Famous Fox Federation : The Underdogs
Famous Fox Federation, also known as FFF, minted on September 30th, 2021. Joining a long-lasting club of Solana OG-NFTs, FFF has been building since their inception. Struggling to sell out their collection at 2 Sol per mint, the foxes had to lower the price to 1 Sol, showing their mental fortitude and ability to adapt .They have overcome several NFT cycles, and today, I’m here to show you why they’re still undervalued.
Where it all started
The so-criticised Solana ecosystem has slowly been shifting from useless derivatives to utility based NFTs, and to keep up with the meta, more and more projects have started integrating useful mechanisms to their pfp collections in order to reward their holders. Because of this, many of the more “art focused” old school NFTs have started to fall back in terms of demand, simply because the average Jpeg trader no longer wants “just a jpeg”. What most people don’t know however, is that behind those cute fox PFPs is a very talented and hardworking group of developers.
Led by @draxxts and his team, the foxes decided to adopt the “quiet builders” strategy early in their project, and with an arguable lack of marketing push post-mint, they soon became underdogs in the fight for the glorified blue-chip status. Adding to the fact that $Foxy, their native token, isn’t openly traded, we have the perfect setup for the Solana community to disregard FFF.
As the graph shows, the foxes have suffered a long period of stagnation and a very slow rise since their mint — pretty much staying below the 2-digit floor price for the majority of their existence. That is, until the very recent month of February 2022, where they finally broke 2-digit floor, and have had a steady rise ever since.
But why?
The current state
A lot of factors could be attributed to this recent price action. Just the normal course of the market, as the money flows from mints towards the more established collections; Opensea Solana integration, which for now every prediction point to an increase in trading volume and generates speculation on what collection is going to be bought up; or maybe, and perhaps the most logical reason, the NFT space just started recognizing the work the dedicated team of FFF has been putting in all this time.
What work you ask?
So far FFF has developed several helpful tools for the average Solana nft trader and many rewarding mechanisms for their holders. Just naming a few:
- Staking 2.0 in the form of missions with rewards
- NFT minting tool
- Floor sweeping tool
- $Foxy auctions
- Den launch (including multiple different mechanics for them, such as a whole customization marketplace)
And were even one of the first in the space to create a P2P trading platform!
Pioneers
All of this is truly amazing work, and each tool itself could be a whole roadmap in current market conditions.
That said, their most unique and arguably best invention so far, is the Famous Token Market. Onboarding hundreds if not thousands of users every day, the Famous Token Market is the perfect answer to what the Solana space needed with the ongoing Whitelist Meta, giving birth to a whole new way of trading in the form of token flipping and allowing people to freely market their whitelist spots.
Tokenomics
As far as tokenomics go for the staking, around 69 billion is the supply for $Foxy with the Famous foxes earning around 100 $Foxy per day and the transdimensional Foxes earning 25 $Foxy per day
What does the future hold for FFF?
I’m sure you’ve heard this thousands of times already, but the best way to make money in NFTs is to invest in builders, and Famous Fox Federation is the definition of that.
For now, we know that Charity Initiatives, additional types for dens and generation 2 is coming for the foxy holders, but who knows what the future really reserves for FFF. Looking at some of the other OG collections, a lot have already pumped to much higher floor prices than the foxes,leaving a lot of room for potential growth.
I mean, buying a Famous Fox not only gives you access to all the tools developed by the team, but also allows you to stake for $Foxy which, although not openly traded, has several use cases such as paying fees in Foxyswap (p2p), participating in 1/1 auctions and raffles, buying rooms for your dens, minting FFF future collections, betting in weekly poker games, using Foxysend (nft bulk transfer), etc.
Aside from that, you can also participate in missions, locking your fox in return for Xp (used to level your nft) and receiving a treasure chest potentially containing various prizes including $Foxy, rooms, nfts and merch.
At the time of writing, a 19 Solana floor and 267 listings is the market conditions FFF finds itself in, currently down 5 Sol from its all-time high and continuously seeing its listed supply decreasing, indicating a potential supply squeeze in the near future, as long as no big fud occurs.
The end result?
Assuming we continue in the era of builders in Solana and that the Famous Fox Federation team continues delivering, I don’t see why they wouldn’t reach new all-time highs, making this in my opinion one of the safest long term plays available in the market right now, with very little risk to a huge reward potential. Not only that, but with all this volume coming into the more OG projects, a nice unexpected surprise could even happen in the short-term for the FFF holders.
The team has continuously delivered in the past, market conditions look good and macro-wise everything is pointing towards a rise in Solana NFTs trading volume. Trust your money in trustable teams. Also considering how much the FFF brand has been pushed by the community in recent times, i wouldn’t be surprised if collaborations and partnerships started to arise for the project, creating a really solid investment opportunity here.
That said, be smart about your liquidity management and wise about your entry point, but above everything…
don’t get emotionally attached to your cute fox.
Risk: 3/10
Desired Exit: 2x/2.5x
Desired entry: 17–19 Sol (anything below that is a buy as long as market conditions are stable)
Hold time- mid to long term (2–3 months)
Twitter: @type_giani
