Nifty Tailor partners with Smart Token Labs for BAYC “Smart Derivatives”


BAYC and MAYC can now create new outfits for their NFT avatars using Nifty Tailor. Additionally, Smart Token Labs provided the technology to allow BAYC and MAYC holders to choose the appearance of their Ape derivative. Then they can mint the new NFT derivative themselves. Making it the first fully on-chain verifiable BAYC and MAYC derivative collection.

Credit: Nifty Tailor x Smart Token Labs

Nifty Tailor goes straight to number one pfp collection for its Genesis Mint

Nifty Tailor is offering 2500 brand new passes for its Genesis collection available exclusively to Bored Ape and Mutant Ape Yacht Club holders. Additionally, holders can purchase 10 new passes per Ape, with a limit of 50 passes per wallet. Thereafter, holders can mint an NFT derivative for each pass they purchase. After minting a derivative, the coin pass is then burned. This is what Nifty Tailor and Smart Token Labs call “The Suit-Up Event”.

Mint passes cost 0.069 ETH + gas, while The Suit-Up Event is free + gas. Another key point is that mint passes aren’t tied to the monkey that hit them. In other words, Ape holders can purchase additional passes on the secondary market if they wish.

Whoever purchases the mint pass first, the Ape holder who participates in The Suit-Up Event is the person who ultimately decides what the Ape derivative NFT will look like. On that note, a number of digital artists designed the outfits exclusively for the Nifty Tailor collection. In fact, 20% of the proceeds from the sale of new passes will go directly to these artists.

It’s also important to note that while Nifty Tailor’s genesis collection is exclusive to BAYC and MAYC holders, the platform plans to open up to other NFT pfp collections in the future. Admittedly, this partnership with Smart Token Labs marks a notable evolution of the initial Nifty Labs platform, which offered a less refined version of this derivative mechanism.

Nifty Tailor x Smart Token Labs Partnership Banner
The Suit-Up event with Nifty Tailor showcases an exciting use of Smart Token Labs’ TokenScript framework. Credit: Smart Token Labs

Smart Token Labs is building the future of derivatives with its TokenScript framework

NFT derivatives have been a controversial topic in the NFT community. Some people consider them to be fully in the spirit of Web3, while others see them as financial grabs that abuse the intellectual property rights of creators.

As a result, the Nifty Tailor genesis collection really shows the potential of what Smart Token Labs is creating. That is, it creates a better way for people to create NFT derivatives. The one that actually grants royalties to the owners of the original NFT by default. For example, each time one of these Nifty Tailor Ape derivative NFTs sells in the secondary market, the owner of the “parent” Ape NFT will receive a 3% royalty.

This is certainly a great showcase for the TokenScript framework from Smart Token Labs. Essentially, TokenScript increases the functionality of tokens, making them “smarter”.

All things considered, it doesn’t seem like NFT derivatives are going anywhere. That said, perhaps what Nifty Tailor and Smart Token Labs are doing will pave the way for the future of NFT derivatives. One that perpetuates the fun and collaborative spirit of Web3 without infringing the rights of NFT owners and creators.

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