Collection Spotlight: Snekkies

Collections 04.06.2024

Collection Spotlight: Snekkies

In our collection spotlight series we explore Cardano NFT projects and their ecosystems. In today's article we'll dive into the Snekkies collection & what they are doing!

About Snekkies & Launch

Website: Snekkies.com
Project on X: @SnekkiesNFT
Snekkies on JamOnBread

Snekkies are an NFT collection inspired by Snek, Cardano's largest meme token. Although Snekkies are not an official collection by the same team, they are a partner collection.

The collection consists of 7,777 detailed NFTs, drawn in a colorful and fun style. There are a total of 31 unique 1:1 Snekkies, including 7 Dragon Snekkies and 7 Snekkies with popular NFT traits like tight hoodies. Another type is the Base Set Snekkies, which always have theme-matching traits; there are 110 Base Set NFTs in total. The rest of the collection are so-called Floors (common Snekkies) with randomly generated traits from the Base Set, which are by no means any less appealing

Snekkies launched on April 16, 2024, with a fun custom mint experience from Tavern Forge. Collectors took the mint by storm, as the collection sold out the same day. It was an instant success - the community loved the art and the direct reference to Snek.

Snekkies were minted for 165 ADA. Just a day later, the floor price reached 250 ADA. After slight consolidation, the collection is now trading at over 330 ADA, securing all holders since mint a 2x return.

Since then, Snekkies have become the go-to profile picture for many in the Cardano NFT community. The connection to Snek is not only in the art but also in the team's ambitious plan to add utility, benefiting both holders and the $SNEK meme coin.

Snekkies Utility

It might sound like Snekkies are a very community-oriented project with great and likable art, right? Not only that! Snekkies' utility comes from crypto mining.

The team aims to ensure a steady income to move the project forward by running an in-house mining operation, leveraging the expertise of experienced miners on their team. The funds raised from the mint will be used to purchase mining machines to mine a balanced portfolio of PoW cryptocurrencies.

Here's the twist: all mined tokens will be converted to $SNEK. This strategy ensures more buying pressure on the token, benefiting the entire community.

In the first 90 days, the team will use the generated funds for project development and compounding miners. After this initial period, the revenue will be distributed as follows:

50% to staked Snekkies
20% to compounding miners
10% to The Snek Pit
10% to project development and operations
10% to support engagement

Holders and the community will surely appreciate the revenue sharing through Snekkies staking and the $SNEK contributions to The Snek Pit fund, which is managed by the $SNEK community to burn tokens or support community initiatives. To amplify the SNEK-growing effect, the Snekkies team will also contribute 20% of secondary market royalties to The Snek Pit.

You can read more in depth about the collection in Snekkeis Scroll.

Conclusion

In conclusion, Snekkies have quickly established themselves as a beloved part of the Cardano NFT community. Their colorful and fun art, paired with the connection to $SNEK, has made them an instant hit.

The use of crypto mining to add utility to the NFTs and reinvestment into the $SNEK token shows the team's dedication to creating value for holders and the whole Snek community. With a clear plan for revenue sharing and community engagement. As the project grows, it will be exciting to see how Snekkies continue to contribute to the Cardano ecosystem.