The NFT space has seen its fair share of unique and innovative concepts, but CrypToadz creator Gremplin may have broken new ground with their latest offering. The pseudonymous artist recently debuted a new burn to redeem NFT minting model, which requires collectors to first destroy a Nakamigos NFT to qualify for the drop of 69 ‘An Eye for a Fry’ NFTs.
The drop, aptly titled “AN EYE FOR A FRY,” saw all 69 Nakamigos consigned to oblivion in just two hours. Interestingly, the Nakamigos floor price increased by approximately 15% during that time. Meanwhile, the floor price for “Fry Harvesters,” part of the Super Gremlin collection, currently sits at 0.81 ETH as of press time, slightly higher than the Nakamigos floor of 0.725 ETH.
This new burn to redeem mechanism has sparked a lot of discussion within the NFT community about what it means for the future. Some have praised the move as groundbreaking, while others worry it could negatively impact reputable NFT collections and destabilize established projects. Only time will tell what this new model means for the NFT space as a whole.
The Nakamigos collection, which is less than 20 days old, has already garnered a lot of attention within the NFT world. The 20K PFP project has already generated a trading volume of 26,246 ETH, or $49.5 million, in that short period. The project’s versatility has made it popular for gaming, advertising, social media, and merchandise collaborations.
While Gremplin’s NFT burn model may be new, the idea of destroying one NFT to mint another is not entirely unheard of. Other projects have used similar mechanisms in the past, such as the Bored Ape Yacht Club’s Mutant Ape NFT drop, which required collectors to own a Bored Ape NFT to be eligible to mint Mutant Apes.
However, Gremplin’s approach is unique in that it requires collectors to destroy an NFT to qualify for the new drop. The fact that buyers were willing to destroy valuable NFTs for a chance to own the new “Fry Harvesters” speaks to the strength of Gremplin’s brand and the popularity of their art.
Some community members have expressed concern about the potential implications of this new burn to redeem model. By devaluing and destabilizing established projects, they argue that it could harm the overall health and longevity of the NFT market. Others, however, see it as a new and innovative way of creating scarcity and demand for NFTs.
Regardless of how one views Gremplin’s NFT burn model, it is certainly an exciting development for the space. As more and more artists experiment with new ways of creating and distributing their art, we can expect to see even more groundbreaking ideas and structures emerge in the future.
For those interested in staying up-to-date with the latest NFT trends and developments, NFT Plazas is a great resource. They offer a weekly newsletter, a Discord group, and social media accounts to help users stay on top of the latest trends and news in the space. Just keep in mind that all investment and financial opinions expressed by the site are intended as educational material only, and individuals are encouraged to fully research any product before making an investment.
