“The Suites” Mint
It’s been a few days since the official minting of “The Suites” on Solana, and things have slowed down a little bit so we felt it was a good time to look back!
First off, what are The Suites?
This is a ‘metaverse’ style project, but one that is much more targeted at an audience of sports fans. The idea is simple — recreate the feeling of watching the big game with a bunch of likeminded friends, but do so virtually inside of a luxury VIP suite. Along with that, have fun ways to kill time (between commercial breaks) by creating games and wagering events that utilize the new $SUITE token.
The mint was an absolutely mind-blowing experience, selling out all of our 4,932 “Suite Door” NFT’s in about a second, with over 20k users attempting to mint at the exact same time. Since then, we’ve seen our floor price move from 2.2 to 13.6, and over 45,000 SOL in trading volume in just a few days since.
Unbelievably, over 30,000 SOL (>$4 million USD) in volume was traded in the first hour after mint.
There are 4 ‘types’ of Suites:
Club (4,444 total supply): Expected to hold 8–10 players
Executive (444 total supply): Expected to hold 15–20 players
Owner’s (44 total supply): Expected to hold 32–64 players
Private (68 total supply): Expected to hold 32–64 players
A caveat with the above is that we expect to be able to handle near infinite amount of players in text chat. But for large gatherings of avatars, all of us know how poor an online experience can be when there are too many players causing too much lag. In the case of a community wanting to have events with thousands of concurrent players, they’d be able to join the same text chat, but would split the suite into ‘shards’ (think of it as new floors on your Suite) so as to better handle the bandwidth load.
For the Mint, we informed our community on December 27th that owning a Stylish Stud OR Fine Filly NFT would get them a spot in the whitelist to be able to mint a Suite early. We saw a nice surge in floor price on that announcement, one that has held relatively steady for our Stud owners (especially as we get closer and closer to breeding coming up).
On January 1st, just after midnight ET, we ran a snapshot of all wallets, getting somewhere around 4200 unique members on the whitelist. (Around 2800 of those wallets would go on to mint a suite).
Approaching the mint, we aimed to really utilize our learnings on building up a strong community from the success of our previous successes and failures for Stylish Studs and Fine Fillies. We focused on really creating a lot of hype and demand, even delaying the mint one week due to Solana network issues, making sure a smooth mint was a priority. Unfortunately, there was a little too much demand, leaving 15,000+ people out there with nothing but a failed transaction. We are hopeful over time that we can continue to bring more people into the community, as ANYONE can join a suite with an invite, not just owners!
We are most proud of some of the partnerships we were able to procure leading up to the mint (and we still have many more to close out!). Part of our strategy was to hold back some supply (68 suites) that could be branded 1 of 1’s for marketing purposes. This proved to be one of our biggest wins, as we were able to use our network from our careers so far in the sports and gaming industries to land quite a few great names.
The number one question on top of mind — when can I enter my suite?
Development is well underway. We have even hired an amazingly experienced team — 302 Interactive — to help us build out The Suites so you all can start enjoying your suites faster! We aim to have an early playable beta of private invite-only suites with streaming functionality by mid to late February.
Along with this, we are continuing to move on closing more and more partnerships and aggressively pursue deals with various streaming partners.
Third Time as a company is closing a Seed investment round imminently, so look out for a future post on investors and details.
We hope to be able to release a more official v1.0 of our roadmap and tokenomics within a month or so to give investors an idea of what type of value we hope to create for their Suites and the project in general.
Lastly, we are hoping to continue our community momentum post-mint by creating a space for sports fans to hang out and express their passions for their favorite teams, their predictions and their bets!
Founder / CEO
Third Time Entertainment