# littlefish Sagas Initial considerations
## Table of Contents
>**1.** [**Introduction**](#1-Introduction)
>**2.** [**Initial Considerations**](#2-Initial-Considerations)
>> **2.1.** [A Designated Team With Specific Roles](#21-A-Designated-Team-With-Specific-Roles)
>> **2.2.** [The NFT Metadata and Artwork](#22-The-NFT-Metadata-and-Artwork)
>> **2.3.** [Community](#23-Community)
>> **2.4.** [Cultural Significance](#24-Cultural-Significance)
>> **2.5.** [Roadmap](#25-Roadmap)
>> **2.6.** [Status Indication](#26-Status-Indication)
>> **2.7.** [Partnerships With Other NFT Collections Or Brands](#27-Partnerships-With-Other-NFT-Collections-Or-Brands)
>> **2.8.** [Utility Air Drops](#28-Utility-Air-Drops)
>> **2.9.** [Utility Real World Meetups
](#29-Utilit-Real-World-Meetups)
>**3.** [**Technical Methods**](#3-Technical-Methods)
>**4.** [**Strategies for Minting**](#4-Strategies-for-*Minting)
>> **4.1.** [Dutch Auctions in NFT Market](#41-Dutch-Auctions-in-NFT-Market)
>**5.** [**What to do with NFT Owners**](#5-What-to-do-with-NFT-Owners)
>> **5.1** [Stakeholders](#51-Stakeholders)
## 1. Introduction
In 2014, the first NFT called "**Quantum**" was minted in a decentralized name registration database called Namecoin. One year later in October, the NFT project **Etheria** was launched and from it the NFT market emerged. This events established the official definition of **Web3**, which had been around for a while just as a term. [**On way of defining Web3**](https://www.entrepreneur.com/leadership/nfts-are-giving-web3-a-bad-name-heres-what-web3-can/438224) is: the third generation of **Web** that leverages **blockchain technology** to enable direct ownership, portability, accessibility and provenance of everything electronic. In addition, a very significant feature of **Web3** is the ability to **tokenize digital assets** also referred as **"nonfungible tokens" or NFTs**.
A NFT is a unique digital identifier that cannot be copied, substituted, or subdivided. It is recorded in a blockchain, and that is used to certify authenticity and ownership. This technology has the potential to change the world for better since:
* It empowers the individual by giving them full access and ownership over their data and finances and in the process it makes Banks and Bankers irrelevant.
* It replaces the traditional concept "**In Good Faith**" with **carefully crafted smart contracts** making Business dealings more efficient and significantly more secure.
* It enables projects to raise money directly from people, like-minded individuals who believe on the same cause and thus increasing the chance for collaboration and success.
In 2012, the Bitcoin was exploring colored coins which are considered a very primitive type of NFTs. In 2015, the NFT technology started being used to sell digital art. The current situation predominantly remains the same. In terms of technology this has been beneficial. It allowed the technology to mature and improve its infrastructure. However, what may have helped the technology, may have damaged the the public perception on NFTs.
In September 2022, [**Maru Entertainment & Technology team conduct a survey**](https://www.marugroup.net/insights/blog/consumer-perceptions-around-nfts) that aimed to measure the public perception on the NFTs. The survey showed that 80% of all people interviewed, regardless of age considered NFTs **expensive digital images**. In addition, when asked if they were aware that NFTs provided utility as a ticket for example, the answer was "no" by more than half of surveyed people in all age groups. This aspect, if addressed properly would expand the size of the market in a considerable amount.
We at littlefish Foundation may have the solution to this problem. We plan to launch a series of NFT collections that is mainly based on **"Intellectual Property"** of our community members.
## 2. Initial Considerations
There is a general perception that NFTs are an easy way to make some profit. However, when you take a closer look to the data it is can be clearly seen that 10 out of 4500 NFT collections control nearly 37% of the total market cap.
https://nftgo.io/analytics/market-overview
Nothing is random about these collections, the reason they stand apart has to do with the importance they give to some key principles.
### 2.1. A Designated Team With Specific Roles
There need to be a core team with specific roles including developers, artists, project managers and what ever else may be needed. In addition, providing all the relevant information about the team members in the public domain is reassuring for potential buyers as they hold themselves accountable. Social media presence within a team is another critical aspect to look for as they can reach a large audience. Audience outreach is something to consider as awareness for a project is vital for success.
### 2.2. The NFT Metadata and Artwork
In our project, the metadata is going to be the most important fetu## Instructions
Whenever you need to update [[Love House Index]] for Obsidian Publish, paste this code to where the table is, press ALT + R and watch the magic. You need templater and dataview enabled for this.
## The Template
| File | Created | Last Modified |
| ---- | ------- | ------------- |
re and it needs to be appealling to a vast audience. We need to establish a carfully designed guide on the way the metadata should be arranged and outputed. At the same time, for each NFT we will put an AI Generate Artwork which needs to not only esthetic but also should maintain a the same style all the way. This will serve as a symbol for our collection consistency.
### 2.3. Community
In littlefish we have our community and that is already an opportunity we can benefit from. However, in addition to that we need to create another community mainly to support marketing, make announcements, organize events etc. An additional aspect to conside is the number of people in the group and if some sort of invitation scheme has been going on (this could be a scenario in which users who invite ten people into the discord are rewarded with a **whitelist** spot).
### 2.4. Cultural Significance
Cultural significance is important to consider, it has to show our values as a community. For example, the organizational structure we believe in: like ikigai, team spirit, or collective knowledge etc.
### 2.5. Roadmap
One key aspect, is to provide some kind of information on how the income genereted by the Nft sale is going to be used. The overall success of a project as well as the longevity of it depends upon this.
A detailed roadmap with unique plans is a promising sign when looking to invest in an NFT project. Investors always look for some kind of strategy that indicates a possible return of profit. Certain factors like brand partnerships are something worthy of noticing in a roadmap.
### 2.6. Status Indication
It is a well known fact that people appreciate good things, for example buying designer items. The element that an item represents a movement or ideal makes people spend more than they actually would do. It makes them feel a part of that movement or ideal.
### 2.7. Partnerships With Other NFT Collections Or Brands
If a collection is able to partner with a large name brand or even influential people is it an enormous win for the collection as more awareness will be brought to the project. A well known example would be the partnership that Bored Ape Yacht Club had with Adidas. If you had the insight to know that a collaboration like that would occur, the NFT would more likely be a great investment.
### 2.8. Utility Air Drops
One example of a promising utility that an NFT can offer is airdrops – receiving an additional NFT as a reward for being a holder of an NFT project. For example, holders of Bored Apes were air dropped ‘Mutant Serums’ which gave them the ability to mint a Mutant ape. These ‘Mutant Serums’ were being resold for as much as US $50,000.
### 2.9. Utility Real World Meetups
Another unique utility that some NFT lines may offer is the staging of certain events in which only holders of the NFT ine are able to get into. This is a unique value and is something that could drive up the price of an NFT.
## 3. Technical Methods
One thing that is very much appreciated by the NFT collectors and investors is the power of the community or DAO that supports it. We at littlefish have a great community that we are proud of and one strategy how to leverage this is as follows:
Check out the original Miro board from [**here**](https://miro.com/app/board/uXjVPOKIoPw=/?moveToWidget=3458764541276369105&cot=14).
<u>**I must say that this is my personal vision for the project, based on research and make use of tools at hand to make everything as outreaching as possible, everything is and can be changed. This is only the initial idea. Thank you!**</u>
This will make our process more transparent but at the same time it will make the NFT collection more valuable. It will demonstrate the hard-work of the community, its members intellectual property and our vision for a decentralized society that functions like a well oiled machine and produces great value.
By including art work for each individual NFT will help us stay relavant with the current demand. We provide what every NFT collection out there provides, and much more.
## 4. Strategies for Minting
There exist two mainstream strategies on how the NFTs are minted inside a collection. Both of them are real popular but somehow may be used to serve different purposes. One is called **Lazy Minting** and the other one is just **Minting**.
Minting an NFT on a blockchain mainnet generally costs some amount of money, since writing data onto the blockchain requires a fee to pay for the computation and storage. This can be a barrier for NFT creators, especially those new to NFTs who may not want to invest a lot of money up front before knowing whether their work will sell.
### 4.1. Dutch Auctions in NFT Market
A Dutch auction or open auction is a mainstream technique that many NFT creators use to sell their product. At a Dutch auction, the prices start high and are gradually dropped until a bidder accepts the going price or the auction ends. This type of auction has a fixed start time and duration. The price of an NFT is set by the seller. It goes down successively during the auction. The seller also sets the reserve price, which is the minimum amount they would accept also called different **"The Floor Price"**.
The price can only go down until it reaches the reserve price. A patient bidder may get a chance to purchase an NFT at a very affordable price. In turn, the seller gets to set the reserve price, ensuring they never sell an item below it.
There are several benefits to Dutch Auction for both sellers and buyers. It makes the bidding process very transparent. The sellers get to set the price, preventing the possibility of manipulation through wash trading.
It provides a democratic process for buying and selling NFTs. Wealthy individuals can easily manipulate the traditional auction system. The Dutch auction works toward leveling out the playing field for all bidders.
Moreover, by implementing this system the possibility of a bot hijacking the purchase at the last moment is eliminated, as is the case with traditional auctions.
**In the current platform in the littlefish App powered by tangocrypro, this techniques doesn't seem applicable and we are exploring the alternatives that will allow us to implement it in case this is the strategy the community chooses to go foreward with.**
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**-D.**