Gary Vee’s VeeFriends NFT Burn Island – What Does It Mean for Holders?
On Thursday, an innovative universe called “Burn Island” and VeeFriends was announced, featuring one of the largest NFT collections to date.
Gary Vaynerchuk, also known as Gary Vee, created VeeFriends in May 2021, followed by a second collection, VeeFriends Series 2, in April 2022.
The company has now announced “Burn Island,” which will offer a blend of storytelling and functionality to provide value and community interaction for VeeFriends holders.
Holders will have the ability to burn their NFTs in exchange for exclusive access to events, physical and virtual rewards, as well as rare NFTs.
VeeFriends President Andy Krainak said there are a few reasons the company is implementing the burn option. And indeed the burn should benefit holders in more ways than one, as it makes the collections deflationary, thus making them even scarcer.
“By burning NFTs, ‘Burn Island’ acts as both an engaging way to reward and surprise VeeFriends holders and also implements deflationary token mechanics to the VeeFriends’ different NFT collections,” said Krainak.
“At VeeFriends, we are continuously working on innovative ways to bring value to our community and drive excitement. The goal behind the launch of ‘Burn Island’ is to create potential opportunities for increased rarity and holders to get the opportunity to engage in new experiences.”
How to Get Involved in Burn Island
The idea behind the new addition to the VeeFriends is to expand the project and intellectual property of the digital tokens.
To participate in “Burn Island,” NFT collectors need specific collections or rarities or a combination of both. These requirements must be sequential and not overlap with each other.
The “Burn Island” eruptions have start and end dates, and participants must register on the VeeFriends website for a VeeFriends account to take part in them. The primary participants in “Burn Island” eruptions are VeeFriends NFT holders.
The first “Burn Island” eruption is scheduled to begin on February 21 and will continue until March 2.
About VeeFriends
VeeFriends initially released over 10,000 NFTs as part of their inaugural collection, while the second series boasted 55,555 NFTs featuring 251 unique characters, that represent characteristics of what Vee admires in people.
Those in possession of VeeFriends series 1 NFTs are entitled to complimentary tickets to VeeCon, the inaugural ticketed NFT conference. The upcoming event, scheduled for May 18th to May 20th, 2023, will be hosted in Indianapolis and marks the second installment of the conference.
About Gary Vee
Gary Vaynerchuk, popularly known as Gary Vee, was born on November 14, 1975. He is a Soviet-born American entrepreneur, author, speaker, and Internet personality. He initially gained fame as a wine critic and grew his family’s wine business, but today he is more widely recognized as a leading figure in digital marketing and social media.
Gary Vee is the co-founder of the restaurant reservation software company Resy and Empathy Wines. He serves as chairman of New York-based communications company VaynerX and as CEO of VaynerX subsidiary VaynerMedia.
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