How projects work together for the mutual benefit of the entire sector
On December 2, 2021, Bored Ape Yacht Club (BAYC) caught the eye of culture-driven sports brand, Adidas and cemented their partnership by increasing both its awareness and value. RTFKT studios was acquired by Nike and also caught the attention of the community by airing the first Nike NFT, MNLTH.
The MNLTH airdrop is aptly named as RTFKT introduces a new concept to NFT revealed since the community sparked it. The MNLTH NFT is only revealed once the community has collectively completed all quests where members speculate if the content is Nike products.
RTFKT is a leading digital brand. Their combination of understanding technology and culture made them a great fit for Nike. The first co-branded NFT dropped earlier this month. The MNLTH (short for Monolith) has yet to be revealed, but speculation is that a digital Nike asset is inside. pic.twitter.com/xSlof0L81q
— Greg Younger (@gregyounger) February 19, 2022
These new developments show that NFT Collections are realizing the value of partnering with strong thought leaders, brands and communities as a way to increase their overall value in terms of social capital and investment.
NFT projects that establish key connections that contribute to their social branch and increase the overall value of the collection’s floor price prove that collaborations in the NFT ecosystem have value.
Here’s a look at a few projects that are using this strategy to make waves in 2022.
FoxFam attracts attention from other NFT artists
FoxFam NFT is a hugely popular project with artists in the industry, including Invisible Friends creator Markus Magnusson, who joined London-based studio YumYum’s collection with his wife and fellow artist IraG.
We are so excited to reveal the PixelFox species!! PixelFox will be integrated for use in @Worldwide_WEB3 game and will be available to FoxFam 2D Genesis Mint owners with $YUM pic.twitter.com/1K0MA6zw4u
— FoxFam (@foxfamnft) February 1, 2022
The project has matured considerably since its launch five months ago. According to OpenSea, the average sale price has increased astronomically by more than 700%. FoxFam has generated over $19.5 million in total volume.
The project extended its connection into the Metaverse by collaborating with the intentionally misspelled World Wide Webb, an interoperable platform, buying apartments for Fox owners to enjoy. Thus, the creators will grant each FoxFam holder a 2D pixelated version of their avatar to be easily integrated into the World Wide Webb.
FoxFam NFT plans to gamify its collection with the launch of a play-to-earn (P2E) game where players can earn YUM tokens and currently collectors and investors can retroactively earn YUM by purchasing 2D profile proof.
We can’t wait for pixel foxes to hang around and populate the global web! Thanks for the welcome ♥️ https://t.co/wTpDPK2p8p
— FoxFam (@foxfamnft) February 3, 2022
As a working creative studio in London, FoxFam isn’t YumYum Studio’s first rodeo. The studio has partnered and worked with notable brands and entities such as Adobe, Nokia, Lyft, MTV, and McDonalds to name a few.
Given his resume and experience, collectors and investors eagerly await the execution of his revamped roadmap which includes the launch of YUM, 3D avatars and his P2E game FoxCity.
Coolman Universe Speshies joins Metalink Launchpad
Created by Danny Casale otherwise known as Coolman Coffedan, Coolman Universe Speshies is a collection of 10,000 colorful species aiming to find their way through the Coolman Universe.
The collection launched in December 2021 and Speshies has seen massive growth with over 5,500 unique holders to date. The average sale price has also increased from a modest 0.15 Ether to 2.7 Ether and in the past week alone, Coolman Universe has generated over $9.6 million in sales, with its average sale price increasing by almost 120%.
The recent increase in Speshies volume and unique holders could be the result of its recently announced partnership with social crypto platform, Metalink. Founded by Jake Udell, Metalink aims to provide its users with the alpha they need to join upcoming collections.
— metalink (@metalinklabs) January 30, 2022
When asked about the partnership, Coolman Coffeedan said, “Metalink is an important utility for our holders” because its launch pad is a “dedicated space for verified holders to log into our project”. As a social arm, Metalink serves as an NFT hub where verified holders of notable projects like CryptoPunks, BAYC, CyberKongz, and Coolman Universe can connect through their shared values and passion for NFTs.
Related: Adidas enters the Metaverse with NFT partnerships
RTFKT Studios Nike MNLTH NFT
RTKFT studios are known for making headlines as one of the first Nike NFTs and the recent MNLTH airdrop is turning heads. RTFKT studios paved the way for Web3 by designing sneakers and digital products and on February 4, the project dropped holders of its CloneX PFP collection a curiously enigmatic metal box.
I feel like mnlth is about to explode and we’ll be like, why didn’t we buy more
— notthedrphil (@NotTheDrPhil) February 15, 2022
What’s inside the MNLTH box is a mystery to most, but the community really took the initiative behind its reveal. RTFKT announced a new idea that the community and the blockchain would trigger the slow unveiling of the contents of the box and the MNLTH reacts once it is triggered by getting a little closer to its reveal.
Community engagement in this way has proven to be positive for the project and the volume of the collection. MNTLH has amassed over $32.5 million in total volume so far and maintained an average sale price of 4.33 Ether ($13,405.69).
Over the past seven days, the number of daily sales has remained above 50, suggesting that investors and collectors are seeing value derived from the RTFKT ecosystem.
Beyond game theory, tokenomics, and utility sorting, NFT collections and communities thrive on building interpersonal relationships and connections with other notable players in the industry. It appears that by increasing the social capital of the community and the associated collection, intrinsic and extrinsic value is derived from it.
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