In a matter of a few weeks, Jack Butcher’s Checks V4 NFTs have toppled Bored Ape Yacht Club (BAYC) in trading volumes. The Checks NFT project is a digital endeavor to “capture a moment in time” where the checkmark is part of a person’s identity. The project launched on January 3rd, and within a month has already become a top 10 NFT project. Recently, 21 Check NFTs sold for 76.497 ETH ($125,057.10 USD). So what’s all the buzz about the Check-themed digital assets?
How Jack Butcher’s Checks V4 NFTs are Changing the Game
The central theme of the Checks NFT project is stated in their website: “If No One Is Verified, Everyone Is Verified. If No One Is Notable, Everyone Is Notable.” This would sound like the core of this one-of-a-kind project. Recent reports state that the project took over BAYC in 24hr trading volumes. According to DappRadar, the trading volume even surpassed $3.6 million in 24hrs. This makes the amount about $400k more than BAYC.
The Checks NFT project is in essence a direct reflection of the times we live in. It inculcates two core web3 ideals – verification and digital identity in the information era. The project is a 16,031 unit open-edition NFTs. Moreover, the data also suggests that the Checks V4 NFTs have crossed over 360% in sales volumes. In addition, the average price of a Check NFT is about $3.2k USD as of the time of writing. The floor price of the NFT also sits at about 2.18ETH.
According to NFT Power Rankings (Twitter: @nftpowerrankings) this is the first time an Open Edition NFT has surpassed Bored Apes in terms of trading volume. The NFT project has already amassed 15.8K ETH (~$26.04 million) in secondary sales. With 26% unique holders and 5% of the total NFTs listed, the NFT community has set its sights to a brand new blue-chip on the block. The top collector of the project has 508 Checks, and the average holder has about 3.8 Checks. Furthermore, Bored Ape Yacht Club and Checks V4 NFTs are the only two projects to surpass $3 million in 24-hours trading volumes on 6th February.
About the Open Edition Project
Jack Butcher’s project conceptually evolved from a 1-of-1 NFT he released in 2021. The piece was titled “NFTs, Defined” and came from his artistic company “Visualize Worth”. The project started out as social commentary, and has now evolved to a full blown narrative reflection of the digital shift in identities and power structures. According to the official Checks website, “Ownership and Authorship in the age of the internet is based on the premise of verification. A small check mark next to your name to prove your notability. That your words have weight, your opinions are informed, or your achievements are greater than average.”
It then goes on to state that this checkmark has now been reduced to an $8/month subscription. The intent behind the project is to highlight this shift in context of the very same checkmark. It believes that the checkmark that was previously bestowed by institutions has now changed to a verification symbol that only lets us know that the user can afford it.
The Checks V4 project is also a reflection of timeless art and electronic culture and communication in todays age. It aims to also act as a bridge across time. On some days, the Check NFTs may represent a tribute to modern artists. On another day it may reflect the “most notable portrait of a time”, and on others, it may even reflect a week-old popular meme.
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