A few months ago, Twitter verification was the topic of conversation after its CEO, Elon Musk, made it a paid subscription feature. While people were debating it, a visual artist, Jack Butcher, took the opportunity to launch a NFT collection. Released less than three weeks ago, Jack Butcher’s “Checks” has already taken the NFT world by storm.
Here is everything you need to know about Jack Butcher’s NFT Checks Collection:
What is the Jack Butcher NFT Checks Collection?
Checks is an open-edition NFT collection created by visual artist Jack Butcher, taking inspiration from the famous Twitter check mark. Based on the Ethereum blockchain, each NFT features 80 checks that resemble the Twitter verification logo. During the 24-hour mintage on January 3, 2023, 16,027 NFTs sold out at $8 each, the amount Twitter charges people for verification.
“The intention of this piece is to capture a moment in time: the changing context in which the verification process takes place, in a society dominated by electronic culture and communication,” says the project director. website. “Checks is an infinite canvas for expression that is designed to challenge the concept of ownership and authorship in the Internet age.”
How much does an NFT check cost?
As mentioned above, each Jack Butcher NFT check was originally priced at $8. At just $8, the collection floor reached triple-figure values in no time. Currently, his floor is at 0.24 ETH or around $382 (as of this writing). Additionally, it has grossed $4.7 million in secondary sales. Also, the best selling NFT in the collection got 8 WETH! Various NFTs from the collection also sold for around 4 ETH and up.
Who is Jack Butcher?
Graphic designer and art director, Jack Butcher is the founder of Visualize Value, a consulting agency based in Nashville, Tennessee. He worked for ten years in Fortune 100 advertising as a creative director. In fact, he has worked with some of the biggest brands in the world, including Amazon and Ferrari.
In early 2021, Jack jumped on the NFT bandwagon and sold several NFTs. His “NFTs Explained,” for example, sold for 74 ETH.
About the check burning mechanism
As checks quickly became popular, Jack Butcher began to implement new plans for the NFT project. First, he toyed with the idea of reducing the total supply.
“Are checks more desirable if they are harder to come by?” he tweeted. “If we can find out by incentivizing a reduction in supply, can we do it without destroying anything in the process?”
Then, he came up with a burning mechanism, taking inspiration from the contemporary artist, “The Coin” by Damien Hirst.” Essentially, Hirst’s year-long project allowed NFT holders to obtain a physical piece of art by burning their NFT. Alternatively, if not exchanged, the physical part would burn. They had a year to decide if they wanted to keep the NFT or trade it in for a replica of the world-famous artist’s physical oil painting.
Similarly, Jack and his team developed their own burning mechanism, based on the semi-perfect number 80. To explain it, 80 is “a natural number n that is equal to the sum of all or some of its proper divisors.” Also, the factors of 80 are 40, 20, 10, 5, 4, and 1. Add all of these together and you get 80.
How does it work?
The idea behind the recording mechanism of the Checks NFT project is to record a particular number of NFTs to get smaller edits in decreasing order. For example, suppose you have two 80 Check NFTs. You can then burn them both to get a 40 check NFT. Similarly, if you burn two 40 check NFTs, you will get one 20 check NFT.
As Jack explained, it will basically “burn 2 originals for the next smaller original edition”:
80 > 40 > 20 > 10 > 5 > 4 > 1
Holders are free to stop at any time. “What this does: It rewards every collector, it creates new, original, chain work, and every interaction maintains or reduces supply,” Jack added.
Get NFT black check
Finally, due to the specifications of the recording mechanism, a single Black Check is the most difficult to achieve. To explain it, NFT holders will have to burn 4096 checks to get one, which means there will only be 3 black checks in total. According to Twitter user 6445.eth, there are even talks between the holders to establish a Decentralized Autonomous Organization (DAO).
“There are three possible black checks,” Jack said. ONE37pm. “So depending on how the work is received and how people interact with it, that will determine whether or not we’ll see one in our lifetime.”
Jack Butcher’s Checks NFT: A Final Word
Jack Butcher’s unique Checks NFT project has not only captured the attention of regular NFT users, but also some notable figures in the space. The list includes NFT artist Vinnie Hager. In addition, many Check-derived NFT collections have also appeared, such as Check Punks and Keks. Alchemy Chains is even making physical Check pendants!
Amidst all the attention, Jack Butcher is constantly innovating the Checks NFT project, while also being transparent about what goes on behind the scenes. The burning mechanism, however, is not yet active. Currently, the team is working on it to make it “perfect”. There are also plans for a new iteration. All things considered, it will be worth keeping an eye on how the project pans out in the coming weeks.
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This article is educational material.
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