NFTs and social capital: How projects are collaborating to the mutual benefit of the entire sector
Behind every successful NFT project stands a strong community. Here’s how creators and community members are collaborating with thought leaders, marketplaces and brands to strengthen their project’s fundamentals.
On Dec. 2, 2021, Bored Ape Yacht Club (BAYC) amassed the attention of culture-driven athletic brand Adidas and cemented their partnership, raising both its notoriety and value. Meanwhile, RTFKT Studios was acquired by Nike and has also garnered the community’s attention by airdropping the first Nike nonfungible token, MNLTH.
The MNLTH airdrop lives up to its name, as RTFKT has introduced a new concept to NFT reveals: The community triggers it. The MNLTH NFT is only revealed once the community collectively completes all required quests, with members speculating whether the contents are Nike goods.
RTFKT is a premier digital brand. Their combo of tech & culture understanding made them a great fit for Nike. The first co-branded NFT dropped earlier this month. The MNLTH (short for Monolith) is yet to be revealed, but speculation is that a Nike digital good sits inside. pic.twitter.com/xSlof0L81q
— Greg Younger (@gregyounger) February 19, 2022
These new developments show that NFT collections are realizing the value of partnering with strong thought leaders, brands and communities as a way to increase their overall value in terms of social and investment capital.
NFT projects that establish key connections that assist with their social arm and increase the overall floor price value of the collection serve as proof that there is value in collaborations in the NFT ecosystem.
Here’s a look at a few projects that are using this strategy to make waves in 2022.
FoxFam gains the attention of fellow NFT artists
FoxFam is a project that is quite popular with artists in the sector. Notably, Invisible Friends creator Markus Magnusson took to the London-based YumYum studio collection along with his wife and fellow artist, IraG.
We’re sooo excited to reveal the PixelFox species!! PixelFox will be integrated for use in @Worldwide_WEB3 game and will be available for FoxFam 2D genesis holders to mint with $YUM pic.twitter.com/1K0MA6zw4u
— FoxFam (@foxfamnft) February 1, 2022
The project has significantly matured since its launch five months ago. According to OpenSea, the average sale price has increased by an astronomical amount, over 700%. FoxFam has generated over $19.5 million in total volume.
The project has extended its connection in the Metaverse by collaborating with the intentionally misspelled World Wide Webb, an interoperable platform, purchasing apartments for Fox owners to enjoy. As such, the creators will grant each FoxFam holder a 2D pixelated version of their avatar to easily be integrated into the World Wide Webb.
FoxFam plans to gamify its collection with the launch of a play-to-earn (P2E) game where players can earn YUM tokens. Currently, collectors and investors can retroactively earn YUM by purchasing the 2D proof-of-profile.
We can’t wait for the pixel foxes to hang out and populate the Worldwide Web! Thank you for the welcome ♥️ https://t.co/wTpDPK2p8p
— FoxFam (@foxfamnft) February 3, 2022
As a functioning creative studio in London, FoxFam is not YumYum Studio’s first rodeo. The studio has partnered and worked with notable brands and entities such as Adobe, Nokia, Lyft, MTV and McDonald’s, to name a few.
Given its resume and experience, collectors and investors are looking forward to the execution of its revamped roadmap, which includes the launch of YUM, 3D avatars and its P2E game FoxCity.
Coolman Universe joins Metalink Launchpad
Created by Danny Casale, otherwise known as “Coolman Coffeedan,” Coolman Universe is a collection of 10,000 colorful “Speshies” aiming to find their way in the Universe.
The collection launched in December 2021 and has seen massive growth, with over 5,500 unique Speshies holders to date. The average sale price has also increased from a modest 0.15 Ether (ETH) to 2.7 ETH, and in the last week alone, Coolman Universe generated over $9.6 million in sales, with its average sale price increasing by nearly 120%.
Coolman Universe’s recent uptick in volume and unique Speshies holders could be a result of its recently announced partnership with social crypto platform Metalink. Founded by Jake Udell, Metalink aims to provide its users with the alpha they need to join up-and-coming collections.
Gm ☀️
We’re feeling Speshial today ✨@CoolmanUniverse ☕️ pic.twitter.com/I7KJqQxrvh— metalink (@metalinklabs) January 30, 2022
When asked about the partnership, Coolman Coffeedan said, “Metalink is an important utility for our holders” because its launchpad is a “dedicated space for verified holders to connect with our project.” As a social arm of sorts, Metalink serves as an NFT hub where verified holders of notable projects like CryptoPunks, BAYC, CyberKongz and Coolman Universe can connect through their shared values and passion for NFTs.
Related: Adidas enters the Metaverse with NFT partnerships
RTFKT Studios’ Nike MNLTH NFT
RTFKT Studios is known for making headlines, with one of the first Nike NFTs and the recent MNLTH airdrop turning heads. RTFKT Studios paved its way in Web3 by designing digital sneakers and goods, and on Feb. 4, the project airdropped holders of its CloneX profile-picture collection a curiously cryptic metal-like box.
I feel like mnlth is about to explode and we’ll be like, why didnt we buy more
Wondering if I should flip a clone into more boxes…
– first @Nike nft
– first @RTFKTstudios community driven nft
– rtfkt doesnt usually get this hypey about stuff
– opening will be clear catalyst— notthedrphil (@NotTheDrPhil) February 15, 2022
What’s in the MNLTH box is a mystery to most, but the community has really taken to the initiative behind its reveal. RTFKT announced a novel idea whereby the community and blockchain will trigger the slow unveiling of the contents in the box. The MNLTH reacts once it’s triggered by evolving one step closer to its reveal.
Engaging the community in this way has proven to be positive for the project and the collection’s volume. MNLTH has amassed over $32.5 million in total volume so far and has maintained an average sale price of 4.33 ETH ($13,405.69.)
In the last seven days, the number of daily sales has stayed above 50, suggesting that investors and collectors are seeing value in the RTFKT ecosystem.
Beyond game theory, tokenomics, and sorting utility, NFT collections and communities are thriving by forming interpersonal relationships and connections with other notable players in the sector. It seems that by increasing the social capital of the community and the associated collection, there is intrinsic and extrinsic value derived from it.
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