The Infinite Art Show
Breaking down Jack Butcher's infinite art show...
In today's edition of The Ground Floor we will be breaking down Jack Butcher's upcoming "infinite art show" as excitement around Checks continues to grow.
The Infinite Art Show
One artist has taken over the Web3 World in 2023.
Checks, a project Jack Butcher released 37 days ago has exceeded over 17,500 ETH / $29 million in transaction volume on OpenSea alone ~ capturing more collectors attention than Doodles, BAYC & every other established NFT collection throughout this period.
Checks have accomplished a great deal to date, and collectors have received clarity on the future of the Checks, however, before jumping into the future ~ let's recap the past.
Done To Date?
Checks began as an open edition collection, with collectors creating / minting 16,031 editions of Checks for $8 during a 24 hours window.
1) Transparency Through Twitter
Following the Checks mint, Jack took to Twitter to transparently document his thought process behind the key decisions he was considering making that would impact Checks ~ setting a new standard for Web3 founders moving forward when it comes to transparency.
In this thread that has amassed 1.2 million impressions, Jack confirmed that he would be introducing gamification mechanics to the Checks collection whereby collectors would be given the agency to create unique on chain artwork (more on this to come).
While this gamification sounded simple on the surface, Checks is the first project to implement these mechanics and Jack confirmed that it would take a number of weeks to develop, and release the 2nd phase of Checks.
2) Activating Creative Talent
Jack Butcher has 250,000+ followers on Twitter.
In the days after the Checks mint concluded, Jack began amplifying the Checks inspired artwork other artists were creating ~ retweeting dozens of Checks derivatives each day.
Jack's amplification of this artwork further encouraged artists to create Checks derivatives, with many artists drawing inspiration from the format Jack adopted for Checks, a format that has inspired a new wave of Web3 participants to create their very first NFT.
In the weeks since Jack began amplifying other artists Checks derivatives, Jack has single handedly activated more creative talent than any other project in Web3 to date, with artists such as Beeple creating no less than 3 pieces that paid homage to Checks.
This proliferation of Checks derivatives has ensured that Checks has remained the center of attention in the Web3 World since Checks launched, sending the floor price on Checks up 500x since its mint.
The Future For Checks
The timeline for Checks upcoming burn remains unknown, however, it's very likely that the infinite art show will commence this week.
The Infinite Art Show?
When the Checks burn begins, each of the original identical Checks can be burned in exchange for a completely unique 1/1 piece of generative artwork as seen below.
This on its own made many collectors excited, however, to add an extra layer of excitement Jack confirmed that holders could also burn their new 1/1 Checks to create new artwork.
How Does This Work?
Each 1/1 Check contains its own unique DNA that is generated randomly when a collector burns their original Check for their new & improved 1/1 Check.
This "DNA" is a combination of the Checks color band (determines the color of the Checks) ~ the Checks Gradient (determines how these colors are positioned) & other factors.
Should a collector choose to burn 2 Checks, the new Check will inherit the DNA of its "parent Checks", while reducing the number of Checks on the canvas from 80 to 40 Checks.
This process of burning Checks can continue until collectors receive a single colored Check that would require 64 1/1 Checks ~ with the most ambitious collectors having the option to in turn take 64 single colored Checks to receive a single black Check.
This single black Check costs a mere 4096 Checks ~ 9,500 ETH at the time of writing.
In theory, a total of 3 black Checks can be created, however, given the amount of coordination required to even create a single black Check ~ it's likely this on chain game, otherwise known as "The Infinite Art Show" will take years, if not decades to complete.
📡 Looking Forward
Jack has put on a masterclass on the power of memes, the value creators can accrue from supporting other creators in Web3, all the while demonstrating what's possible with on chain artwork & so much more — all within 37 days.
While many have suggested Checks will soon loose the spotlight in the Web3 World, as "new metas are NEVER here to stay" ~ it has been, and it remains my perspective that we are watching a once in a generation artist create a collection that will remain relevant for the foreseeable future, as the infinite art show is only just beginning.
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See you next time! — OB1👋
This newsletter is for informational purposes only and does not constitute financial or business advice to any person or entity.