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NFT Derivatives

A Guide to NFT Derivatives

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Introduction

Lately in the market, one of the things that was spreading noise and opinions were the proclaimed “Derivative NFT Projects”. This is a new trend that has been generating hype for weeks and today we are here to reveal the truth around them.

What Are Nft Derivatives & Extensions?

What is a Derivative NFT? Why would a person buy a Derivative Project? How many Derivative Collections were created at the moment?
These are questions that have an answer and you will be able to read them if you keep scrolling!

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Same basis + different aspects/approach = Derivative Project

What is a derivative NFT collection?

A derivative collection is a project that derives from an existing NFT. Essentially, what they do is take the principles of a project (In general these projects take the art style but it could be also the utility) and represent them in a different way. Also some others combine attributes from 2 different projects creating a mix.
Most of these derivative projects want to take the hot moment of a bluechip collection and put it into something new while preserving the things that bring life to the core project.
At the end, we are creatures of habit and we are extremely sensitive to things that are familiar to us. So if we look at them contemplating our way of acting, these collections make some sense.

What is a Blue Chip NFT?

I know that you are thinking in a meaning for the term “bluechip” but as most of the things inside the NFT market, here the meaning is different.
In the traditional stock world a “bluechip” refers to a company that’s considered a reliable investment. Bluechip stocks are investments that are considered safe, long-term bets that generate steady returns on the invested principal.
But when people use the term “Bluechip NFT”, they mean that the project will retain a high value into the future. In other words, it will behave like a traditional bluechip stock in the future.
In the same way that the bluechips in crypto are Bitcoin and Ethereum, there are bluechips in NFTs:

Music NFT

CryptoPunks

Bored Ape Yacht Club

NFT Derivatives

Doodles

Cool Cats

Mekaverse

CyberKongz

NFT Derivatives

Art Blocks

Why are there Derivative Collections of the Blue Chip NFTs?

As humans, all we do is to accomplish our big goal in life: happiness. Based on that, all what we say, all what we buy, all what we do has a reason that’s always aligned to our goals. And a very important fact that every successful marketer must understand about human behavior is that people buy: products or emotions.
A clear example is a Rolex: Many may argue that they buy it to watch the time, to facilitate their daily life and move faster, but in reality there are many more who buy it for what it represents to wear that brand on their hand, for how people perceive them with that watch and for the opportunities it opens up for them.
The same thing that a Rolex represents for a group of people is the same thing that a NFT represents for some tech geeks.
But can any NFT be compared to a rolex? NO, they are especially compared with the most successful collections, the bluechips of the market.
Having one of these NFTs in your wallet can change your life forever. Some may argue that they buy them as an investment and that is true, but most people buy them because having one of them gives you access to exclusive communities, people in the market look at you differently, new doors open easily and new friendships are created. It is a symbol that represents status in the virtual world.
But then, why would a person want to buy another NFT if bluechips are so good?
Bluechips collections have a problem, they are extremely expensive and impossible to afford for the largest percentage of the population. But since there is always an entrepreneur to solve a problem, people started to create NFT Derivative Projects.
Their main value proposition is that you join a community with the same principles of a bluechip collection at an extremely lower price.
A perfect example is Crypto Phunks, they are a derivative collection of Crypto Punks but instead of looking at the right, they look at the left. YES, that simple change allows people to enter a similar community that likes the pixel art and OG collections.

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How big can it be an NFT Derivative Project?

When it comes to the size of a derivative project, usually people don’t expect them to be big enough to surpass the principal one. Imagine if a nike spin-off surpassed the original, the world would explode, but projects are trying, and so should you.

These projects are full of flippers so you should be cautious when it comes to the long term of it, but when it comes to a successful derivative project, usually the maximum they reach is less than half of the original floor.

If we want to look at an official derivative project, we should take the example of Mutant Ape Yacht Club. It’s a derivative project from the well known collection “BAYC” created by the same team and emphasizing that it was an official derivative of the brand.

Looking at the floors, this collection sits at 19,89 ETH while the original one is sitting at 95 ETH. This is the same as saying that the most successful derivative collection ”MAYC” is 20% of its original one “BAYC”. But something very interesting is that when it comes to volume traded, MAYC accomplish the 60% of BAYC.
So, between 20% of the floor and 60% of the volume that MAYC accomplish being the most successful derivative project, the goal for other collections would be taking 40% (20% + 60% / 2 = 40%) of the original collection size.

NFT Derivatives

What are the Most Famous Derivative NFT Collections?

As we already said, there are plenty of NFT derivative projects, but let’s break down the most popular according to some bluechip collections.

Crypto Punks Derivative Collections:

Dr. ETHvil's 3D FrankenPunks

FrankenPunks is a collection of NFTs with the primary goal of lowering the barriers of entry to “Bluechip” NFTs while granting full governance/ownership to the holders. In order to get governance rights over CryptoPunks and access to a robust community wallet you need to purchase FrankenPunks.
Buying a FrankenPunk for a significantly lower price will also give you exposure to Crypto Punks. Because Crypto Punks are very expensive and are out of the average people poket, FrankenPunk will buy as many Crypto Punks as possible with the money raised from their launch.
But how will I get exposure? Well… They will buy the CryptoPunks and fractionalize them to place it in individual vaults and issue the $FRANK token to their holders.

V1 CryptoPunks

They call themselves as: “The punks that pre-dated the Cryptopunks we love today”. Reading the story of the collection in their Discord helped me to understand this quote:

Bastard Gan Punks

This is another derivative collection from Original Punks created for some boomer cryptopunks looking for a more fresh and way cooler avatar project.
This project was started for @berkozdemir because of 2 reasons:
  1. To practice Generative Adversarial Networks (GANs) with his own dataset, as part of my artistic research at Masters programme at ArtScience Interfaculty.
  2. Even though Cryptopunks were way cheaper last year than now, he had no money to buy any, so he challenged himself to make “interesting enough” remixes of them.

DystoPunks

DystoPunks was inspired by CyberKongz and CryptoPunks to create the utility-focused Cyberpunk-themed NFT project that allows holders to generate a utility token called $CREDS, mint Dystolab Crates and use it in the Dystoverse.
$CREDS it’s an ERC20 token on the Ethereum Blockchain that generates 7 $CREDS per day for 7 years. Using this token you can have some benefits such as minting a Dystolab Crate that it’s an ERC1155 token that no one really knows what they contain and cannot be opened until the Dystolab launch.
The project is very huge in terms of utility and the team has been working since a while now all the features but what it’s commings seems to be better:

NFT Derivatives

Bored Ape Yacht Club Derivative Collections:

Society of Derivative Apes (SODA)

SODA started as a normal derivative project aiming to combine the apes of BAYC and the colors of Doodles but now, this project seems to be much bigger.
They sold out in less than 30 seconds, returned 42 ETH to all members who were affected by a Discord hack, they donated to Team Seas, they have acquired land inside SandBox, reached more than 2.5 ETH in volume traded and much more that you can find in their Discord.

Superlative Apes

This project is a merge between Bored Ape Yacht Club and Superlative Secret Society. We can find 4.444 generated colorful art pieces, all made with pure love and hand drawn artwork.
But why are they colorful? Well, in the website they say:
“These Apes were quite normal back in the days… But apparently, they did some weird things with their new lives, as they all live on the never ending Blockchain of Ethereum. There are some rumors of them entering the MetaVerse of Happyland, which can explain their colorful colors and weird appearance”
They have think in cool utility and people inside their Twitter seems to be liking it:

Grandpa Ape Country Club

GACC is a collection of 5.000 NFTs with a very cool art similar to BAYC but in this case with older apes. They have more than 200 possible traits and all are stored on IPFS.
Your Grandpa Ape doubles as your Country Club membership card, and grants access to members-only benefits, the first of which is access to THE GREENS, a place where you can just hang with the boys.
They are working on a Serum to create a mutant version of your GACC but the date has not been released yet, although what they have done is post some sneak peaks in Discord:

Ape Kids Club

We already saw adult apes, older apes, but what about younger apes? This is the core of this collection, create the younger ones to complete the album.
But why are there younger apes? This is the answer:
This collection was created for a well recognized artist called Kun Vic, also known as Victorior. Is a Thailand based artist who has been a digital artist for nearly half his life since 2009. He has previously worked for EmberLab studio for Coca-Cola (USA), KFC, Bridge of Spirits (Sony Playstation game) , PSYOP for Disney’s game, Clash and Clanes, Clash of Royales, Chick-Fil-A , Supercell, among other prestigious brands to create and animate different art concepts.
He designed this project with a goal in mind: compensate holders with utility as other apes projects do.
Your Kid Ape gives you access and membership to their discord community in which you will be able to be part of the Back to School Channel, the Lemonade Stand, the Dance Party, among other planned surprises in their roadmap.

NFT Derivatives

Doodles Derivative Collections:

Doodled Punks

The name says everything, this is a derivative project from Doodles and Punks. There are 2.500 NFTs out there and they followed a “stealth drop”, this means that the drop could be today, it could be tomorrow, it could be next week, the drop it’s not defined or at least not public.
The members of their Discord were the only ones pinged when the collection went live. With this they make people understand that they wanted to give more chances to mint to the people who really supported them and was interacting within their community.
They also have a token called $DUNK but this one has no monetary value, it only serves for utility. They say that $DUNK will be necessary for future utilities / breeding mechanics.
So, if the token has no monetary value, how can I get it? Via Staking.
  • Each Male Doodled Punk staked will generate 1 $DUNK per 24 hours
  • Each Women Doodled Punk staked will generate 1 $DUNK per 48 hours
  • You can claim your $DUNK while your NFT is staked.
You can read more in the following thread:

Caboodles

This project has been inspired by the amazing projects Cool Cats & Doodles. This is a collection of randomized, & hand-drawn cats. The Artist and Founder, Buffy, launched the genesis collection of 1,256 Caboodles on Nov. 17, 2021, making Caboodles The 1st Cool Cats & Doodles Derivative.
Something very crazy about this project is his team lead story. As we said, the founder of this project was Buffy but because he was not able to keep leading the project, at the end her passions lied in making art, The Reboot Team took the reins of the project and through a few ETH bombs, revived it.
You can learn more about this in their Discord Channel:

CryptoDickbutts

According to their OpenSea listing, this is a project with no pre-sale, no roadmap, no real plan, just good vibes. It’s a crossover between the pixel art Crypto Dick Butts and the colorful Doodles.
This project is like a “meme coin”, it has nothing behind it but because they generate impact and a sign inside the community people buy them.
They are close to reaching 5K ETH in volume traded and the price raised from 0.052 ETH in the minting to 0.6 in the moment of writing this.
Like memes? This is your project!

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Summary of NFT Derivatives

From Bored Ape Yacht Club and Mutany Ape Yacht Club, to Cryptopunks and CryptoPhunks, NFT derivatives & extensions are exciting new developments in the crypto industry. Want to learn how you can leverage this   

Author

About The Author

Kaleem Abbasi

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