NFTs and Social Capital

A strong community is at the heart of every successful NFT project. Here’s how creators and community members collaborate with thought leaders, marketplaces, and brands to improve the fundamentals of their projects. On December 2, 2021, Bored Ape Yacht Club (BAYC) drew the attention of the culture-driven athletic brand Adidas. It sealed their partnership, increasing both its notoriety and value. RTFKT Studios was acquired by Nike and attracted the community’s attention by airdropping the first Nike nonfungible token, MNLTH.

As RTFKT has introduced a new concept to NFT reveals; the MNLTH airdrop lives up to its name: the community triggers it. The MNLTH NFT only indicates after the district has completed all required quests. Members speculate whether the contents are Nike merchandise. These new developments demonstrate that NFT collections recognize the importance of collaborating with solid thought leaders, brands, and communities to increase their overall value in terms of social and investment capital.

NFT projects that establish vital connections to help with their social arm and increase the overall floor price value of the collection prove that collaborations in the NFT ecosystem have value.

NFT Artists

FoxFam is a project that is well-liked by artists in the industry. Notably, Markus Magnusson, the creator of Invisible Friends, attended the YumYum studio collection in London with his wife and fellow artist, IraG. Since its inception five months ago, the project has matured significantly. According to OpenSea, the average sale price has increased by more than 700 percent. FoxFam has generated a total volume of more than $19.5 million.

The project has expanded its Metaverse presence. It collaborated with the intentionally misspelled World Wide Webb, an interoperable platform, to purchase apartments for Fox owners to enjoy. As a result, the creators will provide each FoxFam member with a 2D pixelated version of their avatar that can easily integrate into the World Wide Webb.

FoxFam is not YumYum Studio’s first rodeo as a working creative studio in London. To name a few, the studio has collaborated and partnered with notable brands and entities such as Adobe, Nokia, Lyft, MTV, and McDonald’s.

Collectors and investors are looking forward to implementing its revamped roadmap. It includes the launch of YUM, 3D avatars, and its P2E game FoxCity. Daily sales have remained above 50 in the last seven days, indicating that investors and collectors see value in the RTFKT ecosystem.

Aside from game theory, tokenomics, and sorting utility, NFT collections and communities thrive by establishing interpersonal relationships and connections with other notable players in the sector. An intrinsic and extrinsic value comes from increasing the community’s social capital and the associated collection.