Thanks to Nifty Tailor, BAYC and MAYC can now have brand new looks for their NFT avatars. Furthermore, Smart Token Labs has given the technology that allows BAYC and MAYC holders to customize the appearance of their Ape clone. Then they can create their own derivative NFT. As a result, this is the first collection of BAYC and MAYC variants that is fully verifiable on-chain.
For its Genesis Mint, Nifty Tailor moves directly to the top of the pfp collection.
Nifty Tailor is offering 2500 mint passes for their genesis collection mint exclusively available to Bored Ape and Mutant Ape Yacht Club members. Holders can also purchase 10 mint passes per Ape, with a maximum of 50 passes per wallet. As a result, for each mint pass purchased, holders can mint one NFT derivative. The mint pass is then burned after minting a derivative. This is dubbed “The Suit-Up Event” by Nifty Tailor and Smart Token Labs.
The Suit-Up Event is free + gas, while Mint passes cost 0.069 ETH + gas. Another important element to note is that mint passes are not linked to the Ape who minted them. In other words, Ape holders have the option of purchasing extra mint passes on the secondary market if they so desire.
Regardless of who purchases the mint pass first, the Ape holder who participates in The Suit-Up Event is the one who ultimately selects how the Ape derivative NFT will look. On that basis, the clothes were created particularly for the Nifty Tailor collection by a group of digital artists. In fact, 20% of the proceeds from the sale of mint passes will be directed directly to these artists.
It’s also worth noting that, while the Nifty Tailor genesis collection is currently only available to BAYC and MAYC holders, the platform intends to expand to more NFT pfp collections in the future. To be clear, this collaboration with Smart Token Labs represents a significant advancement over Nifty Labs’ initial platform, which offered a less polished version of this derivative mechanism.
Smart Token Labs’ TokenScript technology is helping to shape the future of derivatives.
NFT derivatives have been a source of contention in the NFT community. Some see them as totally in the spirit of Web3, while others see them as cash grabs that violate producers’ intellectual property rights.
As a result, the Nifty Tailor genesis collection exemplifies the possibilities of Smart Token Labs’ work. That is, it is making it easier for people to construct NFT derivatives. One that, by default, pays royalties to the original NFT’s proprietors. For example, when one of these Nifty Tailor Ape derivative NFTs sells on the secondary market, the owner of the “parent” Ape NFT receives a 3% royalty.
This is an excellent demonstration of Smart Token Labs’ TokenScript system. TokenScript, in essence, allows tokens to become “smarter” by increasing their functionality.
All things considered, it does not appear like NFT derivatives are going away. That being said, what Nifty Tailor and Smart Token Labs are doing may pave the way for the future of NFT derivatives. One that maintains the playful and collaborative ethos of Web3 while respecting the rights of holders and NFT developers.