10KTF: An in-depth guide

AC Consultancy
12 min readMay 16, 2022

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Intro:

A summary of our research into the 10KTF NFT project. We undertake this research already for our personal trading, and share it in case any of our followers might find it useful as well. If you have any requests for other projects you’d like to see guides on, we would be interested to hear.

In these in-depth guides, we score NFT projects along a number of different dimensions to create an overall score out of 10. Attempting to quantify the quality of different projects helps us to compare collections that we like, and we use this research to inform our desired buy-in prices.

Important Info:

“World renowned craftsman Wagmi-san, famous for the most grailed accessories, recently set up a shop in New Tokyo called 10KTF.

Depending on the day, Wagmi-san might create accessories for Apes, Cats, Robots, Loots… it’s really up to whatever he’s in the mood for. A man of honor, he only makes objects for customers who own parent NFTs. His accessories are 1 of 1.”

Important Info:

Initial Release Date: 17/09/2021
Total Supply: 18,377
Floor-ATH (Date): 1.68Ξ (05/05/2022)
Post-ATH Low (Date): 0.42 (12/05/2022)
Total Volume (Rank): 9.1kΞ (#201)
Royalties: 5%

Important Links:

OpenSea Discord Website Contract Twitter Instagram Icy Moby

ART:

  • Clothing items generated from parent collections such as Bored Ape Yacht Club, Pudgy Penguins, World of Women and other blue-chip projects.
  • The art generated onto the clothing items and accessories is well thought out using the colours of the original NFTs as a background with the pfp placed onto these items.
  • Some special effects are included for certain collections such as pudgy penguins which has ice and snow and Mutant Ape Yacht Club who have an added radioactive glow to the look.
  • The art on the website and Twitter is incredible, showcasing animations that tell a story within the 10KTF world and around Wagmi-san’s shop.

The art and effects on the actual NFTs unique and use solid effects that catch the feeling of each collection. It is the art on the website and on Twitter that stands out for me however, this art style is quite different to what I have seen in other projects and stands out.

SCORE 8.5/10

TEAM

The team behind the project is WENEW, a platform co-founded by artist Beeple that brings memories into the metaverse. They previously released Andy Murray’s Wimbledon 2013 victory NFT collection with the rarest moment of the collection being raffled off for $177k. WENEW have also collaborated with Louis Vuitton to release a game where players can win NFTs.

Mike Winkelmann (Beeple) — Co-founder
Digital artist with over 14 years’ experience. Sold the most expensive NFT of all time to a single buyer at auction for $69m. Incredibly famous in the space, has 2.5m Instagram followers, his works have been shown at two Super Bowl halftime shows as well as at a Justin Bieber concert.

Michael Figge — Co-Founder
Has worked as creative director for POSSIBLE, a company that gives visual identity for the worlds biggest artists. Has worked with Ariana Grande, Justin Bieber, Childish Gambino and Paul McCartney.

Tim Smith — Co-Founder
Previous experience includes being co-founder of No Fine Print, a successful online wine company. Also worked for a company that managed music artist such as Mary J Blige, Korn, Limp Bizkit, Linkin Park and Rob Zombie.

Guy Oseary — Co-Founder
Insane track record, also worked managing artist brands including Madonna as well as producing the Twilight series. Also managed baseball stars such as three-time American League MVP Alex Rodriquez, helping him win his first World Series Championship. After this Oseary became advisor to other companies including Groupon which was proclaimed by Forbes as “the fastest growing company in web history.” This company is currently worth $1.4bn.

Paul Billings — COO
Another member of the team that has worked within the music industry, working for Goldenvoice, a company that arranges large festivals and concerts.

Randy Chung — Chief Technical Officer
Has worked as a developer for various companies more recently working as Chief Architect for Treez Inc. creating solutions for the entire supply chain. This company is at the time of writing worth $260m.

Nikki Jahanforousz — VP of Brand
Previously worked in production for HBO, moving onto being a creative producer for brands such as GUCCI, New Balance as well as for artists such as Calvin Harris and Robert Glasper.

VP of production — Lisa King
Worked within music, art and tech. Led global League of Legends esports events for over three years.

From looking at just a handful of the team members we can see they all have a long list of achievements and connections with big companies and artists. I haven’t seen many teams with such solid employment histories in this space so far.

SCORE 9.5/10

COMMUNITY

  • The general chat within the Discord is always active with people guessing 10KTFs next move as well as just generally chatting with others who they seem to know.
  • Unfortunately, some of the channels within the server are locked for holders only leaving only basic channels to the public, so it is a little difficult to gage an totally accurate vibe from the discord.
  • There is a radio channel that plays lo-fi which fits perfectly with the vibe of the animations posted on twitter and the overall aesthetic of the website.
  • The community on Twitter are always engaging with posts and having discussions in the comments generally with over 100 people commenting on each post.
  • There are currently only 680 items of the 18,377 items, this is a great sign that shows the community is bullish on the project and are willing to hold, even through tough market conditions.

As the project is quite mysterious and has gated channels for holders it is a little difficult to learn loads about the community. Something I would like to see in the future is AMAs with the community, as there haven’t been any so far. A stand-out point however is how active the community are on Twitter, engaging with every tweet.

SCORE 7/10

CHART & SALES ANALYSIS

10KTF Historic floor price and average price chart, courtesy of icy.tools
  • After the initial merge of items with blue-chip NFTs the floor on the collection started low at 0.28Ξ and has steadily increased over a 2-month period reaching a 1.68Ξ all-time high. The announcement of the 10KTF game caused this to rise the most seeing a fast 0.8Ξ increase over a 12-day period between 23/04 to the 05/05.
  • Although the floor price has been steadily increasing since launch it has recently seen huge volatility, dipping to a low of 0.68Ξ on 10/05. This looks like it could be due to the recent bear market however, as nearly every project listed with the highest sales volume on OpenSea has also seen a large decline.
  • The floor price of the collection isn’t everything with 10KTF however, as the bigger the initial NFT collection the item was merged with to create the 10KTF NFT seems to have a massive impact on the pricing. For example, collections merged with items such as BAYC sell for drastically higher prices than the same items with 0N1 branding. The same applies to the actual rarity of the item for example Snapbacks sell for three times the price of the Crew Socks. There are constant sales above floor price when taking into account these factors.
  • Through these tough market conditions there has still been good volume for this project with no major dips in recent weeks.

10KTF haven’t been around for long and have shown increased growth since launch. When the NFT market stabilises, I would expect to see volume increase further as more people enter the project.

SCORE 8/10

PARTNERS

  • Uses parent NFT collections to craft clothing items including BAYC, MAYC, World of Women, Pudgy Penguins and more although actual collaborations with these brands are not fully confirmed.
  • Partnered with CrypToadz to fill into the 10KTF story where Toadz are said to be stealing property. When the floor has dropped previously an OpenSea account called BOSS_TOADZ has been buying the floor and burning the items purchased to make items scarcer.
  • Partnered with Gucci to release a “Gucci Grail” NFT collection where holders could use your Gucci Grail pass on certain collections the user owns, including the brands above to create a new version of the initial NFT but now wearing various clothing items.
  • Supposed partnership with Otherside, which has been hinted at in Otherside teaser video with items from the 10KTF website featuring in the video. This suggests that these clothing items may be usable in the Othersides metaverse in future.
  • Partnered with Animoca, who is also invested in WENEW. It has been suggested they will be building out a game for 10KTF / Otherside. Animoca have a large catalogue of games they have created partnering with the likes of WWE and Power Rangers to release games within these franchises.

Incredibly strong partnerships within the NFT space, teaming up with only the largest most trusted brands within the space.

SCORE 9/10

FUTURE PLANS

  • A game “Battle for New Tokyo” on Battle.town. This is set to launch soon and will consist of different missions where players will load up their avatars with 10KTF items and complete tasks in order to earn rewards. Platers with better loadouts will earn better rewards in game although the quality of items has not yet been revealed.
  • Plans to release physical merch in the future.
  • As mentioned before, it is likely 10KTF items will be used in Otherside although this is not confirmed.

The 10KTF team have not gone into detail with future plans and have no set roadmap and are currently keeping their cards close to their chest. The mysteriousness of this coupled with the teasers of Otherside has worked well to draw outsiders into the project.

SCORE 7.5/10

ACTION SINCE LAUNCH

  • The project initially started with a high-top sneaker mint available to owners of Cool Cats, Pudgy Penguins, Bored Ape Yacht Club and Mutant Ape Yacht Club, later adding World of Women, Bored Ape Kennel Club and 0n1. This was shortly followed by a backpack mint. These items were purchased from
  • Wagmi-san’s shop who is a vendor that sells his wares in the 10KTF world.
    - The next step was an airdrop to holders of previous items which gave users raw materials. The raw materials could be used to craft items within the shop whether it be the previously released items or new items such as socks or hoodies.
  • After the first two stages of the project were complete and items had been crafted, users could decide to use their initial NFTs that granted them access to the initial mint in order to merge with clothing items that took on the look of their select NFT. For example a Mutant Ape holder could use a blank pair of socks and put their mutant ape onto the socks whilst still keeping their Mutant.
  • A snapshot was taken on the 13th of January which is set to offer long term holders rewards in the future in terms of a token called New Tokyo Dollars.

10KTF have been providing holders value since launch with new releases and uses for their items. The way they have gone about this is unlike anything I have seen before in other projects and is an interesting concept as it could be the go-to for metaverse clothing in the future.

SCORE 8.5/10

SOCIAL MEDIA PRESENCE & WEBSITE

  • Twitter: 52k followers, 200–500 retweets and 300–1000 likes per post. The engagement from the community on these posts is far beyond most other projects, especially in relation to the follower count
  • Instagram: 3k followers, around 100 likes per post. This is underutilised and doesn’t have any information in posts.
  • Discord: 39k members, generally 7k online, active chats and chatrooms for holders of the project.
  • The website is really well designed, following the same design as the content posted on Twitter. It gives information about the project and what has happened for 10KTF so far, in a kind of storytelling way. As well as this, the website features interactive pages for holders of both the 10KTF collection and partnered collections.
Front page of the 10KTF website

The Instagram could be used more to share information about the project, however the Twitter makes up for this drawing users in with slick animations teasing the next steps for the project. The website is clean and easy to navigate giving users key information on the project.

SCORE 8.75/10

HYPE

  • As the project was kept mysterious on launch with holders not knowing the full purpose of the items, the hype took a lot of time to grow. This quickly changed after the item crafting had finished and users were able to merge their NFTs with their crafted and genesis items to create something that was a completely new concept within the space.
  • When Otherside released their trailer and people began to see signs 10KTF could be connected the floor price and volume began to rise steadily with the floor price going from 0.35Ξ to over 1Ξ and daily volume going from around 10Ξ all the way up to 364Ξ.
  • The hype for this project saw its most substantial growth after the date of the first in game mission was announced reaching a daily sales volume of 448Ξ. This also saw whales buying into the project such as Pranksy.
  • 10KTF sits at 201st in the OpenSea total volume rankings.
  • There have been many YouTube videos and podcasts created discussing 10KTF since launch, with updates on the project regularly.

The hype for this project initially grew slowly, but increasing as groups started to see connections between Otherside and 10KTF. It would only take one big announcement from 10KTF confirming assumptions made so far to create a huge hype around the project.

SCORE 7.5/10

ECONOMICS

  • The initial sale of back packs and high-top sneakers were priced at 0.05Ξ to mint which generated $2.5m. From secondary sales the team have generated $1.5m. In comparison to other projects this is very low.
  • Further funding was generated from the 10KTF Gucci Grail collection where the mint price was 1Ξ generating a further $13m from the initial sale and $510k from secondary sales.
  • Specifics on where the revenue generated from these collections is not under public domain and there isn’t any transparency from team members on where the funds have been spent.

Releasing a low priced first collection got holders of blue-chip NFT projects interested and willing to mint was a smart move. Once the hype had started to grow the second collection was released with a much higher mint price generating a lot more revenue to enable 10KTF to roll out newer features. I would however like to see a bit more transparency on where exactly the funds have gone.

SCORE 7/10

UTILITY

  • Rewards from holding genesis items including New Tokyo Dollars.
  • Ability to use items in game in order to get rewards.
  • Possible use in Otherside as wearable items.
  • Future opportunities to craft items.

The utility for this collection is specific and unlike anything else in the space. As time goes on, I believe more will be revealed in terms of use for the clothing items.

SCORE 8/10

OVERALL SCORE: 8.1/10

FINAL THOUGHTS

  • Although 10KTF started slow and mysterious, it is clear to see the hype has been quickly growing over the last few months with attention being gained from various YouTubers, Twitter influencers and podcast creators.
  • 10KTF have done a great job of telling Wagmi-san’s story though Twitter posts including animations and details within the website.
  • The team is one of the strongest within the space, and the track record and partnerships they have had in the past is unmatched. As well as this all the team are doxed which gives me massive confidence in the future of this project.
  • The team have delivered well so far although a roadmap to see the future direction of the project would give me further confidence.
  • 10KTF is the first successful project that features wearable items, and if the rumours are true in terms of these items being used within the Otherside metaverse, the team could be on the cusp of something huge.

@0xZinga
https://twitter.com/NFT_INVEST0R

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AC Consultancy

AC Consultancy provide management and consulting services for NFT project launches. With interest in novel, innovative and socially-conscious projects