The Grandpa Crashing the NFT World

Summary of the First Webinar of 2024: Bitcoin

10KTF Project Review

In this article, I will present to you the 10KTF project, which is still under the radar, but in my opinion, will capture a significant part of the NFT world.

First, before we dive into researching the project review, we will need to know two basic concepts: NFT and fundamental research.

NFT is an abbreviation for Non-Fungible Token. A non-fungible token is a type of token that we can use to represent ownership of unique items and products. They allow us to tokenize value in items from the art world, collectibles, and even real estate.

The ownership of the asset is secured by the blockchain network, meaning no one can change the record of ownership of your NFT.

Another concept that will accompany us throughout is fundamental research.

Fundamental research is a basic analysis strategy, an act of investigation and evaluation that will help us predict the size of the investment to see if a crypto coin/NFT collection has intrinsic value not reflected in its current market price.

Based on the information we gather, we can get an overall picture that will help us build a portfolio.

Combining these two concepts, we will unveil one of the projects that in my opinion will be the next big thing in the NFT market.

The NFT field began its early days in 2017 with a project called CryptoKitties. This project marked the first milestone in combining games and NFTs.

Over the years, many projects have emerged, some more successful than others. But there is one central project that, in my opinion, caused the breakthrough in the field, and that project is the Bored Ape Yacht Club, founded in April 2021 by Yuga Labs.

I’m sure you’ve heard about it everywhere possible, or you’ve seen a picture of a monkey on some celebrities’ social media and didn’t understand what it was about. Well, this is the project I’m talking about.

I decided to talk about it because I have a feeling that the next project I’m going to present to you will “explode” very soon and maybe even become the next Bored Ape Yacht Club in the NFT world.

10KTF is an online shop in New Tokyo (a virtual city) run by Wagmi-san, a famous fictional artist in the world who loves to give out airdrops. The project launched on September 17, 2021, and 10KTF allows users to create NFT creations they own from a variety of different NFT collections.

Every 10KTF accessory is a 1-of-1 digital collectible item that will be created only once. It offers unique metaverse-style wearable gear for holders of specific NFT projects. Collectors have managed to mint NFT sneakers showcasing high-top sneakers, backpacks, socks, and even collaborative items with Gucci.

The project has now grown into a larger story portraying Wagmi-san as a shopkeeper fighting to prevent his shop from being shut down by a mafia of toads called Boss Toadz.

We are actually helping Wagmi-san hold on to his inventory so the yakuza can’t steal it.

Ultimately, the shop was badly burned down in the war.

And they are now launching a combat game called Battle Town.

What is Battle Town in 10KTF?

Battle.town is a PFP (profile picture, or in short, PFP, a type of NFT that has grown in popularity) event platform where players can use their 10KTF items to join missions in the ongoing battle for New Tokyo.

Level 1 included wearable gear that users needed to hold. Examples of such Level 1 items are grill accessories from the 10KTF Genesis or Crafted collections. This includes oversized shirts, daypacks, hats, hoodies, and socks.

The upcoming Battle Town Level 2 introduces new items… Level 2 items are from the 10KTF Combat collection.

These items include helmets, flak jackets, combat boots, grenades, rifles.

The combat items will give players the ability to earn higher point bonuses set on Battle.town missions. To acquire Level 2 items, users will need to mint a Combat Blank.

So how do you play the game?

After connecting our wallet, you can choose missions and join by submitting your avatar squad equipped with 10KTF items to help Wagmi-san’s cause.

Registration periods will vary for each mission. A countdown timer in Battle.town will update to notify players before each registration period and for the duration of the mission.

So we need to stay active to the community and the project’s official Twitter.

After we complete the mission, there may be a reward available for minting.

At 10KTF’s discretion, mission rewards could include: story point tags, inventory materials, physical materials, or other items. These items will be available to mint and claim in Battle.town after completing each mission.

Wagmi-san promises significant value for all holders, such as airdrops and metaverse-spanning benefits.

Who can create/mint items in 10KTF?

Initially, the action was free, and NFT owners only needed to pay the gas fee.

For completed Level 1 items, owners will need to pay 20 APE (the Bored Ape Yacht Club project token we presented earlier), not including gas fees. While completed Level 2 items will require a Combat Blank crate plus the gas fee.

In addition to the 10KTF collection, Wagmi-san’s clients holding 10KTF tools and materials can now use them to create items.

The 10KTF inventory has tools (reusable) and materials (consumable) that can be used to produce blank shoes, bags, hoodies, etc., in The Shop.

Anyone with a supported PFP can come to the shop with their blank and pay. For around 0.1 ETH plus gas to create a 10KTF item.

There are only 3 tools in Wagmi-San’s shop: a die, scissors, and a tape measure. Each tool can be staked to yield the new 10KTF ERC-20 NTD token, which will allow us to purchase the next wave of materials, tools, and physical rewards for yet-to-be-unveiled adventures in New Tokyo.

Currently, Wagmi-san allows minting 10KTF components into finished accessories for these 16 collections:

I want to share with you how I was exposed to the project and the team behind it.

The team behind the project is WENEW, a platform founded by the artist Beeple that brings memories to the metaverse. They previously released the Andy Murray 2013 Wimbledon victory NFT collection, with the rarest moment of the set selling for $177,000. WENEW also collaborated with Louis Vuitton to release a game where players could win NFTs.

The company consists of several team members I will present to you now:

Mike Winkelmann (Beeple) – Co-Founder

A digital artist with over 14 years of experience. Sold the most expensive NFT ever to a single buyer at a public sale for $69 million. Incredibly famous in space, he has 2.5 million Instagram followers, his works have been featured in two Super Bowl halftime shows, and Justin Bieber’s performance.

Michael Figge – Co-Founder

Worked as a Creative Director for POSSIBLE, a company that provides visual identities for the world’s biggest artists. Worked with Ariana Grande, Justin Bieber, Childish Gambino, and Paul McCartney.

Tim Smith – Co-Founder

Previous experience includes being a Co-Founder of No Fine Print, a successful online wine company. Also worked at a company that managed musical artists such as Mary J Blige, Korn, Limp Bizkit, Linkin Park, and Rob Zombie.

Guy Oseary – Co-Founder

Has an incredible track record, worked in artist management including Madonna, and producing the Twilight series. He also managed baseball stars like three-time American League MVP Alex Rodriguez, helping him win his first World Series championship. Guy then became an adviser to other companies including Groupon, which Forbes declared the “fastest growing company in internet history.” That company is now worth $1.4 billion.

There are a few more team members, but those are the key members behind the project.

Looking at a handful of team members, we can see they all have long lists of accomplishments and ties to major companies and artists. I haven’t seen many teams with such an established employment history in this space until now.

In the bigger picture since the dawn of the NFT era, a wide range of massive, explosive projects have emerged, but those that have survived are the ones that presented viable, value-adding collaborations and vision – something that leads us to understand that projects without a viable vision are ultimately destined to fade away.

In my opinion, the project is currently in its early stages and is set to continue growing and evolving. However, there is one issue that, in my view, is problematic – Nike’s lawsuit against the project over the use of their sneakers. But I believe they will quickly reach a settlement, and the project will continue to thrive and succeed.

Additionally, Yuga Labs’ acquisition of the project will provide another boost for growth from a company already successful in several market projects, as I mentioned in the article.

Important to note – this article should not be seen as financial advice/recommendation. It is a review of leading projects happening in the market that we provide an opinion and accessible information on.

Sources:

https://medium.com/nswap/what-is-10ktf-nft-everything-you-need-to-know-about-wagmi-san-b9459aa5b7ab

https://acconsultancy.medium.com/10kft-an-in-depth-guide-7aa6de36e318

https://www.bloomberg.com/press-releases/2022-11-14/yuga-labs-welcomes-beeple-s-10ktf-and-wenew-to-their-growing-nft-and-web3-ecosystem

https://www.coindesk.com/web3/2022/11/14/yuga-labs-acquires-beeples-wenew-and-its-flagship-nft-collection-10ktf/

https://10ktf.com/#Abou