The Nifty Report Vol.1 Issue 4 - The Rise of the On-Chain Micro-NFT
Math, Words, and ChainFaces are the Latest On-Chain NFT Projects
|Nifty Report||Jan 21, 2020||5|
First, I’d like to mention the new TokenSmart community, a Discord server for all developers, artists, collectors, gamers, and general NFT enthusiasts alike. It has quickly become the gathering place for the community, and I’d be lying if I said I didn’t spend way too much time hanging out there.
Alright, onto the topic at hand. Over the last month, three new NFT projects have launched that, while deceivingly simple, leverage the Ethereum blockchain in the purest, most trust-less way possible. These NFTs are completely on-chain, and have the ability to become the basis of so much more than the simple numbers, letters, and characters that they appear to be on the surface.
Each token is also the NFT. For example, token number one is also an NFT, and that NFT is simply the number “1”. Alex created the first 100 tokens (NFTs 1-100) before publicly launching the contract. Subsequent numbers are created by adding two existing numbers together, and paying a fee of 0.002 ETH. The payment is split between the owners of the numbers that were used in the “recipe,” and the new number is generated by the contract.
Within a day, “Math” was the 5th ranked NFT for transfers, and holds 14th position today; impressive for such a simple concept. And of course, what would be an NFT if it wasn’t on display in CryptoVoxels?i
Suggestively, Alex also announced, “for composability and interoperability sake, I'll be using MATH tokens as the keys to mint tokens in my future contracts. I'll let you guys speculate on my abilities.”
Keep it classy, NFT community. On the 12th of January, “69” sold for 1 ETH.
On the 14th of January, the first math-based pixel art was created:
Less than a week later, the first math-based RGB tokens were created:
Where will this project go next? Math-based music? More complex art? Perhaps owning a particular math token could entitle you to some other NFT in the future. Who knows. All-in-all, a great project that could open up some interesting possibilities. I have a feeling we might find out just what’s in store, at the ETHDenver hackathon in February.
Inspired by the “Math” project, “Words” was launched on January 12th. Using a similar formula to “Math,” new words are minted by concatenating (combining) two existing words for a fee of 0.002 ETH, with 0.001 ETH going to each of the owners of the words used in the “recipe.”
Two days after it was created, “Words” ranked second for transfers among all NFT projects. In only eight days, 8500+ words had been minted, with the most expensive being sold for 0.75 ETH.
Token as identity? Part of a scrabble NFT game? Like “Math,” “Words” will likely become the basis for numerous NFT-based projects.
With hilarious properties like “percent bear,” and “golf score,” these quickly went viral within the community, with multiple sales for more than 1 ETH, and the most expensive selling for 10 ETH!
Nate’s also running a competition that rewards owners in various categories (check the Discord server for details).
I’d say the major takeaway from these three projects is that the NFT community appreciates the honesty and purity of a completely on-chain asset, and sometimes simplicity trumps complexity.
This all, of course, leads us to the impending launch of Avastars, which adheres to this strategy, and is launching shortly!
‘Til next time…