Introduction
NFTs have allowed digital artists to dream and new digital technologies are bringing those dreams into reality. For instance, an imaginative joint venture by Nifty Tailor (the dreamer) and Smart Token Labs (the technology provider) could kick off a new revolution that will enable digital artists to utilize a mint pass to create new clothes and accessories for NFTs. Although this new feature is currently restricted to BAYC and MAYC apes, it will slowly make its way to other NFT collections as well.
How things are Unfolding in the Nifty Tailor Venture?
BAYC and MAYC NFTs have captivated the attention of buyers and onlookers. But these NFTs are limited in numbers and till now there was no option to dress them up.
But with a new platform launched by Nifty Tailor, it will now be possible to craft derivatives of BAYC and MAYC NFTs. It means the apes can now be dressed in fashionable outfits and accessories of one’s choosing. The first exclusive installment of Nifty Tailor Genesis Mint is for BAYC and MAYC collection only. It comes with 2500 mint passes, which can be used for creating NFT derivatives.
With this platform, digital artist can provide their designs to BAYC and MAYC in the form of mint passes, which can be used by them to create a derivative of the ape. NFT tailor even allows NFT holders to create communities based on the apes and mutants they own to generate revenue using a royalty function embedded into the platform.
Nifty tailor is a new Web3 platform that will evolve into a fashion marketplace for artists from around the globe. The greatest thing about NFT derivatives is that the original holder can now receive a 3% royalty for all secondary market sales of the derivative that they have created.
The technology utilized for derivatives is provided by Smart Token Labs. Minting and smart contracts for royalty are made possible due to a TokenScript tokenization framework. Nifty Tailor is expected to take things to the next level in the future by enabling other NFT collections to be a part of on-chain derivatives.
Conclusion
The NFT world is evolving rapidly and experiencing changes every other day. Despite cryptocurrencies lagging due to uncertain war conditions in Ukraine and the tightening of regulations by the federal reserve, NFTs have remained untouched. The latest innovation by Nifty Tailors is a testament to the immunity of NFTs in the turbulent world market of today.
Also Read: What’s the Big Deal with NFTs and How to Use them Practically?