The Famous Fox Federation (FFF) is an NFT project on Solana that reignited the sector’s love for non-fungible tokens. FFF achieved that by launching a legally compliant staking mechanism. This project successfully paved the road for the so-called ‘blue-chip’ status by introducing staking, two collections, and a utility token.
Famous Foxes are the first NFT collection to rise in value following the end of Solana’s short bear market in early November, moving faster than already established blue-chip collections such as Solana Monkey Business and Degenerate Ape Academy.
After flying under the radar for most of their existence, Foxes finally had their 15-minutes of fame, prompting investors to investigate the cause behind FFF’s sudden rise.
Did the new staking feature entice collectors looking to sweep floors? Or was it the sense of community for which Solana was in dire need at the time? Both factors matter, but for anyone new to Foxes, their sudden rise may appear dubious.
Foxes are often compared to Ethereum’s Cool Cats collection, but are they a mere copycat, or does FFF have something more to offer? Let’s explore that idea by explaining what FFF intends to achieve and what role staking and FOXY play in forever changing the utility of NFTs.
The Famous Fox Federation is home to 7,777 randomly generated NFTs on the Solana blockchain network that launched in September 2021 at a price of 1 SOL per token.
At first glance, Foxes are merely aesthetically pleasing art pieces designed to be compatible with any social media as a profile picture. However, there is much more to owning a fox than meets the eye.
An FFF NFT grants holders access to a DAO (decentralized autonomous organization) whose members participate in a myriad of exclusive events, including:
DAO members also play a part in steering the project and deciding the course of its development. For example, users took part in proposing and voting for organizations that would receive a portion of FFF’s 800 SOL donation fund, the community also voted to decide the name of FFF’s utility token.
Staking is another important feature enjoyed by all FFF (and TFF) holders. Staking allows investors to lock up their NFTs and earn daily rewards in the form of FOXY tokens. Investors can use these tokens to redeem future mints such as the upcoming Dens collection.
Since launching FFF, the anonymous four-man developer team has focused on three main aspects:
To help you understand these points and their role in FFF, we will explain each one individually.
Legality is an issue that surfaced in the midst of Solana’s staking drama. When various NFT teams sought to reward their community by distributing royalties, they faced the risk of having their collections categorized as securities by the Securities and Exchange Commission (SEC).
FFF’s team decided to move forward with staking but create it in a way that is compliant with U.S. security laws. Instead of immediately launching the feature, the team hired a legal team to investigate what kind of reward models FFF could offer legally. They ultimately decided to launch a token that investors can directly redeem for all future mints and features inside the Fox universe.
Brand is another important aspect carefully considered by the Fox community, which ties in with their NFT design and a special focus on making foxes perfect for profile pictures. The team’s plan is to raise awareness of FFF NFTs and turn them into a brand that is recognizable and highly-coveted on social media and potentially, in real-life.
We have already seen this strategy at work at Ethereum. Investors consider expensive collections such as the Bored Ape Yacht Club to be ‘Supreme’ NFTs. Such brand awareness is backed by a unique and recognizable art style that transforms into merchandise worn by the community. Similarly, FFF also has plans for a merchandise store that would turn Famous Foxes into a brand for both the crypto and real-world.
A strong and friendly community is possibly the most important aspect of FFF. Fostering a sense of community is what drives the project forward and brings in new investors interested in joining a project that is here for the long haul. The FFF team successfully took the focus away from floor price and speculation discussions by bringing long-term growth and sustainability into the spotlight.
Famous Foxes are not just famous; they’re friendly as well. Their Discord server is noticeably warmer to newcomers than other communities, where key talking points often revolve around making money rather than growing a project together. FFF’s long-term focus shined through during the SEC staking drama when community members refused to accept staking if it meant that it would harm the project at a future point.
Transdimensional Foxes (TFFs) are the project’s secondary NFT collection which the creator’s airdropped to FFF holders back in October ‘21. A total of 7,777 TFFs exist as pixelated versions of the original collection. Community members received one TFF per each FFF they held, meaning investors received as many TFFs as they owned in the original collection.
TFFs are stake-able assets. A TFF grants 25 FOXY tokens per day in comparison to the 100 tokens granted to FFF holders. However, we do have to note that they are far cheaper and more accessible to the average collector than their counterparts.
Another benefit to owning Transdimensional Foxes is that they provide a higher chance of receiving a future airdrop.
But unlike their predecessors, TFFs do not provide holders access to the DAO. Owning an FFF is the only way to enter the DAO (which the community calls, The Federation).
And the launch of Transdimensional Foxes marked the beginning of the team’s ‘lore-building’. Like many other NFT projects, FFF creates lore to casually reveal future updates and keep the community hooked by building a metaverse for Foxes with the help of a creative story.
Both FFF and TFF holders can stake their NFTs.
Staking boils down to locking up an NFT for a minimum duration of three-days on the official FamousFoxes website. During this time period, holders can’t sell or trade their staked assets. Moreover, they do not appear in the user’s wallet, they are locked away in FFF’s staking smart contract. However, each wallet address retains full ownership over the NFT and does not lose access to the DAO or eligibility for future airdrops.
As a reward for staking, users earn FOXY tokens on a daily basis. FFF holders receive 100 FOXY tokens per day, while TFF holders receive 25. FOXY tokens can be claimed at any time, and there is no limit as to how long a user wishes to stake their NFTs.
Due to legal limitations, FOXY tokens will never have an official market, nor will they be exchangeable for cryptocurrencies such as SOL or USDT. Nevertheless, users are free to trade FOXY on markets created by the community as they have no affiliation with the team.
So, what is the point of staking FFF/TFF to earn FOXY?
The team decided to rely on FOXY for all future mints, features, and utilities. Investors can no longer mint NFTs from the FFF ecosystem with SOL. The only way to mint incoming NFTs, such as Dens, is by spending FOXY tokens.
What this essentially means is that FOXY is the only currency in the Famous Fox Federation. Investors cannot obtain any future mints without FOXY, and the only way to obtain these tokens is by staking their FFFs or TFFs.
Two consequences arise from this unique staking model:
Staking creates a new source of buying pressure by offering a clear incentive for owning Famous Foxes. Although it will be possible to sell future collections for SOL on secondary marketplaces, it will not be possible to mint one without spending FOXY. This system incentivizes existing investors to hold onto their NFTs while motivating new investors to enter The Federation by providing a real use-case.
Staking also has an effect on the number NFTs listed on marketplaces, which plays an important role in supply/demand dynamics and, therefore, floor prices.
According to data from Solanafloor, the number of listed FFFs on all Solana NFT marketplaces fell from 767 to 525 since the launch of staking. Only 7% of the supply is actively listed on exchanges such as Magic Eden, Digital Eyes, Solanart, and Alpha Art. FFF is hence the second-best project in terms of listing in the entire Solana NFT sector.
At the time of writing, the community has locked up 10,825 foxes through staking, which accounts for 69% of the entire collection (FFF & TFF). The total minimum value locked, calculated using FFF and TFF floor prices, stands at $6 million. Considering that FFF’s market value stagnated over the course of the last couple of months, these numbers are more than amazing.
Another announced utility for FOXY is the ability to bid on auctions for Honorary NFTs. Honorary NFTs are unique 1-out-of-1 tokens that are drastically different from any other piece of art in the collection. They usually depict important crypto pioneers or characters from the project’s lore.
Fox Dens represent the third and latest NFT collection from the FFF ecosystem set to launch in the near future. They follow the style of ‘virtual real estate’ themed collectibles that are prominent in the NFT space.
Minting a Den will only be possible using FOXY tokens. However, Den owners can still sell their tokens for SOL on secondary marketplaces.
At a supply of 3,000 Dens, the collection is smaller compared to Famous Foxes and Transdimensional Foxes. Considering that staking is the only way to obtain a Den, it becomes obvious that holders will have to 'fight over' the minting process and that whales have an advantage over others. In order to ensure a fair NFT distribution and give every community member an equal chance at obtaining a Den, the team has decided to implement a time-limited reverse bonding curve option.
This essentially means that the minting process will consist of multiple tiers at which users can mint Dens at specific price ranges (denominated in FOXY). For example, the first wave of 600 Dens will go for 15,000 FOXY in the first tier that lasts 20 minutes. Upon expiry, the next tier unlocks, and all Dens that have not been minted will be included along with the next wave of Dens at a lower price level (12,000 FOXY.)
The system has been designed so that all community members have the chance to mint a Den at the highest tier if they have 1 FFF or 4 TFFs staked on the day of the announcement. Here is a comprehensive overview of the tier model and the way Dens are priced at different tiers:
The Federation is a Decentralized Autonomous Organization for the Fox community that investors may access by verifying their ownership of at least one FFF. The DAO is currently located at the project’s official Discord server. For verification purposes, one has to link their Solana wallet containing Foxes and Discord account via Grape Protocol, which is a platform for Decentralized Social Networking on Solana.
The Federation is both a social club and a decentralized governance system created exclusively for FFF holders. All members have voting rights and are able to pitch governance proposals to the community in order to bring changes and steer the project.
Once a proposal garners enough interest, users can cast their vote in an anonymous poll. At the end of each proposal’s deadline, the team reveals the results and promptly implements the changes.
The team plans to introduce a more decentralized as well as traditional governance model (similar to what we see in DeFi) by utilizing smart contracts for managing the voting process and applying updates.
As seen in other projects like Solana Monkey Business, DAO members also have access to a special channel for ‘NFT Alpha’ where investors can share trading ideas and pitch bullish projects.
The Famous Fox Federation is a popular NFT collection on Solana that has recently attracted the sector’s interest by becoming one of the first projects to launch a legally-compliant staking feature. By rewarding the community with FOXY tokens, FFF retains the community’s interest and onboards more speculators who have yet to join the project.
Famous Foxes have effectively revived their two collections by launching staking. As mentioned at the beginning of the article, FFF was the first collection to record fresh trading activity and a rise in value on Solana.
Whether FOXY remains effective is yet to be determined. However, the team’s dedication to developing a project that stands the test of time is enough assurance for the Famous Fox community. If successful, their innovative features may even spill over to other projects eager to provide utility for investors.
Want to learn more about the Famous Fox Federation? Explore the following links:
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