New Skins for NFT Avatars
BAYC and MAYC can now create new skins for their NFT avatars thanks to Nifty Tailor. What’s more, Smart Token Labs has provided technology to allow BAYC and MAYC holders to choose what their Ape derivative will look like. They can then create a new NFT derivative themselves. Thus, this is the first collection of BAYC and MAYC derivatives that can be fully verified on the web.
Nifty Tailor goes straight to the number one PFP collection for its Genesis Mint
Nifty Tailor is releasing 2,500 Genesis Coin Subscriptions, available exclusively to Bored Ape and Mutant Ape Yacht Club owners. In addition, holders can purchase 10 Mint passes on Ape with a limit of 50 passes per wallet. Subsequently, holders can mint one NFT derivative for each check they purchase. After minting the derivative, the mint is burned. This is what Nifty Tailor and Smart Token Labs call a “suit event”.
The Mint Pass costs 0.069 ETH + gas, while The Suit-Up Event is free + gas. Another key point is that mint checks are not tied to the monkey that minted them. In other words, Ape owners can buy additional mint passes on the secondary market if they so desire.
Regardless of who buys the mint pass first, the Ape owner who enters The Suit-Up Event is the person who ultimately decides what the Ape NFT derivative will look like. On that note, several digital artists have designed outfits exclusively for the Nifty Tailor collection. In fact, 20% of subscription proceeds will go directly to these artists.
It’s also important to note that while Nifty Tailor’s genesis collection is exclusive to BAYC and MAYC holders, the platform plans to open up access to other pfp NFT collections in the future. Certainly, this partnership with Smart Token Labs marks a notable evolution of the original Nifty Labs platform, which provided a less-than-perfect version of this derivative mechanism.
Smart Token Labs is creating the future of derivatives with its TokenScript infrastructure
NFT derivatives have been a controversial topic in the NFT community. Some people consider them to be completely in line with the spirit of Web3, while others consider them extortion of money that violates the intellectual property rights of the creators.
As a result, the Nifty Tailor genesis collection really shows the potential of what Smart Token Labs is building. In other words, it creates a better way for people to create NFT derivatives. One that actually provides royalties to original NFT holders by default. For example, whenever one of the Nifty Tailor Ape NFT derivatives is sold on the secondary market, the owner of the “parent” NFT Ape will receive a 3% royalty.
This is certainly a great demo of the TokenScript framework from Smart Token Labs. In essence, TokenScript allows you to increase the functionality of tokens by making them smarter.
All things considered, it doesn’t look like NFT derivatives are here to stay. With that said, perhaps what Nifty Tailor and Smart Token Labs are doing will pave the way for the future of NFT derivatives. One that continues the Web3 spirit of fun and collaboration without violating the rights of NFT owners and creators.