Jack Butcher's Checks Collection Off to a Hot Start

Checks VV - Edition by Jack Butcher has quickly become a sought after NFT within the Web3 community. With many speculating Fidenza-like vibes on Twitter, Checks quickly shot up the ranks on OpenSea after a slower start in January. As NFT Now reported on Jan 24th, Checks unique burning mechanism introduces a new style of NFT with built-in game theory. During Phase 2 of the project, Checks holders will be able to burn their NFT to make it an on-chain piece of artwork. The ultimate grail piece that could theoretically existing through the burning mechanism is a single black check, which only 3 of can ever exist. 

The breakdown works like this. Burning two 80-check pieces creates an artwork with 40 checks, burning two 40s creates a 20-check piece, and so on, reaching benchmarks of 10, 5, 4, and ultimately resulting in a single colored checkmark artwork.

Overall volume has been strong closing shy of 8,000 ETH as of Feb 4th on OpenSea alone. This is for a project that minted at only $8 a piece a month ago. With the floor price currently around 1.3 ETH, Checks is off to a hot start to say the least. It'll be interesting to see how Checks evolves and what other projects are born through the inspiration of this new project model.