BAYC and MAYC can now mint fresh fits for their NFT avatars courtesy of Nifty Tailor. What’s more, Smart Token Labs has provided the technology to allow BAYC and MAYC holders to choose how their Ape derivative looks. Then they can mint the new derivative NFT themselves. Thus making this the first BAYC and MAYC derivatives collection that’s fully verifiable on-chain.
Nifty Tailor goes straight to the number one pfp collection for its Genesis Mint
Nifty Tailor is making 2500 mint passes for its genesis collection mint available exclusively to holders of Bored Ape and Mutant Ape Yacht Club holders. In addition, holders can buy 10 mint passes per Ape, with a limit of 50 passes per wallet. Subsequently, holders can mint one NFT derivative for each mint pass they buy. After minting a derivative, the mint pass then gets burnt. This is what Nifty Tailor and Smart Token Labs are calling “The Suit-Up Event.”
Mint passes cost 0.069 ETH + gas, while The Suit-Up Event is free + gas. Another key point is that mint passes are not tied to the Ape that minted them. In other words, Ape holders can buy additional mint passes on the secondary market if they so wish.
Regardless of who first buys the mint pass, the Ape holder who takes part in The Suit-Up Event is the person who ultimately decides what the Ape derivative NFT will look like. On that note, a number of digital artists designed the outfits exclusively for the Nifty Tailor collection. In fact, 20% of proceeds from the sale of mint passes will go directly to these artists.
It’s also important to note that while the genesis collection from Nifty Tailor is exclusive to BAYC and MAYC holders, the platform plans to open up to other NFT pfp collections in the future. To be sure, this partnership with Smart Token Labs marks a notable evolution of Nifty Labs’ initial platform, which provided a less refined version of this derivative mechanism.
Smart Token Labs building the future of derivatives with its TokenScript framework
NFT derivatives have been a contentious topic in the NFT community. Some people view them as being fully in the spirit of Web3, while others deem them to be cash grabs that abuse the intellectual property rights of creators.
As a result, the Nifty Tailor genesis collection really shows the potential of what Smart Token Labs is creating. That is to say, it is creating a better way for people to create NFT derivatives. One that actually grants royalties to the owners of the original NFT by default. For example, whenever one of these Nifty Tailor Ape derivative NFTs sells on the secondary market, the owner of the “parent” Ape NFT will receive a 3% royalty.
This is definitely a great showcase for Smart Token Labs’ TokenScript framework. In essence, TokenScript allows for the increase in functionality of tokens, making them “smarter”.
All things considered, it doesn’t seem like NFT derivatives are going anywhere. 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 fun and collaborative spirit of Web3 without infringing on the rights of holders and NFT creators.