCoin & TipsyVerse exist to curate an amazing community, provide value to our $tipsy holders, and offer an unparalleled in-game experience. In any case, the total proceeds from the sale of the 2,345 Genesis Penguins sold are sufficient for the project development to continue as planned. In fact, we were never dependent on external funding. Throughout the 5 months since we have started, the project team has not withdrawn any of the allocations for marketing, or development, or for community initiatives. We have been running targeted ads primarily on social media, we have our game demo playable (and it’s fun!), we have a coin with top-notch security features (and a healthy liquidity), we have given out $tipsy prizes for our gamers… but none of these came from the project wallets, because even at our recent ATH of ~US$20m, we believed that $tipsy is severely undervalued.   

The decision to burn 988 Genesis Penguin NFTs is an emotional one, but it’s in the interests of those who already minted a penguin since there is even less supply now. There could have also been rarer penguins, including Legendary and One-of-Ones, that are burned in the process. Those who get a rarer penguin should consider themselves very lucky, but even then, any Genesis Penguin offers immense utility. 


P.S. remember the baby penguins that we talked about? They are called Opus Penguins, and we plan to have 10,000 of them. In total, there’ll be 12,345 penguins in TipsyVerse – how cool is that? Genesis Penguins can breed an Opus Penguin in time to come… stay tuned, and keep those jellybeans we airdrop you! 


Current Price of $tipsy

The project wallets are still preserved since we have been relying on our self-funding. Having said this, we are planning to move 5% of the project’s $tipsy allocations to Gnosis Safe multi-sig & hot wallets so that they can be used to expand our TipsyVerse development, marketing initiatives and community engagements. There are no plans to sell this $tipsy immediately. Also, the 306.35 ETH raised from the sale of 2,345 Genesis Penguins will be moved to a Gnosis Safe multi-sig wallet, and converted to USDT / USDC. We incur most of our expenses in USD, and do not want to be exposed to the price volatility of ETH. The 306.35 ETH would help defray some costs that we are incurring due to our rapid project development, expansion plans, and our team size of about 30 people. 

The recent price correction of $tipsy was not unexpected. Some users jumped into our TipsyDiamond program (buying 100m $tipsy) to simply enjoy the privileged mint price, and mint quantity (2 penguins per 100m $tipsy) that they could be entitled to. Some of these holders cashed out after they were able to mint their allocation, and we foresee them jumping back in when we announce our next NFT release. There were also holders in our community who sold $tipsy to buy ETH, to mint the penguins. In any case, one need not be worried. Projects fail because of founders who have wrong intent. As you know, we have kept up to all timelines, exceeding deliverables. TipsyCoin holders who follow our updates are going to ride through any volatility, and we are all going to be winners. It’s also good for us to live through this, since we might face a similar experience when $tipsy’s market cap adjusts from 100m -> 50m, or from 500m -> 200m, before bouncing back even higher. 


Utilizing our Buyback Wallet

Throughout the 72 hours of our mint, we activated the buyback wallet because of the anticipated sell-off by some holders. The 260 BNB buyback (worth over US$100k) resulted in 665m $tipsy being burned from the market, reducing supply indefinitely. The buyback also rewarded existing holders with 275m $tipsy offered as reflections, and some liquidity was added to help mitigate the price correction.


What’s Next?

Genesis Penguins will be revealed on 3 May, 11am Eastern Standard Time (EST). To celebrate the reveal, we encourage you to gather in TipsyVerse for a fireworks celebration!

On the backend, we are working on the blockchain integration for wallets to connect to TipsyVerse, and are doing extensive testing. Expect to see your Genesis Penguins spawn in TipsyVerse before the end of Q3 this year! Also by the end of June, you can stake your $tipsy to earn $gin, our in-game currency… and shortly after, the staking of Genesis Penguins begins. We have taken the approach of a progressive release of TipsyVerse instead of doing a one-time launch in Q3. Our game demo is currently ongoing and you can expect to see more exciting missions that will evolve TipsyVerse from our existing demo, to a beta version, and finally to the eventual release. If you’ve not watched this V2 Trailer, the future of TipsyVerse v2.0 is limitless. When the world realizes what we’re building, I hope all of you would already possess a Genesis Penguin. 

Loves,
ForeverTipsy

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