🐻 This hot new NFT collection was only $8

Plus, more crypto scams and predators get caught

AuthorAuthor

Rahul & Oleena
February 09, 2023

GM frens 🙌. The market was a bit of a mixed bag this week after experiencing a short pump following the Federal Reserve’s comment about slowing inflation. But the price has now dropped back down and Bitcoin is hovering below $23k. Looks like the market is confused and feeling a little hot and cold.

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In this issue:

📣The big story of the week. Forget BAYCs, Checks is the new NFT craze.

🚀The good. The crypto community donates millions of dollars in relief to support the devastating earthquake in Turkey.

🐻The big, bad FUD. Influencer gets caught in the act of promoting an NFT scam and VC-backed project pulls the rug on users.

📣The big story of the week

Forget BAYCs, Checks is the new NFT craze

The NFT market was feeling spicy this week with big-ticket items selling for over $1 million.

It’s been a hot minute since we’ve seen a fire NFT sale like this 🔥. But look, a majority of us can’t afford these, so why should we care? Well, good news is that overpriced NFTs weren’t the only thing pumping this week.

Open edition NFTs have also been gaining some hype and we’re all about it because A) it’s fun vibes and B) it’s usually low risk and low capital 🙌.

Open edition NFTs? What’s that?

Good question. You may be aware of the many different ways that NFT collections are created and launched to boost its potential value. Some common methods include embedding rarity traits, adding utility or capping the number of NFTs that can be minted. This creates demand by limiting the supply and adding unique features.

But did you know that there is such thing as open edition NFT mints? Instead of capping the supply, open edition collections have no limit to how many NFTs can be created. Within the set time frame, buyers can mint as many NFTs from the collection and once time is up, that’s when the cap is set.

Ok, but what’s the point?

One of the main features of NFTs is being able to have something that’s “one-of-a-kind”. So why would you want something that everyone else has? Well, for one, open edition NFTs are usually priced significantly lower than your typical limited NFT collections.

It’s like buying a print or a poster of a Van Gogh for less than $10 because no one can actually afford to buy the original. It’s a way to make NFTs more accessible to the mainstream audience and build hype for the artist. Especially in a bear market, it seems like this trend is coming back alive 🙌.

$8 Checks for everyone!

These days, blue checkmarks have been flooding the Twitter timeline after Elon made it available for anyone to purchase for $8. Now, you can also buy an NFT of it.

Last month, well-known designer, Jack Butcher launched a little experiment and released an open edition NFT collection called Checks. Anyone could get this NFT of 80-colored Twitter checkmarks organized in a grid for $8.

Within 24 hours, 16,000 NFTs were minted and have now hit a floor price of 2 ETH (roughly USD $1,600 at this time). That’s quite a profit from the initial $8  🔥.

Since then, this open edition project has blown up and ignited a wave of derivative projects remixing the Checks. A popular example is this Pepe-meme spin-off that sold nearly 238,000 NFTs at $7. That’s a total of $1.6 million. Who said limited edition NFTs are the only way to make money 👀?

What makes Checks even more interesting is its upcoming burn mechanism 🔥. Right now everyone owns the same 80 checks NFT. When the burning phase kicks off next week, holders of Checks will be able to burn their accumulated NFTs to get rarer editions. Eventually, there will only be one left - a single black checkmark.

Not only are open edition collections making NFTs more accessible and affordable, but it’s actually making NFTs fun again and we love it. But as always, DYOR and have fun.

🚀The good

We love when the crypto community comes together. Following the devastating earthquake in Turkey, several crypto projects have raised and donated millions of dollars in crypto to help those in need.

After weeks of back and forth, Gemini and Genesis have finally come to an agreement on how to recover Earn customer funds, which includes Gemini contributing $100 million.

On-chain sleuth helps the FBI seize stolen NFTs. So what’s the FBI going to do with a BAYC and Doodle now 👀?

🐻The big, bad FUD

Crypto’s favorite Youtube investigator catches a popular influencer in the act of promoting a fake NFT project. Do your own research folks!

Social token sidechain, Rally shuts down and takes user’s funds with them. Rug pull much? We wonder what their investors like A16Z have to say about it 🤔.

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