How we sold out an NFT collection in 20 minutes (during a bear market)

I’ve been thinking about what exactly went right with LOVE. And, what lessons might be helpful for others journeying into web3 for the first time.

After all, the launch went way better than we anticipated: 

• 🕓 Collection of 300 NFTs sold out in under 20 minutes
• 🔥 Became the #1 trending project globally on OpenSea
• ⚡️ Generated $1.2m+ in trading volume in first 24 hours

 The project received rave reviews from collectors…

 … and kept pace with the top NFT projects in the world.

And: all of this during a bear market.

Such was the pessimism around crypto that when I told a close friend we were releasing our first NFT drop, their response was “have fun selling five”. Oof.

Reflecting on the process, there were a number of fundamentals we ended up getting right. (Not all by design, mind you).

Here are three of the most important:

Work with the right partners

ArtBlocks are the most respected players in the crypto art space. Martin Grasser, the artist, has an incredible track record and loyal following. Both have impeccable reputations.

Especially with the scepticism and mistrust that abounds in crypto right now, there is such a premium on working with legit players. As a rights holder, the uncertainty and doubt that comes with web3 is extremely foreign and uncomfortable.

For us as a governing body it was a far cry from the risk-averse approach we’re used to. Knowing you have best-in-class partners, who’ve been through multiple market downturns and survived to tell the tale, is critical for overcoming that pain barrier.

Alongside reputation, so much hinged on personality fit. There were many tough moments during the process when the wheels could have easily fallen off. Tight deadlines, uncertainty, roadblocks. Everyone investing considerable capital with no guarantees of success.

Getting through difficult moments required trust and a shared understanding that everyone is pulling together. Sounds simple, but this is most likely a function of whether or not you like each other.

This is hard when you have compressed timeframes, and when you’re working in a new field. We were massively fortunate to find Art Blocks and Marty, and the project simply wouldn’t have happened without that cohesion on a personal level.

Knowing this, who we work with next will be something we spend even more time evaluating.

Lean into your constraints

I’ve spoken before about the fragmentation of IP we have in tennis.

As a result, we focused this project on the one thing we control end-to-end: match data.

On the face of it, having such ‘limited’ IP to work with was a big constraint. But it ended up being one of our biggest strengths 💪

To illustrate the point I think it’s helpful to consider a project like Liverpool FC’s much-maligned NFT collection. They had full control over IP (athletes!) that we can only dream of in tennis. And yet, the project sold horribly.

Ultimately, I believe this freedom led to a lazy concept. There was so much faith put in the selling power of star players that the product itself didn’t do anything ‘new’ or interesting for fans. We’ve seen this in many sports. It’s not enough to just slap a big name on a project and expect it’ll succeed.

Having only data to work with meant we had to be creative. We had to work harder to make the concept ‘sexy’ and to build a compelling story behind it 🧵

It also kept things simple and focused.

LOVE is so simple to understand: it’s art. No complex utility or roadmap. That stuff is all valid and exciting and we would love to explore it in future, but for our first drop it made sense to go as simple as possible.

It also ended up being so much fun working with the data. Taking an entire tournament and picking out 300 impactful shots. Waiting eagerly to see if the championship point would be a clean winner that could be included in the collection (it ended up being an ace!) 🎾

Key learning: You probably have way more to work with than you think.

Engage with the community

This was something I had little understanding of pre-project. And, it was absolutely critical.

Our friends Toni and Sofia at ArtXCode spent the weeks + months leading up to the drop getting the art communities excited for LOVE.

This meant teasing the project, sharing updates and answering questions amongst the crypto art community. Amongst Art Blocks collectors and holders of Squares (Marty’s previous collection).

On the surface this perfectly obvious: prep your target market and build hype. But this is different to traditional marketing in several ways:

1. Web3 communities exist on Discord and Twitter. Discord especially (which I've heard referred to as a ‘dark forest’) is far from accessible. It’s a messy and disorienting experience and I would imagine most brands are unfamiliar with the platform. Instead, you’ll need the help of an established and respected community member to guide you through it.
2. The communities are shrewd. They have an excellent nose for what’s authentic and a hyper-sensitive bullshit radar that smells out cash grabs. Brands are welcome, provided they respect the ethos and culture of the space they’re entering. We made a conscious choice to be led by our partners on many creative and business decisions, and ended up being commended by the community for doing something innovative, thoughtful and with the right motivations.
3. It’s a conversation. Bit clichéd but true: as a brand you’re not up on stage speaking to the audience, you’re sitting with everyone in a circle of chairs. Here I found it incredibly valuable to get immersed in generative art: follow the prominent voices on Twitter, listen to podcasts, visit a gallery. The more genuine interest you build in the space, the more comfortable you become.

In the end, this work paid off. Collectors showed up in droves 🤩

But it also doesn't end at the drop. It is just as important to engage after the fact, celebrating the art and the collectors who purchased.

This is definitely something we (ATP) couldn't have done without the right partner.

What's next for tennis and web3? I think the bigger question is how we bring our sport together to take this to the next level. Players, tournaments, data, broadcast. And, most importantly, fans.

When we bring all of our IP together and make web3 universal and accessible, I believe we can create magical and meaningful experiences.

LOVE has given us a lot of confidence that big things are possible ✅ 🚀

I hope this was helpful! Please reach out in the comments or via DMs if you have any questions. Always glad to chat.