TL;DR: With a new update or NFT collection being released almost every day, it’s clear the crypto ecosystem is constantly evolving. CrypToadz is one of the NFT collections paving the road to the digital universe — but it’s just the beginning. Knowing what brought it here and why it was created will lead you to make better decisions when investing or simply interacting with CrypToadz.
In this article, we’re gonna dive into the CrypToadz lore, answer all the CrypToadz-related questions and even more. Prepare yourself for a fantasy story and a journey to the future of CrypToadz!
What is CrypToadz by GREMPLIN?
CrypToadz is an NFT collection of 9,069 pixelated amphibians that live on the Ethereum blockchain.
CrypToadz, these tiny amphibious beings, once freely roamed the swampy expanse, once known as Uniswamp. But approximately six weeks ago, an ominous presence, the malevolent King Gremplin, descended upon Uniswamp, casting out their leader, Colonel Floorbin, and exiling him to Gooch Island.
With Colonel Floorbin's fall, King Gremplin asserted his divine right to dominion over the entire CrypToadz population in the Metaverse. His first act was to rebrand Uniswamp as GREMPLAND. Alongside his forces of Fronkz, the CrypToadz found themselves under the rule of King Gremplin. This dark era, often referred to as "THE CROAKENING" by the Toadz, now seeks salvation. You can help liberate them from King Gremplin's grip by choosing how many to rescue during the minting process.
For those unfamiliar with the world of crypto, it may seem like a jumble of cryptic terms and acronyms. Phrases like "gm anon, BTC is mooning! Here come the whales. HODL. Anything below 100k is FUD. I'm grabbing a few more seats at this price. Pump it loomdart!" might seem like gibberish, but they hold meaning within the crypto community. We might not always agree, but we've developed our own language, evolved from CryptoTwitter, and can decipher its unique code.
Even more than understanding this crypto lingo, CrypToadz tips its hat to some of our culture's most cherished figures, legends, and symbols. It's a captivating historical journey through the crypto space.
Did you spot the nods to McDonald's hats, cigarettes, zombies, apes, blue cats, aliens, socks, hoodies, ghosts, square glasses, 3D glasses, or cool shades? These Easter eggs, among many others, pay homage to the past and present of cryptocurrency and NFTs.
From CryptoPunks and Bored Ape Yacht Club to Cool Cats, Ghxsts, Nouns, and even the Solana blockchain, CrypToadz feels like stepping into a cultural museum from the years 2017-2021.
Owning an NFT is different than screenshotting a JPEG - just like holding an original Rembrandt is more valuable than owning a replica. As their name suggests, NFTs are non-fungible by design. This is different from digital tokens like Bitcoin and Ethereum.
Fungible assets can be exchanged for another asset of the same type, much like BTC, ETH, or even fiat. NFTs, on the other hand, are unique assets where their ownership details are documented on the blockchain, ensuring digital scarcity and unique attributes for each asset.
But how exactly is digital scarcity being enforced?
The concept of NFTs first emerged in 2012 with the creation of Colored Coins, which could be used to represent real-world assets on the blockchain. However, Colored Coins only worked in a permitted environment, making it more similar to a database than anything else.
As the crypto industry became more popular, people have continued to experiment with the idea of a digitally scarce asset. This led to the creation of ERC-721 and ERC-1155.
The ERC-721 standard is like a set of rules for making NFTs. These actions help in making special tokens with their unique information, making them different from one another.
Behind the scenes, ERC-721 smart contracts keep a list of who owns which token, making it safe to pass tokens from one person to another. The contract also keeps count of how many tokens there are altogether and how many each person has.
As previously mentioned, CrypToadz NFTs are secured by the Ethereum blockchain. Ownership and transaction history are publicly visible on the Ethereum blockchain along with other important info such as the NFT's metadata.
Understanding how to access an NFT's metadata is essential for holders to grasp the specifics of what they're buying.
Metadata usually includes visual attributes like color, type, wearables, and so on. On the blockchain, it looks something like this:
CrypToadz have their own set of traits that make up their uniqueness. These are accessory I, accessory II, backgrounds, bodies, clothes, eyes, heads and mouths.
Some traits are rarer than others, which makes a specific NFT stand out from the rest. For example, ghosty traits are the rarest. These types of Toadz usually go around for a lot of money. In general, most other traits tend to be quite common, with around 400 copies available.
As mentioned previously, each CrypToadz trait set comes with a different mint value, leading to varying levels of rarity. Ghostly traits are highly sought-after, as they are released in batches of less than 10. In contrast, traits that come in batches of 400 or more are considered common and, therefore, contribute less value to your CrypToadz.
In general, CrypToadz with 1 or 7 traits tend to have higher monetary value, but this value is also influenced by the specific traits attached to the NFT. For instance, if you own a CrypToadz with 3 ghostly traits, it's a 1-in-1,000,000 rarity, and its value will be substantial. Ultimately, the value of a CrypToadz hinges on the combination and rarity of its traits.
Custom Toadz are by far the rarest in the collection and possess features found on less than 1% of Toadz. In total, there are six different custom Toadz. They are 1/1, Licked-Warped, Licked-Don’t Look in the Mirro, Murdered by Fronkz, Legendary, and Licked-Hallucination.
However, even when assuming that all traits are common, 1 and 7 traits CrypToadz will still command higher prices. This principle is widely applicable to nearly all NFT collections.
The CrypToadz NFT collection has been autogenerated. This means that out of the potential combinations, only 9,069 CrypToadz will ever exist!
What is the utility of CrypToadz by GREMPLIN?
CrypToadz makes for an awesome avatar pic, but it’s also a way of owning a piece of the NFT history in the making.
One of the most popular NFT projects must be making some money, right? What about the roadmap?
CrypToadz stands out by avoiding the hype of promising flashy giveaways or future play-to-earn features. It's straightforward – they're toads on the blockchain. So, is CrypToadz primarily a collectable? The short answer is yes, and that makes it wholesome 🐸
As the CrypToadz brand expands, NFT holders will be able to continually earn rewards. Whether you are hodling for a season or longer, the CrypToadz ecosystem continues to explore new ways of keeping holders engaged.
Who created CrypToadz?
CrypToadz, the brainchild of the artist Gremplin, emerged onto the NFT scene at the peak of the "jpeg summer" in late 2021. Gremplin, who previously contributed to the daily generating Nouns NFT project, introduced his unique vision to the world of digital art.
Gremplin assembled a remarkable team of eight individuals to assist in this artistic venture, and it's worth noting that many of them are proud holders of the iconic CryptoPunks. The project also enlisted some star-studded personalities within its ranks.
The core concept behind CrypToadz bears a distinct resemblance to the pixelated CryptoPunks but with an innovative twist. Each Toad is adorned with signature square glasses that have become synonymous with the daily generated NFTs. Moreover, the collection boasts various Easter Eggs, cleverly sprinkled with subtle references that only seasoned NFT enthusiasts would appreciate.
In crafting CrypToadz, Gremplin brilliantly leveraged his profound understanding of the NFT space and drew inspiration from the success of his Noun DAO NFTs. Notably, the unmistakable square glasses feature prominently in all Toadz, mirroring the style of the daily generated NFTs. Some even pay homage to Punk #961 with a cheeky cigarette accessory, while others sport shades reminiscent of the iconic Pit Viper sunglasses, closely associated with the Solana blockchain.
The intriguing part is that each of the other eight artists involved in the collection is a CryptoPunk holder, and Gremplin customized a unique CrypToad for each one of them. The project has gained widespread recognition and has even captured the attention of prominent figures in the NFT world, like Christie’s NFT enthusiast Noah Davis.
Noah proudly displays a CrypToadz NFT as his Twitter profile picture and expresses his enthusiasm for the project by saying, “It's like all the weird art kids and the finance club got a table together at university and started talking and building together 24/7." This fusion of creativity and financial insight has ignited something truly exceptional in the NFT space.
CrypToadz remained shrouded in secrecy for several weeks leading up to its official release, with only a select few in the know. The project's clandestine nature added an element of intrigue to its impending launch. It wasn't until a tweet from Noah Davis, who heads NFTs for the renowned Christie's Auction House, that people started to take notice.
Then, on September 8, 2021, the long-anticipated Toadz drop was finally unveiled to the public. It burst onto the scene with a mint price of 0.069 ETH, and there were precisely 6,969 Toadz made available for minting. The unique minting price and the limited availability undoubtedly added to the excitement surrounding the project's launch.
Who is developing CrypToadz now?
CrypToadz doesn’t have a governance structure or a team that handles the development of the ecosystem. Toadz holders are encouraged to experiment with the art of their Toad and build derivative art or communities.
Investors are also an important component of an NFT ecosystem. Although they don’t get involved directly in the governance of the project, they do exert an influence over the brand’s expansion into the mainstream. As of 2023, CrypToadz haven’t raised any strategic funding and they don’t plan on doing so. Unless the community decides to instate some sort of governance structure.
How does CrypToadz by GREMPLIN make money?
Now, let’s get to the juicy part – how does CrypToadz make money?💰 (No, flipping and rug pulling are not the correct answers)
The answer to this question is strongly related to intellectual property.
Think of popular trademarks such as Mickey Mouse, Spider-Man, or Coca-Cola. Every time you see movies, books merch, or posters with them, know that the owners of the IP get a share of the profits. The same thing goes for NFT holders, in theory.
When it comes to NFTs, it’s quite challenging to fit them into the traditional framework of copyright law. To give more context, owning an NFT doesn’t mean holders have automatic control over the creative work. This creative control needs to be granted by the creator.
As such, NFT holders should pay attention to what IP rights, if any, come with owning the NFT. Gremplin, the founder of CrypToadz, has authorized the use of the IP of any individual's owned skulls. This means NFT holders have full commercial rights to the art in their owned wallets. There are no monetary limits on earnings from merchandise, derivatives, or other commercial uses.
Another way of generating revenue is via royalties. If you minted a CrypToadz in 2021, you qualify for a 2.5% royalty rate. Royalties represent the earnings that creators receive each time their NFT is bought or sold on the secondary market.
Where can I buy CrypToadz?
You can buy CrypToadz on OpenSea.
