Oct 28, 2021
RFOX Games, the play-to-earn gaming venture of RedFOX Labs, has unveiled the KOGs Mint Lab, a new platform that allows NFT holders to generate new multi-purpose NFTs out of the digital assets they already own. Through the KOGs Mint Lab, NFT projects and owners get new opportunities to create more assets that the greater NFT community can enjoy, particularly in the form of playable, tradable KOGs (Keys to Other Games).
Solving the Problem of Getting More Out of Your NFT
Right now, the main utility of an NFT, especially an art-related one, is to retain ownership of a certain artwork. But beyond ownership, there are unexplored opportunities for NFT owners to generate more utility and value from their NFT assets, aside from simply flipping their assets in the secondary markets.
With the KOGs Mint Lab, you can use your existing NFT and mint five (5) new NFTs monthly that act as digital game pieces that can be sold on the secondary market or used to play in several games in the future. These newly generated NFTs will also act as tickets to a whitelist lottery system that could grant access to the latest PFP (profile picture) NFT-based release, making this the hottest ticket in town.
Minty the Bored Ape: Spearheading the KOGs Mint Lab
To illustrate how the KOGs Mint Lab works, let’s use Minty the Bored Ape as an example. Minty is the new name for Bored Ape #5503, which RedFOX Labs recently bought. Now, with the introduction of the KOGs Mint Lab, this Bored Ape can have more utility beyond access to the Bored Ape Yacht Club (BAYC).
When Minty is used in the KOGs Mint Lab, the NFT minting platform generates five new KOGs for 0.02 ETH each, or 0.1 ETH in total. To refresh your memory, KOGs are in-game assets that can be used in RFOX Games’ KOGs: SLAM!, which is a remake of the 90’s classic POGs. In the game, you stack KOGs NFTs, you SLAM them as an in-game piece, and the winner is decided by who has the most upturned pieces.
Through the minting process, the five KOGs generated from your ape will be owned by you. These KOGs can be sold in the KOGs market (AtomicHub), held as whitelist lottery tickets, or used in the KOGs: SLAM! game. RFOX Games will use 50% of the revenue from the minting process to buy the floor of all 2nd and 3rd edition KOGs. We will then do a ‘sacrificial burn’ of the bought KOGs.
This burn will ensure that the KOGs floor is always being swept. Through this burn, the KOGs supply becomes deflationary, benefiting holders worldwide, and we can facilitate a steady flow of secondary market trade volume through the KOGs Mint Lab.
And the most important part is: Minty NFTs will come out each month, opening new earning, playing, and expansion opportunities for NFTs you already own. As Minty sparks this new market activity, the BAYC community gets the first sample of this NFT minting service. Other NFT projects and owners will soon be able to join the KOGs Mint Lab and drive the next phases of growth. The new projects joining KOGs Mint Lab will follow the same process as the BAYC model, where they also will be able to mint 5 KOGs per month by verifying ownership of their NFT.
How KOGs Holders Benefit from the KOGs Mint Lab
One key feature of the KOGs Mint Lab is that it benefits not only the NFT projects that mint new KOGs through the system, but also KOGs holders and the community in general. Beyond the KOGs burn that will benefit everyone in the KOGs community by ensuring scarcity of the NFT assets, more active participants in the holding and staking of KOGs get bonus perks under this system.
Right now, if you hold a KOGs CHOOB, or a complete set of KOGs stored for staking RFOX rewards and other perks down the line, you will also get perks from the KOGs Mint Lab. Holding a KOGs CHOOB gets you points depending on the rarity of your CHOOB (I.e., more points are allocated to CHOOBs of rare quality), and these points will act as your entry tickets to the next whitelist lottery for new KOGs being generated in the KOGs Mint Lab. Further information relating to points and ticketing will be released shortly.
The newly minted KOGs will act as whitelist lottery tickets for upcoming PFP projects. The new PFP projects selected will give holders the same reproduction rights as illustrated in the BAYC model.
What’s Next for KOGs Mint Lab
The KOGs Mint Lab is currently in the final stage of testing, and we aim to launch this in the coming weeks. NFT projects and other interested parties who intend to optimize their NFT holdings can reach out to us through partnerships@redfoxlabs.io.
Once the KOGs Mint Lab launches, we will use 50% of the proceeds to buy back and burn 2nd and 3rd edition KOGs from the secondary market at predetermined intervals.
To kick things off the right way, we will be minting 5 Minty the APE BAYC KOGs in October and 5 in November and putting them up for auction. We will donate the entire amount to buying back and burning KOGs.
For more information about the KOGs Mint Lab, please read this FAQ from RFOX Games.
