Non-custodial cryptocurrency exchange ShapeShift recently burned hundreds of themed collectible “cards” from the blockchain-based mobile game Genesis Spellbound. The team said the remaining cards will be placed under the control of its new DAO.
ShapeShift has already burned at least 817 digital “ShapeShift the Wanderer” cards in its possession, according to on-chain data. This comes after it was announced on October 12 that the exchange intended to burn most of the cards in order to make those in circulation “the rarest [Genesis spell] cards in existence and one of the oldest NFTs in existence.”
“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 to support the development of their early blockchain-based games,” ShapeShift said.” These may end up being some of the rarest and most historically significant NFTs ever made.”
All told, only 183 versions of the asset, known on the chain as SHAPESHIFTCD, now exist in the wild. Many of these are thought to be lost, making them among the rarest original versions of Genesis spell cards in existence.
According to the exchange, it plans to transfer the remaining 32 cards it owns from Counterparty (XCP) to the Ethereum blockchain using the Emblem Vault bridge, which allows cryptocurrency users to package Counterparty tokens as ERC-721 assets and trade them on Ethereum. Of the unburned total, the platform will keep 16 cards for sale until 2022 and give 16 cards to the coffers of its decentralized autonomous organization, the DAO.ShapeShift said it will unlock the cards in stages over the next two years, but FOX token holders will vote on whether the DAO is sold or HODL.
“Whether the DAO sells these NFTs to ETH, holds them for the long term, or a combination of both, they will be a valuable and important asset in the ShapeShift DAO coffers,” the exchange said.” There is some chance that NFTs end up worthless and become a useless asset, but even in that case, it won’t hurt the DAO.”
The move appears to be an attempt to drive more interest and get more value out of cryptocurrency collector cards, which predates CryptoPunks and all other major NFT products that have emerged in the recent boom. According to Shaban Shaame, CEO of blockchain pioneer and software company EverdreamSoft, Genesis Mantra cards are “not particularly easy to get” given their location on the XCP blockchain. However, the Emblem Vault bridge provides users with a way to trade tokens on Ether, leading to a new boom in trading activity for once-forgotten assets.