A robust community is at the heart of every successful NFT project. Here are some examples of how creators and community members collaborate with thought leaders, marketplaces, and brands to develop the basics of their projects.
On Dec. 2, 2021, Bored Ape Yacht Club (BAYC) garnered the attention of Adidas, a culture-driven sports brand, and solidified their alliance, hence increasing the club’s renown and value. Nike bought RTFKT studios, which also gained community attention by airdropping the first Nike NFT, MNLTH.
The MNLTH airdrop stands up to its moniker, as RTFKT has introduced a novel notion to NFT reveals since it was triggered by the community. The MNLTH NFT is disclosed only once the community has collectively completed all quests, the contents of which members speculate are Nike items.
RTFKT is a premier digital brand. Their combo of tech & culture understanding made them a great fit for Nike. The first co-branded NFT dropped earlier this month. The MNLTH (short for Monolith) is yet to be revealed, but speculation is that a Nike digital good sits inside. pic.twitter.com/xSlof0L81q
— Greg Younger 🔮 (@gregyounger) February 19, 2022
These recent developments demonstrate that NFT collections recognize the benefits of collaborating with great thought leaders, companies, and communities in order to boost their overall social and investment capital value.
NFT projects that develop critical connections that aid their social arm and raise the collection’s total floor price worth demonstrate the benefits of collaboration within the NFT ecosystem.
Here are a few projects that will create waves in 2022 as a result of this strategy.
FoxFam gains the attention of fellow NFT artists
FoxFam NFT is a project that has gained considerable popularity among artists in the sector, most notably Markus Magnusson, inventor of Invisible Friends, who joined the London-based YumYum studio collection alongside his wife and fellow artist IraG.
We're sooo excited to reveal the PixelFox species!! PixelFox will be integrated for use in @Worldwide_WEB3 game and will be available for FoxFam 2D genesis holders to mint with $YUM 🍩 pic.twitter.com/1K0MA6zw4u
— FoxFam 🦊 (@foxfamnft) February 1, 2022
Since its inception five months ago, the project has advanced tremendously. According to OpenSea, the average sale price has climbed by a whopping 700%. FoxFam has a total volume of nearly $19.5 million.
The project’s relationship to the Metaverse has been strengthened by a collaboration with the purposefully misspelt World Wide Webb, an interoperable portal dedicated to the purchase of residences for Fox owners to enjoy. As such, the developers will provide each FoxFam member with a two-dimensional pixelated representation of their avatar that can be readily integrated into the World Wide Web.
FoxFam NFT intends to gamify its collection by launching a play-to-earn (P2E) game in which players may win YUM tokens; collectors and investors can presently earn YUM tokens retroactively by acquiring the 2D proof-of-profile.
We can't wait for the pixel foxes to hang out and populate the Worldwide Web! Thank you for the welcome ♥️ https://t.co/wTpDPK2p8p
— FoxFam 🦊 (@foxfamnft) February 3, 2022
FoxFam is not YumYum Studio’s first foray at operating a creative studio in London. The studio has collaborated and worked with a number of major businesses and organizations, including Adobe, Nokia, Lyft, MTV, and McDonald’s.
Collectors and investors are anticipating the company’s new plan, which includes the debut of YUM, 3D avatars, and its P2E game FoxCity.
Coolman Universe Speshies joins Metalink Launchpad
Coolman Universe Speshies, created by Danny Casale a.k.a. Coolman Coffedan, are a collection of 10,000 vibrant species attempting to make their way through the Coolman Universe.
Speshies debuted in December 2021 and has since grown to over 5,500 unique holders. The average sale price has also climbed from 0.15 Ether to 2.7 Ether, and in the last week alone, Coolman Universe made over $9.6 million in revenue, with the average sale price approximately 120 percent higher.
Speshies significant increase in volume and unique holders could be attributed to the company’s recently announced relationship with social cryptocurrency platform Metalink. Metalink was founded by Jake Udell with the goal of providing users with the alpha they need to join emerging collections.
We’re feeling Speshial today ✨@CoolmanUniverse ☕️ pic.twitter.com/I7KJqQxrvh
— metalink (@metalinklabs) January 30, 2022
When asked about the collaboration, Coolman Coffeedan stated, “Metalink is a critical utility for our holders,” as its launchpad provides a “dedicated location for verified holders to engage with our initiative.” As a type of social arm, Metalink acts as a centre for verified holders of famous NFT projects such as CryptoPunks, BAYC, CyberKongz, and Coolman Universe to unite around shared values and enthusiasm for NFTs.
RTFKT Studios Nike MNLTH NFT
RTKFT studios is well-known for being one of the earliest Nike NFTs, and the latest MNLTH airdrop has garnered attention. RTFKT studios blazed the way in Web3 by producing digital sneakers and commodities, and on Feb. 4, the project airdropped a surprisingly cryptic metal-like package to holders of its CloneX PFP collection.
I feel like mnlth is about to explode and we'll be like, why didnt we buy more
Wondering if I should flip a clone into more boxes…
– first @Nike nft
– first @RTFKTstudios community driven nft
– rtfkt doesnt usually get this hypey about stuff
– opening will be clear catalyst
— notthedrphil (@NotTheDrPhil) February 15, 2022
While the contents of the MNLTH box remain a mystery to the majority, the community has embraced the initiative behind its unveiling. RTFKT announced a revolutionary concept in which the community and blockchain would cause the gradual uncovering of the contents of the box, and the MNLTH would react by evolving closer to the reveal.
Engaging the community in this manner has benefited both the initiative and the collection’s volume. MNTLH has currently transacted over $32.5 million in total volume and has maintained an average sale price of 4.33 Ether ($13,405.69).
The number of daily sales has been over 50 for the last seven days, indicating that investors and collectors find value in the RTFKT ecosystem.
Apart from game theory, tokenomics, and sorting utility, NFT collections and communities thrive through human contacts and collaboration with other prominent players in the sector. It appears that by growing the community’s social capital and the related collection, both intrinsic and extrinsic value is derived.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.