Project Breakdown: Checks By Jack Butcher
Value is the name of the game
Welcome to The Drop NFT Newsletter. Breaking NFT news, project breakdowns, & artist spotlights - We do the heavy lifting so you don't have to! Join our Discord to win raffles and allow list spots!
Here is the breakdown of today's newsletter:
✅ A full breakdown of Jack Butcher's latest project "Checks". Definitely worth the read!
The first NFT drop from National Geographic didn't go quite as planned. (DC)
McDonalds in the metaverse? The restaurant chain will be creating a metaverse experience for the Chinese New Year, in tandem with talented artist Karen X. Cheng. (@karenxcheng)
Lowes Hardware plans on utilizing blockchain technology to help with theft prevention. Check out how right here.
Logan Paul makes a futile attempt at making things right for disappointed players of his CryptoZoo game. (@LoganPaul)
Solana makes a big headline in France just some days after retail executives like Dior, IBM, and Luis Vuitton visited its real-life store. (@Solanaspaces)
ToysRUs NFT rollout plans for the coming weeks as they come back on Twitter. (@ellihandro)
Checks By Jack Butcher ✅
In our complicated world, we often lose the notion of value. What is value? Is it tangible or is it intrinsic? In the case of NFTs, is value solely defined as floor price? Is it defined as having a lower token ID? Is it defined by how rare of an NFT people can acquire? WHAT IS VALUE? That is the question that the project “Checks”, by Jack Butcher, aims to bring to the forefront. Released on January 3rd as an open edition, Checks is a project that tests the ideas of game theory, personal value definition, and societal status norms. All 16,030 Checks are the same, yet they each have their own distinct value, which can come in many different forms.
💡 How does it work?
Jack is testing the waters and giving the world a project that has many different permutations of results. With each original Check containing 80 individual checkmarks, if you own 2 Checks, you will be able to burn them into an on-chain version of a 40-checkmark grid. If you are able to mint 2 40-checkmark grids, you can burn those into an on-chain version of a 20-checkmark grid. 80>40>20>10>5>4>1 is the ladder that the burn goes down. And every time you burn 2 grids to get a smaller one, you can choose what token ID you want to inherit. For example, if you’re burning Token IDs 80 and 161 in one instant, you can choose whether to keep 80 or 161 and burn the one you didn’t use. That would make the one, not chosen, go into the abyss.
Working on the next iteration of Checks and itching to share some of the ideas/revisions/thinking.
Went back and forth on doing this — but ultimately, the process is as much a part of the art as the art itself, so will be sharing more in the thread below.
— @jackbutcher (@jackbutcher)
Jan 7, 2023
What is true value?… Our writer, Naveed Lalani, was able to get on a call with Jack yesterday and he had some words regarding this. His central mindset remains that value is defined by the beholder. Is the value in having the smallest checkmark grid? Is there value in having a lower token ID? Is there value in just holding 80-checkmark grids forever? That is for you to decide and define. And your value may be different from someone else’s. That’s the true beauty of the project. In Jack’s words, “So many layers to that question…There are patterns and significance in certain numbers that don’t run parallel to the interpretation of a number… Which tokens do you collect to preserve, and which tokens do you collect to burn.”
4,096… Because of the burning mechanism of this project and the number of Grids required to get to the next tier, there are only 3 possible 1-checkmark grids, which require 4,096 80-checkmark grids to acquire and burn. Jack does believe that with time and certain community-led efforts such as DAOs, we may see a 1-checkmark grid sometime in the future. “It’s going to take a long time,” said Jack, “but I see it happening.”
Why checkmarks?… With Elon acquiring Twitter, there was a promotion that allowed users to buy a verification checkmark for $8, the exact cost of minting a single one of Jack’s Checks. Following this mindset, the question remains: what is status defined as? Why is status wanted, and how is it attained? If everyone can get a check, what is the value in it? That’s the whole psychological premise of the project, so it’s fitting to use the Twitter verification checkmark in the collection’s grids.
Opepen… Along with the success of Checks, Jack released another open edition project on January 8th called Opepen, an interpretation of Pepe, a meme that we all love and cherish. In just 60 minutes, the free mint collection garnered 15,984 pieces. But with Jack’s ever-growing commitment to Checks in the short term, he isn’t focused on Opepen, and he is “100% focused on checks until it's on-chain and working without [him].” He does, however, have plans to do something with it in the future. He just isn’t sure yet as Checks are on the forefront.
💡 The DropEvery day in the market, there are new projects that come out. Most of them tout some sort of utility or value creation, and they always boast about the art. This project’s building phase is its art. Jack has been transparent while building this project, also providing updates on a thread titled: Transparency Time, which has over 1,000,000 impressions on Twitter, as of yesterday. With this, you as a holder, are able to create your own definition of value. Do you want a grid with a Token ID significant to you? Do you want to join hands with your peers to attain the smallest grid possible? That is for you to decide, but Jack’s making it easier by explaining his whole process, from ideation to development. The floor price has continued to rise, from a cost of $8 to mint to a now $475 floor on secondary. That’s almost 60x your investment, in just 2 weeks. If you’re a fan of game theory and you want to be a part of a project that will likely take years to burn, you should check out the Checks. WAGMI, Jack. Thank you for creating something for all of us to cherish in our own ways.
Sponsored Content: There is no sponsored content in this newsletter.
Did you enjoy today's newsletter?
Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.
Follow the team:
Want to advertise your brand to 24,000+ readers or get your project featured?
Check out forms on our website here.