Whenever the NFT situation experiences a sharp market downtrend, savior projects often emerge to reawaken and revitalize the niche. , Moonbirds and other critically acclaimed projects debut and after. As the wheel of time shifts to his 2023, another great project has taken its place among these blockchain heavyweights. Check out the NFT Collection.
What is Check Collection?
of check collectionAlso known as “Checks-VV Edition” is another epic NFT project created by a prominent artist in 2023. Jack ButcherThis is a collection of 16,031 NFTs created on the Ethereum network within 24 hours of January 3rd and 4th, 2023. The collection came at a time when the NFT sector activity slowed down due to recent unprecedented crypto market trends.according to Jack Butcher12,000 pieces were minted, and the collection already recorded about 2,000 unique collectors/owners.
Wondering what all the fuss about the Checks collection is all about?
The Checks collection was inspired by the new trend of assigning verification checkmarks to Twitter users who can save $8/month for privileges. This will be an exciting read, so have a drink while enjoying the stories from the Checks NFT Collection.
About the check mark on Twitter
Recall that Twitter has a blue verified checkmark that symbolizes legitimate accounts of celebrities and celebrities, including active and prominent users since the inception of the Bluebird space. A checkmark indicates importance and attests to the legitimacy of a public account that Twitter has verified to combat the spread of fake accounts and catphishing in its space. When Elon Musk acquired his Twitter in 2022, he changed the Checkmark status quo, offering Checkmark to everyone who could afford the $8 monthly service fee.
Butcher already had the idea to create a Checkmark theme before Musk was acquired. However, with this change, now is the perfect time to hatch and create the Checks collection.
About Check Collection
According to Czech officials website‘Check is an endless canvas for expression designed to challenge notions of ownership and copyright in the Internet age. The check collection (or VV edition) is an open edition collection of 16,031 NFTs, currently with 4,298 collectors, with the average collector owning 3.5 checks. At this point, the collection recorded a trading volume of 18,128.5711 ETH ($30 million), with a circulating supply of 16,029, of which 10,500 were listed. high seas With a floor price of 1 ETH.
Each Check NFT has 80 checks in an 8×10 vertical grid. Within 24 hours of launch, 16,027 NFTs sold out at $8/NFT. According to OpenSea, the project was created and listed by Visualize Value, a consulting firm founded by Butcher. From the analysis available in OpenSea,
- 1,982 owners (61%) each have 1 NFT
- 812 owners (25%) have 2-3 NFTs each
- 349 owners (11%) have 4-10 NFTs each
- 91 owners (3%) have 11-25 NFTs each
- 22 owners (0.7%) each have 26-50 NFTs
- 24 owners (0.7%) each have 51 or more NFTs
The data above shows that this project is remarkable given that it was started a month ago (January). Interestingly, all checks have two properties. Their names (cheques) and numbers. Each check is numbered to indicate the mint sequence number/level, with unique ranking levels from 1 to 16,031 double his. Of the 16,031 checks minted, only 16,030 of his have survived, as check 10845 was burned.
NFTs may appear as black-and-white checkmark portraits on OpenSea and other markets, but their true multicolor composition can be seen on various media platforms. Additionally, to make the Checks ecosystem engaging and fun, Butcher introduced a writing mechanism tagged as “semi-perfect numbers”.
What are quasi-perfect numbers?
Recall that each Checks NFT has 80 multicolored checks, and 80 is considered a semi-perfect number because some elements sum to 80 (except 80). The sum factors are 40, 20, 10, 5, 4, and 1. Add these numbers up and you get 80. This concept of semi-perfect numbers has two purposes.
- This is used to bake an existing Checks NFT to generate an on-chain original version of the Checks NFT with a semi-perfect number of each element. This means that the original check can be baked in to create a check NFT with 40, 20, 10, 5, 4, or 1 multicolor or black check (for 1 element).
- It is also used to establish quests for finding 1/1 Black Checks.
How does the combustion mechanism work?
The writing mechanism begins by writing two original Check NFTs and obtaining a smaller version of the original.for example
- Baking two of the original 80-check NFTs will result in a 40-check NFT.
- Burning two 40 checks makes 20 checks
- Bake 2 checks of 20 to get 10 checks
- Burning two 10 checks makes 5 checks
- Burning 2 checks of 5 makes 4 checks
- Burn two 4 checks and you get the coveted black 1/1 check
The collector can stop writing at any stage, but the process is irreversible. The writing is aimed at creating rare on-chain NFTs, as each reference element has a limited edition. Burning Quest defines the rarity of the original 80 Checks collection. The more burned, the less unburned NFTs.
Additionally, burning NFTs reduces the number of tokens in public circulation. This concept of burning two to get fewer but rarer checks makes the on-chain edition of the 80 Factor even rarer as they are limited in number. It means less, 4 Factor, 5 Factor, 10 Factor, 20 Factor and 40 Factor editions to follow. However, as more checks of a particular element are burned, the number of tokens in circulation decreases, making unburned NFTs of that element more rare.
What an ideal and exciting project!
Top 10 Most Expensive Checks
Since the Checks NFT’s launch and public trading, the collection has racked up a huge amount of money to get its hands on items that were initially $8. Below are the top 10 most expensive checks.
- Check 2: Sold for 52 ETH ($84.8k) on February 6, 2023.
- check 27: Sold for 17 ETH ($27.8k) on 05/02/2023.
- Check 5: Sold for 18 ETH ($27.2k) on February 12, 2023.
- Check 6: Sold for 13.5 ETH ($23,000) on 02/02/2023.
- Check 1: Sold for 11.111 wETH ($18.1k) on January 20, 2023.
- Check 21: Sold for 11 ETH ($16.6k) on February 3, 2023.
- Check 88: Sold for 8.8 ETH ($14.5k) on February 3, 2023.
- Check 42: Sold for 8.4 ETH ($13.7k) on 05/02/2023.
- Check 91: Sold for 8.10 ETH ($13.2k) on February 6, 2023.
- Check 41: Sold for 7.690 ETH ($12.5k) on February 6, 2023.
Where can I buy NFTs now that minting has ended?
Checks NFTs can be purchased in secondary marketplaces such as:
- high seas
- Binance NFT
- looks rare
- Nifty Gateway
The Checks collection blends interaction, quests, memes, and fun with the concept of creation, reflecting extraordinary NFTs inspired by the way their owners store them. It recorded massive adoption and transaction volume for NFTs that initially sold for $8, rising to thousands of dollars in the weeks and months after launch. The creator of this masterpiece (Jack Butcher) promised to think more about how to improve the project and look forward to the long-term game rather than the short-term.
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*All investment/financial opinions expressed by NFT Plaza are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Technical writer with a passion for blockchain and all things decentralized world.