Nifty Tailor & Smart Token Labs in Derivatives First for BAYC and MAYC Holders – Crypto Briefing

Nifty Tailor and Smart Token Labs are building the first-ever on-chain verifiable derivative collection where original Bored Ape Yacht Club or Mutant Ape Yacht Club holders can use their original item to create derived Apes dressed in different outfits chosen by the original holder. The holder receives royalties from secondary market derivative sales.

Nifty Tailor Evolves into a Real Web 3 Digital Fashion Marketplace

● It enables holders to create and collect derivatives with the very NFTs they own, leverage their original NFT to build communities focused on their specific apes/mutants, and generate revenue with a built-in royalty function.

● It allows digital artists, NFT collections, brands, and communities to come together, offer their designs, increase their reach, and create new sources of revenue, as they participate in the derivative markets as well.

● It gives brands, celebrities, and others access to the world of NFTs, without having to launch their own collections. Through Nifty Tailor they can offer their creations to the most sought-after NFT collections and collectors in a one-stop-shop.

The first derivative collection named Nifty Tailor Genesis Mint will be exclusive to Bored Ape and Mutant Ape holders, with a limited supply of 2500 mint passes that allows for the creation of individual NFT derivatives. Other popular collections will be added in later drops.

Bored Ape and Mutant Ape holders can use a mint pass (either minted themselves or purchased from other mint pass holders on the secondary market) to create a NFT derivative based on their individual Bored Ape or Mutant Ape, customizable with different outfits created by various well known digital artists. The original Bored Ape or Mutant Ape holder will receive 3% royalties from all derivative secondary market sales.

Smart Token Labs is delivering the enabling technology for the minting, derivative and royalty smart contracts via their Token Script tokenization framework.

Token Script is a smart token framework that offers an interface for portability, composability, and utility including smart contract for minting on-chain derivatives and royalties.

The partnership is aimed to be long-term and will extend to other popular NFT collections Nifty Tailor is working with.  

Nifty Tailor was created by two friends who aped into the Bored Ape Yacht Club in its early days. It started as a fun project to help owners of NFT profile picture items to express themselves with different clothes and fashion.

Nifty Tailor is currently offering an off-chain outfit solution for 29 different NFT collections and has gained great popularity amongst NFT holders. It is the first broadly used NFT fashion platform and already a household name in the NFT community. Most of the collections have several 100s or 1000s of ETH in trading volume, e.g. Bored Ape Yacht Club, Mutant Ape Yacht Club, Meta Heroes, World of Women, Cool Cats, Doodles, and Rumble Kong League. The collaboration with STL will bring Nifty Tailor’s offering onto the blockchain.

Since 2017 STL has been building two core bridges to a Web3 future where tokens are as ubiquitous as web pages. Alpha Wallet a fully open-source mobile NFT wallet and superuser agent for smart tokens; Token Script as a smart token interface. Token Script is a framework that allows for token composability, portability, logic, and functions and has use cases in NFT, gaming, DeFi, PlayFi, and the metaverse.