NFT derivatives, in short, are NFT collections that strongly resemble another project. 🖼️ 🖼️ NFT project NFT derivatives Let's dive a little deeper.
, are the primary sources from which many derivatives draw their inspiration. Some NFT derivative projects even draw from elements of two original projects at once. For example, the Society of Derivative Apes is an NFT derivative project that combines the features of both BAYC and Doodles.
Most derivative projects take elements from versions of existing projects without getting authorization from the NFT project after which they’re modeled. Unless there’s a formal notice of partnership issued by the original project, you can assume a derivative NFT is unofficial. However, a popular project’s founding team may release a subsequent drop as a spin-off of their project. These types of NFT collections are often referred to as official derivative projects. For example, Mutant Ape Yacht Club and Bored Ape Kennel Club are official projects released by The BAYC founders, which come with NFT utilities such as exclusive community access and unique membership perks.The rise of NFT derivatives can be attributed to the increasing adoption of NFTs around the world.
However, there are many reasons why a digital creator may decide to create a derivative project. There’s also a difference between an unofficial derivative project, an affiliated derivative, and a spin-off drop by a project’s founding team.With NFTs’ increasing popularity and explosion in market value, some creators create derivative NFTs to profit from the likeliness of a popular project. These kinds of derivative projects generally exhibit characteristics of a rug-pull scam.
The primary objective of these projects is to sell as many NFTs as possible. The person or group of people behind such a derivative project might hype up their collection on social media, promising exciting roadmaps and other enticing benefits with no intention of executing any of this past mint day. Unfortunately, most buyers only find out too late that they've been duped.
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