Gremplin Debuts Burn To Redeem NFT Model
In what may be a first for the NFT space, pseudonymous CrypToadz creator, Gremplin, has debuted a new burn to redeem NFT minting model. Essentially, offering up 69 ‘An Eye for a Fry’ NFTs on the condition that collectors must first destroy a single Nakamigos NFT to qualify for the drop.
The drop, dubbed “AN EYE FOR A FRY,” saw 69 Nakamigos consigned to oblivion in order to mint the new collectibles in just two hours. A time period that also reportedly saw the Nakamigos floor price increase by approximately 15%.
On the other hand, the floor price of “Fry Harvesters,” part of the Super Gremlin collection, sits at 0.81 ETH, as of press time, slightly higher than the Nakamigos floor of 0.725 ETH. Now, many are wondering what the implications of this unprecedented burn to redeem mechanism could mean for the NFT space.
— gernplam (@gremplin) April 4, 2023
What Gremplin NFT Burn Model Could Mean for the Future
Some community members have highlighted the cultural significance of the newly launched Nakamigos collection, which is less than 20 days old. The 20K PFP project has created a lot of buzz within the NFT space, managing to rack up a trading volume of 26,246 ETH, or $49.5 million, in that short period.
So far, Nakamigos has been utilized by three major artists within the past week. This owes much to the versatility of the project, which makes it ideal for gaming, advertising, social media, and merchandise collaborations.
However, while some see Gremplin’s move as ground-breaking, others have concerns regarding the potential impact it could have on reputable collections. The fear here is that burning valuable NFTs to mint unassociated collectibles could devalue and destabilize established projects. However, only time will tell what this new model means for the NFT space as a whole.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the globe.
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