The team at RedFOX Labs is going ape over what they’re putting inside the RFOX VALT metaverse where a portfolio of tech-forward business ventures will click together.
NFTs will play a big part in the virtual world. That includes up-and-coming NFTs like the Harambe Protocol and the Chasing Space NFT project. But team RFOX hasn’t forgotten its longtime KOGs supporters!
You don’t have to own any KOGs NFTs to take advantage of the upcoming Mint Lab. Most KOGs live on the WAX blockchain but the OG NFTs like CryptoPunks are on the Ethereum network.
So, what if you have an ETH-based NFT and you want to use it to mint new NFTs for use on the WAX chain? RFOX has a solution for that, and it’s bringing humungous benefits to the KOGs ecosystem.
If you already have complete KOGs sets then you probably know about staking them to earn $RFOX tokens. Staking periods open up every so often, you must have qualifying sets, and you must keep them locked for 3 months to claim your booty.
The new Mint Lab initiative will change the game while rewarding KOGs holders in multiple ways.
Get down to go up
The first way the Mint Lab can boost your income is by letting you mint new NFTs every month. You buy them for ETH, with the proceeds flowing into RFOX Games, creator of KOGs.
But ventures in the RFOX ecosystem don’t like to hoard funds! Instead, they involve the community to make sure everyone is taken care of. I’ll walk you through how it all plays out in this case.
NFT owners can mint up to 5x new pieces every month, for a price of 0.02 ETH each. If you max out every time that’s 0.1 ETH headed to RFOX Games, from just one user. Multiply that by thousands of NFT owners and KOGs collectors and you can see how the number can swell in a hurry!
Once you mint a new NFT, using one of your existing NFTs as a template, you’re free to trade or sell it on the AtomicHub marketplace. You can also save it to use in KOGs: SLAM!, an upcoming play-to-earn (but free to play) blockchain game.
Selling your new creations is one source of revenue. But what RFOX Games will do with half of all ETH collected is the exciting part! Tokens will be destroyed, but its for their own good.
NFT collections have a “floor price” which is the lowest price you can buy one for. Bored Ape Yacht Club NFTs, for example, have a current floor of 34 ETH. That’s over $150,000 at today’s ether rates!
Now, since the WAX blockchain doesn’t yet have the same traction as Ethereum-based assets, its floor prices are much lower. Some KOGs now cost less than $1. And that’s where all that sweet RFOX Games ETH comes in.
Half of all ETH collected is going towards scooping up all the cheap 2nd and 3rd edition KOGs. When some are less than a dollar, a little ETH goes a long way!
This new program will continue to raise KOGs prices and deliver value to those who hold them, especially the rarer 2E pieces. For some context there, you can buy 3E packs straight from the upcoming SLAM! game. But 2E KOGs are found only on secondary markets.
Psst! Hey, you! The Mint Lab isn’t live yet, and KOGs prices are still low. But not for long!