What is 10KTF?

10KTF is an online shop run by Wagmi-san, a fictitious craftsman of the finest digital accessories. 10KTF allows users to create derivatives of their existing NFTs from a variety of compatible NFT collections. Each 10KTF accessory is a 1 of 1 digital collectible that will only be created once. Drops are only available for a limited time so I highly recommend turning on 10KTF's Twitter notifications to make sure you don't miss anything.

Pictured below are two derivates I had made of my ape from 10KTF's inaugural collection; high top shoes and a daypack. Each item cost 0.05 ETH to mint.


Compatible collections

  • Bored Ape Yacht Club

  • Mutant Ape Yacht Club (non-serum)

  • Bored Ape Kennel Club

  • Cool Cats

  • Pudgy Penguins

  • World of Women

  • ON1

*as of 9/24/2021


Who is Wagmi-san?

Wagmi-san's true identity is still unknown however many people speculate Beeple to be the man behind this mysterious persona because they've been going back and forth with each other on Twitter. If you aren't familiar with Beeple, he's the artist of the NFT that sold for $69 million earlier this year. Below is a screenshot Beeple tweeted of their DM conversation which follows the lore of Wagmi-san being in some sort of danger.

 

Analysis

10KTF was seemingly an overnight success however not much is known about the future of this project. It quickly caught the eyes of many big names in the NFT space like Beeple and 888 which makes me think it could have more staying power than a lot of the other new stuff coming out. It's great that 10KTF can leverage many different NFT communities when creating these items which can probably be attributed to them gaining awareness so quickly.


One thing I wanted to highlight in this analysis is that 10KTF can only make derivatives from collections that give commercial rights to their owners. This shows the significance of NFT projects granting commercial rights to their owners because it allows owners to create value using the assets they already own. For example, CryptoPunks are the most established NFT project in the space but you won't find their derivatives available on 10KTF since owners aren't given IP rights. This worries me for the long term future of projects that don't give their owners commercial rights.


Overall, I really like the items that Wagmi-san has been creating. Nothing has been confirmed about physical items being released in the future but if that ever happens I expect these NFTs to take off like a rocket. I think at the bare minimum there will be some sort of use within the metaverse for these items and that's a bet I feel confident taking.

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