Quick commerce firm FastAF partners with Solana-based NFT project Degenerate Ape Academy, Degen Apes for short, in facilitating token-gated merchandise drop on mobile phones.
FastAF, a “quick commerce” company, has partnered with Solana-based NFT project Degenerate Ape Academy, Degen Apes for short, as part of a token-gated merchandise drop. The partnership allows Degen Apes holders to receive exclusive merchandise using the FastAF app.
A Closer Look into Degen Apes and FastAF
The Degen Apes is a collection of 10,000 NFTs on the Solana blockchain. Each of the 10,000 pieces was minted for 6 SOL on August 2021. That was the time when the price of SOL was roughly $40. That same month, the Degen Apes brought in more than $33.28 million in sales at its peak.
The collection’s name is a play on the cryptocurrency meme where reckless cryptocurrency traders are called “degenerates” or “degens.”
It’s no secret that the NFT space is currently ruled by apes, with the Bored Ape Yacht Club being one of the biggest NFT projects to date. However, the Degen Apes are proving to be right there in the running, being the first Solana-based project to net a sale of over $1 million. That happened several days ago, on September 11 to be exact, when the blockchain advisory firm MoonRock capital purchased Degen Ape #7225 for 5,980 SOL, or about $1.1 million at the time of purchase.
Moreover, these apes have an identity of their own, based on the collection’s description on Magic Eden, Solana’s leading marketplace. Magic Eden describes the Degen Apes as “10,000 of the smoothest-brained apes” placed in one location where mayhem is bound to ensue. It even says the Academy “was founded on the principles of friendship making, crayon eating and absolute, unregulated, deplorable, degenerate behavior.”
On the other hand, FastAF is referred to as a quick commerce firm. Per its website, it believes “in spending less time waiting and more time being, and that means getting better products, faster.” The company was created with the purpose of delivering premium essentials from some of the world’s best brands in two hours or less.
Moreover, FastAF doesn’t only collaborate with any brands. It is selective with the brands and products they carry, ensuring that the items are of the highest quality and “share values for building a better world.” The company only serves the Los Angeles, New York City, and San Francisco communities, although it has future expansion plans. Over 100,000 people currently use the platform, according to its CEO, Lee Hnetinka.
According to FastAF’s website, not all brands align with its core values, so not every brand is suitable for the firm. It aims to work with companies that share its vision and “understand the emotional, cultural, and social needs of the world and are taking steps toward progress.” So, this collaboration with Degen Apes is something FastAF carefully deliberated on.
Degen Apes and FastAF Collab
This new partnership between Degen Apes and FastAF allows Degen Apes holders with Degen Apes NFTs in their FastAF wallets to purchase merchandise. The process provides a use-case for token-gating—restricting access to goods, services, or events depending on NFT ownership.
According to Hnetinka, there is no need for Degen Apes holders to move their NFTs out of cold storage or place their digital assets online for safekeeping just to claim their merchandise. Instead, FastAF will airdrop specific NFTs to all Degen Apes holders, which they can then use to unlock exclusive content on FastAF.
“We really believe that [NFTs] are creating a new form of customer acquisition, where we’re seeing customers who are actually buying into the brand,” Hnetinka said in an interview.
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