Fun Fact: if you would have spent $3,333 minting the Checks - VV edition, when it was first minting for $8, today that would be worth $1,000,000!
But what is Checks - VV, and why has it been the #1 trending NFT collection on OpenSea for the past few days?
Enter Jack, the creator of this collection; "Checks"
Inspired by the recent roll out of the Twitter Blue verification paid-feature, Jack created an 8x10 grid open edition of ever-evolving colored 'checks'.
"If everyone is verified, nobody is verified"
- 16,031 identical items
- 24 hours to mint
- open to everyone
- $8 to mint, (inspired by $8 / month verification on Twitter Blue)
The mint sold out in this 24 hour window. Some picked up 1, and one degens in particular: Schmrypto, minted 507 checks, for a grand total of ~$4,000!
Hitting Secondary Market
During the first week of January, the Checks hit the secondary market on OpenSea, and we're trading for ~$32 a piece.
As you can see, volume soon picked up, and the price followed.
In the first ~30 days, things absolutely starting blowing up for the Checks narrative:
- Over $10,000,000 in total traded volume
- 4,071+ individual owners
- and a 1.38 ETH floor price at the time of writing ($2,290)
The answer is derivatives. For whatever reason, something about this collection's aesthetics really clicked & inspired dozens and dozens of derivative collections and memes, NFT twitter became filled with checkmarks.
Even Budweiser, (yes, Budweiser the beer) dropped a very unexpected 'Checks' inspired tweet:
Burning and Condensing!
Jack let his twitter followers know "my goal is not to make you money, its to make you think", and that is exactly what everyone is doing right now as we await for the next step of the Checks evolution to finalize:
At the moment, everyone owns the 80 check grid.
When burning begins, you will be able to burn two 80 check NFTs to produce a randomly color-generated 40 check grid.
And you will be able to keep burning these grids until you get to the rare, single-check.
This will be interesting for 2 reasons:
- more than a quarter of the supply of Checks will..evaporate
- how will the market price each one of the 8 different variations?
I guess this is part of the buzz - an NFT collection that is not dry, but rather unpredictable in nature, and interactive.
We will check back in on the Checks when after they begin to burn and change form.
Until then, Happy HODL'ing!
Disclaimer: Author owns Checks NFT