A few months ago, Twitter verification was the talk of the town after its CEO, Elon Musk, made it a paid subscription feature. While people debated it, one visual artist, Jack Butcher, took advantage of the opportunity to drop a unique <\/span>NFT collection<\/span>. Launched less than three weeks ago, \u201cChecks\u201d by Jack Butcher has already taken the NFT world by storm.<\/span><\/p>\n Here\u2019s all you need to know about the Checks NFT collection by Jack Butcher:<\/span><\/p>\n Checks is an open-edition NFT collection created by visual artist Jack Butcher, taking inspiration from the famous Twitter checkmark. Based on the Ethereum blockchain, each NFT features 80 checks resembling the Twitter verification logo. During the 24-hour mint on January 3, 2023, 16,027 NFTs were sold out at $8 each\u2014the amount Twitter charges people for verification.<\/span><\/p>\n \u201cThe intent of this piece is to capture a moment in time \u2013 the shifting context in which the process of verification takes place, in a society dominated by electronic culture and communication,\u201d notes the project\u2019s <\/span>website<\/span>. \u201cChecks is an infinite canvas for expression that is designed to challenge the concept of ownership and authorship in the age of the internet.\u201d<\/span><\/p>\n As previously mentioned, each Checks NFT by Jack Butcher originally cost $8. From a mere $8, the collection\u2019s floor reached three-figure values in no time. Currently, its floor is at 0.24 ETH or about $382 (at the time of writing). Besides, it has raked in $4.7 million in secondary sales. What\u2019s more, the highest-selling NFT in the collection fetched 8 WETH! Several NFTs in the collection also sold for around 4 ETH and higher.\u00a0<\/span><\/p>\n A graphic designer and art director, Jack Butcher is the founder of Visualise Value, a Nashville, Tennessee-based consulting agency. He worked for ten years in Fortune 100 advertising as a creative director. In fact, he has worked with some of the biggest brands in the world, including Amazon and Ferrari.<\/span><\/p>\n In early 2021, Jack hopped onto the NFT bandwagon, selling several NFTs. His \u201cNFTs, explained\u201d, for instance, sold for 74 ETH.\u00a0<\/span><\/p>\n As Checks quickly became popular, Jack Butcher began rolling out new plans for the NFT project. Firstly, he toyed with the idea of reducing the total supply.<\/span><\/p>\n \u201cAre checks more desirable if they are harder to get?,\u201d he Tweeted. \u201cIf we can find out by incentivizing a reduction in supply, can we do it without destroying anything in the process?\u201d<\/span><\/p>\n Then, he came up with a burn mechanism, taking inspiration from the contemporary artist, <\/span>Damien Hirst\u2019s \u201cThe Currency<\/span>.\u201d Essentially, Hirst\u2019s year-long project allowed NFT holders to get a physical artwork by burning their NFT. Alternatively, if not exchanged, the physical piece would be burnt. They had one year to decide whether they wanted to keep the NFT or trade it for a replica physical oil painting by the world-famous artist.<\/span><\/p>\n Similarly, Jack and his team developed their own burn mechanism, based on the semi-perfect number, 80. To explain, 80 is \u201ca natural number n that is equal to the sum of all or some of its proper divisors.\u201d Also, 80\u2019s factors are 40, 20, 10, 5, 4, and 1. Add all these and you get 80.<\/span><\/p>\n The idea behind Checks NFT project\u2019s burn mechanism is to burn a particular number of NFTs to get smaller editions in decreasing order. For instance, suppose you have two 80 Check NFTs. Then, you can burn them both to get one 40 Check NFT. Similarly, if you burn two 40-Check NFTs, you will get one 20-Check NFT.<\/span><\/p>\n As Jack explained, you will basically \u201cburn 2 originals for the next smallest edition original\u201d:<\/span><\/p>\n 80 > 40 > 20 > 10 > 5 > 4 > 1<\/span><\/p>\n Holders are free to stop at any point. <\/span>\u201cWhat this does: rewards every collector, creates new, original, on-chain work, and every interaction either maintains or reduces supply,\u201d Jack added.<\/span><\/p>\n Finally, due to the specifics of the burn mechanism, a single Black Check is the hardest to get. To explain, NFT holders will have to burn 4,096 Checks to get one, meaning, there will only ever be 3 black Checks in total. According to Twitter user, 6445.eth, there are even talks among holders to set up a dedicated <\/span>Decentralized Autonomous Organization (DAO)<\/span>.\u00a0<\/span><\/p>\n \u201cThere\u2019s three possible black checks,\u201d Jack told <\/span>ONE37pm<\/span>. \u201c\u201dSo depending on how the work is received and people interact with it, that will determine whether or not we see one during our lifetime.\u201d<\/span><\/p>\n Jack Butcher\u2019s unique Checks NFT project has not only grabbed the attention of regular NFT users but also of some notable figures in the space. The list includes NFT artist, Vinnie Hager. Besides, lots of Checks derivative NFT collections, such as Check Punks and Keks, have also come up. Alchemy Chains are even making physical Checks pendants!<\/span><\/p>\n Amid all the attention, Jack Butcher is constantly innovating the Checks NFT project, all the while being transparent about what is going on behind the scenes. The burn mechanism, however, is not yet live. Currently, the team is working on it to make it \u201cperfect\u201d. There are also plans for a new iteration. All things considered, how the project develops over the next few weeks will be worth keeping an eye on. <\/span><\/p>\n Get our free, 5 minutes daily newsletter. Join 25,000+ NFT enthusiasts & stay on top \ud83d\udc4a\ud83c\udf1a<\/p>\n<\/div>\n<\/div>\n![\"Checks](\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/01\/Checks-scaled.jpeg.webp)
\n<\/picture>\n<\/noscript>What is the Checks NFT collection by Jack Butcher?<\/b><\/span><\/h2>\n
How much does a Checks NFT cost?<\/b><\/span><\/h2>\n
Who is Jack Butcher?<\/b><\/span><\/h2>\n
About the Checks burning mechanism<\/b><\/span><\/h2>\n
![\"Jack](\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/01\/Jack-scaled.jpg.webp)
\n<\/picture>\n<\/noscript>How does it work?<\/b><\/span><\/h2>\n
Getting the Black Check NFT<\/b><\/span><\/h2>\n
Jack Butcher\u2019s Checks NFT: A final word<\/b><\/span><\/h2>\n
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