Dear Frens, we would like to take a moment to address the recent events surrounding Monad Pad & Purple Frens.

Our original plans

Our original plan was to create a collection of 3,333 NFTs that would have a variety of benefits that can be compared to node sales.

The benefits

• 10% of $MPAD supply distributed to NFT stakers
• 20% of the launchpad revenue split between NFT holders
• Tier 1 (Unicorn Tier) access vetted & incubated sales by Monad Pad
• Special $MPAD airdrop to NFT holders
• 20/3333 NFTs would be 1/1s which give access to the highest Launchpad Tier

These benefits were designed as an extra layer of utility on top of the NFTs, to give them more value than just bragging rights.

The pre-sale

This pre-sale was designed to give early supporters and grinders of Purple Frens a chance to lock in their Mint. Importantly, the NFTs were never planned and never would have been minted on Arbitrum.

The collection will be generated & minted only on the Monad Mainnet, and pre-minters will receive their NFT airdropped to their wallets.

Pre-minters would only have an off-chain allocation that would be tradable over-the-counter (OTC), made possible with the help of our friends at Spring Exchange.

Thoughts from the community

After the initial announcement, we received a lot of feedback from the community. We'll address some of the most common thoughts and concerns, for the changes that we are making scroll down.

The price

The price was set to $500, this was always communicated which in our vision reflected the various benefits (see above) of the collection. After receiving numerous amount of feedback from the community, we have come to the conclusion that our vision was off.

Arbitrum

As addressed above, the collection will be generated & minted only on the Monad Mainnet. Arbitrum was only used as a payment-gateway.

There was a slight misunderstanding that the NFTs would be minted on Arbitrum, this is not the case.

Why now?

Monad Pad has been in development since March of this year. With the whitelist spots of the Purple Frens NFT collection reaching the limits, we thought that, instead of purging people of their earned roles, we would give them the chance to lock in their mint for Mainnet in advance. If they wouldn't pre-mint, the spots would free up for others to mint in a later round.

After receiving feedback, we have become aware that we should have communicated our vision more openly, clearly and waited for these events to be nearer to the launch of Monad.

The changes

All people that have pre-minted their NFTs in the pre-mint will be refunded in its entirety including any gas fees spent. These refunds will be processed in the coming days, no action is required from you.

Switching to a free-mint

The Purple Frens NFT collection is changing. The supply of the collection will be decreased to 1,111 NFTs, with a new secondary collection with a yet-to-be-announced supply. This supply will be under 5,000, but we are still refining the details as it all happens so quickly.

These new NFTs will be able to be minted for free, and will still have some benefits. This mint will also happen on Monad Mainnet and will be accessible to people with certain roles in our Discord.

More details on this new collection will follow shortly.

Changes to the current collection

As mentioned above, the current collection will be decreased to 1,111 NFTs. These NFTs will still have the same benefits and will be sold to syndicates, DAOs and VCs as we have done previously.

The primary reason for this change is that we feel the benefits and vision didn't align with the community as we had hoped.

Raising less

With 2,222 fewer NFTs being sold than initially planned, we will be raising less capital. This means our total funding will be smaller, even though the benefits for each individual NFT stay the same.

This reduction affects our project in several important ways:

First, we'll have less overall funding for the project. While each NFT holder will still get their full benefits, the total amount we can put toward community activities will be lower.

Monad Pad will face a shorter runway for operations, but we’re prepared to make strategic adjustments to our development plans and maximize the impact of every decision. We have a top tier team that can adjust, and prioritise what’s important in order to maximise the impact we have in the ecosystem.

However, this change also lets us focus more carefully on what matters most. We'll make sure to use our resources efficiently and deliver the most value possible to our community members. The lower supply might even make each NFT more valuable over time.