PAK FLIES "OVER-THE-RADAR" WITH $160M+ IN SALES.
DECEMBER 5, 2021
Traditional media is missing again.
As consistent as the formulas that define the work of Pak, the traditional art and media world fail to highlight the importance of an emergent wave of creations in the high-value Web3 space.
Earlier this year, Pak sold $70M of convertible tokens in 70 minutes.
The Creator has now managed to break its own record - selling to over 28K collectors in collaboration with NiftyGateway - netting over $90M in 2 days! In addition to achieving over $200M of primary and secondary sales in NFTs this year alone, Pak creates new mechanisms that can be used by other artists. This recent drop is no exception.
Introducing: Merge.
After inventing open editions with the introduction of “X,” and inventing a destruction mechanism with the introduction of the ASH ecosystem, Pak has primed the collector’s world yet again. This time, combining open editions and implicit destruction, Pak has introduced a new way to guarantee increasing scarcity.
With over 28,000 unique accounts all participating in the drop, $90,000,000 flowed into the collection, creating more than 266,000 “Mass”! With the smart contract closed to minting, there is a hard cap on these newly-created tokens. The difference between this and previous open editions? No wallet can hold 2 different merge tokens - by design, they combine.
In order to differentiate between tokens, each is given a mass - m(x). When 2 of these merge tokens are placed in the same wallet, they become one token with combined mass. For 2 days, any collector could mint 1 merge token with as much mass as they desired (with an average price of $450/mass), with mass bonuses given for the largest collectors.
Pak has broken ground before, as many artists have implemented Pak infinite editions - rebranded as open editions - allowing passionate collectors to mint as many tokens as desired for a limited amount of time. Merge provides artists a way to mint a massive collection that will continue to reward collectors by becoming an ever-smaller collection.
These are the tendrils of innovation that solidify legitimacy, and legacy, among collectors in the NFT space. In addition to the mechanism, all of the contract data is stored on-chain, as well as the image of the token.
Pak’s game never ends, as each new invention provides a platform for the next, adding complexity to the smart contract and increasing the learning curve for those who are not yet participating in the Pak ecosystem. Soon, Pak will introduce a new claim mechanism for mass holders.
As the value of being a participant in the ecosystem increases, it will become much more expensive to find an entry point. This recent drop rewarded Pak collectors with a 30 minute presale at an almost unbelievable price point - $299. For the following 2 days the price increased from $400 in $25 increments every 6 hours.
At $400 for those who have never owned a Pak, it will go down in history as one of the most inclusive drops by a “blue chip” NFT artist. At $90,000,000 in primary sales, an inclusive price, a link to the $ash ecosystem, and the introduction of an on-chain scarcity mechanism, merge will go down as the most legendary token drop to date.
I have trouble understanding why the biggest sale by a living creator isn’t “mainstream news.” Eventually, it must be acknowledged that Pak has sold over 200 million dollars worth of NFTs this year, easily surpassing the total sales of any living creator. Apparently, it’s up to the Pak community to let the traditional art and finance world know that they are missing a lot of information about the biggest value singularity to ever occur!
