The title’s bold claim actually happened. But no, this wasn’t from some magic DeFi protocol or Ponzi scheme.
The technological feat was a byproduct of the ingenuity over at RedFOX Labs, builder of the RFOX VALT metaverse, where a portfolio of tech-forward business ventures is clicking together.
The VALT is home to NFTs, a DeFi portal, livestreaming, Play-to-Earn blockchain gaming, e-commerce, esports tournaments, live shows, and more. Did I mention that there’s a VR-enabled roller coaster? It sounds like an exciting environment, doesn't it?
The VALT is still under construction, and team RFOX is busy training products and ventures to be the best versions of themselves. Nobody just snaps their fingers and out pops a metaverse! Live products are being tweaked as we speak, preparing them for entry into a wonderfully wild digital space.
That 36x return sprang from the KOGs Mint Lab, where Bored Ape Yacht Club members can visit to spread layers of utility all over their collectible NFTs.
Apeing into a P2E game
RFOX Games has made it possible for big-name NFT projects to integrate with their upcoming Play-to-Earn, free-to-play, world’s first mobile blockchain game. Yield Guild Games is already aboard and setting up shop inside the VALT’s gaming quarter that’s going up for auction before 2021 is done. But the Games team went bigger.
Bored Apes are one of the ETH network’s most successful NFT collections. The floor price sits at 31 ETH as I write this. Breaking it down in US dollar terms, that’s 147,000 per Ape!
What’s a club member to do with that pricey NFT? Flexing on social media is a popular activity. If you see a Bored Ape on someone’s Twitter, then they are most likely some kind of crypto whale. You won’t find me rockin’ one!
But what you may find me with is a Bored Ape KOG inside my WAX cloud wallet. Wait, how did Apes move from ETH to WAX? Commercial rights, that’s how.
RFOX purchased Bored Ape #5503 last month and is already using it while allowing other BAYC members to do the same. More projects should be hitting the Mint Lab soon, but for now, you must have an Ape to reap the benefits.
RFOX Games tested the waters by minting five copies of “Minty” the Bored Ape KOG, then putting them on AtomicHub marketplace’s auction block. And the haul was quite bountiful!
KOGs Mint Lab guidelines state that 5x copies of a Bored Ape with a unique KOGs border will cost you 0.1 ETH. Does that sound like a high price? But what if I told you that the five auctions drew the $WAXP equivalent of 3.63 ETH, or $18k? How’s that for a sweet deal?
But just like the metaverse builder’s underlying crypto tokens, $RFOX, and $VFOX, both of which trade on RFOX Finance, we can expect price volatility by default. We’ll just have to wait and see what happens when all those BAYC members start apeing over to WAX.
Plus, with $9k at their disposal, just for starters, RFOX Games is about to suck the floor for 2E & 3E KOGs right up!