All you wanted to know about NFT 10K collectibles
The emergence of NFTs has brought to us many exclusive variations of organizing dedicated NFT collections. From different populations of items or avatars to different rarity grades of every NFT item. We know that NFT still is a buzzing field that needs a lot of explanation and introduction for investors, enterprises, and single enthusiasts.
That’s why we’ve brought this comprehensive guide about NFT collection types.
What is an NFT 10K?
We assume that you’re already familiar with the fundamental concept of NFT. However, we are always keen to elaborate. Else, you can skip this part.
What is an NFT?
NFT (NFT acronym stands for a non-fungible token, which means that it can not be reproduced, copied, or forged) — is a digital token that is written in code and exists on a blockchain network. NFT’s key role is to represent the uniqueness and immutability of an artwork or an object in the real world that has a perceived value. NFTs are regulated by smart contracts (read our article about it) that are governing the ownership, non-fungibility, and if necessary a fractional NFT ownership.
As we mentioned in our previous articles, NFT could be literally anything. Recently, Quentin Tarantino decided to put the seven unseen scenes of the ‘Pulp Fiction’ as the NFT.
An NFT 10K collectible
However, in the NFT 10K collections, the most popular things are the artworks. The artwork should be creative and in the NFT world even a bit weird and crazy.
Regarding NFT 10K collectibles, these artworks are a unique design of a perk or avatar. For example, an animal character as it mostly happens. But it could be literally anything else that has a creative concept in a core. Those perks, avatars, or elements must have specific traits like shapes, details, attributes, signs, symbols.
What does 10K mean?
Literally, 10K is the number of the total NFTs collection population. To elaborate, the most prominent NFT 10K Crypto Punks that emerged on the edge of 2017 were truly the pioneers of 10K collections. At the moment of writing this article, the Crypto Punks total value of all sales (Lifetime) equals $1.58B.
Crypto Punks collection is the 24x24-pixel digital images of randomized designed punky characters. Those images were programmed within the creation of NFT ERC-721 tokens to have a population of 10,000 items in total.
They are not reproducible, they are only 10.000 of those unique tokens existing in the whole world, that’s why they have a very limited supply.
Subsequently, if you would see an NFT 20K, NFT 100K, or even a trendy NFT 8888 collection, the number refers to the total amount of population.
What does a 10K collection of NFT consist of?
Most likely an NFT 10K collection is going to be about digital drawing art as we mentioned earlier.
CryptoPunks, CryptoKitties, Bored Ape Yacht CLub are all digital art inherently representing a 2D image created in Adobe Illustrator, Photoshop, or any other software like that. If we talk about 3D art, then it would consist of a 3D render that internally has been created in Blender or Maya or anything else.
Summing up, on the side of digital art a 10K collection would have all the different layers rendered. For example, like background, base image attributes like glasses, hats, whatever you could imagine.
On the other side, in the technical part, we would need to compose a code for smart-contract and algorithmic token generator.
Why do NFT 10K creators get a lot of revenue?
As we know the fundamentals of NFT value and how it has it, there is no hassle to realize why plenty of investors are so keen on buying a weird pixelated avatar that is existing in a metaverse.
But let’s refresh the fundamentals. Why do NFTs initially have a value, where does it come from?
As we know, that NFT could be literally anything, the value of this anything NFT can be assessed with the few key parameters as the real-world value, the NFT ownership history, the uniquity, and the rarity.
Referring back to the example of the recent buzz around the unseen Pulp Fictions scenes as NFTs they do have great value potential that is based on those key parameters.
First of all, those scenes truly have never been seen by anyone except from the filming team of Pulp Fiction, so that factor towers up both rarity and uniquity parameters heavily positive.
And the second one is ownership. The ownership of this NFT is most likely going to be held by Quentin Tarantino himself in the first place. So, that factor is also increasing the parameter of ownership. There is no second Quentin to hold this exact NFT.
And the final is the limited supply.
There are no more than 7 and only 7 unseen scenes of Pulp Fiction that are going to be existing as NFT collectible on a blockchain network. The scarcity and limited supply create high demand and increase the sell and bid price eventually.
Hence, you could create an analogy of why 10K creators get so much revenue. There is a limited supply of 10K and a high level of uniquity and rarity.
Don’t also forget about the royalties that all the NFT creators get (usually 2.5%-7% at max) when their NFT is resold by someone. We expand how royalties work with an example of CryptoPunks creators down below.
What is the secret of Crypto Punks NFT 10K revenue?
One of the secrets of Crypto Punks’ success is their pioneering. They were the very first creators of an idea, the collection, and the design that eventually has been adopted by the mainstream. There are only 10K pioneering CryptoPunks NFTs in the world, there are not going to be more.
Another important part is branding, marketing, and of course the community.
CryptoPunks have a great community of brave enthusiasts that strongly support the project philosophy. The extended revenue also comes from the royalties. Creators receive royalties whenever their NFT token is resold.
And we can only imagine that a particular royalty percentage is written in a smart contract. Especially, since all NFT owners of CryptoPunks would resell their NFT for a way higher price than the initial price.
Imagine, the owner of a rare NFT from the CryptoPunks collection who is intending to sell one. First of all, it’s not that easy to find an owner who is intending to sell. Investors understand the power of their NFT ownership, that’s why the price for an item would extremely skyrocket.
How do we create NFT 10K?
As blockchain developers, we have experienced the advanced level of proper NFT collection creation, no matter the population of it. If we are talking about the NFT 10K’s that are mostly using the computing power to generate each piece, the difficulty of the projects builds up very quickly as far as you want to make it more engaging for the NFT community.
The difficulty of an NFT 10K collection creation is determined by its properties and structure, such as algorithmic logic of each NFT item among the collection, rarity chances spread of randomizing or manipulated tokens minting, royalties structure, airdrop token spread, and the list can go even further.
We know that the NFT world is especially exciting for all the brave creators and creative investors that are just searching for the most hassle-free way to launch their NFT 10K.
As blockchain developers, we are responsible to take all the creators on this journey. From our side, we share expertise in incorporating art within the immersive side of blockchain technology. Since the NFT is an inalienable part of the blockchain world.
Here is what we do:
No matter the way your artwork design is being created, we can help you to reformat it to the most proper type for the NFT collection. The originals of your art won’t be alternated.
Conversely, if you just have a raw idea in mind, we help you to design your artwork in the best way possible from scratch. How does it happen from scratch?
First of all, we take the Lospec image editor to design all the creatives.
Then, we would resize the canvas size using the Photopea tool & color the design.
Establish, Validate, and Engine Traits layer library
After designing the basic concept we are helping you through the journey of establishing the traits library. This library is the basis of the collection. The library consists of all the parts and traits of your NFT 10K perks.
Bulk generate items
According to validated library traits, the bulk generation would have a raw collection of all possible generated items according to uniqueness and rarity grades and structure.
Removing perceptual duplicates
To complete an NFT collection, we must be sure that there are no duplicated items at all. If that situation occurs we remove all the perceptual duplicates.
Trimming population to 10K
Completed NFT 10k collection should have only 10.000 population in its kind. Before completing, we make sure that it is not possible to mint more tokens after the 10K threshold in this case.
NFT 10K algorithmic generator and coding a smart contract
Algorithmically generated NFT collections have more benefits next to the opposite ones. First of all, it gives the exciting idea of unknownness and curiosity when the user is minting an NFT. We know that algorithmically generated collections are more engaging for the community, especially because NFT creators can positively manipulate the rare spread of their items.
CryptoPunks, CryptoKitties, Meebits, VeeFriends, Loot, and Bored Ape are all algorithmically generated NFT 10K collections that deserved mass respect from the NFT community for their randomness as well.
Hence, since the algorithm governs all generating mechanisms of an NFT collection, it is important to know that no two NFTs will ever be the same. That is regulated by the algorithms, subsequently is very hard to achieve manually.
We are using Python programming language to program an algorithmic NFT generator.
Smart contracts are essential to govern the royalties structure, and keep your collection existing even if all the NFT Marketplaces go down (that is highly unlikely to happen, but still). Also, smart contracts are responsible for deriving an NFT item generated with all randomized and unique traits, allowing your buyers to exclusively mint an NFT token right to their wallet (like from a website or a launchpad). They also can be responsible for all token distribution and spread within the wallets.
We are using Solidity to write smart contracts for your NFT 10K collection.
Why smart contracts are important for NFT 10K collections?
The point is that this could be one of the most exciting parts for the initial customer. When a collection is not sold out yet, every buyer can mint their NFT and it will be fully randomized like a gambling machine. Hence, when all the collection is going to be revealed and sold out, holders of the rarest items would win the higher price for it.
NFT Marketplace drop, LaunchPad, and NFT Website
In order to prepare for the NFT collection drop, creators should be engaged in developing a website that is compatible with Web3 principles.
Briefly, Web3 principles are responsible for delivering the possibility of minting tokens right on the website, connecting a Metamask or any other Ethereum wallet to conduct transactions.
UX/UI design should be allowing your NFT buyers to be communicating with a blockchain where your NFT 10K exists through a simple and responsive interface.
It is important to deliver the completed roadmap and whitepaper of your NFT project right on your website. Read our post on Facebook about how whitepaper should be.
Let’s not forget that is needed to list an NFT 10K collection on all prominent NFT Marketplaces like OpenSea.io, Rarible.com, SuperRare.com, or Kephi Gallery.
Kephi Gallery is by the way one of the most promising NFT Marketplace that is going to take a unique path in engaging with the NFT community. Proudly share, Kephi Gallery is also was developed by our bright team of blockchain developers.
We would like to recommend you read the material about NFT Marketplaces and Kephi Gallery project here.
We are helping all our awesome NFT creators with the proper integration and creation of the NFT website and launchpad too.
Rock’n’Block’s team is not limited only by the development of NFT 10K collectibles. We can help with:
⚡️Any other custom request from a crypto wallet development to custom blockchain development.
If you are looking for a development similar project like this surely you can count on Rock’n’Block!
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Article author: Mariia Zavtur