BEST NFT MINTING TIPS AND TRICKS | GAS WARS

what's going on guys popeye here and i'm back with another video it's been about a week since my first video and we've gotten some absolutely insane news in nft space that i'm going to quickly go over and give my own thoughts and opinions on and how i believe it's going to change the space moving forward before we get into the main part of the video though we're going to be talking about some of the big news that's came out in the nft space in about the last week so we're going to be talking about nike adidas and shopify i also wanted to say quick shout out to you guys the youtube channel is already over 2000 subscribers with literally the one video up which is absolutely insane i've gained about 3 000 subscribers in the past three or four days on twitter as well so just big shout out to you guys and i appreciate all of you so to start the market news section we're going to hit it with the biggest one right off the bat nike went and acquired the nft collectible studio artifact artifact had a big vials drop a few weeks ago that meant it out at a really high price their vials were actually burnable for a collectible character such as the one pictured here they got some bad feedback right off the bat because some of their avatars were actually not given ownership rights to the holders and no one really knew why this was i'm assuming it's because it was part of the private deal with nike and nike wanted some type of ownership rights the nike news also got leaked on twitter and so there was some thought about that and some insider trading issues we don't know where that's going to go yet but i'm going to definitely be keeping my eye on on that as for what i think it's going to bring to the space it was obviously a catalyst for a lot of other companies to get into the space nike is one of the biggest companies in the world one of the biggest clothing brands if not the biggest so people are going to want to be joining what nike is doing and innovating just like they are just like nike's innovating so is adidas adidas came out a few weeks ago with a big purchase of a board ape and everyone was kind of joking about adidas purchasing the board ape than nike purchasing the company but then right after nike purchased artifact we got news that there was going to be an adidas drop so adidas just dropped theirs on the 17th and they actually had a big pre-sell for any board ape yacht club or mew and ape yacht club holders there was some problems off the bat with the contract like mew and eight yacht club owners not being able to mint but they fixed that pretty quickly and it actually ended up doing really well the collection sold out within seconds which is a big reason for today's video and the gas wars discussion but before we get more into what happened with their actual minting out i still want to talk about the shopify marketplace news real quick i already gave my initial thoughts on the shopify marketplace on brett malinowski's channel i'll be linking that video down in the description i'm assuming a lot of you guys came from there so i'm still wanting to give some valuable information here so shopify actually launched their nft marketplace all the way back in july when they partnered with the chicago bulls and they did their own personal nft drop the big news that actually came out wasn't shopify's nft marketplace but it was their partnership with gig labs so gig labs is trying to make it very convenient for anybody to launch a project they want it they described it as being able to drop a project within seconds without any prior blockchain development skills so like i said on brett's channel i think this is going to add a lot of saturation to the market if people are really able to upload any of their art and not have to have any knowledge or background skills on the blockchain we're going to see a lot of new artists come into the space which is a good thing but we're also going to see a lot of easy cash grab projects coming out and with shopify their data analytics is absolutely insane so we're going to see a lot more of that target advertisement like how people have been doing on instagram and celebrities on twitter and a lot of the big people in the space stay to stay away from that because those are usually really quick pumps that aren't sustainable so i think we're going to see a lot of that and i'm really hoping that we're not seeing a lot of money come in and straight back out to the space to these creators that are just here to make a quick grab so with that quick market recap out of the way we're going to be talking about my personal tips and tricks that i use when i'm minting and how i go about winning gas wars we're also going to be talking about why you might want to stay away from gas wars if you don't have sufficient experience especially if you have a small starting capital to show some of you why you might not want to participate in a gas war to begin with we're going to head over to the etherscan transaction page for this adidas collectibles drop and we're going to see how the mint went in lifetime so i already have the transaction page open to where the first public mints went through if we look at any of these ones before them that were reverted you can clearly see that is because the window was closed and they only lost a small gas fee because of this but if we're looking at the first ones that went through the public mint these are usually done by bots and they usually push their transactions through with a high gas fee so with this particular transaction we can see the fee used was 0.357 at nearly 1400 usd which is almost of equivalent value to the two adidas collectibles that he minted at 0.4 so a big reason i would try to i would say to try to stay away from gas wars is because if you have a small liquidity pool or if you have a small starting capital and you participate in a gas war you won't be losing all 1400 of this usd if you don't if your mint doesn't go through but you'll be losing a significant portion especially if you're only starting with around a thousand dollars so we're actually going to look more in depth into the transactions for this mint i believe there was over 13 000 transactions sent within two minutes so i moved forward a few pages just to look at some of the failed ones after the mint sold out so we can scroll through and see literally a hundred on this page alone of people that failed these transactions and we're just gonna click a random one and see how much gas he actually ended up losing since his transaction didn't go through and he was a few seconds late so we can see right here that there's a failed error purchase with max supply already reached and like i said this one was around 120 seconds after the invent even began and we can see that he didn't end up paying the 0.4 because when your mint doesn't go through you don't pay the actual mint price but you still use a transaction fee and we can see in this case it was 0.06 or 250 dollars so if you're starting with 500 1 000 even 1500 dollars and you participate in a gas war and you fail and you lose 250 right off the bat first of all that's just really discouraging and that's not a good way to start in nfts it's not a good amount of money to lose even if you're not starting in nfts and you've been in the space for a long time but money like this and the transaction fees are just straight sucked out of the nft marketplace and it really sucks to see some collections like this for this collectible it was actually an erc 1155 which have a lot lower gas fees so we didn't see an absolutely insane amount of money get sucked out of the space but there are still millions of dollars just lost in transaction fees and this is a good reason why you might not want to participate in them to begin with okay so now that we've talked about gas wars and why you might not want to participate in them because of their high stakes we're going to go over some quick tips on minting whether it's in a gas war or not so i pulled up this random project from rarity.tools upcoming just to show you guys a quick demonstration so usually you're going to be in the project's discord and you're going to know when the drop is coming and when to be prepared for this specific one this one's already dropped and i'm just using it because it's not minted out so most people usually connect their wallets on sites like these then they just meant straight off the website but when you're talking about a really big project a lot of times the websites actually crash and it's way faster to go through the contracts so i'm going to show you guys how to find a contract for and for a project and how to mint through the contract like i said most of the time you're hopefully going to be in the project's discord and you're going to have the collection link ahead of time for this specific case i'm just going to use their openc link that they have linked on their website but you're going to need this collection link to actually find the contract unless they specifically post the contract within the discord as well which some projects are starting to do but with projects like this that have a collection on openc already you can click on any of these nfts and you can go down the details section and the contract address is going to be right here and you can open this in a new tab and pull it straight up so i'm going to cut why this loads real quick okay this is loaded now so we can actually go through what you want to look at in the contract so when you're minting through a contract you're going to have to have a verified contract which you're going to want to look for for projects to begin with because a verified contract just shows proof and people can look through that contract to make sure there's not exploits so we're just going to open the contract page up okay so now this contract is loaded i can show you guys how to mint through the contract and things to look for so you're specifically going to need the contract to be verified which is denoted by the little green check mark right here so we can switch to this contract this verified contract page and we can see that there's different types of things we can do up here which is this is showing the code this is doing some basic read outputs and then this is where you're actually going to meet under the right contract section so once this loads it's going to ask us to connect our wallets and we can just use the wallet connect or the metamask mine's already connected you'll usually get a little pop-up box right here if you have multiple wallets and you have to choose which one you want to connect but then you're going to look for anything that says like sale or mint or if you're doing a pre-sale mint a pre-sell mint for this one it's called mint duck i'm assuming that their nfts are ducks you're also going to need the ether price so for this collection i can see on the website that it's .04 this is usually told way ahead of time in discords on twitter's or anything you're following so in this instance i would use that .04 number other than i would specify how many i want to meant for this case i'm just going to say it's one other then it's a simple right button right here and this pulls up basically the exact same thing that would pull up if i was using the website this is usually how people met so fast so when you're deploying a contract onto a website the website obviously takes time to push that update through before people can actually connect their wallets emit on the site but this contract is usually verified beforehand so people can have these things pre-typed in and waiting for that public sale change to come through and they can meant a lot faster than a website can update and someone can reload the website page so this is a really good thing to know when you're looking at drops are usually going to sell out really quick within a few minutes because this will solidify you getting in first and especially if the website crashes you'll know how to do this and you don't have to worry about that website going down since this was just a basic demonstration on how to met through the contract i'm going to go ahead and reject this and i'm going to pull up my screen to how i usually have it set up when i'm scanning a contract on the etherscan page i'm going to show you guys specifically what to look for so you can see when these public sales go live on the ether scan page so you can have other situations set up where you can just hit the mint button right off the bat and be one of those first people to meet okay i have this setup now so anyone can use this i usually prefer using two monitors but since i'm screen recording i'm just going to split screen this for the ease of use on the left side of the screen here we can see that i have the basic etherscan transaction page for the contract setup that shows any incoming transactions and on this right page i already have my wallet connected on the right contract screen with my ether price in place already and the number of nfts i'm trying to mint so i'm usually mainly focusing on this left side and looking for an incoming transaction that says something like flipped sales state or sales date or public sale started right now if we just look through the bottom to the bottom of this we can see that there's it's right here yeah so we have sale state so this means that the contract owner pushed through the public sales start and when you see this coming up once you see that this is confirmed you're going to be able to write this contract and if you try to do that beforehand you're going to be sit with an insane gas price it'll usually go up to like two or three so you'll instantly know that you did something incorrect or that the public sale isn't started but you can sit right here and the big tip is if you just sit on this page you can continuously press f5 to refresh it and obviously there's no incoming transactions right now but if this was a large collection that had a lot of transactions coming in we would have seen like how this just changed from 19 minutes we'd be seeing like second transactions and we would see that when this sales state started going through it would have said pending for two or three seconds and those in those um transactions usually only take five to ten seconds so i'm usually staying here spamming that f5 key to refresh this page and the second i see that went through i'm instantly clicking this right this right button to nft and that's so much faster than waiting for the web page to actually go live and to connect your wall and everything afterwards because you already have all your prices set in place and all you have to do is click this right button and now that you guys know what i look for when i'm scanning an ether scan page and my strategies that i use to be able to mint before the public actually is able to admit on the official web pages we're going to talk about the actual gas wars part of this and we've already talked about what gas wars are and why you might not want to participate in one but if you do decide to participate in one i'm going to give you guys some extra tips on how to win those gas words so the contract minting is a big portion you want to be one of the first people to process a transaction on the ether network so being able to understand how to scan etherscan pages for when you're able to do that is a big heads up and so say if we already click this right button and we're one of the first people usually what my strategy is is clicking confirm and then editing the gas afterwards but since i don't want to actually met this project i'm just going to run you guys through how i usually edit my gas fees so you're really going to want to familiarize yourself with this page and what each thing on here does if you're going to be participating in a lot of gas wars for basic use i like to not touch the gas limit and i know a lot of other people suggest not touching this at all so we're going to mainly focus on the max priority fee and the max fee and guay which are the big two things that you have to pay attention to in the gas for so one of the sites i like to use a lot i'm going to pull up right now is block native so block native tries to predict the fees it's going to require for transaction to go through on the ethereum blockchain at any point in time so they give us five different probabilities in their fee ranges for each so during a hyped nft launch they're obviously not going to be able to predict because they don't know the exact times if there's delays in the project or anything like that but this is still a really good thing to look at so i know what the fees are for the first people are going to be minting so we can see that the priority fees right now if i wanted this transaction to go through within a few milliseconds that i would be listing my priority fee at 3.6 and 140 max fee i usually really like to overestimate this during gas wars because if you're typing this in it's going to take you a few seconds to type this in more transactions are going to come through and you're still going to be left in the dust so say if this was the gas war levels i was playing with i would still be putting about a five priority fee and upping this to about 160 and that would allow my transaction to go through a lot faster than the other people not messing with their gas fees and just using the high assumptions on metamask now things like the adidas drop people were over predicting this by like 5 to 10 to 15 to 20. so when i used my adidas drop ones i believe the priority fee was maybe eight at the time and i still overpredicted and put a whole 20 in 2200 gray and i know a lot of people are still failing at that 1700 mark so you still have to use your intuition and your assumptions to overestimate and to be able to get your gas through to go and to be able to get your gas fee to go through and that's a really basic strategy on how to win some common gas wars now when you're talking about bigger gas words like the adidas and the nikes and things like that dropping that go out in literal seconds and not five to ten minutes you're going to want to know what each of these actually means and there's a lot of other great youtubers out there that discuss what the max priority fee means what the max fee means and everything but i'm just here to give you my tips and tricks on what i look for and what i change and i think if you want to participate in a lot more gas wars then you should do in-depth research on what each of these three things mean and how they affect the ethereum blockchain and if i see a lot of comments i might end up doing a video more in depth but i just wanted to give a quick rundown on what i do since i've been getting so many of these questions with these big drops like adidas coming out recently and that's the video and the tips and tricks i use when i'm minting in general or in gas war situations and what my thoughts are on some of this news that's came into the nft space recently and i just wanted to say again thank you guys all for 2000 on youtube absolutely insane that we're getting there before i even get to post the second video and just like that the twitter's been blowing up the same too so if you're not following me over there you should go follow me over there and if you're from twitter and you're not subscribed on youtube make sure you subscribe leave a like in the comment and i'll catch you guys next time

Channel: Popeyes Picks

Views: 3,709

Keywords: #NFT, #Gas, #Gaswar, #Ethereum

Id: vxHKRSXQA_U

Length: 16min 19sec (979 seconds)

Published: Sun Dec 19 2021