Summary, History and Status of RENGA

Summary, History and Status of RENGA

Summary, History and Status of RENGA

...and what to do with it?

NFTs

·

8 min

Summary, History and Status of RENGA

...and what to do with it?

NFTs

·

8 min

Summary, History and Status of RENGA

...and what to do with it?

NFTs

·

8 min

Summary, History and Status of RENGA

...and what to do with it?

NFTs

·

8 min

TL;DR: With a new update or NFT collection being released almost every day, it’s clear the crypto ecosystem is constantly evolving. RENGA 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 RENGA.

In this article, we’re gonna dive into the RENGA lore, answer all the RENGA related questions and even more. Prepare yourself for a fantasy story and a journey to the future of RENGA!

What is RENGA?

RENGA is an NFT collection of 10,000 characters that live on the Ethereum blockchain.

RENGA embodies sequential art or images—a distinct form of printed graphics that distinguishes itself from manga through its expansive use of page space, often featuring just one panel per page and a spare application of dialogue.

This project aspires to craft an NFT project inspired by the style of Japanese comics, complete with a series and narrative. The ultimate vision is to integrate every holder into the unfolding story, creating an immersive experience for participants.

The RENGA artwork immediately strikes out as a high quality, with full diversity and personality. Each character comes with well-defined features that could make it the protagonist in a series of its own. Whether you are looking for samurais, friendly golems, animatronics, or ninjas, RENGA makes them blend in a world of fantasy.

You too can help shape the RENGA universe by owning 1/10,000 RENGA NFTs.

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, RENGA 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:

RENGA have their own set of traits that make up their uniqueness. These are: archetype, armour, armour plug, attachments, background, beard, body, character, clothing, crystals, earrings, extra, eyes, eyewear, and the list continues.

In total, RENGAs have 36 traits. Most of them are related to the accessories they wear, but there are a couple of traits that define the style of the collection.

RENGAs are divided into 11 archetypes such as agent, robot, samurai, ninja, golem, and so on.

Some traits are rarer than others, which makes a specific NFT stand out from the rest. For example, there are only 39 RENGAs from the 1/1 archetype. These characters are made of 2-3 sliders that loop.

Rarity is defined by a mix of the RENGAs traits. In addition to the common RENGAs, there’s 31 characters that have their own names, including pixel versions of them. This makes the collection appealing to collectors looking to own a true piece of digital art.

The RENGA NFT collection has been manually created. This means that the maximul RENGA supply will be capped at 10,000!

What is the utility of RENGA?

RENGA make for an awesome avatar pic and a beautiful artwork to collect.

There is not much utility in holding a RENGA aside from the exquisite art. No plans to create a token, launch merch, or turn them into metaverse playable characters.

As the RENGA brand expands, NFT holders might be at the forefront of some type of rewards. Whether we are talking about a whitelist for future drops, or funding to create services for the RENGA brand.

Who created RENGA?

RENGA was created by developer and artist DirtyRobot in 2022.

DirtyRobot is the nickname behind Daniel Isles, an illustrator and comic book artist based in Japan. Daniel has 20+ years of experience in illustration and a quick glance on his Instagram shows a rich collection of concepts developed by him.

Isles’ childhood passions for creating comics and streetwear, coupled with a deep fascination for old Kung Fu movies and Transformers cartoons, naturally manifest in the fusion of East and West, past and future, and mechanical and organic elements evident in his Renga art.

Despite his early influences, Isles adamantly resists categorizing his style. In an interview, he described his artistic approach as a "constantly evolving...work in progress on a daily basis.”

Notwithstanding his aversion to being confined by a specific label, Isles's artistic style acts as a unifying force that significantly contributes to the inspirational appeal of the RENGA NFT collection for its holders. This is particularly evident in the collection's 11 archetypes, each showcasing distinct visual styles that harmoniously blend uniqueness with cohesiveness.

The narrative of RENGA NFT commenced in March 2022, with the launch of The Art of Seasons NFTs. This dynamic collection featured illustrations capturing the essence of the four seasons. Isles, having previously achieved success as a 1/1 artist with sales exceeding $70,000, witnessed a swift sellout of his debut collection.

The first RENGA mint had a floor price of 0.08 ETH and quickly sold out.

Far from halting his creative journey, Isles took a step further in the summer of 2022. He airdropped mysterious Black Box NFTs to holders of "The Art of Seasons," offering them the opportunity to burn these NFTs for a PFP from the RENGA art collection. The Black Box NFTs alone generated over 10,000 ETH in volume, with more than 1,000 yet to be burned.

Out of a potential 10,000 NFT characters, approximately 6,400 are currently available. The RENGA team chose a distinctive burn-to-mint approach through the RENGA Black Box.

In essence, these boxes facilitate the minting of an NFT, endowing it with random attributes. Each box serves as a gateway to a unique archetype within the RENGA universe.

Originally, there were 10,000 of these boxes, each featuring diverse traits. However, with increased demand, only around two thousand boxes remain, as more individuals purchase and utilize the burn-to-reveal process to unveil new characters.

Of the total, 9,401 are “Black Boxes,” with some being exceptionally rare, guaranteeing the owner a distinctive 1/1 NFT upon minting. The standard floor price for a RENGA Black Box stands at 0.8 ETH.

With a visionary goal of establishing a platform for perpetual storytelling across various mediums, Isles crafted an NFT collection of unparalleled detail and allure, captivating Twitter and the NFT space. Some enthusiasts even argue that it stands among the best art PFP projects in Web3.

Since then, Isles and his team have unveiled multiple digital comics on Renga's social platforms, including a Manga series narrating the tale of a boy who stumbles upon a mysterious black box.

How does RENGA make money?

Now, let’s get to the juicy part – how does RENGA 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.

The founder of RENGA has limited the use of the IP of any individual's owned RENGA NFTs. This means NFT holders don’t have full commercial rights to the art in their owned wallets. For more info, check their terms & conditions.

Another way of generating revenue is via royalties. The creator of RENGA earns 5% in royalties from secondary NFT sales.

The mission of RENGA is to develop a series of comic books that explore the lore of the characters from the NFT collection.

In addition, RENGA has also teamed up with MetaFactory & Apesthetics for a limited merch drop.

Where can I buy RENGA?

You can buy RENGA on OpenSea.

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