Note to Ugoki NFT Flippers
The upcoming UGOKI NFT collection "Expeditious Snow Monkeys on the Block" promises to be a big hit when it touches down on the NFT marketplace. The collection consists of 1000 pieces. The Snow Monkeys have an outstanding utility which isn't common to many NFT projects – UGOKI Watch Physicals. In effect, these NFTs are both valuable in the NFT space and in the real world.
These NFTs are desirable to people for a number of reasons; admirers of the artwork may want to keep them as collectibles, those that buy into the vision for the project will like to be part of the community, and lastly, there are the Flippers looking to turn in a quick profit.
This article is dedicated to the last group of interested UGOKI minters, the Flippers. Due to the tremendous potential of these NFTs, many will be looking to make a quick buck, by reselling them on a secondary marketplace.
The UGOKI team would like to offer some advice to buyers in this category.
Redeeming an UGOKI Watch Will Not Serve Flippers
Every Snow Monkey NFT features an UGOKI Watch artwork on its wrist. There are five different UGOKI Watch designs; Osaka, Narita, Kyoto, Tokyo, Nagoya. One of each will appear on 200 Snow Monkey NFTs.
By successfully minting a Snow Monkey on Ugoki.io, an NFT owner is entitled to a physical model of the watch design appearing on their NFT. They can redeem their NFT for an UGOKI watch by making a request at Ugokiwatches.com. In effect, UGOKI ships an elegant timepiece to the person's location.
Dazzling as this feature may be, those keen on turning a fast profit by listing the NFT on a marketplace and reselling for a profit margin shouldn't be using this utility. We'll explain why.
The Lockdown Mechanism
The UGOKI artwork and its redeemed watch are a package deal, and we expect the assets to be traded in that way. However, there's no guarantee that a seller will send the UGOKI watch to the buyer after transferring the NFT. For this reason, we created the lockdown mechanism.
Immediately an NFT holder triggers the redemption process by filing for a physical watch at Ugokiwatches.com, the NFT will be locked down permanently. The Lockdown mechanism exists to prevent the NFT holder from transferring or reselling the digital asset on a secondary marketplace once they redeem the luxurious UGOKI watch. In effect, those eager to resell quickly will not be able to trade it on a secondary marketplace if they redeem the watch.
On the contrary, as long as an UGOKI NFT isn't redeemed, it can be sold several times on a secondary marketplace. Unless one of the buyers decide to join the UGOKI community by redeeming the watch, just the NFT can be passed around via secondary marketplaces countless times.
However, redeemed NFTs can still be traded, but only on our native marketplace. In this case, we will personally oversee the change of ownership of both the NFT and its physical watch. See this article to find out more about the UGOKI in-house marketplace.