Dollar Store Kids: The New Era of Composability
As many have discovered, CapsuleNFT was behind the innovative NFT collection — Dollar Store Kids! Not only did the Capsule team create the first dollar-backed composable NFT collection, but they also provided a proof of concept for the Capsule Protocol.
Dollar Store Kids is the first NFT collection to have a permanent dollar price for redemption — 1 USDC. The redemption results in the holder relinquishing ownership and permanently ‘burning’ the asset. For each Dollar Store Kid redeemed, the collection’s total supply drops by one — increasing the scarcity of the overall collection.
This was all built using CapsuleNFT infrastructure — a protocol which ensures safety, security, and ease of use in building composable NFTs. The Capsule Protocol allows users to embed tokens within a Capsule NFT by calling a single method. Upon redemption, the Capsule NFT is burned and the holder trustlessly receives the underlying tokens. Demonstrating this, each Dollar Store Kid is a Capsule NFT — following the ERC-721 standard and embedded with an ERC-20 token, USDC. A further breakdown of the code is available in the CapsuleNFT documentation.
Considering that floor price exceeded 1 USDC and volume climbed past 200 ETH in total volume within a week, Dollar Store Kids has proven the demand for innovative NFT collections in the crypto space.
The Capsule Protocol provides users the opportunity to customize and deploy their own composable NFT collections with ease and efficiency. To learn more about the Protocol, we encourage users to read the CapsuleNFT documentation and connect with the Capsule community on Discord. We also present the Dollar Store Kids code to users completely open-sourced and audited, allowing others to accessibly create their own composable NFT collections — similar to Dollar Store Kids. In doing so, we hope to usher in a new meta of social NFTs.
