When you have your own NFT avatar, what will you use it for?
The recent encryption community has given another cooler method of use: use the NFT avatar you hold to cast your own digital sneakers.
This is the sneaker derivative of the NFT avatar that some encryption enthusiasts showed on Twitter. Their style of painting is as follows:
In addition, there are also very popular derivatives of the backpack series:
The main source of these NFT derivatives is the NFT avatar held by the creator, mainly popular NFT series such as 0N1, Cool Cats, Pudgy Penguins, Boring Ape (and Mutant Ape), World Of Women, etc.
In overseas communities, these NFT accessories have been widely supported by encryption enthusiasts. Many NFT avatar holders are actively casting their own NFT derivatives, and some of the derivatives have been traded on Opensea to generate income .
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Mint crypto accessories with your NFT
The development speed of these NFT secondary creation products is also very exaggerated. According to the statistics of nft mint alert, in the past 1 hour, 10KTF has minted 1042 products.
Most of the NFT avatar-derived sneakers shown above come from the 10KTF platform. The platform is displayed in the image of the accessories making craftsman Wagmi San, casting new derivative products for NFT holders.
In the simple interaction of the user, the craftsman, you can directly see the sneaker styles that can be generated by the NFT held in the wallet address, and choose whether to pay for casting.
The platform provides a simple and clear casting logic: 10KTF has built an ERC-721 compatible smart contract, and users can mint derivative NFTs through the NFTs they already hold. After linking the users wallet, the holder of the commercial rights of a certain NFT avatar can choose to cast the corresponding High Top (high-top sneakers) series of sneakers.
(* ERC-721 is the general standard for smart contracts used by mainstream NFT avatars and games. CryptoKitties CryptoKitties, CryptoPunks and other leading projects have adopted this kind of contract.)
10KTFs smart contract will ensure that only the current owner of the NFT can create derivative NFTs, and only one NFT can be minted per corresponding parent NFT. Take the Ape High Tops series of derivative shoes currently shared in the community as an example. Only Bored Ape (boring ape) can cast these Ape High Tops, and each Bored Ape can only cast one. Bored Ape and Ape High Top There is a one-to-one correspondence between them.
The price to mint these derivative sneakers on Ethereum is 0.05 ETH plus Gas fees, and the PNG version of the sneaker design is free to download. For most NFT holders, the cost is not high.
In just a few weeks, 10KTFs Discord community has attracted more than 3,600 interested NFT holders. At present, 2,400 NFT holders have produced NFT derivative sneakers and sold them on Opensea. The number of these products exceeds 5,500, and the average selling price is around 0.3 ETH. In the past 7 days, 10KTF has sold more than 1,700 products, with a total sales volume of 561.28 ETH.
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(Data source: icy.tools)
According to public information, these derivative sports shoes are currently only digital products, and there is no corresponding entity. It is still unknown whether these products can be worn in the digital virtual world.
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Sneakers: One of Cryptos Most Popular Entry Points
For NFT enthusiasts, sneakers are an easy area to appreciate. Therefore, no matter how many rounds of bulls and bears the encryption market has gone through, sports shoes are always one of the exploration directions in the NFT field.
In 2019, American sportswear giant Nike launched a patent CryptoKicks. In this patent, blockchain technology connects the concept of Crypto with digital assets and physical sneakers: when a consumer purchases a pair of CryptoKicks When encrypting shoes, you will also receive Token (NFT) generated based on the sneakers. This token will record all the information of the sneakers. The NFT is used to authenticate and trade physical shoes.
In addition, CryptoKicks also envisions a dual-currency model. Each physical shoe will also correspond to a token for accessing, cultivating and trading digital shoes, imitating the CryptoKitties model and “reproducing” new shoe models.
It can be seen that the main idea of CryptoKicks is still the correspondence of cryptocurrency to physical sneakers.
At the beginning of 2021, the encryption community ushered in the explosive period of DeFi and NFT concepts, and the popularity of virtual clothing also increased. Digital sports shoes gradually attracted the attention of the market. The virtual shoes designed by RTFKT Studios is one of the most representative projects. The unique sneakers launched by RTFKT are imaginative in design, and can be worn by users in the game to show their personality.
At this time, digital sports shoes have begun to break away from the restrictions on physical sports shoes, thinking about the direction of NFT and digital art, which enhances the users experience of wearing digital sports shoes and serves social networking in the virtual world.
At present, this type of product is also regarded as an important and interesting part of the blockchain-based Metaverse concept, and it is also a functional skin worth looking forward to in the context of GameFi. For these concepts, NFT is indispensable. Short.
In contrast, 10KTF seems to have found another entry point. It is serving the existing and expanding encrypted users who already hold NFT avatar products.With the large-scale increase in the number of avatar NFT products, NFT enthusiasts need to discover new ways to play the brand, IP, value creation, and commercial value of the NFT they hold. These peripheral accessories just fit this situation.
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The popularity of NFT avatar derivatives continues?
Can this kind of NFT derivative production bring new heat to the market?
In the encryption community, in the mainstream way of evaluating the value of NFT, the value of NFT avatars is mainly divided into three parts: intrinsic value, utility value, and community premium.
Intrinsic value mainly includes listing price (mint price), which is often the income obtained by start-up teams and artists. For example, the listing price of a pack of NBA star cards, which were all the rage some time ago, is $9.
In the value of use, it mainly describes the practical value or additional rights of NFT. For example, people who hold football club fan tokens can obtain some decision-making rights of the club; or owners of NFT tickets can participate in concerts, etc. wait.
The community premium is mainly aimed at the premium given by the secondary market due to the rarity of NFT or other characteristics. The CryptoPunk avatar is one of the good cases. These avatars are highly recognized and sought after by the encryption community, and the holders of the avatar can recognize each other. This social value also directly pushes up the value of the series.
Most NFT avatars are suitable for this evaluation system. Interestingly, the boring ape, the main force in the sneaker series derived from casting NFT avatars, once brought huge influence with the influence of peripheral products.
Boring Ape is an interesting case of peripheral products. Now the number of transactions of these Boring Apes has exceeded 8,000. Compared with CryptoPunks more than 4,800 transactions, more holders have shown higher community vitality.
This is inseparable from the decentralized community. Earlier, these avatars once formed the default rule of boring ape avatar mutual fans on Twitter, which can attract a large number of fans for social accounts, which accelerated the series of avatars. Rapid proliferation on social platforms.
With the rapid increase in the number of holders, the Meme phenomenon of Boring Ape is particularly prominent in the production of peripheral products. Various peripheral products are shared on social platforms, including Boring Ape T-shirts, Boring Ape Coffee, and Boring Ape Mask , Boring Ape derived NFT, etc., played a very important role in the process of communication.
It is not difficult to understand the attractiveness and innovative vitality of NFT peripheral products. On the current Opensea, in addition to 10KTF, there are more and more platforms and products that launch NFT Peripherals, NFT Accessories, and NFT Image Derivatives based on existing NFT products.
These peripheral products are often recreated based on a certain NFT series, because there are currently hundreds of NFT holder communities. NFT holders have spontaneously innovated, making related games, making peripheral products, and so on. In such secondary creation, the creativity of NFT holders is stimulated again, bringing new ways to give back to the community. After NFT is minted and sold, the holders and the community become a new force for market expansion.
Through these NFT peripheral platforms, NFT avatars have been added with more added value and new gameplay, and brought new benefits to the creators, showing new vitality.
In the first half of 2021, the NFT avatar market has created a huge wealth effect in just a few months. The production and sales of avatar NFTs are booming, and many celebrities, encrypted KOLs, and brand IPs are involved, gradually forming a more complete and rich NFT ecology.
At present, the digital identity of avatar NFT is becoming important, representing the holders multiple needs for social and identity value. The emergence of this secondary creation method of NFT avatar may stimulate the innovation enthusiasm of the encryption community on a large scale.
