What is Famous Fox Federation NFT? A Profile
Learn about the Famous Fox Federation NFT project that leads the way on the Solana blockchain as a multi-utility project with a native token, missions, and staking system.
Famous Fox Federation is a prime example of the changing NFT landscape; the developers initially planned to mint the Foxes on Ethereum but later moved it over to Solana to reduce fees and increase speeds.
This profoundly diverse project is popular within the Solana NFT community. Its trading volume has pushed it into the top 10 on MagicEden at one point. This post gives the down-low on everything you need to know about the Famous Foxes and their ecosystem.
Famous Fox Federation Explained
The Famous Fox Federation (FFF) is primarily a collection of 7,777 randomly generated Foxes on the Solana and now Aptos blockchains. The characteristic combinations of the Foxes are vast thanks to generative art software; as a result, they have over 1 million potential variations.
Since the initial 7,777 mint, three other collections have been added to the project, the Transdimensional Foxes (TFF), the Friends & Foes, and the Dens. The creators also launched on Aptos. We’ll explore some of these collections further along in the article.
Who Created Famous Fox Federation?
The project co-founders have not been doxxed, so we have minimal information about who they might be. Neither co-founder has given up much information on their Twitter profile, but they are very active and post almost daily about FFF.
When Did Famous Fox Federation Launch?
FFF was the project’s genesis collection; the first mint occurred on 30th September 2021, and anyone with a compatible wallet could generate a fox in exchange for 1 SOL.
Following the successful genesis mint, the Transdimensional Famous Foxes (TFF) hit the Solana blockchain via Airdrop on October 18th, 2021.
The TFF collection is also compromised of 7,777 Foxes, but they’re pixelated versions of the genesis characters with somewhat reduced utility.
Famous Fox Friends and Foes consists of 15 1:1 Foxes created in collaboration with respected digital artists. The Famous foxes come with the same benefits as the original FFFs
On December 18th, 3,000 Metaverse-style Famous Fox Dens were added to the FFF ecosystem. The Dens were made available for mint in return for the native $FOXY token to anyone staking a Fox at the time.
What Makes Famous Fox Federation Unique?
The project as a whole is unique as it holds the title of being the first stakeable Solana-based NFT. In addition, every Fox is different thanks to the generative art system that designed them.
For example, Fox #2713 has the Captain Red outfit, which only appears on 0.76% of Foxes and, as a result, trades at around 20x the project’s current floor price of 25 SOL.
The great thing about FFF is that the official website has its own rarity tool where you can pinpoint unique features using search filters. For example, if you filter by ‘Epic’ rarity within the ‘Eyes’ category, you’ll discover that Solana and Spectacles are the rarest eye types in the collection.
FFF has some similarities to the Ethereum-based Cool Cats project. Both have a native token, offer their community raffles and bonuses, and the NFTs can be used to complete missions for rewards.
The FFF project is arguably even more developed than the Cool Cats due to the sheer range of utilities available to Fox holders.
What Does Famous Fox Federation Do?
The ‘Foxospehere,’ as it’s referred to in the whitepaper, is a rich ecosystem that adds various utilities to anyone holding one of the three types of foxes.
We will look at seven of the most important features of FFF. However, we can’t cover everything here, but you can find a full list under the ‘utility’ tab on the official website.
$FOXY is the native token at the heart of the FFF ecosystem, and it’s used in auctions, raffles, and for trading on the project’s internal market. The Jupiter Aggregator token exchange service can be used to buy $FOXY, and Dexlab allows you to sell $FOXY for USDC. The market capitalization of the token isn’t available on CoinGecko, but it does appear to have held up relatively well through the recent bear market.
Famous Token Market
The Famous Token Market is FFF’s internal marketplace where people can trade crypto tokens. The exchange is open to the public with a flat fee of 2%. However, you’re exempt from trading fees if you stake an FFF or TFF.
$FAME tokens are acquired by sending your Fox on missions, which can be used to purchase cosmetic upgrades for your Fox. The higher your Foxes level, the more missions they can access, and as your FAME level rises, your Fox will move up the community’s fame ranking board.
Fox missions are gamified challenges that you can only participate in if your FFF, Famous Fox, or TFF meets certain requirements such as traits, levels, and dens.
Missions are like an exciting version of staking where you lock in your FFF for a set period of time for rewards disclosed to the community through an exclusive Discord channel.
Missions are sometimes used to collaborate with other NFT projects, so for special events, you might need to hold a token from a completely different collection to participate.
Monthly Raffles see members of the FFF and the wider Solana community wager Solana-based tokens such as FOXY, DUST, and JOINTS to try and win Solana-based NFTs and tokens. Or create their own raffles by offering up NFTs and tokens.
Although raffles are open to anyone, FFF and TFF holders enjoy the benefit of reduced fees. Some rewards are impressive. In April 2022, someone won a Degene Dojo NFT and 25K $FOXY. You can check out the results of past raffles under the FFF website’s Raffles section.
Foxes can be staked for a minimum of three days. The FFFs and Famous Foxes earn 100 $FOXY per day, while TFFs will net you 25 $FOXY per day.
If you want to earn some $FOXY, participate in missions, or set up a raffle but don’t have your own Fox, then you can borrow one from a community member. Fox holders can lend out their Fox in return for $FOXY for a pre-agreed sum and period of time.
FoxyLend is an interesting attempt to make the project accessible to people who can’t afford to purchase a Fox outright and interesting use of Smart-Contracts to execute lending and borrowing.
How To Buy Famous Fox Federation?
The best place to purchase FFF is on MagicEden, where you’ll find dozens of Foxes up for sale.
Before buying an NFT, you should do your research, and we also strongly recommend that you join the FFF Discord community and read the project’s whitepaper. Follow these steps to buy an FFF on Solana:
Get a Crypto Wallet: Download the Solana-based Phantom wallet and load it with some SOL.
Connect to MagicEden: Visit the Famous Fox Federation MagicEden page and click the wallet icon at the top of the page to link your Phantom wallet to the website.
Explore: Browse the Foxes currently trading on the secondary market. You can use the filters to alter the price and rarity of the Fox.
Buy: Purchase the Fox by clicking within the pink box and pressing the Buy Now button.
Note that although we have focused on buying and FFF, the process is the same for TFF and the Famous Foxes collection.
The Future Of Famous Fox Federation
The Famous Fox Federation is one of the most interesting NFT projects I’ve seen on Solana and one of the few to launch on Aptos. The FFF Roadmap shows the team has consistently achieved its milestones, and they’re currently working on creating 3D versions of the Foxes and upgrading the missions with new items.
The level of utility offered by this project, its ability to reach out to the Solana community, and its track record of hitting milestones suggest it has a bright future.
This article originally appeared on the NFT Brief.