One of the performing PFP projects on the Solana network is the Famous Fox Federation, which was launched in September 2021. The team has released 3 NFT collections of 7,777 randomly generated Famous Fox, 7,777 Transdimensional Fox (pixelated version of Famous Fox) and 3,000 Famous Fox Dens, and also, the most iconic released from the team, the staking mechanism. 

 

 

By the end of 2021, the team has transformed its image from a mere cute PFP project to a full-fledge utility-based project. In addition, the team has also gained its spot as the Top 5 NFT project on Solana in terms of donation amounts, with over 800 SOL from their proceeds donated to significant causes as voted by their DAO (known as The Federation). The reasons behind their success are easily seen through the continuous upgrade and introductory of new features backed by strong community support.

 

As the first legally compliant NFT staking mechanism on Solana, FFF has set the bar higher for other NFT projects for both upcoming and established projects. In the last quarter of 2021 alone, the team has released 2 additional collections after the first FFF NFT, a staking mechanism (Staking 1.0), introduced a utility token called $FOXY, cross-chain integration, FoxySwap with added security for P2P NFT Trading Platform, Ding! NFT messaging service for holders, Banner Builder, HD items with the foxes NFT, and the list goes on.

 

 

Community is the backbone that drives any NFT project. FFF thrives because of its supportive community members that actively involved in promoting every feature update, new releases, events, etc. The community members are driven by passion, are very helpful, and created a positive vibe that is very welcoming for new members. The FFF team is very focused on building an ecosystem that can create values consistently and is not driven by floor price. This attracted investors that are looking for a sustainable long-term project.

 

As reflected in the FFF NFT design, the team focused on its brand placement as a cute PFP widely known across social media. They claimed that FFF NFTs are fabulous at all sizes and cross-generational, which looks great to be framed as an art on the wall, used as a social media avatar, or even printed on a T-shirt. They have also prepared an HD Reverse Transmogrifier to download the NFT in HD version. On top of raffles and airdrops benefits, holders of FFF get access to DAO (decentralized autonomous organization) which has voting rights to determine the development of the project.

 

A month after FFF launched, the team strategically released Transdimensional Fox Federation (TFF), which is the pixelated version of FFF. To establish a lower entry-point, the team airdropped the TFFs to FFF holders and the remaining 800 were minted at 0.5 SOL, which was a lot cheaper than FFF‌ then. Despite TFF holders not having access to The Federation (in the beginning), the TFF is stakeable with a return of 25 $FOXY per TFF per day, which is 25% of return compared to FFF (100 $FOXY per day). Other benefits for TFF holders are similar to FFF holders. Holding both TFF and FFF increased chances for future mint, airdrops and giveaways.

 

 

The team moved towards building their own metaverse called Foxverse, and they released the Famous Fox Dens collection on December 2021. The dens are basically the foxes’ neighborhood (Foxosphere), which comprises buildings with various themes from shops, college dorms to outer space, and you can display all of your NFT collections from Solana, and also Ethereum NFT, on your Dens. You can add rooms/interiors to your Dens purchased from their Marketplace. Dens were minted using $FOXY token only and they can be sold at the secondary marketplace for SOL afterward. With a small supply and staking required to earn $FOXY, the team made Dens minting exclusively for existing holders.

 

 

The first thing you have to do once you get a fox is to stake it and earn $FOXY easily. You can stake on their website with a lock-up period of minimum 3 days and no maximum limit. During lock-up period, the NFT does not appear in your wallet and you cannot list them to sell.

To explain every use-case of $FOXY would be a never-ending story because the entire ecosystem heavily depended on them. All future mints, feature release, marketplace items, raffles, etc, will use $FOXY as a medium, and the easiest way to get it is by staking your NFT.  The most important thing to know is that you will need $FOXY to join in and take part in the Foxverse ecosystem. You cannot find $FOXY token on official exchanges because of legal limitations, as it is only legal to get by staking. However, you can still trade $FOXY on markets driven by the community, such as DexLab and Raydium, but these DEXs are independent of FFF team so trade at your own risk.

With the recent release of “missions” for Staking 2.0 that requires users to collect all 3 collections to join in on the adventure, it is not a surprise that the current amount of NFTs listed on marketplaces is decreasing to about 5% of the total FFF collection, and 2% of both TFF and Fox Dens collections listed. In another view, this actually corresponds to 82% of the total foxes staked as of late February 2022. It is obvious buying pressure is high at the moment, which could be the main reason for the increase in floor price to an all-time high.

Conclusion