Fun NFT Projects
Check out some fun NFT-related projects here!
Seed Capital
Seed Capital is an interactive installation created by terra0 - a DAO (Decentralised Autonomous Organisation) which has been long focusing on natural resource administration. The work suggests a novel way to rethink the economic and ecological relationships between viewers, the institution and the artwork via establishing a smart contract run on Ethereum based on the behavior of mining NFT following certain rules of the game.
The hardware-software system consists of a Premna Microphylla (the plant), a web interface, several sensors and cameras, and a smart contract on the Ethereum Mainnet. In the system, only when the plant itself requests help by sending certain amount of ETH to the gallery-owned wallet (i.e. when data from the sensors is in proper range), the exhibition operator will take care of the various needs of the plant (watering, lighting, leaf pruning, etc.). And the ETH used for the request will be donated to the wallet of this installation piece itself through an interactive interface by viewers who come to visit the offline exhibition after confirming the action is completed. As a means of appreciation for the care-taking as well as a game-theoretical hedge against possible misbehavior, part of the proceeds are stored in the smart contract and can be withdrawn after the end of the exhibition by the exhibiting institution, in whose stewardship the plant is placed during the exhibition.This mechanism is an incentive for the institution to ensure that the plant consistently has the best conditions to grow. Through such precise system design, the physiological signals generated by the plants will be subjectively and actively transformed into electrical signals for on-chain transactions with the support of technological prostheses, so that it is possible to achieve the result that this work can cover the cost of its own for the exhibition display and maintenance, becoming a truly sustainable artwork or even a financially-mediated social and environmental smart contract.
What’s more, in the several previous curatorial practices of this piece of work, by specifying the curator and exhibition location on the token, a speculative difference in value created between the tokens, and the economic connection between physical location and digital representation is brought into focus. The work thereby comments on the value creation mechanisms of the art world in which artistic positions are largely determined by participation in specific exhibitions and the taking place in specific locations.
Pudgy Penguins
Pudgy Penguins is a collection of 8,888 NFTs (non-fungible tokens), each with its own unique combination of traits such as body color, accessory, hat, and more. The project was created by a group of anonymous developers known as "The Pudgy Penguin Syndicate". These NFTs are a part of the larger trend of digital art and collectibles that have become increasingly popular in recent years. Each Pudgy Penguin NFT is a unique digital asset that is stored on the Ethereum blockchain, which means that it is one-of-a-kind and cannot be duplicated. Each penguin has its own set of attributes, such as different colors, accessories, and even personalities, which makes them collectible and desirable to some.
Pudgy Penguins was launched in August 2021 and quickly gained popularity, with some of the NFTs selling for thousands of dollars on various NFT marketplaces. The project has also attracted attention from celebrities and influencers, which has further boosted its popularity. In addition to being a collectible item, owning a Pudgy Penguin NFT can also grant certain benefits or access to exclusive content or events, depending on the specific project or community associated with it. The Pudgy Penguins project also includes a DAO (Decentralized Autonomous Organization), which allows holders of the NFTs to participate in the decision-making process regarding the future of the project. The DAO also provides governance over the project's treasury, which is funded by a percentage of the sales from Pudgy Penguins NFTs.
In addition to the NFTs themselves, Pudgy Penguins also offers various benefits and opportunities for NFT holders, such as access to exclusive events, merchandise, and even potential future collaborations with other projects or brands.
Pudgy Penguins has gained a significant following and has been featured in various media outlets, as well as attracting the attention of notable figures in the cryptocurrency and NFT space. The project has also inspired similar collections of NFTs featuring other types of animals, such as "Squiggly Frogs" and "Chubby Cows".
Identity 20XY
Identity 20XY is a collaborative project powered by Minyma Technologies and Galaxis that aims to bring augmented reality to blockchain and connect augmented reality assets to NFTs. Through this innovative approach, Identity 20XY offers users the opportunity to design and collect virtual masks that can be worn during video calls, streams, and video chats using AR technology. These masks are unique 3D renders that provide anonymity and safety to the user, making them ideal for large virtual events or situations where an individual may not feel comfortable revealing their identity.
In the age of social media, when faux filters have become common to the point of trolling and disgust, Identity 20XY is putting them to much more meaningful use – safety and anonymity on the internet. For example, it can be used at a large virtual event, where individuals may not be comfortable exposing their identity before a group of strangers. Also, this opens up the path to digital artists and 3D creatives who can express themselves by delivering sophisticated and stylish artworks that people can identify with and even display during their everyday social media interactions.
However, incorporating AR technology with NFTs may require additional development costs, which can make the production of AR NFTs more expensive than traditional NFTs. Additionally, the usability of AR NFT masks may be limited in certain contexts, where the uncovered face is not expected in important meetings or professional settings. AR NFT masks may be better suited for more casual or social settings, such as virtual gatherings with friends or non-work-related events. In these contexts, the use of an AR NFT mask could be seen as a way to add some personality and flair to the experience, without detracting from the seriousness of the meeting or undermining professional expectations. Even though Identity 20XY aims to preserve a personal communication experience while making sure the user’s privacy is protected, the anonymity those masks provide could lead to unsafe situations. Because those masks can be used for conducting fraud, abusive or harassing behavior, the users can hide their identities and engage in harmful actions online without fear of retribution. This project will potentially contribute to a toxic online environment, where harassment and abuse go unchecked.
RTFKT x Nike Cryptokicks
Collaborating with RTFKT, Nike released its first collection of virtual sneakers Cryptokicks in April 2022. The collection consists of 20,000 NFT sneakers, modeled after Nike’s Dunk Sneaker. This marks the brand’s official entry into the rising NFT market.
The most significant feature of Cryptokicks sneakers is their customization. Nike provides eight RTFKT-made skins for Cryptokicks sneakers, which allows owners to customize the sneakers with various looks and designs. Additionally, to fulfill customers’ pursuit of uniqueness, it plans to enable owners and partners to create their own sneaker skins in the future. This feature corresponds with the nature of NFTs, which are unique and un-duplicatable digital assets. It grasps and highlights customers’ wish of owning exclusive assets and extends this wish by allowing them to customize their assets.
Nike and RTFKT employed a special business model for Cryptokicks sneakers: they sold the product to customers before informing them what it was. In February, they released a mysterious box called MNLTH without telling people what was inside. The box was given to previous owners of RTFKT’s Clone-X collection and was sold publicly at around 5 Ether (about $15,000). Two months later, Nike announced that owners can open their boxes inside, which contained Cryptokicks sneakers. This model adds to the exclusiveness of the NFT sneakers, for customers can only buy them on secondary markets after their official release in April. Resale prices are up to 90 Ether (about $176,000), which shows customers’ eagerness for this exclusive NFT as well as its high business value.
While Cryptokicks sneakers exist only in the digital form now, some owners are hoping to redeem their sneakers for physical versions in the future. However, others believe that the value of Cryptokicks is beyond their wearability, attaching more importance to the very form of NFT sneakers, which represents the intersection of the virtual and physical world.
Works Cited
"Buy NFT: Identity 20XY." InsideBitcoins.com, https://insidebitcoins.com/buy-cryptocurrency/buy-nft/identity-20xy
Exmundo, Jex. “The Rise, Fall, and Redemption of Pudgy Penguins Nfts.” Nft Now, 29 Dec. 2022, https://nftnow.com/culture/the-rise-fall-and-redemption-of-pudgy-penguins-nfts/
"Identity 20XY NFT Projects." NFTRelease.app, https://nftrelease.app/nft-projects/identity-20xy
"Identity 20XY." Minyma Technologies, www.minyma-tech.com/project/identity-20xy/.
McDowell, Maghan. “Nike and RTFKT Take on Digital Fashion with First ‘Cryptokick’ Sneaker.” Vogue Business. Vogue Business, April 22, 2022. https://www.voguebusiness.com/technology/nike-and-rtfkt-take-on-digital-fashion-with-first-cryptokick-sneaker.
“Pudgy Penguins.” Pudgy Penguins, Pudgy Penguins, https://pudgypenguins.com/.
RTFKT. “RTFKT and Nike CryptoKicks, Introduce the Future of Sneakers.” YouTube. YouTube, April 22, 2022. https://www.youtube.com/watch?v=h6dtzwMfLa0.
"terra0." Medium. https://terra0.medium.com/
"Wen growth? An introduction to Seed Capital." Medium. https://terra0.medium.com/wen-growth-an-introduction-to-seed-capital-8d4a9df93789
Williams, Alex. “Nike Sold an NFT Sneaker for $134,000.” The New York Times. The New York Times, May 26, 2022. https://www.nytimes.com/2022/05/26/style/nike-nft-sneaker.html.