CRYPTO

ShapeShift expects NFT to create ‘rare and most historic’ NFT burn 80% trading card supply

The non-custodial cryptocurrency exchange has burned hundreds of thematic collectible “cards” from the Shapeshift blockchain-based mobile game Spells of Genesis. The party said the remaining cards in its possession would be kept under the control of its new decentralized autonomous body, or DAO, and would be unlocked in a limited range over the next two years.

According to on-chain data, Shapeshift burned at least 817 digital cards titled “Shapeshift the Wonder”. This follows an announcement on October 12 that the exchange intended to burn most cards to make conventional cards “the rarest” [Spells of Genesis] Among the oldest NFTs in existence cards and existence. “

“This is some of the earliest NFT (around 2015) that was created by Spells of Genesis and was given to Shepshift as part of our partnership supporting their early blockchain-based game development,” Shepshift said. “These may be some of the rarest and most historic NFTs so far.”

In total, there are now only 183 versions of the asset, known as the on-chain SHAPESHIFTCD. Many of these are believed to be lost, potentially making them one of the rarest blockchain collectibles in existence.

According to the exchange, it plans to move 32 cards in its possession from the counterparty blockchain to the Ethereum blockchain using the Emblem Vault Bridge, which allows crypto users to wrap counterparty tokens as ERC-721 assets and trade through the platform to Ethereum. Such as OpenSea.

Total not burned, Shapeshift will sell 16 cards before 2022 and give 16 to its DAO treasury. Shapeshift said it would periodically unlock the cards over the next two years, but Fox token holders would sell DAOs or vote in HODL.

“DAO sells these NFTs for ETH, retains them in the long run, or some combination of them will become a valuable and important asset in the Shapeshift DAO treasury.” Yes, but in that case there is no harm in DAO. “

Related: Story of 2050: Look at the world built on NFT

It is seen as an attempt to increase interest and gain more value from crypto collectible cards, which predicts cryptopunks and all other major NFT offers to come out of the recent boom. According to Shaban Sham, a blockchain pioneer and CEO of software company EverdreamSoft, the spells of Genesis cards are “not particularly easy” given their position in the counterparty blockchain. However, the Emblem Vault Bridge has provided users with a way to trade tokens in Etherium, giving new momentum to the trading activities of the once-forgotten asset.