NFTs have become extremely widespread in the crypto market in recent years and have now joined the mainstream. Even in a bear market, NFTs present a good potential to make profits. This article is all about 10KTF NFT. Let’s take a look at what is 10KTF NFT and other details.
What are NFTs?
A Non-Fungible Token (NFT) is a cryptographically irreducible, checkable, and irreplaceable token that illustrates some entity, be it physical or digital, on a blockchain.
To be able to understand what Non-Fungible Tokens are, we must split the words that form it:
NFTs are essentially digital ownership tokens, that operate on blockchains that support smart contracts, such as Ethereum. Their non-fungibility is equivalent to real-world agreements, where one can’t swap one contract for another, because the “real content” varies from each other. NFTs are also similar where one can’t change them as their based “contract” changes with each one, therefore they are non-fungible.
What is 10KTF NFT?
The 10KTF is an NFT that was launched on September 17, 2021. It presents distinctive metaverse wearables for users of particular NFT projects. The collection, which presently contains more than 22,200 NFTs was founded by Wagmi-san. According to the official website, the 10KTF NFT uses a purpose-built ERC 721 agreeing smart contract to allow users to prepare derivative NFTs from their current NFTs. The smart contract assures that only the existing owner of the NFT can build the derivative NFT and that only one NFT is minted for each related parent NFT. Each 10KTF item is special (1 of 1) and reaches one-to-one with the parent project NFT.
The project has now expanded to contain a complete timeline that contains Wagmi-san as the only shop proprietor. The shop owner is battling to keep his shop from being harmed or shut down by a mafia of frogs named Cryptoadz, and their big boss called Boss Toad. With a direct affiliation with Beeple (as a co-founder) and a mixture of new metaverse-based projects, 10KTF is a special element of the NFT world.
Who is Wagmi-san?
Wagmi-san is a fictional world-famous craftsman. He is popular for most grailed accessories. Wagmi-san creates accessories for Apes, Cats, Wizards, and Toadz as per his mood on that particular day.
10KTF NFT was apparently a quick success yet not much is learned about the fate of this project. It quickly grabbed the attention of numerous big characters in the NFT world like Beeple. Amazingly, 10KTF can use many additional NFT communities when building these items which can likely be attributed to them gaining attention so quickly.
What is 10KTF NFT? and Who can create/mint items on 10KTF?
Its kinda bs that Wagmi-san has been crafting 22,222 items for months… and the shop gets trampled down by a kaiju and the people who are supposed to be giving protection have to wait until July 14. pic.twitter.com/AHZLrEobLs
Each item known in the 10KTF collection needs the user to hold the related parent NFT to build their derivative accessories. For instance, for Ape High Tops, only holders of a Bored Ape can design and mint an Ape High Top. Also, only one Ape High Top can be minted for separately Bored Ape, so there can be a maximum of 10,000 Ape High Tops built, one for each separate Bored Ape. In addition to the 10KTF collection, Wagmi-san’s clients that keep 10KTF Stockroom tools and materials can now utilize them to create blank items. Blank items can be utilized to build their preferred derivative NFT.
Blanks are digital objects composed by Wagmi-san that can be carried back to his store to be transformed into a final completed object with the skill of the user’s preferred parent NFT on it. The preferred parent NFT must be a collection backed by 10KTF, and users must hold the parent NFT in the same wallet as the blank.
At the time of writing this, the Wagmi-san can presently craft 10KTF blanks into concluded accessories for the following collections:
Currently, the official 10KTF website only supports Metamask. To use 10KTF users should load the wallet that holds their NFTs into Metamask. The 10KTF can be purchased on OpenSea. There are 22.2K items available, the total volume is 10.3K and the floor price is 0.65.
Who is Behind 10KTF?
There are many speculations as to who is the creator of 10KTF. However, it is clear that the following people (among others) are behind that project, as they showed a lot of interest and interactions with the 10KTF community:
10KTF Mint goes LIVE
On the 6th of August 2022, 10KTF released the first mint specifically targeted to “badge holders”, aka people who participated in missions in the Battle Town. The benefits are still unreleased, but some perks are being speculated such as:
Special roles on the Discord channel
Free Crates
For people who missed the first mint, there will be another mint targeted towards APE holders and people who enlisted on the 9th of August 2022.
What is Battle Town in 10KTF?
Battle town is a place where 10KTF NFT owners can go to partake in missions in the battle that is happening in the New Tokyo world. Players should be equipped with items in order to be able to win and compete.
Level 1 consisted of wearable gear that users should’ve owned. Examples of such level 1 items are clothing, helmets, and vests.
The upcoming Battle Town Level 2 is introducing new items that are…level 2. This includes combat gear such as flamethrowers, guns, and riffles. In order to acquire level 2 items, users will need to mint a crate.
What are Missions in Battle Town?
After connecting your Metamask wallet, you can choose from available Missions and join by delivering your loadout of Avatars loaded with 10KTF products to support Wagmi-cause. During the Mission registration time, you should confirm your loadouts. Each Mission will have a distinct registration period. Players will be alerted through an updated countdown meter on Battle.town before to each registration session and during the Mission.
What GEAR to Equip in Battle Town Missions?
Players will help Wagmi-san win by equipping qualified parent NFT, Gucci Grail, or Blank Avatar with 10KTF stuff. Here’s what you need to know before entering missions on Battle Town:
What happens after the Missions end in Battle Town?
Once a Mission starts, no more players may join it, however you can monitor its progress on the main page. Stockroom materials, physicals, Storypoint badges, and other goods may be included as mission rewards at 10KTF’s discretion. After each Mission is finished, these things will be available for claim and redemption on Battle.town. If 10KTF chooses to create missions that pay out in apecoin, players will be able to collect their prizes on 10kfrens.org once the mission is over.
What are Blanks in 10KTF?
Blanks are digital creations made by Wagmi-san that may be returned to his shop to be finished with the artwork of the chosen parent NFT. You must own the parent NFT in the same wallet as the blank and it must be a collection supported by 10KTF. Blanks can take the shape of Level 1 Genesis, Crafted, or Level 2 combat gear.
What are Tools in 10KTF?
Tools can be used to craft blank NFT items such as hats, backpacks, and other items that can be combined with certain parent NFTs (such as Bored Apes). Only holders who own certain parent NFT avatars like BAYC can craft 1/1 items that incorporate the parent NFT.
Stake Tools and Earn APE Tokens
If you happen to own tools, you have the ability to stake them in return for APE tokens on a daily basis. There is no limit to the number of tools you can stake, provided they belong to the same wallet address with which you are connected.
However, keep in mind that each time you decide to stake or unstake, you will need to pay gas fees.
What are 10KTF Crates?
Crates are items in the 10KTF Battle Town that allow users to obtain the following in order to participate in missions:
How to Buy a 10KTF Crate?
First, you need to own at least 130 APE to sign up. That’s the current equivalent of around USD 950. You can also get a referral from a friend who is already enrolled. Next, you’ll have to go to this website to whitelist.
On August 7th, they will announce all the Apecoin holders who got accepted. On August 9th, the sale will start and users who got whitelisted will be able to mint 10KTF crates.
What is New Tokyo Dollar NTD Crypto and Why was it Replaced?
Initially, the 10KTF ecosystem was using the New Tokyo Dollar (NTD) token to power its ecosystem. However, there was a lot of speculation that this was a mere marketing campaign to market for the APE ecosystem. There were many hints that people from the community managed to see (in the picture below, SALE was slightly written as SAPE).
On August 5th 2022, 10KTF announced that NTD tokens would turn to become APE tokens. This was a clear hint at more collaborations in the future with the BAYC ecosystem. Turned out that the 10KTF ecosystem was powered by BAYC’s own Apecoin.
The ratio that will be swapped is 1 APE for 85 NTDs.
Are 10KTF Crates a Good Buy?
So far, we have seen many minting for projects who reveal their “cool” NFTs that come with high prices. However, we also saw how those high prices come crashing down with time. Usually, the high prices come from speculators who buy low only to sell high. But most of the time, those NFTs drop heavily in prices.
As an example, the guy who owns Twitter’s very first tweet that was bought for millions of dollars, is trying to sell it back today at around $12,000. Talk about heavy depreciation! If you managed to buy during the very first few mints, that would be a good buy. However, buying back at the high market rates might be risky, as prices tend to drop in the medium-term. We can’t be talking about the long term yet, as we are still at the very beginning of this trend. Some people prefer to enter the market after the hype is over to benefit from the price drops, which is also a good idea. This way, you’ll be able to see if the project was only built on hype or if the project still going strong.
