• Written by: Prasanna
  • Sun, 07 Aug 2022
  •   Germany

This article is all about 10KTF NFT. Let's take a look at what is 10KTF NFT and other details.

What is 10KTF NFT? Cracking 10KTF NFT Secret

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:

  • Fungible: this word denotes a property, and offers something interchangeable. An illustration would be the fungible Dollar bill since one can offer it to someone else without changing its essence or value.
  • Token: cryptocurrency tokens are digital assets, that describe something other than a financial value. An example would be devotion points, license of something else. Think of it as a reserve, but rather than having a license in a business, it can be owned in anything else.

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 18,000 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. So for a 10k project, there will only be a maximum of 10,000 interpretations of the item and only one of each interpretation available.

Who is Wagmi-san?

Wagmi-san is a 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?

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:

  • 0N1 Force
  • Bored Ape Kennel Club
  • Bored Ape Yacht Club
  • Cool Cats
  • CrypToadz by GREMPLIN
  • CryptoPunks
  • Gutter Cat Gang
  • Meebits
  • Moonbirds
  • Mutant Ape Yacht Club
  • Nouns
  • Pudgy Penguin
  • Forgotten Runes Wizards Cult
  • Wolf Game
  • World of Women
  • World of Women Galaxy

Who is Behind 10KTF?

There are many speculations as to who is the creator of 10KTF. However, there are many assumptions that the following people (among others) are behind that project, as they showed a lot of interest and interactions with the 10KTF community:

  • the $69 million worth of NFT art
  • Gucci collab team: they partnered with WeNew to immerse into the Metaverse
  • Apecoin connections: the team behind the opening of both ecosystems

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

  • Tool staking (ie. the tools used to make those items)  

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 10KTF Crates?

Crates are items in the 10KTF Battle Town that allow users to obtain the following in order to participate in missions:

  • At least one level 2 item (includes Sock Full of Doorknobs, Combat Helmet, Pilot Helmet, Kevlar Vest,…)
  • Level 1 crafts
  • IRL events (meetups and events entry in real life)
  • Merchandise
  • More items TBA

How to Buy a 10KTF Crate?

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.