NFT Genesis - what is it and why you really need it?

Bored Founder
Damian Kuna
July 21, 2022

NFT Genesis. Sounds just like another, boring NFT collection? Well, it is NOT. I call it a „project’s VIP card”. It is the most important NFT you can get within a community. Genesis NFTs give you the opportunity to receive interesting components you can utilize in the community that released them.

Now, let’s get to the point. 

NFT Genesis benefits using CyberKongz as an example

1. Each Genesis CyberKongz holder receives 10 $BANANA tokens per day for a period of ten years (that's 3650 $BANANA tokens every year).

2. Each Genesis CyberKongz can be sold. Current floor price is 26 ETH (~29 000 USD) and a total volume is 26 000 ETH. Initially, they cost 0.1 ETH. If you put your hands on NFT Genesis, do not sell it, I am begging you! 

It doesn't sound like much, huh? Well, read this:

$BANANA holders benefits

$BANANA is a virtual currency which, in this case, doesn't hold any economical value (meaning you cannot sell it for $), but it is used within the CyberKongz community. Only $BANANA holders can receive certain benefits:

1. You can customize your Kongz by getting a lore for him for 100 $BANANA, changing his name for 10 $BANANA or even rewriting his biography.

2. You can spend 0.4 $BANANA to play a game and send your Kongz for an adventure! He may collect exclusive NFTs and many more.

3. If you have two Genesis Kongz in your wallet, you may spend 600 $BANANA to receive an incubator. That will get you a new NFT (baby Kong). Holding a baby Kong has some hidden advantages.

4. You unlock exclusive channels in CyberKongz Discord server (this is the place where the real fun begins)

5. $BANANA is a governance token, so you can vote and be a part of the community to the fullest. 

As you can see, there are quite a few mysteries („many more”; „hidden advantages”). That is what makes it great. Only people who entrusted the project will learn about all the benefits. Trust me, good projects will give you a lot of value in return for your trust and involvement. Hear me out: LOTS OF VALUE.

What makes an NFT collection good?

Often, we hear: Do Your Own Research. Many people don't know what to look for. This is a broad topic, but below are the four most important things to consider while choosing a project. 

1. The project team

A good NFT project will introduce you to the entire team. It's not just about names or photos, but most of all about the team's background. What do they do, what are their interests, why did they decide to create a given project? Do they want to solve an  important problem?

2. No Discord and Twitter / Let's GO!

This is not a good sign. Good projects keep you informed about their actions and boast about the fulfillment of the plans presented on both Discord and Twitter. The lack of team activity or the constant use of "Let's GO!" may mean that they aren't concerned about the development of the project.

3. Invite 10 friends and get a white-list (WL) spot! More invites = more NFTs!

If the main opportunity to get WL is to invite numerous friends, there is a good chance that the project is a scam. Especially if the number of NFTs available for a mint for a single person is large (more than 1/2). Administrators might be counting on quick earnings and immediately after the mint is over they will wrap up received ETH, leaving you with worthless NFT.

4. The mint price exceeds 0.1 ETH

The mint price of good projects usually does not exceed 0.1 ETH. Higher price doesn't always mean that a project is a scam, but you should take a closer look at it.

And… those are not all. There are many more red flags, you should know about, but it is a topic for another article, so stay tuned!