Non-fungible tokens are an exciting and widespread element of the upcoming RFOX VALT metaverse.
Several NFT-related partnerships have already been announced — Harambe & YGG — even before the 2nd of 4 digital land auctions have taken place. Under a new minting program, ETH NFT holders can use their assets to create KOGs NFTs on the WAX blockchain.
The example in last week’s RFOX report uses a member of the Bored Ape Yacht Club. Owners can use an NFT to mint up to 5 new NFTs then trade them or even sell them for a profit on AtomicHub.
Creating new NFTs, especially on the Ethereum network, is far from free. RFOX Games will collect 0.02 ETH per new mint, and the minter is responsible for paying gas fees. Let’s hope prices are low when the time comes!
Although it initially sounds counterintuitive, putting more KOGs into circulation will decrease the 2nd and 3rd edition supply. That’s possible because of the team’s unique deflation mechanic:
- RFOX Games will use half of all ETH collected to trade for $WAXP before buying the 2nd and 3rd edition KOGs with the lowest prices
- At pre-determined intervals, RFOX Games will burn the purchases made while sweeping the floor clean
This brilliant program, given long enough to run, will increase the floor price of all 2E and 3E KOGs. The 2E collection is set to truly benefit since packs are no longer sold on primary markets.
KOGs 3E pack sales will continue with the launch of the KOGs: SLAM! public beta program. However, I’d love to own a BAYC KOG and will gladly pay 0.02 ETH to mint one.
The new KOGs creations should be very interesting. And as the team rakes in the ETH, the higher the floor prices go. Elevator going up!