This burn-to-redeem mechanism adds a fun and exciting twist to NFT art.

Let's explore 👇

Yesterday, @gremplin caused quite a stir in the Web3 community by leveraging Manifold's burn mechanism in a fascinating way.

To acquire Gremplin's captivating piece, 'AN EYE FOR A FRY,' collectors had to sacrifice an NFT from the much-hyped but unrelated collection @Nakamigos.

This bold approach was met with excitement in the Web3 community. In just two hours, 69 Nakamigos NFTs were burned, and all available 'AN EYE FOR A FRY' pieces were minted.

Short explanation: Blockchain entries are permanent. 'Burning' an NFT sends it to an inaccessible address, effectively 'locking' it away forever.

Gremplin's innovative stunt unveils a fresh, playful dimension to NFT art—where destruction fuels creation.

Where else might the Web3 space take this burn-to-redeem concept?

Would you burn an Xcopy for a Beeple?

Share your thoughts on the burn-to-redeem stunt below!

#NFT #NFTs #Web3 #Art