The Rich Baby NFT

The Rich baby NFT is the 2nd generation of NFT “birthed” by Bored Ape Yacht club (BAYC) and CryptoPunk.

CryptoPunk and BAYC reached a consensus, and holders of both collections can birth two separate Rich Baby pieces.

The Rich Baby collection has 1,242 pieces.

There are three phases to minting this unique NFT collection.

The Rich baby NFT is minted on the Ethereum blockchain.

The Ethereum blockchain is decentralized and flexible to build DeFi and NFT platforms.

Ethereum Blockchain uses solidity _script_ing language and Ethereum virtual machine.

The floor price for each Rich Baby piece is 386 ETH, equivalent to about $931,210.41

The Buzz around the Non-Fungible Token (NFT) seems to be at its peak recently. Therefore, it would be necessary to give a few details about the NFT space.

Understanding The NFT (Non-Fungible Token)

NFT (Non-Fungible Token) is a new generation of financial security that leverages blockchain technology for digital data storage. It is a form of a distributed ledger.

Anybody can be a creator of an NFT, as long as you are the original owner and such a piece has never been recorded on the blockchain. The ownership of an NFT piece or collection is recorded in the blockchain, and however, you can transfer ownership of such works.

NFTs are uniquely identifiable and non-fungible. Two exact pieces of a digital asset can not exist or be recorded; you can only have similar articles in a single collection.

Lastly, the market value of an NFT is based on the digital file it references. As a creator, you can set your floor price to any amount, and the marketplace where you want to sell your collection will deduct its gas/ transaction fee.

There are several collections on the Nft marketplace. Anybody can be a creator and make their collections available on the NFT marketplaces.
The Rich baby NFT is available on the Ethereum blockchain, and there are over 1,242 pieces of "Rich babies" in this particular collection.

About The Rich Baby NFT

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Image: BillionaireBabyClub

About 1,242 pieces of Rich Baby NFT are available on the Ethereum Blockchain. The floor price for each article is 386 ETH, equivalent to approximately $931,210.41

There are about 653 owners of these special NFT collections. Each baby combines the features of one Cryptopunk parent and a Bored Ape Yacht Club parent.

The Name “Rich Baby” was generated because a rich dad and mom (Cryptopunk and BAYC) come together and give birth to a rich baby. Since the NFT is fundamentally seeking consensus, CryptoPunk and BAYC have been able to achieve it.

The traffic and popularity of the two-parent collections will be automatically transferred to the baby.

Experts opine that the Rich baby NFT has a relatively high floor price for a new project. However, the transaction volume is not as high as expected.

Also, there are insinuations that it is not a wise investment to buy an NFT and be someone else's NFT baby, and it is regarded as a second-generation NFT.

Other experts and industry players noted that the Rich baby project has no core direction. The website shows that it has no future development direction, and it only mentions building a community without details.

Let's consider how to mint a Rich baby NFT.

How To Mint The Rich Baby NFT

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There are three phases involved in minting this digital artwork. They include;

Phase I

The first phase is for Cryptopunks and the Bored Ape Yacht Club (BAYC) holders. The cryptopunk and BAYC holders will mint in pairs but get separate babies in this phase. Each minted baby will inherit the traits from both the punk and bored ape. The mint is free in this phase.

Phase II

This phase is called the pre-public mint. This mint phase is expected to be opened to the Rich baby “allow list.” You can follow Rich baby's pages on Twitter and Discord to join the Allow list. Minting in this phase is free too.

Phase III

This phase is regarded as the public mint. To be eligible to mint in this phase, you will have to acquire from the available stocks left. Minting in this phase is not free.

The Rich Baby is an NFT project leveraging the Ethereum blockchain.

Let's see what the Ethereum blockchain entails:

The Ethereum Blockchain

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You must be wondering how powerful and smart the Ethereum blockchain is for the Rich baby NFT to be launched on it.

Ethereum is a decentralized blockchain platform that allows peer-to-peer networks to secure and verify application codes. These application codes are called smart contracts.

Smart contracts in the Ethereum blockchain allow users at different ends to make transactions ( buying, selling, and exchanging) without a central platform. The Ethereum blockchain is decentralized and requires no trusted central authority for its operations.

These transactions are verifiable, immutable, and securely distributed across the participating networks, thereby giving the stakeholders or participants direct ownership and visibility into the transaction details.

All transactions on the Ethereum blockchain are in Ether, Ethereum's native token, and the cost of processing transactions on the Ethereum blockchain is also charged in Ether.

It is easy and flexible to build decentralized apps on the Ethereum blockchain using the native solidity _script_ing language and Ethereum virtual machine.

Several developers leverage the Ethereum blockchain as the primary home for their applications. These applications include Decentralized Finance (DeFi) and Non Fungible Tokens (NFT).

Conclusion

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The buzz and traffic generated by the NFT space in recent times are alarming. Day by day, a new set of creators and developing new ideas in the NFT space. One of those unprecedented ideas is the Rich Baby NFT, whereby two creators form a consensus to give birth to a digital baby.

The Rich Baby NFT is a single collection out of the thousands of collections available in the NFT space. The Rich Baby collection is unique because it is a product of two rich first-generation NFTs; The Boring Ape Yacht Club (BAYC) and The CryptoPunk.

The two-parent NFTs have a dominant position in the NFT space giving the baby leverage of high floor price. The Rich baby collection runs a family tree whereby if you buy the Rich Baby NFT, you can trace the source to find the parents, siblings, and family photos by entering your purchased NFT ID.



Author: Valentine. A, Gate.io Researcher
This article represents only the researcher's views and does not constitute any investment suggestions.
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