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Passive income NFTs have been around for quite some time. One of the pioneers of the concept, Sympathy for the Devils, has seen their price floor see as high as 5x in just a few short weeks. But why?
Community Revival through Passive Rewards
A big part of that revival can be attributed to their recently implemented community rewards system. Formulated by community member turned co-founder Dayhzz; This system is geared toward providing active holders with merch, NFTs, and more for spreading the good word of SFTD. Items from mugs, posters, and even an undisclosed top prize can be purchased with coins earned from various different community activities or by testing your luck in the discord casino. Sharing SFTD content on twitter has become a popular way of earning, and could be seen as a key force in upstarting the project's current momentum. Regardless, there's plenty of opportunity for members to build and pump their own bags while earning, and that’s exactly what they’ve been doing.
Lighting a fire under the SFTD community is exactly what this project needed, and it will continue to be the gas that drives the project to its previous highs. New eyes led by those who already know the value are all the project has ever really needed to establish themselves amongst the premiere collections of the space. As few projects have the solid foundation and fundamentals as Sympathy for the Devils.
Join the SFTD Discord to take part in the action!
Solid Foundation and Fundamentals within Concepts
The backstory and fundamentals make SFTD easy to like as an investor. A fundamentally sound project fallen from previous highs, with a committed team whose continually grown the community investment funds during bear markets? Sounds like a dream, but it's true. They even continue to implement and enhance additional concepts that drive value to the collection.
Passive NFT Rewards have been a big topic throughout the bear market, but have always been a key aspect of the devils since launching. Although very few projects have been able to execute the concept properly; That is not the case for SFTD. From the community wallet/investment funds to providing use cases for an NFT associated token ($SINS). They’ve been a forerunner in providing concepts which use funds to create real sustainable value for the community.
One of the most recognized aspects of SFTD is its community holdings “The Devils Fund”. Made up of over 200 ETH which is maneuvered into various long-term positions and a blue-chip NFT bag; This funds decisions are made through a DAO structure based around community votes in Hells Congress. DAO’s can be extremely messy and investors are sometimes left stomaching decisions they may not agree with. Luckily the team has made a standard of supplying the community with varying legitimate options, explanations, and discussions before any votes take place. Resulting in holdings being grown to their current states from an original 66.6 ETH
The blue-chip NFT bag which includes BAYC, CloneX, and OthersideDeeds amongst others was recently airdropped a Tier 3 Sewer Pass by YugaLabs. This is also a good example of how these funds continue to grow on their own alongside proper management. The community got to participate in events surrounding playing Dookey Dash with Dayhzz putting up some good scores!
Additional Concepts Adding Value
In addition to the Devils Fund, the project has implemented some other cool features that help drive value back to the community. Currently Hell's Kitchen and $SINS token contribute to the ecosystem by providing holders with different value driven concepts.
A deflationary supply concept put to play by SFTD is Hells Kitchen, is extremely important in a passive rewards driven project as it effectively increases each individual devils rewards. Hells Kitchen uses a process of “cooking” two devils together. Combining the traits of your liking while deflating supply of the overall collection. Some incredibly rare pieces have come out of this process. Overall I don’t believe its been replicated in the NFT space in terms of customization combined with deflation.
The initial piggy bank concept was switched out in favor of staking for $SINS token. Each devil (unless cooked which receive 2x rewards) receives 10 $SINS a day, which have plenty of utility within the ecosystem. More importantly this provides holders value by eliminating secondary market listings in favor of earning as $SINS will be needed for upcoming hell hound alongside already having use towards exclusive auctions and more. It can also of course be used for liquidity purposes with trading available on Uniswap.
Overall the SFTD team continues to strive to provide a quality product for their holders and community. Facing the same ups and downs that any cryptocurrency project faces they continue to push ahead when projects at points may have folded. Whether it's through engagement or te solid foundation they’ve built over the last 2 years; It seems Sympathy For The Devils isn’t getting burnt out anytime soon
Sympathy for the Devil Links
Website - Twitter - Discord - OpenSea
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