summary: Checks are NFTs based on the Twitter verification logo created by Jack Butcher. Checks NFTs are unique digital art pieces that represent different personal deve...
content: Checks is a collection of NFT based on the Twitter verification logo created by Jack Butcher a British-born designer and entrepreneur based in the United States. Checks NFTs are unique digital art pieces that represent different personal development concepts, such as "Solve for X" or "Get Comfortable Being Uncomfortable". Each NFT features a visual representation of the concept, along with a written explanation and a set of actionable steps for implementing it in one's life. Overview The series of NFTs consists of digital art pieces in the form of checks, which are stylized images that resemble bank checks. Each check features a unique design and different message or concept related to Butcher's personal philosophy on life and business, such as "Invest in Yourself," "Create More Than You Consume," or "Find Your Voice." Jack Butcher described the Checks NFT series as a "visual exploration of philosophy, strategy, and self-improvement." Checks launched on January 3rd, 2023, with a symbolic mint price equivalent to the Twitter Blue Tick subscription cost. The goal of the "Checks" NFT project is to provide people with a unique and interactive way to engage with personal development concepts, while also giving them a collectible and tradable digital asset. The project gained a lot of attention and popularity within the NFT community, and some Checks NFTs have sold for significant amounts of money on various NFT marketplaces. The Checks NFT collection isn’t like other Profile Picture (PFP) projects where characters featuring unique features assigned by generative art systems offer holders a cool image and use cases. Instead, every Checks has the same 80 multi-colored ticks. Initially, the lack of uniqueness made the art a powerful social commentary on online exclusivity and identity. For example, Checks 11634 and 8409 are identical, with 80 ticks in the same color and position on the grey background. Even though all the Checks are the same, some have been sold for well above the floor price. It appears that the Checks with lower numbers are the most valuable. For example, Checks 2 sold for 52 ETH in February, 2023, and Checks 6 went for 13.5 ETH in January, 2023. It’s also worth noting that the website repeatedly states: “This artwork may or may not be notable,” which we can interpret as mocking online notability and blue-tick hype. Checks might never have gone beyond Jack’s way of commenting on ideas of ‘status’ and ‘notability’ online, but he decided to take the project further by introducing a burn mechanism as the trading volume on OpenSea began to swell. The Checks NFTs are sold on the Ethereum blockchain and can be purchased using cryptocurrency. They are unique and cannot be replicated, making them valuable as collectors' items. Each check in the Checks NFT series is a one-of-a-kind digital asset that is stored on the Ethereum blockchain. This means that it has a unique digital signature that verifies its authenticity and ownership. The checks are typically sold through online auctions or marketplaces that specialize in NFTs, such as OpenSea or SuperRare. The prices for the checks can vary widely depending on their rarity, popularity, and demand, and they can range from a few hundred dollars to tens or even hundreds of thousands of dollars. Architecture Checks NFT is a platform that allows creators to mint, sell, and trade NFTs that represent checks. Here is an overview of the architecture of Checks NFT: 1. Smart contract: The smart contract is the backbone of the Checks NFT platform. It is deployed on a blockchain network (such as Ethereum) and is responsible for managing the creation, ownership, and transfer of Checks NFTs. The smart contract also includes the business logic for the Checks NFT platform, such as setting the rules for the sale and trade of Checks NFTs. 2. Metadata: Each Checks NFT contains metadata, which includes information about the check that it represents, such as the payee, amount, and date. The metadata is stored off-chain, typically on IPFS (InterPlanetary File System), a decentralized file storage network. 3. Front-end: The front-end is the user interface of the Checks NFT platform, where users can browse, buy, and sell Checks NFTs. The front-end communicates with the smart contract to perform transactions on the blockchain, such as minting a new Checks NFT or transferring ownership. 4. Wallet: A digital wallet is required to hold and manage Checks NFTs. Users can use any Ethereum-compatible wallet, such as Metamask or MyEtherWallet, to interact with the Checks NFT platform. 5. Blockchain network: The Checks NFT platform is built on a blockchain network, which provides the security and immutability required for the creation and transfer of digital assets. Checks NFT uses the Ethereum network, which is the most popular blockchain platform for NFTs. The architecture of Checks NFT is designed to provide a secure and decentralized platform for the creation, sale, and trade of NFTs that represent checks. The use of a smart contract, off-chain metadata storage, and a blockchain network ensures that the platform is transparent, secure, and resistant to fraud. Collections & Derivatives Humanity Check Following the devastating earthquake that affected vast swathes of Türkiye and Syria, Jack Butcher announced the launch of the Humanity Check collection. This charitable collection is being used to raise money for Doctors Without Borders, who are supporting people in the two countries where the death toll has exceeded 10,000 just days after the quake. The NFTs resemble the genesis Checks but instead have a red cross design and a mint price of ETH 0.0066. Checks - Squiggle Edition These checks imitate the Art Blocks Chromie Squiggle collection. !Checks-Squiggle edition.png Dawn of Check Beeple’s take on Checks, combining Pepe and Planet of The Apes themes. !Dawn og Check.jpeg Persistence of Status The legendary style of the Spanish artists Salvador Dali and Checks. !The persistence of status.jpeg Burn Mechanism Jack Butcher developed an idea loosely based on Damien Hirst’s ‘The Currency’ that allowed users to get their hands on physical art by burning NFTs. On January 8, 2023, a few days after launch, Butcher Tweeted, “To extend the premise of the original piece — the question we are trying to answer is: are checks more desirable if they are harder to get?” and then added, “We can find out by incentivizing a reduction in supply.” The Checks team has developed a mechanism whereby NFT holders can burn a set of Checks to get a new NFT with fewer ‘ticks.’ The process is illustrated on the website and involves halving the number of ticks with every burn. For example, if someone owns two original Checks with 80 ticks, he/she will be able to burn them to get one Check with 40 ticks. Then if he/she burns two 40s, he/she will end up with one 20. Following this process, eventually, he/she ends up with just one tick. Butcher explained in a Tweet, “What this does: rewards every collector, creates new, original, on-chain work, and every interaction either maintains or reduces supply.” !Checks.pngTheoretically, with every burn, the supply is reduced, and arguably the value of the NFTs will increase. It’s also possible that users will pay high prices to purchase extra NFTs that they need to carry out the following burn. There wasn’t an official date for the burn mechanisms launch, but a cryptic Tweet from Jack Butcher from the 9th of February suggests it could begin on February 10th, 2023. On February 12, 2023 after weeks of anticipation and the introduction of Checks migration, Butcher initiated phase two of the project by introducing a burn mechanism. A common feature among OEs, burning refers to the destruction of an NFT or multiple NFTs through which either a new token is created or a different incentive or reward is yielded by the user whose token was burnt. <br