RedFOX Labs, the organization now coding the RFOX VALT retail metaverse, is always looking for ways to elevate the value of holding its native currencies.
But $RFOX and $VFOX tokens, both trading on RFOX Finance, aren’t the only digital assets within the RFOX ecosystem. Both of those cryptos are fungible — completely interchangeable.
Before $VFOX was a twinkle in the team’s eye, there were KOGs NFTs. “Keys to Other Games” is just what they stand for. The KOGs Play-to-Earn ecosystem is built on the principle of using NFTs across various games, not just one.
First in the lineup is KOGs: SLAM!, the world’s first mobile video game to compute 100% of its logic on a distributed network. The entire KOGs ecosystem runs on NFTs with the ability to jump from game to game.
Other titles are in the pipeline, but the SLAM! open beta may launch in November 2021. And that’s where the Bored Apes come into, ahem, play.
Those same apes are the reason we’re here today. Bored Ape holders now have the chance at extra utility for their assets and the opportunity to make some income along the way.
The KOGs Mint Lab minted five copies of “Minty,” Bored Ape #5503. In a nutshell, the Mint Lab allows BAYC NFT holders to pay 0.1 ETH in exchange for 5x KOGs on the WAX blockchain:
“Through the minting process, the five KOGs generated from your Ape will be owned by you. These KOGs can be sold in the KOGs market (AtomicHub), held as whitelist lottery tickets, or used in the KOGs: SLAM! game.”
The team minted new KOGs last week to test things out, then put them up for auction on AtomicHub. The Bored Ape Auction article lays out the numbers, and my math mind added a few more:
- Winning bids ranged from $2,193 for mint #2 to $5,490 for mint #3
- The average winning bid was $3,700
- For a 0.1 ETH outlay ($450), the returns were 3.63 ETH equivalent ($18k), paid in $WAXP, which is easily tradable for ETH
Benefits for holders go farther than income, however. The team has alluded to creating a profile picture NFT collection. It’s going to be, most likely, limited to 10,000 pieces.
And by holding one of the WAX KOGs born from an ETH Ape, you get a lotto ticket for joining the whitelist. In other words, VIP access to a hot NFT drop! These new KOGs are also eligible for in-game play.
Part of the initiative is buying and burning the price floor for 2nd and 3rd edition KOGs. That means roughly $9k worth of KOGs will soon meet their end and elevate the entry price into collecting KOGs.
But we can’t ignore that KOGs: SLAM! is free to play. Collecting and playing are two different activities, and those who’ve been with KOGs since 2020 will undoubtedly appreciate the rise in NFT value.
Let’s imagine what will happen when SLAM! enters open beta, and thousands of players begin looking at KOGs. For some, the urge to collect is too strong to resist. As of now, 1E and 2E KOGs are very scarce. Once the floodgates open, look for prices to continue rising.
As for the Ape-based KOGs, it’s hard to tell what will happen. On the one hand, the novelty of an ETH-WAX crossbred NFT may have boosted initial prices. On the other, we’re bound to see some really cool Apes make their way over, potentially fetching very high prices.
Either way, it’s such an excellent time to be involved with RFOX and all of its ventures, each interconnected inside a vibrant metaverse. Buckle yourself in!