- 10KFT is the latest platform pushing the boundaries of the NFT space.
- The virtual accessories shop allows minting of derivative NFTs based on parent NFT collections.
- Created by pseudonymous Wagmi-san, he forged relationships with 16 NFT projects.
Are you a fan of Japanese culture, alternative universes, and elderly shopkeepers? Then you are in for a treat with the 10KTF metaverse lore. Let’s start with the focal character himself — Wagmi-san. He is an NFT shopkeeper inhabiting New Tokyo. This alternative timeline dropped at the end of April with this trailer.
The question is, what does Wagmi-san have in store for us? The trailer noted May 5th, 2022, as the big reveal. What has happened since then?
Inside the 10KTF Shop
It is not clear who is behind the Wagmi-san fictional character. However, what is clear is the shop’s novel concept. The pseudonymous artist going by the elderly shopkeeper Wagnmi-san is in the business of crafting NFT derivatives. What does that mean exactly?
If you own an NFT from an established collection, such as Bored Ape Yacht Club, Robots, Toadz, Wizards, Cool Cats, and many others, you gain access to the 10KTF shop. In this virtual shop, you can then pick accessories for your favorite collection. These could be sneakers, hoodies, backpacks, or anything else that fits that particular metaverse lore.
Therefore, the 10KTF shopping experience goes like this:
- You own one of the supported parent NFTs
- Wagmi-san custom-designs the derivative item
- Only one item can be minted for each parent NFT
- There can be no more derivatives than there are items in the NFT collection, which is typically 10k variations. In other words, every 10KTF item holds one-to-one uniqueness.
To start, one has to connect their wallet to the 10KTF shop. After the Wagmi-san shopkeeper invites you for a cup of tea, he will ask you to connect the MetaMask wallet. Presently, there are no other wallets supported.
Each derivative item is a standard ERC-721 smart contract token, making it easy for your NFTs to interface with Wagmi-san’s contract.
Which NFT Collections Does 10KTF Shop Support?
The parent NFT collections have grown substantially since the shop opened. While new ones are added on an almost weekly basis, here are the currently supported multi-billion-dollar collaborations:
- 0N1 Force
- Bored Ape Kennel Club
- Bored Ape Yacht Club
- Cool Cats
- CrypToadz by GREMPLIN
- Gutter Cat Gang
- Mutant Ape Yacht Club
- Pudgy Penguin
- Forgotten Runes Wizards Cult
- Wolf Game
- World of Women
- World of Women Galaxy
Wagmi-san uses so-called blanks to craft accessories for each one. A blank is simply a smart contract for your future NFT derivative, connecting with your wallet’s parent NFT. Given the fact that most NFT collections are PFPs (profile pictures), Wagmi-san started off with High Top shoes, Daypacks, and similar items befitting such collections.
10KTF’s in Numbers
Having launched almost two months ago, 10KTF accrued over 53k visitors on Twitter and over 37k visitors on Discord. The project’s floor price reached Ξ0.49 with the average weekly price at Ξ0.81. Altogether, 10KTF amassed a $31.7 million market cap.
As is tradition with NFT collections, the first couple of weeks saw a sharp bump in activity, only for it to wind down below Ξ20 daily volume in the latter half of May. The total number of derivatives minted sits at 18,377, distributed across 5,156 owners.
With Genesis minting closed, new derivatives can only be gained by crafting blanks. The specifics of which are regularly updated on 10KTF’s Discord server. This also includes gas fees involved.
10KTF’s Timeline So Far
The 10KTF project doesn’t have a roadmap as much as it has a lively, evolving storyline on the escapades of the shopkeeper.
After the revelation of three new PFP NFT collections — Gutter Cats Gang, Wolf Game, and CrypToadz — 10KTF shop is in the crafting blanks stage. Holders of the shop’s Stockroom Collection can expend these consumable materials to mint the three collections, while the tools themselves are reusable.
Additionally, New Tokyo’s map has been revealed. This dynamic map gives access to private wallets of 10KTF shop customers, giving them info on the happenings in the parallel universe and places to receive rewards.
Thus far, the map opened up Battle Town and Back Alley locations in addition to the 10KTF shop. Before the new shop opened, Back Alley dropped rewards, if there are any available, once you connect your MetaMask wallet.
Likewise for the Battle Town, presently in Phase 3 (completed shop construction). These gamified and artistically designed airdrops are pushing the NFT space in a rich metaverse direction.
Depending on the rarity ranking of minted High Tops and Daypacks, Wagmi-san airdropped them a proportional amount of Materials to craft blanks. Likewise, Wagmi-san dropped instructions on his Discord server on how blanks are used via recipes.
Based on this timeline, it’s safe to say that Wagmi-san has established a routine. As he adds new NFT collections, one should expect the cycle to repeat itself. For this reason, it is best to follow Wagmi-san’s official Twitter.
Future Collabs Incoming?
More than a dozen collaborations later, 10KTF’s latest catch is none other than Gucci’s Vault project, dubbed 10KTF Gucci Grail. It consists of 11 PFPs inspired by Gucci’s own art director, Alessandro Michele. In other words, owners holding one of 11 NFT collections will get to dress them up with eclectic garments. One is yellow, inspired by the Aria collection, while the other is red, inspired by Love Parade.
Whoever Wagmi-san is, the sheer number of fast-tracked collabs speaks volumes about its future prospect. The project certainly shows a high level of artistic, business, creative, and technical competency. In fact, one has to wonder if Wagmi-san will soon pop up in Yuga Labs’ upcoming Otherside metaverse. He certainly covered all of their main themes — BAYC, MAYC, and BAKC.
Moreover, such speculation is founded on an easter egg spotted inside the 10KTF shop.
Specifically, the elixir bottle in the right corner is strikingly similar to the one in the Yuga Labs’ Otherside trailer. If this turns out to be true, we are starting to see the first clear outlines of what the metaverse will look like outside of Facebook’s walled garden.
Not only will people use their wallets as accounts to migrate across platforms, but virtual merch will be readily available for minting as derivative NFTs. This creates a borderless virtual landscape, ensuring privacy and security via non-custodial wallets.
In turn, every asset can be turned into NFTs, becoming tradeable. If the 10KFT-Yuga Labs partnership strengthens further, ApeCoin (APE) will find much usage on Otherside.
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