Asset management company VanEck has taken its first steps in the virtual world with the release of its first collection of non-fungible tokens. Co-founder Matt Barlett revealed that the tokens would likely grant holders exclusive access to various perks. However, VanEck is trying to set its NFTs apart from existing ones as much as possible.
VanEck’s Vision for NFTs
The New York-based investment firm has dubbed the newly-launched collection the VanEck Community NFT. It comprises 1000 Ethereum-based tokens that feature a character called Hammy. The quirky Hammy is a parodied depiction of founding father and first US treasury secretary Alexander Hamilton.
The project showcases Hammy as he navigates past, present and future models of the finance sector.
Utility Rather than Commodity
According to the creators, the VanEck Community NFT can be used to illustrate real-world uses for tokenized assets. With Hammy at the helm, these tokens can take curious individuals on an informative journey on the evolution of finance. This is an intentional design, especially as VanEck discourages the resale of its NFTs.
According to its official website, its community-intended NFTs “have no value and are not intended by VanEck to ever have any value.” Along with this clear caveat is the express warning:
You must not attempt to obtain an NFT from VanEck if you plan to sell or transfer it.”
Additionally, the tokens grant the owners perks such as previews of VanEck’s research on virtual goods. Other benefits include invites to a series of physical and digital events where users can learn about cryptocurrency. The investment firm has described its product as a digital membership card.
VanEck can create a network of crypto and finance enthusiasts using the collection. The tokens will function as invites or passes to spaces where users can rub minds and forge connections.
Other Details of the Project
The collection consists of 3 categories that vary based on rarity; these are commons (750), rare (230) and legendary (20). The uniqueness of their respective tokens will allow the holders to access other additional perks. In their statement, the company has shared that they will airdrop the tokens the week of May 2 to those who sign up.
VanEck also highlighted the role of tokenized artwork in the rise of non-fungible tokens. In light of this, the investment firm has not overlooked visual appeal in the creation of its project. The collection will contain striking three-dimensional figures and narrative-style videos.
While Hammy will be the main character, VanEck has shared there will be side characters to aid him on his travels across time. The design will infuse the project with stories aimed at birthing conversation to foster a sense of community.
By late May, the airdropped NFTs will have transformed into avatars. These avatars will possess distinctive properties that allow holders to access the promised rewards.
This is not VanEck’s first crypto-related product. The company manages over $82 billion worth of assets and has debuted a range of crypto offerings over the past few months.