Having an NFT is becoming more than just a way to change your profile picture on social media. More and more, utility and value are what turn flippers into holders. A fine art project called Artsy Monke says it knows exactly how to do this.
Artsy Monke was made by registered Nintendo game developer and artist CryptoGrims and veteran Blockchain developer Dan Hovey. It recently exploded onto the NFT scene after they used their artificial intelligence to reimagine the 10,000 Bored Ape Yacht Club NFTs as printable works of art. The collection sold out right away and has already been resold for more than 150 ETH on the popular OpenSea market, giving it a market value of $500,000. (USD).
” The art is just the starting point.” Explains Grims. “To increase the value of an NFT, you need to make it more valuable to hold than to sell. Making the NFT a key to access other valuable assets, will incentivize people to hold instead of sell, reducing available supply, and causing the value to grow exponentially. A golden goose, or in this case, a solid gold skin Monke.”
To do this, the Artsy Monke project is making a virtual video arcade park that only people with Artsy Monke or BAYC can explore, play in, and earn money from. The world will be split into twenty themed zones, and each will have a growing library of vintage-themed video games. Users will be able to play any game in this universe and earn Artsy Monke in-game cash at the same time.
This currency will, of course, be on the blockchain and can be bought and sold for NFTs and bitcoin. This is not the first time the team has worked on a virtual world. CryptoGrims, who worked on the AI project, is a senior VR and game developer, and Hovey is the main developer for the upcoming Crypto Comedy Club, which will be the first comedy club in the world to use Blockchain.
The team thinks that making sure the community is happy is the most important part of a project. “We have been trying to add value not only to our community but also to the BAYC community. Since day one we have accepted $APE for Artsy Monke as well as creating an abstract artwork of the apes.” Dan said. But they help the NFT community in more ways than just BAYC. Dan is a weekly co-host on the Twitter account of two-time King of the Cage Middleweight Champion Keith Berry, where he promotes and collects NFTs from new and emerging artists.