All NFT projects are following the same conventional model of whitelisting, minting then implementing a utility. Sometimes a new approach to the present NFT market is needed, Covheads is an NFT project where the NFT’s valuation is pegged to real time data, and one that represents a real historical event. This will be an NFT collectible that increases in value as worldwide Covid cases decrease in numbers. How is this calculated? A valuation algorithm on the website calculates how much each Covhead token is worth on the Opensea sale (this is only a proposed price). The data for this comes from the COVID-19 Data Repository by the Centre for Systems Science and Engineering, each daily case of Covid is allocated an ETH price for valuation.
The Covhead project announced that no whitelisting will be implemented in the build up to the mint on 1st June and that 10,000 NFTs will be available to mint at 0.08ETH with different rarities. The project’s artwork is based on a cartoon depiction of Covid in a human like form with twelve protein spikes around the head and different items of clothing for each Covhead, rare traits being certain jewellery pieces like the crucifix earring.
New NFTs are coming into the space at a very high rate, what happens years down the line to the value of each one? Covheads want to remain a genuine collectible stored on the blockchain for life. Founder Brett says ‘The Covid-19 pandemic will be etched into our memories in years to come so why not have a token that represents this historical event’.
Holding a Covhead NFT means you will be carrying a token that is historic, transparently priced and a first of its kind long-term collectible. Once held by a collector, a 3D NFT will become available for the holder this year. Covheads are presently in talks with implementing the NFT into certain Metaverse projects.
Learn more about the project on their official website www.covheads.com