8liens Announces '8rtist Collective'
8liens, a recent free mint PFP project, announced the establishment of the "8rtist Collective" on Monday evening.
The project, which blossomed quickly to more than 0.5 ETH after the mint, has since fallen dramatically to less than 0.10 ETH at the time of writing.
With the "8rtist Collective," 8liens holders will gain access to upcoming free drops from experienced and up-and-coming NFT artists simply for holding an 8liens NFT and a yet-to-be-created 88C token.
How Does It Work?
In order to gain access to the 8rtist Collective, users will need to hold an 8lien NFT as well as a handful of 88C tokens, an ERC-1155 which will have a max supply of 888 NFTs.
While the 88C NFTs do not yet exist, they will soon be able to be mined by select 8lien NFT holders.
Holders of one of the 585 8liens NFTs with the Fire trait will be able to burn another 8lien NFT in their collection in exchange for an 88C token. The burn period will be open pending a snapshot of all the Fire trait holders, but that snapshot date and time have yet to be announced.
Fire trait holders can also designate select 8lien NFTs with a flames body or fire head to stand in as the "burned 8lien." In this instance, a user holding a Fire 8lien, and a flame body or fire head 8lien will not need to sacrifice or burn their 8lien NFT for an 88C token.
Any unmined 88C tokens will go to the project treasury and a 6.9 percent royalty will exist on the collection.
The diagram below indicates the steps necessary as outlined by the Medium article.
What About the Art?
The art available as part of the 8rtist Collective will vary in both editions and requirements for 88C token holders.
For example, select pieces may require the 88C token holder to have at least five tokens, whereas others could require 15 88C tokens.
Artists joining the collective will also benefit from the sale of their work.
The first five artists to join will receive 20 88C tokens as well as one 8lien NFT from the project's treasury. In addition to those benefits, the artist will receive 10 percent royalties on the sale of their works on the secondary market.
At present time, the 8rtist Collective curation board is being built to help establish artists and eligibility requirements.
For more information, refer to the original Medium article.
Since the announcement, 8liens have made a strong bump in volume traded on the secondary market. The floor price is up to 0.10 ETH at the time of writing, with Fire! 8liens now priced at 0.40 ETH.