The 1000coins collection is a set of 10,000 NFTs that aims to distill the concept of an NFT to its core values: rarity and identity.
Traditionally, generated NFT projects use art assets in varying combinations to create large collections, with certain mints being worth significantly more than others, with the example of CryptoPunks ranging from ~200K to ~24M. Aside from rarity, NFTs can also be worth more to people if there is an aspect of it that they identify with, a concept more in line with traditional art sales.
Rarity
For each NFT in the 1000coins collection, there are 4 variable categories:
- Type of Coin (Copper, Silver, Gold)
- Number of Coins (1, 10, 100, 1000)
- Color of Background (Yellow, Green, Red, White, Blue, Purple)
- Randomized Three-Letter Acronym (for lack of a better term)
Each category follows simple rules that make it easy to mentally (roughly) calculate the overall rarity of the NFT without checking an online list or calculator. They are approximately as follows:
- 6:3:1 ratio for Copper/Silver/Gold (~6000, 3000, 1000 overall)
- 6:3:1 ratio for 10, 100, 1000 coins (with 1 coin being 10x rarer than 1000 coins)
- 6:5:4:3:2:1 ratio for Yellow/Green/Red/White/Blue/Purple
- Three separate attribute-tracked letters with randomized distribution
By following these rules, even with 10,000 total NFTs, it is feasible for a buyer to pick out rare NFTs visually at a glance, which will be an important factor in a marketplace teeming with competition.
Identity
1000coins uses the unique concept of attribute-tracked identifiers which will also raise the attribute score for all minted coins. As an example, see the following NFT (scaled to 800x800, full resolution is 3200x3200):
The chances of minting one of the rarest NFTs like above (ignoring the acronym) would be 1/10 (Gold) * 1/10 (1000 coins) * 1/21 (Purple) = 1 in 2100. The absolute rarest NFT ignoring the acronym would be a single gold coin with a purple background, which would be 1 in 21000.
To get the acronym “QRK” ignoring the rest, the chances would be 1/26 * 1/26 * 1/26 = 1 in 17576. From this, it can be seen that a perfectly matching acronym is actually near the rarity of the rarest visual NFT. That means even a 10 Copper NFT with a yellow background has a chance to be worth a lot to the right person (if anyone gets ERM, ask Elon if he wants to buy it).
Utility
Aside from the unique visual and design aspects of the 1000coins NFT collection, there are also multiple tentative uses for it that we are planning in our other projects. For example, we are considering creating our own Cosmos-based crypto airdrop to run our Q&A website project (see our previous Medium article for context) and an airdrop to NFT holders (with amount corresponding to NFT rarity) would definitely be on our to-do list if it proves technically feasible. Another idea thrown around was to let users on the platform purchase cosmetic account additions depending on the overall quantity of coins in NFTs that they currently own (with 1 coin being worth 10,000 and with each of the Copper/Silver/Gold categories corresponding to a particular color scheme).
These concepts are all tentative and we make no guarantees on any of these ideas aside from that we will always aim to reward our long-term supporters when it is feasible and does not side-track us significantly from our overall goals.
Minting
The current targeted platform for this project will be the Cosmos ecosystem, and specifically the Stargaze Launchpad. We have already tested minting on the Stargaze Testnet and are planning to put up the project for community vote in the Stargaze Discord this upcoming week.
Stay tuned for more information on this and our upcoming projects and feel free to join our pre-launch discord at https://discord.gg/bXBfyz4Vd5.
Act fast to grab one of the remaining spots for a “First 100” Discord role which comes with a 20% off WL spot, and many merit-based NFT giveaways will follow.
