Metopia Research Report- A dive into 10KTF NFT
Introduction:
The 10KTF NFT was launched over a year ago on September 17, 2021. It is a collection of metaverse wearables for users from certain NFT communities. According to OpenSea, the collection consists of over 23,000 NFTs which was created by Wagmi-san, a fictional character and an expert craftsman in the world of New Tokyo. The collection are ERC721 standard smart contracts that creates one-of-one derivatives from various blue-chip NFT projects.
The story of Wagmi-san is that he is in a war to keep his store from being destroyed by the Cryptoadz Mafia. He is known for creating accessories for the likes of Apes, Cats, Toadzs and more, depending on his mood that day.
The team behind the project is WENEW, a platform co-founded by Beeple. WENEW has a strong track record of working with brands such as Louis Vuitton and Andy Murray. With over 14 years’ experience, Beeple is known for selling the world’s most expensive NFT at $69m. The other co-founders are Michael Figge, Tim Smith, and Guy Oseary, all having experience working with artists ranging from Justin Bieber, Linkin Park and more.
Who can create/mint items on 10KTF?
Not everybody can create an NFT as each user needs to hold the original, parent NFT to create their derivative accessories. As stated previously, only one NFT can be created for each individual NFT. So there is a maximum supply of Ape High Top (virtual world accessory), which is 10,000 as there are only 10,000 Bored Apes, the user has the option to choose from a variety of tools and materials.
Wagmi-san has the skills and ability to craft 10KTF blanks for the following collections
- 0N1 Force
- Bored Ape Kennel Club
- Bored Ape Yacht Club
- Cool Cats
- CrypToadz by GREMPLIN
- CryptoPunks
- Gutter Cat Gang
- Meebits
- Moonbirds
- Mutant Ape Yacht Club
- Nouns
- Pudgy Penguin
- Forgotten Runes Wizards Cult
- Wolf Game
- World of Women
- World of Women Galaxy
As of now, 10KTF only supports Metamask, so users have to load their NFT holdings onto their Metamask wallet; There are 23.4K items, the floor price is 0.39 and the total volume is 11.9K ETH.
What is Battle Town in 10KTF
Battletown is the location where the owners of 10KTF go to complete missions for the battle in the world of New Tokyo. Players must be equipped with their wearable items, such as helmets and vests (Level 2). In the upcoming Battle Town Level 2, there will be an introduction to weapons such as flamethrowers and guns. Players must earn Level 2 items by minting a crate.
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Acquiring a full set of GEAR (backpack, head gear, pull over and shoes) gives the user a 1.75x multiplier for points accumulated and bonuses if you hold all the parent NFTs. [edit; this function has no disappeared]
10KTF Crates
Crates are accessories that enable users to claim the following in order to participate in missions. Some examples include
- A level 2 item
- IRL events
- Merchandise
For newer users in order to purchase crates, there are two ways to join the sale. Either users hold 130 ApeCoin (creating demand for the token, ), or as an Enlistee. Potential enlistees are referred to by existing Badge Holders, which users obtain when they participate in in-game missions and is currently the only use-case for the Badges.
[They are currently for sale on the secondary market and no longer available for 130APE]
On-chain achievements and reputation and the DAO.
Generally defined as a bottom-up structure where everyone has the ability to participate in decision making processes, a DAO serves the function of have a less autocratic structure. 10KTF does not currently have a DAO and the plans are unclear for the future.
Metopia strongly believes that a reputation system could be used in the case of the 10KTF, the implementation of their badges can serve as a way of showing other user’s their worth and not just in the form of their wearables. Under Metopia’s system, the future of the community could potentially rely on badges, token-holdings and NFT holdings to determine the voting weight of each user.
Reputation voting is a system where member’s voting powers are directly related to their on-chain and off-chain activities. A reputation score is essentially an aggregate score given to users, this is calculated by collating a multitude of factors, the score translates to a voting weight. Using holding durations of NFTs as an example, DAOs may create an incentive for their holders by rewarding additional voting power for long-term holders. Eg; Hold duration > 365 = 10% voting weight. Under Metopia’s system, the project could also create incentives such as increased voting power depending on the amount of badges held.
Examples of on-chain activities include
- Holding duration of tokens/NFTs
- Staking History
- Badges
- Governance History
- Soul Bound Tokens, Proof of Attendance Protocol
- NFT Traits
Examples of off-chain activities include
- Twitter Space attendance
- Discord activity, engagement, roles
The aim of the reputation system is to take into account multiple factors and to allow teams to create perks and incentives. We believe that governance should not be purely based on the amount of tokens/NFT that Web3 users hold, but the quality of their members too. As we know, the community of any project is gold and by creating incentives to keep them around the ecosystem is necessary to sustain a healthy community.
Conclusion
As one of the first successful projects that feature wearable items, 10KTF are on the cusp of creating a whole new ecosystem with their story-telling and integration of various projects through the use of derivatives. With the potential creation of the DAO, Metopia believes that by implementing a reputation system, it can incentivize additional users to participate in the ecosystem. The platform that Metopia provides will give power to the masses, as they will be able to create endless opportunities when it comes to DAO governance.
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