Whenever the NFT landscape experiences a strong downtrend in the market, a savior project will often emerge that will wake up and reinvigorate the niche. NFT fans have experienced the debut and sequels of big-name projects like BAYC, Cool Cats, CryptoPunks, Meebits, Doodles, and Moonbirds, and how they reshaped the entire landscape in their respective debuts. As the wheels of time turned towards 2023, another fantastic project took its place among these blockchain heavyweights, the NFT Check Cashing.
What is Check Cashing?
He check cashingalso called “Checks-VV Edition”, is another great NFT project created in 2023 by the renowned artist, Butcher. It is a collection of 16,031 NFTs minted within 24 hours of January 3-4, 2023 on the Ethereum network. The collection arose at a time when activities in the NFT sector had slowed down due to the recent unprecedented trend of the crypto market. According ButcherWith 12,000 minted pieces, the collection already numbered nearly 2,000 unique collectors/owners.
Wondering what the fuss is about the Checks Collection?
The Checks collection was inspired by the new trend of assigning checkmarks to Twitter users who can save $8 a month for the privilege. This is going to be an exciting read, so have something to drink while you enjoy the history of the NFT Checks collection.
About the Twitter check mark
Remember that Twitter has a verified blue checkmark that symbolizes legitimate accounts of public figures and celebrities, including prominent and active users of the bluebird space since its inception. The checkmark indicates the importance and certifies the legitimacy of public figure accounts that Twitter has verified to address the spread of fake accounts and catfishing in their space. When Elon Musk acquired Twitter in 2022, he changed the status quo of the checkmark by offering it to everyone who can afford an $8 monthly service fee.
Butcher already had the idea of creating the checkmark theme before the Musk acquisition; however, the change made it the perfect time to hatch and create the Checks collection.
About check collection
According to the Checking Officer website‘Checks is an infinite canvas of expression designed to challenge the concept of ownership and authorship in the Internet age.’ The Check Collection (or VV Edition) is an open edition collection of 16,031 NFTs that currently has 4,298 collectors, with the average collector owning 3.5 checks. As of this moment, the collection has recorded 18,128.5711 ETH ($30 million) in trading volume, with a circulating supply of 16,029, of which 10,500 were listed on Open sea at a minimum price of 1 ETH.
Each Check NFT features 80 checks in a vertical 8×10 grid. Within 24 hours of launch, 16,027 NFTs sold out at $8/NFT, mimicking recent Twitter charges for check marks. According to OpenSea, the project was created and listed by Visualize Value, a consulting agency founded by Butcher. From the analyzes available on OpenSea,
- 1,982 owners (61%) have 1 NFT each
- 812 owners (25%) have 2-3 NFTs each
- 349 owners (11%) have between 4 and 10 NFTs each
- 91 owners (3%) have between 11 and 25 NFTs each
- 22 owners (0.7%) have between 26 and 50 NFTs each
- 24 owners (0.7%) have more than 51 NFTs each
The above data implies that this project is remarkable, considering that it was released a month ago (January). Interestingly, all checks have 2 traits; your name (Checks) and number. Each Check bears a number signifying its number/level in the minting sequence, doubling its unique classification level from 1 to 16,031. Although 16,031 checks were minted, only 16,030 exist, because check 10845 was burned.
Although NFT may appear as a black and white portrait of checkmarks on OpenSea or other markets, its true multicolor composition is visible on different media platforms. Also, to make the Checks ecosystem engaging and fun, Butcher introduced a recording mechanism labeled “a semi-perfect number.”
What is the semiperfect number?
Remember that there are 80 multi-colored checks in each NFT Check and that 80 is considered a semi-perfect number because some of its factors add up to 80 (excluding 80). The added factors are 40, 20, 10, 5, 4, and 1; when you add these numbers, they add up to 80. The concept of this semi-perfect number serves a dual purpose;
- It is used to burn existing NFT checks to generate an original chain edition of NFT checks that has the number of each factor of the semi-perfect number. This means you can burn the original checks to create a check NFT of 40, 20, 10, 5, 4, or 1 multicolor or black check (for factor 1).
- It is also used to set a mission to discover 1/1 black checks.
How does the combustion mechanism work?
The recording mechanism involves and begins with the recording of 2 original Check NFTs to obtain a smaller original edition. For example
- Burning 2 NFTs of 80 original checks results in an NFT of 40 checks
- Burning two checks for 40 results in a check for 20
- Burning two checks for 20 results in a check for 10
- Burning two checks for 10 results in a check for 5
- Burning two checks for 5 results in a check for 4
- Burning two 4 checks results in the coveted 1/1 black check
The collectors can stop burning at any time, however the process is irreversible. Burning aims to create rare on-chain NFTs because each referral factor edition is limited. The fiery search will define the rarity of the original 80 check collection; the more they burn, the rarer unburned NFTs become.
Also, burning NFTs will generally reduce the number of tokens in circulation; this concept of burning two for lesser but rarer checks will also make chain editions of all 80 factors rarer due to their limited number. This means that 1/1 Checks will be the rarest, followed by 4-factor, 5-factor, 10-factor, 20-factor, and 40-factor editions. However, if more checks from a particular factor are burned, the unburned NFTs from that factor will become rarer as the number of tokens in circulation is reduced.
What an ideal and exciting project!
The 10 most expensive checks
Since the inception and public listing of NFT Checks, the collection has seen a huge sum of money change hands for an item that initially cost $8. Below are the 10 most expensive checks.
- checks 2: Sold for 52 ETH ($84.8k) on February 6, 2023.
- check 27: Sold for 17 ETH ($27.8k) on February 5, 2023.
- Checks 5: It was sold for 18 ETH ($27.2k) on February 12, 2023.
- Checks 6: It was sold for 13.5 ETH ($23k) on February 2, 2023.
- Checks 1: It was sold for 11,111 wETH ($18.1k) on Jan 20, 2023.
- Checks 21: It was sold for 11 ETH ($16.6k) on February 3, 2023.
- Checks 88: It was sold for 8.8 ETH ($14.5k) on February 3, 2023.
- Checks 42: It was sold for 8.4 ETH ($13.7k) on February 5, 2023.
- Checks 91: It was sold for 8.10ETH ($13.2k) on February 6, 2023.
- Checks 41: It was sold for 7,690 ETH ($12.5k) on February 6, 2023.
Where to buy NFT checks since minting ended?
NFT checks can be purchased on secondary markets such as
- Open sea
- Binance NFTs
- Jewel
- He was
- X2Y2
- AppearanceWeird
- nifty gateway
Conclusion
The check collection reflects an extraordinary NFT inspired by a combination of interaction, search, meme and fun with its concept of creation and how the holders will participate in the NFTs in their custody. It has seen massive adoption and trading volume for an NFT that initially sold for $8, increasing to thousands of dollars within weeks and months of launch. The creator of this masterpiece (Jack Butcher) has already promised to think more about how to improve the project and expect a long game instead of a short-term one.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Technical writer, enthusiast of all things blockchain and the decentralized world.
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