Crowdfunds

On Mirror, anyone can raise funds for an idea or project using the Crowdfund block. Under the hood, a Crowdfund is a smart contract on Ethereum. Backers deposit ETH to fund your idea in exchange for a token. The token represents a proof of patronage and a stake in the potential success of your project. Crowdfunds can be embedded into any entry on Mirror, alongside text and other media blocks that tell your project's story.

For example, here is the Crowdfund block for $BOUNTY. It also lives on Mint Fund's publication, where it was originally launched.

Examples

Check out these crowdfunds on Mirror for inspiration on how to present yours.

Get started

Anyone can create a Crowdfund by going to the Crowdfunds tab in the Mirror Dashboard and configuring some basic settings.

A crowdfund can be minimal with only a name and a funding goal, or include a more produced campaign with NFT reward tiers.

Basics

All crowdfunds have a few basic parameters that are required to launch a campaign.

Name: A great name encapsulates the core of your project. It should be short and memorable.

Cover image: A cover image is like album art or a movie poster. It should visually sumarize your project in an artistic way. It is surfaced on top of your entry and is used as the preview card across social media platforms. Images must be 2:1. Suggested resolution is 3000x1500px.

Goal and funds

What is the target amount needed to realize your project? What is the maximum you feel comfortable with receiving? Where should the funds go?

Funding goal: The amount of ETH you’re looking to raise to realize your project. This amount is shown as the target in the crowdfund progress bar. Consider the size of your audience and try to make this goal realistic.

Stretch goal: The maximum amount of ETH you’re willing to raise. A higher stretch goal lets you raise extra ETH if there is a lot of demand, while preventing your crowdfund from running out of control. Think of this as the most ETH you’re comfortable with custodying.

Funds recipient: The Ethereum address where raised funds will be sent from the crowdfund. This can be your personal wallet, a split, a multisig, or another smart contract that supports transfers of ETH.

Add features

Now that you've configured the basics of the campaign, you can add extra features to make it exciting for your community to participate.

Token

A token is required for all crowdfunds. Backers of you project automatically receive a token in exchange for their ETH. The token tracks how much each backer has contributed to your project. Tokens are issued at a ratio of 1000 tokens to 1 ETH.

Your token primarily act as a "proof of patronage", giving your backers a collectible memorializing their support. Tokens can also be used to represent a membership in your project's community (e.g. a token-gated Discord). Tokens can also represent an economic stake in your project's future success by routing future revenue back to the token.

Token name: A a short but descriptive name for your crowdfund token. This name will be used in block explorers and token wallets.

Token symbol: A one word symbol signifying your crowdfund token. This symbol will be used in block explorers and token wallets.

Your share: You can optionally choose to hold back a percentage of your tokens. These can be used to airdrop future community members or to retain an economic stake in your project.

NFT Tiers

Similar to reward tiers in a Kickstater campaign that give backers certain goodies and perks, Mirror crowdfunds support NFT reward tiers.

You can create multiple tiered NFT editions to reward your backers.

NFT tiers require the following fields:

  • Media: an image or video representing the artwork for the NFT
  • Description: a description of the tier, including potential perks backers get for buying the NFT
  • Price: Price of the reward
  • Total supply: Total number of editions available

Pricing your tiers into a coherent campaign is important. Think about your funding goal, the size of your community, and at what price points they might be willing to participate.

It often makes sense to have around three tiers:

  • an expensive but scarce tier for your biggest fans
  • a slightly cheaper and more abundant tier for medium supporters
  • an accessibly priced tier for those who want to associate their name with your project and get something cool in reward

Also consider the pricing of your tiers in relation to your overall funding goal. You should likely hit your funding goal by selling out only 50-70% of your tiers. This will also give you some room towards a stretch goal.

Patron podium

The podium lets the biggest supporters of your project compete for the top three spots on the leaderboard. Similar to a timed auction, when the podium timer runs out, the top three backers are awarded unique NFTs. The podium is a great way to discover your biggest fans and enables projects to raise significantly more funds in addition to fixed price tiers.

The Patron Podium requires the following fields:
Media: Upload the media representing the NFTs for each podium position

  • Duration: Similar to a timed auction, how long the podium stays open after the initial contribution is made

The podium timer works similarly to a reserve auction:

  • a countdown begins after the initial contribution to the crowdfund is made
  • if there are 15 minutes or less remaining on the clock and a new podium contribution is made, the clock is reset to 15 minutes

The resetting clock enables competitive bidding in the last minutes of the podium countdown.

While podium eligibility ends when the podium timer runs out, the crowdfund remains open until you manually close funding via the dashboard. It is up to you to communicate to your backers when the overall campaign will end and to close it manually.

Publish

The final steps of creating a crowdfund involve adding your project's story and confirming all the parameters before going live.

Story

The Crowdfund Story Creator is where you create the public-facing page that will be shared to promote your crowdfund. It is an inline editor—similar to Google Docs or Notion.

You can tell the story behind your crowdfund by adding content with Story Blocks. The first block is reserved for an overview of your crowdfund, and is editible by tapping on "Describe your story". It looks like this:

You may add subsequent content between crowdfund blocks to provide further context. Do this by tapping "Add Story Content" to expand the story block. It looks like this:

Just like before, simply tap into the block to begin editing. When satisfied with your story content, tap Save to return to the crowdfund overview.

Go live

Before going live, you will be prompted to verify all the paremeters of your crowdfund. It is important that all the values are correct, because they cannot be changed after deploying the crowdfund.

Carefully review each section of your campaign and verify that the values are correct.

If you are satisfied with your configuration, deploy the crowdfund and share it with the world!

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