Friday, April 19, 2024

NFTs and social capital: How initiatives are collaborating for the sector’s mutual benefit.

An NFT project becomes successful when it receives backing from a strong and vibrant community. Marketplaces, brands, thought leaders and others having a stake in NFTs are collaborating in different ways to strengthen the fundamentals of their NFT projects.

Successful Projects

Adidas partnered with BAYC for its Bored Ape project on December 2, 2021, raising this project’s value as well as notoriety. Nike acquired RTFKT Studios and airdropped MNLTH, its first non-fungible token. This airdrop is exactly what it claims. A new concept emerged after this NFT was revealed. It is the community that triggers it. The NFT of MNLTH is revealed only after all quests have been completed by the community. Members speculate if Nike goods are included in the contents.

NFT Artists Show Interest in FoxFam

This project is very popular among artists. Within five months of its launch, the project has gained significant traction. According to the data of OpenSea, its average sales price increased by a huge 700%. The volume worth $19.5 million has been generated by FoxFam. The project is now connected to the metaverse after it collaborated with the interoperable platform Wold Wide Webb. Fox owners can buy apartments here. Creators grant FoxFam holders a pixelated 2D form of their digital avatar that can be integrated with the Webb system.

Oxfam has plans to gamify the collection after the launching of a P2E (play to earn) game. Players receive YUM tokens. Investors and collectors right now have an option to earn YUM retroactively by buying the 2D proofs of poodle.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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