Summary, History and Status of The Saudis

Summary, History and Status of The Saudis

Summary, History and Status of The Saudis

...and what to do with it?

NFTs

·

5 min

Summary, History and Status of The Saudis

...and what to do with it?

NFTs

·

5 min

Summary, History and Status of The Saudis

...and what to do with it?

NFTs

·

5 min

Summary, History and Status of The Saudis

...and what to do with it?

NFTs

·

5 min

crypto ecosystem is constantly evolving. The Saudis 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 The Saudis.

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

What is The Saudis?

The Saudis is an NFT collection of 5,555 Saudis that live on the Ethereum blockchain.

Do you sometimes make a degen trade that goes your way, like going 20x leverage on a trade that goes your way? For every 100 people who are financially responsible, there is one trader who gambles big and wins big, that’s just how it is.

For the chosen degens there are Saudis NFTs – the crème de la crème of Crypto Twitter.

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, The Saudis 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:

The Saudis have their own set of traits that make up their uniqueness. These are eyewear, facial hair, head, headwear, and mouthpieces.

Some traits are rarer than others, which makes a specific NFT stand out from the rest. For example, there are only 16 Saudis with Red Shemagh & Crown exist.

The Saudis NFT collection has been autogenerated. This means that out of 80 possible traits, only 5,555 Saudis will ever exist!

What is the utility of The Saudis?

The Saudis make for an awesome avatar pic, but it’s also your ticket to an exclusive club – MAXBIDDING to the top.

What does the club do? No one knows precisely.

Holding a Saudi is regarded as a flex among the crypto circles.

Who created The Saudis?

The Saudis were created by an anonymous team in July 2022.

The collection had its hot minute of fame on Twitter, fueled by its “kingdom” of followers. Many of them hyped the collection by creating Saudi Arabia-themed memes.

Saudis were free to mint on July 9 and sold out within hours. The floor price stabilized at 0.75 ETH (or $867 at the time) after peaking at 1.3 ETH per NFT.

Who is developing The Saudis now?

The Saudis is being maintained by the Saudis NFT holders. As of 2023, there is not much activity happening to develop the Saudis intellectual property. Their website features a dashboard where people can auction their Saudis, and that’s about it.

Investors are also an important component of any 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, The Saudis did not pursue any strategic funding.

How does The Saudis make money?

Now, let’s get to the juicy part – how does The Saudis 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 anonymous founder(s) of The Saudis have authorized the use of the IP of any individual-owned Saudis. 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. The creators of The Saudis earn 7.5% from every secondary sale.

The Saudis have had no significant development since the

Where can I buy The Saudis?

You can buy The Saudis on OpenSea.

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