An introduction to NFTs and how an NFT queue prevents the dreaded ‘NFT drop’ crash

An introduction to NFTs and how an NFT queue prevents the dreaded ‘NFT drop’ crash

How to stop your NFT website crashing with a Virtual Waiting Room. Our NFT queue is used by major brands to prevent crashes & reduce transaction costs.

There's been a lot of talk about NFTs over the past year. They're all over the media, in the press, they're getting plenty of airplay, and it's no surprise seeing as the world's biggest brands, personalities, and businesses are getting in on the NFT action.

Even if your servers can cope, NFT drops of just a few hundred NFTs can drive up transaction rates on the underlying crypto network, substantially increasing the cost of your NFT drop with wasted and excessive gas fees - a problem you can't solve with bigger servers - but you can easily solve with Queue-Fair.

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The solution to massive traffic surges - the NFT virtual waiting room, of course

The beauty of filtering off all of that damaging unpredicted and unpredictable on line traffic with an nft queue means that you don't lose a single visitor. Instead, you maintain operations, access is controlled and you can keep all of your traffic safely lined up, ready to filter back in, to complete their purchase.

Solving the problem of excessive gas fees

Each new NFT requires gas fees to activate - even on a fixed price NFT. It takes some form of payment to validate new purchases on the blockchain. As buyers fight for their NFTs, they bid against each other, driving up these transaction costs. They're also driven up by whales and bots programmed to win the bid at any cost. The final cost of the NFT is often far greater than the original price, in some extreme cases, thousands of percent more.

Gas fees depend on how busy the underlying crypto network is. The more transactions per minute on the underlying crypto network, the more competition there is for validators, and the higher the gas fees. At the time of writing, the Ethereum network processes on average just 15 transactions a second. That's only 900 a minute. So, if you have even a small drop of just 1,000 NFTs, that's 1,000 people trying to buy your NFT at the same time, unless you use Queue-Fair to spread the purchases over time. That means that without Queue-Fair, the transaction rate on Etherium will more than double just from your NFT drop, with a corresponding increase in gas fees. On Bitcoin, it's only 3 - 5 transactions per second baseline, and an NFT drop of just 300 NFTs will double the transaction rate of the whole Bitcoin network, driving up gas fees for your visitors and anyone else trying to write access the ledger. You can see now why NFT drops - typically thousands or tens of thousands of NFTs at a time - create such excessive gas fees when the NFT drops without a queue.

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By placing your buyers in a queue - in a Queue-Fair virtual waiting room - each purchase is removed from any gas-war bidding. Limiting the outflow of the waiting room delivers the appropriate number into the purchasing system, using the queue to avoid raising the transaction rate of the crypto network, and avoiding the bidding that hikes up prices.

Virtual queuing doesn't just keep your website safe; it eliminates your visitors from unfair charges and delivers a far fairer system for all. With Queue-Fair's advanced security features, you really can restrict it to one queue position and NFT per customer, and stop bots from snapping up all the NFTs at the expense of your legitimate human fans and buyers who are still waiting to buy - and keep gas fees low in the process.

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Solving the problem of wasted gas fees

When you don't have a queue to protect your NFT drop, and everyone is trying to mint or purchase at the same time, driving up the gas fees, the risk of mint failures increases dramatically. For example, if the NFTs are limited quantity (which is kind of the point with most NFTs), then when there is lots of competition for the validators, minting takes longer - resulting in a tense period of waiting for your customers. If you have 1,000 people trying to mint 100 NFTs, and there is a hard limit on the number of NFTs available, then 900 people are going to miss out on collection - and on many crypto networks, gas fees are payable whether the transaction succeeds or not - so all those people will pay them, but only 100 will get the NFT. It's estimated that the combination of failed minting or purchase gas fees and excessive gas fees recently cost cost $175 Million in wasted gas fees on a single NFT drop! So, using Queue-Fair helps your Web 3 technology run smoothly, efficiently and stay cost effective.

With Queue-Fair, you have fine control over visitor access, the sale process and progress through the line. If you only have 100 NFTs for sale, you can ensure that only 100 people get access to the NFT purchase mechanism with Queue-Fair. When you're down to your last few NFTs left for sale, you can put the queue on Hold and use the Admit One button to let buyers through one at a time, ensuring your buyers won't have to pay gas fees for transactions that fail because the NFT has sold out - and keeping the gas fees low too.

The Power of Social Proof - NFTs

Have you ever walked past a restaurant and seen it packed with diners and a line down the street of people waiting and thought, "That place is really popular - it must be really good"? That's Social Proof in action - when people can see that demand for a product or a service is high, it reinforces the value of the product or service in question, resulting in more sales. With Queue-Fair, you can show your NFT buyers how many people are ahead of them in the queue, reinforcing the notion that the NFT you are selling is of value, and generating the kind of buzz about your NFT that money can't buy.

The biggest NFT drops and most successful brands have entire communities of web users behind them, each building a collection and participating in a marketplace. This marketplace and community can be a powerful tool to promote your NFT, but only when your drops run smoothly. A sizeable vocal community with a collection of your NFTs is a double edged sword on twitter when things go wrong - and a queue from Queue-Fair is the key to ensuring every sale runs flawlessly, and that your community can see that they have engaged in a secure, fair process. Our transparent fair system keeps your community happy and engaged while it's protecting your sale.

NFTs are new and your buyers will always want to see that your NFT is in demand, as a highly sought-after NFT is more likely to grow in value over time on any nft marketplace. A Queue-Fair Virtual Waiting Room is the best way to show the community while they are in your nft queue that your NFT is in demand - so the more tweets you see about the queue, the better.

Unique Queue-Fair features that make life better for everyone

Queue-Fair's virtual waiting rooms provide countless ways to protect you and your visitors waiting in line from an unsuccessful visit, with many advantages thrown in to keep everyone in the queue and on your team informed and in control. We've got all the collection of features you would expect from a Virtual Waiting Room - However, we've got a few added extras that set us apart from the competition.

Receive visitors at the rate you want

Queue-Fair sends visitors from the line through to your purchasing site at the queue rate that you specify in the Queue-Fair Portal - and with Queue-Fair everyone's place is saved and they can't miss their turn. We're the best in the business at giving you the exact number that you want each and every minute from the front of the queue - and you can change the Queue Rate setting any time in the Portal to ensure your system is selling NFTs as fast as it can, but no faster.

The change is applied instantly to your queue, even when there are hundreds of thousands of people waiting in the queue to proceed to your buying pages. This means you can keep selling your NFTs consistently throughout the drop.


The Hold Page

With Queue-Fair, you can put any queue on hold whenever you need to.

Why would you need to do that? Well, you might need to take a break in the queue activity while products clear from abandoned baskets, allowing them to be inserted back into your unreserved inventory to sell to the next person waiting in line.

Keeping visitors informed at every step in the queue process is imperative to a stress-less operation, and messaging is simple with Queue-Fair. Preparing a selection of messages for any eventuality will make life easy, and our preview option will give you the peace of mind that everything's exactly how you'd like it to be before you proceed to take things live.

Additionally, any new visitors arriving at the queue from your site or link while a queue is on hold are added at the back of the line. Everything remains the same first-come-first-served fair system your users demand.

The 'Admit One' button

What about when your drop is down to the last few NFTs for sale?

The Queue-Fair 'admit one' button delivers the greatest control of queue admission to your purchase pages ever. As it states, only the user at the very front of the line will be permitted to proceed into the transaction area and nobody else.

This level of control is incredibly advantageous when you're down to the last few items of stock.

No other virtual waiting room provider offers this feature-for total queue, gas fee and sale control, it has to be Queue-Fair.

Be prepared for any eventuality, with safer systems and fairer processes

Queue-Fair's integration experts will walk you through the best ways to prepare for any NFT drop or NFT pre-sale with a queue. Our system offers unique access advantages that other virtual queues don't, ensuring vendors are selling non-fungible tokens fairly, leaving nothing but happy users at the end of each sale.

We're excited about what the NFT business world will bring to our community lives, in both business and leisure, in the future. So keep checking back to our blog for updates and articles about the NFT business, NFT queues, their operations, successes, and integrations - and we'll keep being the original Web 3 enablers.

Whatever you need from your nft queue, waiting room or line, we hope you've found this article helpful. We're here to help deliver an effortless system for your buyers and community, one that takes the issues out of every NFT drop, sale and line, keeping your sales systems rolling and reaping the rewards of nfts.

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