In a matter of a few weeks, Jack Butcher’s Checks V4 NFTs have surpassed Bored Ape Yacht Club (BAYC) in trading volumes. The Checks NFT project is a digital effort to “capture a moment in time” where the check mark is part of a person’s identity. The project was launched on January 3, and within a month, it has already become one of the top 10 NFT projects. Recently, 21 NFT checks were sold for 76,497 ETH ($125,057.10 USD). So what’s all the fuss about Check-themed digital assets?
How Jack Butcher’s Checks V4 NFT is changing the game
The central theme of the Checks NFT project is stated on its website: “If no one is verified, everyone is verified. If no one is notable, everyone is notable.This would sound like the core of this one of a kind project. Recent reports indicate that the project has taken over BAYC in 24-hour trading volumes. According to DappRadar, the trading volume even exceeded $3.6 million in 24 hours. This makes the amount about $400k more than BAYC.
The Checks NFT project is, in essence, a direct reflection of the times in which we live. It instills two central ideals of web3: verification and digital identity in the information age. The project is an open edition NFT of 16,031 units. Furthermore, the data also suggests that V4 NFT checks have exceeded 360% in sales volumes. Additionally, the average price of an NFT Check is approximately $3,200 USD at the time of writing. The minimum price of the NFT is also around 2.18 ETH.
According to NFT Power Rankings (Twitter: @nftpowerrankings), this is the first time an open-edition NFT has surpassed Bored Apes in terms of trading volume. The NFT project has already accumulated 15,800 ETH (~$26.04 million) in secondary sales. With 26% unique holders and 5% of total NFTs listed, the NFT community has set its sights on a new blue-chip on the block. The main collector of the project has 508 checks and the average holder has about 3.8 checks. Additionally, Bored Ape Yacht Club and Checks V4 NFT are the only two projects to exceed $3 million in 24-hour trading volumes on February 6.
About the Open Edition Project
Jack Butcher’s project evolved conceptually from a 1 of 1 NFT he released in 2021. The piece was titled “NFT, Defined” and came from his art company “Visualize Worth.” The project started as a social commentary and has now evolved into a full narrative reflection of the digital shift in identities and power structures. According to the official website of Checks, “Ownership and authorship in the Internet age is based on the premise of verification. A small check mark next to your name to show your notoriety. That your words have weight, that your opinions are informed or that your achievements are above average.
It then goes on to state that this checkmark has now been reduced to an $8/month subscription. The intention behind the project is to highlight this change in the context of the checkmark itself. He believes that the check mark previously given by institutions has now been changed to a check symbol that only lets us know that the user can pay for it.
He Checks V4 The project is also a reflection of timeless art and electronic culture and communication in the current era. Its aim is to also act as a bridge through time. On some days, Check NFTs can be a tribute to modern artists. On another day it may reflect the “most remarkable portrait of an era”and in others, it may even reflect a popular meme from a week ago.
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