ShapeShift to create ‘rarest, oldest and most historical’ NFTs
ShapeShift, the non-custodial cryptocurrency exchange, has reportedly burned hundreds of collectible themed “cards” from the blockchain-powered mobile game Spells of Genesis.
ShapeShift team has said that the remaining cards would subsequently be placed under the control of its new Decentralized Autonomous Organization (DAO). These would be unlocked in limited tranches in the coming two years.
According to on-chain data, several parties, including ShapeShift, have been noted to burn at least 817 of the digital cards titled “ShapeShift the Wanderer,” that was originally minted in June 2015.
An October 12 announcement further informed that the exchange intends to destroy 649 cards for making those in circulation “among the rarest [Spells of Genesis] cards” that are “the oldest NFTs in existence.” Other parties seem to have already burned an additional 168 cards at some point in the past as well, leaving about 200 cards distributable on-chain.
ShapeShift said that since these were minted in 2015, and given to it as a part of their partnership supporting their early blockchain-based game development, these could end up “being some of the rarest and most historical NFTs ever.”
In totality, there are now 183 editions of the asset, also referred to as SHAPESHIFTCD. Many of these have apparently been lost, and the actual number of cards remain unknown.
According to the crypto exchange, it has plans of moving 32 cards from the Counterparty blockchain to the Ethereum blockchain via the Emblem Vault bridge. This service enables crypto users to wrap Counterparty tokens as ERC-721 assets. It also lets users trade these via both the Polygon and Ethereum through platforms such as OpenSea.
ShapeShift has said that they would retain 16 cards for selling out before 2022, prior to awarding the final 16 to its DAO treasury. The DAO would then unlock these remnant cards in various stages over the next two years. FOX token holders would need to vote whether they should sell the NFTs, or HODL.
The move appears to be an attempt for driving additional interest in the crypto collectible cards, which predate CryptoPunks and several other major NFT offerings.
Blockchain pioneer and the CEO of software firm EverdreamSoft, Shaban Shaame, has recently told Cointelegraph that Spells of Genesis cards are actually “not particularly easy to acquire,” owing to their location on the Counterparty blockchain.
However, the Emblem Vault bridge provides users with a way for trading the tokens on Ethereum, thereby leading to a new frenzy in trading for the forgotten assets.