ShapeShift Burns over 17 Digital Cards to Boost NFT Value

ShapeShift, a non-custodial cryptocurrency exchange platform has announced the burn of a large portion of themed collectable cards. The team has also stated that the remaining cards will be controlled by its decentralized autonomous organization (DAO) and will be unlocked in phases over the next two years.

On-chain data shows that over 817 of the ‘ShapeShift the Wanderer’ digital cards have been burned so far. These cards were first minted in mid-2015.

Part of Exchange’s Plans

On October 12, the exchange had announced that it would burn 649 cards to create the “most rare Spells of Genesis cards in existence and among the oldest NFTs in existence.” On-chain data shows that some parties had burned an extra 168 cards in the past, which left less than 200 distributable cards on-chain.

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In the announcement, ShapeShift also noted that “These are some of the earliest NFTs (circa 2015) that were minted by Spells of Genesis and given to ShapeShift as part of our partnership supporting their early blockchain-based game development.”

Currently, the circulating supply of the SHAPESHIFTCD editions is only 183. Most of these editions are believed to be misplaced; hence the actual number of the remaining digital cards is unknown.

The exchange further notes that it plans to transfer 32 cards from the Counterparty blockchain to the Ethereum blockchain. The transfer will be done via the Emblem Vault bridge. This will allow users to trade wrapped Counterparty tokens on polygon and Ethereum using NFT marketplaces such as OpenSea.

ShapeShift also stated that 16 cards would be retained, which would later be sold before year-end. The remaining 16 cards will be rewarded to the platform’s DAO treasury. FOX token holders will then vote on whether to HODL or sell the NFTs.

The announcement added that whether the DAO treasury vote on selling or HODLing, it will be a value-additional incentive to the ShapeShift ecosystem. Furthermore, in case the NFTs become valueless, they will not harm the DAO treasury.

Boosting Interest for its Collectibles

This move by ShapeShift is the exchange’s attempt to boost interest in these digital cards. The agenda is to make the cards as competitive as major NFT offerings such as CryptoPunks.

While some analysts believe that these cards are not easy to acquire, the Emblem Vault bridge could change this and create an easier way for traders to acquire and sell the tokens on Ethereum, boosting trading activity.

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