Non-custodial cryptocurrency exchange ShapeShift has burned hundreds of collectible "cards" themed from the blockchain-based mobile game Spells of Genesis. The team said the remaining cards in their possession will be placed under the control of their new decentralized autonomous organization, or DAO, and will be unlocked in limited tranches over the next two years.
Based on the data in the string, the parts that include ShapeShift have Burned at least 817 of the digital cards titled "ShapeShift the Wanderer", originally minted in June 2015. This news followed the October 12 announcement that the exchange destined to destroy 649 cards so that those in circulation are among the rarest [Spells of Genesis] existing cards and among the oldest NFTs out there. ”Other parties also appear to have burned an additional 168 cards at some point in the past, leaving fewer than 200 distributable cards in the chain.
"These are some of the first NFTs (circa 2015) that were coined by Spells of Genesis and delivered to ShapeShift as part of our partnership supporting their early development of blockchain-based games," ShapeShift said:
"These could end up being some of the rarest and most historic NFTs in history."
In total, there now appear to be only 183 editions of the asset, also known as SHAPESHIFTCD, in circulation. Many of these are believed to have been lost, and the actual number of cards remaining is unknown.
According to the exchange, it plans to move 32 cards from the Counterparty blockchain to the Ethereum blockchain using the Emblem Vault bridge, a service that allows crypto users to wrap Counterparty tokens as ERC-721 assets and exchange them using Polygon and Ethereum. across platforms. like OpenSea.
ShapeShift stated that they will keep 16 cards to sell before 2022, before awarding the final 16 to their DAO treasury. The DAO will unlock these remaining cards in stages over the next two years, although FOX token holders will need to vote on whether to sell the NFTs or HODLs.
"Whether the DAO sells these NFTs for ETH, holds them for the long term, or some combination thereof, they will become a valuable and important asset in ShapeShift DAO's treasury," the exchange said. "There is a possibility that NFTs will not end up being valuable and become a non-useful asset, but even then the DAO is not harmed."
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The move appears to be an attempt to generate additional interest in crypto trading cards, which predate CryptoPunks. and all other major NFT offerings. Shaban Shaame, a blockchain pioneer and CEO of software company EverdreamSoft, recently told Cointelegraph that Genesis Spell Cards they are "not particularly easy to acquire" given their location on the Counterparty blockchain. However, the Emblem Vault bridge has provided users with a way to trade the tokens on Ethereum, leading to a new frenzy in trading for once-forgotten assets.
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