Thirty days after its Series 3 (S3) completely minted out, CryptoDickbutts (CDB) minted out its Series 4 (S4) NFT collection on Tuesday, introducing what they believe to be a pioneering approach to project ownership.
A tweet on July 29 from @CryptoDickbutts revealed a “twist” – the individual or group with the most CryptoDickbutts NFTs 30-days post-mint will be rewarded ownership of:
- CDB’s Twitter account (@CryptoDickbutts);
- CDB’s Discord Server;
- All NFT collections from CDB;
- Multisig Treasury Spot; and
- Other CDB-related assets.
However, the popular NFT meme project didn’t share much more beyond this, directing people to their Discord where “questions will be answered.”
The project, which started as a joke with early CryptoPunk holders, grew into a bizarre attraction from the NFT community. First created in 2006 by the comic book artist K.C. Green, the viral cartoon character “Dick Butts,” has since turned into one of the internet’s most popular memes making appearances across 4chan, Reddit, and similar sites.
In 2007, Urban Dictionary added an entry about “dickbutts” which was followed by BuzzFeed including a Dick Butt comic in a feature article on its site in 2009.
Inside Punk6529’s Open Metaverse, CDB has a dedicated space, with its NFTs selling regularly for thousands of dollars – even during the 2022 NFT market collapse.
The original release in March 2021 for CDB consisted of Series 1 and Series 2 (“OG”), which were capped at 52 and 104 NFTs, respectively. Series 3 quickly followed in July 2021, comprising 5,200 NFTs in total.
New approach to ownership?
Unlike traditional NFT releases, the minting of S4 will persist until certain predetermined conditions are met.
However, as of late Tuesday afternoon, there have already been conversations on CryptoTwitter that S4 may have already minted out. This is not confirmed yet.
At the heart of its announcement is its decision to “pass the torch” of ownership over to the biggest holder while placing significant power in the community’s hands. Through its community-established DAO, the CryptoDickbutt DAO, holders across the OG and Series 3 collections (and presumably Series 4) are tasked with the mission of acquiring a physical “Gooch Island” that will give holders and their CDB NFTs “a place to roam freely.”
The likelihood of CDB’s project trajectory changing course is also something that won’t be known for some time.
How is ownership determined?
The determination of ownership, according to Tuesday’s tweet, will employ specific “multipliers” based on the quantity of CDB’s held:
- Series 1 (S1): 5x multiplier
- Series 2 (S2): 5x multiplier
- Series 3 (S3): 2x multiplier
- Series 4 (S4): 1x multiplier
What’s the community saying?
The announcement has elicited a range of responses from those in the NFT community, with some viewing it as a revolutionary step that helps to democratize ownership. Others, however, are more inclined to adopt a “wait-and-see” approach and the potential consequences of this unique ownership mechanism.
Had a conversation recently with a friend (in the context of @6529Collections). They are struggling to see the “value” of the collection. The conversation flowed through a discussion about what memes are, religion and other social constructs etc. I ended by posing the…
— SonOfLasG.⌐◨-◨
…
(@Sonoflasg) August 1, 2023
What’s next?
The upcoming month looks promising for CDB, with collectors vying to amass the most CryptoDickButts in a bid to seize control of the project. While this competitive atmosphere is expected to generate significant activity and discussions within the community, the potential outcome of this for both CDB and NFT holders is still unclear.