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.
By clicking "Accept", you agree to the storing of cookies on your device to enhance site navigation, analyze site usage and assist in improving your experience.