VersaceBoys

(🪶,💎)

I make art, write threads, and produce content

[VersaceBoys @VersaceBoysRH]

@Mical_xz @GenuinelyUndead gm

[VersaceBoys @VersaceBoysRH]

@shelbyofweb_3 gm

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@loveissabliss gm

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@uncnooman gm

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@wutaner @WelcomeApes @mfigge @_PPMan_ @BoredApeYC Nice pick up sir

[VersaceBoys @VersaceBoysRH]

What is Jack Butcher (@jackbutcher) actually building?

I kept seeing Credits, then Statements, then people burning 80 of them at a time. I remember his Checks, and Opepens as well.

So I went back through the work, and his pattern is older than this mint.

Skip to the end for a TL;DR.

ORIGIN

Butcher was born in 1988 in Swindon, England.

He studied graphic design at the University of Wales, Cardiff, moving to New York in 2010. His experience also boasts a decade in advertising working with brands like Amazon, Nike, and Ferrari.

In January 2019, he walked away and started Visualize Value (@visualizevalue). This is where he produced one black and white image a day. Through his consistency, the pictures became the business.

https://t.co/cbBpRiga8N

In March 2021, he put out “NFTs, Explained,” a diagram of a JPEG versus a token with a check on it.

He later pointed at that piece as the start of Checks.

https://t.co/36p5ptFaQz

THE CHECK

On January 3, 2023, Twitter’s blue check had just become an $8 subscription.

Butcher created "Checks", a 24 hour open edition, costing $8, the same as a Twitter check.

The artwork consisted of eighty colored checks. The caption was the whole project, “This artwork may or may not be notable.” His mantra at the time for his beloved project.

During this open edition, 16,031 people minted.

https://t.co/CuMvu22OHG

https://t.co/oBcojZzQs0

Then he let holders destroy them. If you burn two 80 check editions, you received a 40, then 20, and so on.

A single black check took 4,096 originals, making it a game for whales to have fun with.

Five days after Checks came Opepen, 16,000 editions as well, a play on words including Pepe and Open.

This operated a little differently than checks. Holders had to opt into a set, which only goes live once enough holders sign. The collection votes on what it becomes, and there were many changes to the artwork throughout the following days. But it introduced a level of immersion other projects did not have.

Christie’s sold Checks Elements in May 2023, NFTs paired with hand-finished monoprints. Art Basel followed them shortly after. Self Checkout, at Art Basel Miami Beach 2025, was acquired by X-Museum in Beijing.

The diagrams had left the timeline, and had become synonymous with NFT culture. This is a testament to Jack's skill as a graphic designer, and understanding the NFT space better than most.

THE CREDIT

Credits opened September 20, 2026.

Jack Butcher wanted to be innovative once again with a new open edition. The idea was to send $8 through X Money and put your ETH address in the memo.

The transaction ID is the seed for your minted Credit. The more 8s the better, and your transaction ID determined the bits, color, and shape of the credit.

With this system the payment actually becomes the artwork. The transaction ID is hashed into 256 bits and drawn as four 8 by 8 grids including colors cyan, magenta, yellow, black. The timestamp picks the layers of the image, and every 8 in the ID registers on the image as a bit in the bottom right corner.

Here is Opensea writing up on the credits themselves.

https://t.co/CNbx9wQaBz

On September 23, he said assembly would open in eight days. This showed his ultimate vision with the project, statements. The Jack Butcher special of burning, this time burning 80 credits to make one statement.

https://t.co/3l1HHQeU0n

On October 1, assembly opened.

Burn 80 Credits from one wallet, receive one Statement. The maximum supply being 1,526 for the statements. Every Statement has eight views, and the owner can switch renderers with a transaction.

He stated that every Statement is a technically infinite generative collection based on its underlying Credits and future overprints, shedding light on being able to burn statements onto statements, further increasing the opportunities for deflation.

https://t.co/sPVLd7vL9l

STATEMENTS

October 2, 1:13am UTC:

65 Statements made.

5,200 Credits burned.

https://t.co/ej8pxcIKZj

By 1:01pm UTC:

More than 100 Statements existed. He also said the third and final piece of the Credits system was still coming.

https://t.co/mdz1u27Vhj

Statement #1 was Consolidated.

Credit rating: 41722.

80 Credits burned.

https://t.co/Tp3ArYEcMO

Nosh said it had swept 1,980 Credits and counting, and opened Statements as something you could pair on Robinhood and Solana.

https://t.co/clbtKV1gU0

Community auctions followed.

https://t.co/2cKQp7VSME

TIME SINCE

The initial rush has cooled.

Credits have taken a downturn since the early excitement, which is not exactly unusual after a fast mint and an even faster secondary market.

Personally, I think they eventually find some kind of equilibrium, much like the Checks did. Not because every Credit needs to become expensive, but more so because Jack Butcher’s work has repeatedly been built around the same playbook of Credits.

Checks required you to believe destroying two pieces could create something more meaningful. Opepen required holders to opt into an image that did not exist yet. Credits asks you to destroy 80 finished artworks to make another.

The experiment is whether the belief survives the price. Belief in the project, belief in your conviction, belief in Jack Butcher with destruction of assets leading to the reveal.

WHO

Jack Butcher is an innovator in this space.

The work has been in public since 2019, onchain since 2021, and unavoidable since.

Whether Statements hold a floor is a different question. People already burned thousands of credits to make their statements, but the bigger statement might be what happens to credits over the next few weeks. Jack usually has a plan to maintain attention over his projects, so he possibly has a trick up his sleeve.

TL;DR

Jack Butcher spent a decade in advertising, left in 2019 to build Visualize Value, and in January 2023 turned Twitter’s $8 check into a 16,031 edition open mint called Checks.

Holders created scarcity by burning, and Opepen followed soon after.

In September 2026, he ran the mechanism again, $8 through X Money becomes a Credit, with the NFT being generated from the unique transaction hash.

Credits have since pulled back.

I think they eventually stabilize, but the more interesting question is not whether the floor recovers.

It is whether belief survives the price. Because with Jack Butcher, the artwork is the choice to destroy the artwork, like a Phoenix rising from the ashes.

[@jackbutcher @jackbutcher]

auctions for these community composed statements are now running

[VersaceBoys @VersaceBoysRH]

@0xZooro @jackbutcher buddy if the price of statements goes up the price of credits go up, thats how this ecosystem works

[VersaceBoys @VersaceBoysRH]

@osseneth 💀

[VersaceBoys @VersaceBoysRH]

@normienfts_ A new WL shipment is landing on @StreetHoodMini 🚚 #streethood

https://t.co/7oUYK5Wums

[VersaceBoys @VersaceBoysRH]

@StreetHoodMini seems cool

[VersaceBoys @VersaceBoysRH]

@badgersnbears Hello, can you verify your contract on etherscan please?

[VersaceBoys @VersaceBoysRH]

@RoboDucksRH 🦆

[VersaceBoys @VersaceBoysRH]

@theprincelail @DegenToonz Good stuff team

[VersaceBoys @VersaceBoysRH]

@cryptob3nz @bastien0x @DegenToonz No disrespect to the dude but I wouldn’t exactly call many of these solid pfps, toonz is easily a top 5 pfp

[VersaceBoys @VersaceBoysRH]

@OttoSuwen I think the barrier to sell Pokémon cards makes it easier for the current market where as NFTs are too liquid and easy to sell

[VersaceBoys @VersaceBoysRH]

@OttoSuwen As if they weren’t .025+ for a week 😭people are weird

[VersaceBoys @VersaceBoysRH]

@MyCryptofic @hashcats_rh good pick up

[VersaceBoys @VersaceBoysRH]

@CryptoMileHigh @hashcats_rh 🙇‍♂️appreciated

[VersaceBoys @VersaceBoysRH]

What happened with Hash Cats (@hashcats_rh)?

For a brief period, Hashcats completely captured NFT Twitter.

People were renting GPUs, the timeline was filled with cats, memes about poor rigs and exploding computers. A genuinely innovative project in the space came a few weeks ago and took NFTs by storm.

I wanted to look back at what actually happened, because regardless of the floor price, I think the story itself is worth documenting.

Skip to the end for a TL;DR.

THE CONCEPT

Hashcats took what is normally the simplest part of an NFT collection and turned it into a fun experience, all built around mining on Robinhood Chain.

You couldn't just mint, you had to mine your cat.

Here: https://t.co/gxyFoFlhVg

Your machine searches for a valid hash below the network target. Find one, submit it onchain, and that hash helps determine the cat you receive.

The art system, palettes, sprites and renderer are also built onchain, adding another unique layer to the project.

Docs: https://t.co/do2BDVTLBx

Then there are epochs. As mining progresses, the price to enter rises and finding a valid hash becomes increasingly difficult. Early epochs were extremely cheap, with the mint price doubling each one. By epoch 10, entry had reached 0.16368 $ETH. That structure created something NFT mints rarely have, a genuine competition.

THE RUSH

The hysteria peaked when people began to recognize the flywheel of it. Your cats accrued ETH gained from minters after you, as well as $HASH from staking. People were posting multiple hundred dollar claims simply for holding, many getting paid back for their hash cat within an hour.

Once people understood the mechanics, things escalated quickly. The mining setups, renting multiple GPUs at once even, comparing with friends, competing with the market. Who had the best rig?

Mining guides started spreading around the timeline. People were optimizing hardware, calculating difficulty and racing the next epoch.

At one point, Hashcats reported 6,167 cats mined by 930 different miners in 24 hours, roughly one cat every 14 seconds.

And CT was completely infatuated with them. Someone had just found one, someone else had missed one, someone was renting another GPU, someone gave up and bought one on secondary.

For a moment, NFT Twitter had effectively become a mining operation on Robinhood Chain.

THE ATTENTION

As the mining frenzy grew, bigger collectors and familiar names began getting involved.

@OttoSuwen was publicly discussing the mechanics and game theory around Hashcats, likening it to a previous project from 2021 @AnonymiceNFT.

@ultrapara became one of the collection’s largest collectors, buying over 700 NFTs around epoch 10.

And the conversation expanded far beyond the art itself. People were talking about mining difficulty, hashrate, epochs, GPU efficiency, and $HASH.

There was an amount of organic shilling around Hashcats that we hadn't seen around many NFT projects in a while. Not necessarily because everyone agreed on what Hashcats would become, but people simply wanted to participate in what was happening.

Hashcats had managed to make obtaining the NFT itself part of the entertainment. People didn't just want a cat, they wanted to mint their own.

TIME SINCE

Eventually, the initial rush cooled, epoch prices increased, difficulty increased, mining slowed, the secondary market came down, and CT moved onto other things.

Today, 9,796 Hashcats have been mined.

They also introduced a mechanism where burning your hash cats yielded $HASH, allowing you to get instant liquidity for your cat, alleviating pressure on the floor while also making the supply deflationary. To date, 3,869 Hash Cats have been burned, leaving a running supply of 5,927 cats circulating. 2,322 of those are staked, yielding ETH and $HASH through various vesting lock up periods.

Live stats: https://t.co/LmlArWw52g

The project has also continued building around the original mining mechanic with $HASH. They introduced an AMM/pool system that allows holders to sell or buy through the site using their $HASH tokenomics, supplying buy pressure to the coin while also taking pressure off the floor.

Here: https://t.co/KNKIp5uof7

https://t.co/VhLaKn9Pw9

Thousands of people pointed computing power at Robinhood Chain trying to solve hashes for pixel cats. People rented GPUs. Mining guides spread across Twitter. Large collectors got involved. The space was connected for once.

With breeding coming soon for the project, maybe there is another chapter, or maybe the mining rush remains the chapter everyone remembers.

https://t.co/2moUp40UCt

I personally believe there will be another rise of the cats. The dev team @hashdoting has teased turning the cats into a genesis collection model, giving revenue share for future projects. They also spoke about breeding, and what that might bring to the table. The community is very welcoming, full of nice people who are OGs in the space with large stores of knowledge.

Either way, what already happened doesn't disappear.

For a moment, NFT Twitter became miners.

And they did it for cats.

TL;DR

Hashcats turned an NFT mint into a proof-of-work style mining competition.

Instead of simply clicking mint, users had to find valid hashes, with the hash helping determine the cat they received.

What began as browser mining quickly became an arms race involving GPUs, rented computing power, thousands of miners and widespread attention across NFT Twitter.

The pace and market have changed since then, but the moment itself already happened. In my opinion, a new day will be born for the cats, whether it be how we know them or some other way. The community is very welcoming, and full of nice people wanting the best for their cats.

Either way, the event happened, that is not going to change, and I think it's a piece of NFT history worth remembering.

[VersaceBoys @VersaceBoysRH]

@tos_won33015 @DegenToonz @CultoonzNetwork go toonz

[VersaceBoys @VersaceBoysRH]

@LabelleImage @hashcats_rh i have mine staked for 90 days, i think it is a cool piece of history to have in the collection