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NFTs and social capital: How projects are collaborating to the mutual benefit of the entire sector

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21
Feb

On Dec. 2, 2021, Bored Ape Yacht Club (BAYC) amassed the attention of culture driven athletic brand, Adidas and cemented their partnership raising both its notoriety and value. RTFKT studios was acquired by Nike and has also garnered the community’s attention by airdropping the first Nike NFT, MNLTH. 

The MNLTH airdrop lives up to its name as RTFKT introduces a new concept to NFT reveals since the community triggers it. The MNLTH NFT is only revealed once the community collectively completes all the quests to which members are speculating whether the contents are Nike goods.

These new developments show that NFT collections are realizing the value in partnering with strong thought leaders, brands, and communities as a way to increase their overall value in terms of social and investment capital. 

NFT projects that establish key connections that assist with their social arm and increase the overall floor price value of the collection serve as proof that there is value in collaborations in the NFT ecosystem.

Here’s a look at a few projects that are using this strategy to make waves in 2022.

FoxFam gains the attention of fellow NFT artists

FoxFam NFT is a project that is quite popular with artists in the sector, notably, Invisible Friends creator, Markus Magnusson, took to the London-based YumYum studio collection along with his wife and fellow artist IraG. 

The project has significantly matured since its launch five months ago. According to OpenSea, the average sale price has increased by an astronomical amount over 700%. FoxFam has generated over $19.5 million in total volume. 

The project has extended its connection in the Metaverse by collaborating with intentionally misspelled World Wide Webb, an interoperable platform, purchasing apartments for Fox owners to enjoy. As such, the creators will grant each FoxFam holder with a 2D pixelated version of their avatar to easily be integrated into the World Wide Webb.

FoxFam all-time average price / volume. Source: OpenSea

FoxFam NFT plans to gamify its collection with the launch of a play-to-earn (P2E) game where players can earn YUM tokens and currently collectors and investors can retroactively earn YUM by purchasing the 2D proof-of-profile.

As a functioning creative studio in London, FoxFam is not YumYum Studio’s first rodeo. The studio has partnered and worked with notable brands and entities such as Adobe, Nokia, Lyft, MTV, and McDonalds to name a few.

Given its resume and experience, collectors and investors are looking forward to the execution of its revamped roadmap that includes the launch of YUM, 3D avatars, and its P2E game FoxCity.

Coolman Universe Speshies joins Metalink Launchpad

Created by Danny Casale otherwise known as Coolman Coffedan, Coolman Universe Speshies are a collection of 10,000 colorful species aiming to find their way in the Coolman Universe. 

The collection launched in December 2021 and Speshies has seen massive growth with over 5,500 unique holders to date. The average sale price has also increased from a modest 0.15 Ether to 2.7 Ether and in the last week alone, Coolman Universe generated over $9.6 million in sales with its average sale price increasing by nearly 120%.

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Coolman Universe 7-day price / volume. Source: OpenSea

Speshies recent uptick in volume and unique holders could be a result of its recently announced partnership with the social crypto platform, Metalink. Founded by Jake Udell, Metalink aims to provide its users with the alpha they need to join up-and-coming collections. 

When asked about the partnership, Coolman Coffeedan said, “Metalink is an important utility for our holders,” because its launchpad is a “dedicated space for verified holders to connect with our project.” As a social arm of sorts, Metalink serves as an NFT hub where verified holders of notable projects like CryptoPunks, BAYC, CyberKongz, and Coolman Universe can connect through their shared values and passion for NFTs.

Related: Adidas enters the Metaverse with NFT partnerships

RTFKT Studios Nike MNLTH NFT 

RTKFT studios is known for making headlines as one of the first Nike NFTs and the recent MNLTH airdrop is turning heads. RTFKT studios paved its way in Web3 by designing digital sneakers and goods and on Feb. 4, the project airdropped holders of its CloneX PFP collection a curiously cryptic metal-like box. 

What’s in the MNLTH box is a mystery to most, but the community has really taken to the initiative behind its reveal. RTFKT announced a novel idea whereby the community and blockchain would trigger the slow unveiling of the contents in the box and the MNLTH reacts once it’s triggered by evolving one step closer to its reveal. 

Engaging the community in this way has proven to be positive for the project and the collection’s volume. MNTLH has amassed over $32.5 million in total volume so far and has maintained an average sale price of 4.33 Ether ($13,405.69.)

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 RTFKT MNLTH all-time average price / volume. Source: OpenSea

In the last seven days, the number of daily sales has stayed above 50, suggesting that investors and collectors are seeing value derived in the RTFKT ecosystem. 

Beyond game theory, tokenomics, and sorting utility, NFT collections and communities are thriving by forming interpersonal relationships and connections with other notable players in the sector. It seems that by increasing the social capital of the community and the associated collection, there is intrinsic and extrinsic value derived from it.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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