ShapeShift hopes to create ‘rarest and most historical’ NFTs with 80% trading card supply burn

ShapeShift hopes to create ‘rarest and most historical’ NFTs with 80% trading card supply burn

Non-custodial cryptocurrency exchange ShapeShift has burned hundreds of themed collectible “cards” from the blockchain-based mobile game Spells of Genesis. The team said that the remaining cards in its possession will be placed under the control of its new decentralized autonomous organization, or DAO, and unlocked in limited tranches over the coming two years. 

According to on-chain data, parties including ShapeShift have burned at least 817 of the digital cards titled “ShapeShift the Wanderer.” This news followed an Oct. 12 announcement that the exchange intended to destroy the majority of cards to make those in circulation “among the most rare [Spells of Genesis] cards in existence and among the oldest NFTs in existence.”

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“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,” said ShapeShift. “These could end up being some of the rarest and most historical NFTs ever.”

In total, there are now a mere 183 editions of the asset, known on-chain as SHAPESHIFTCD, in circulation. Many of these are too believed to be lost, with the actual number of remaining cards unknown.

According to the exchange, it plans to move the 32 remaining cards in its possession from the Counterparty blockchain to the Ethereum blockchain using the Emblem Vault bridge — a service which allows crypto users to wrap Counterparty tokens as ERC-721 assets and trade them on Ethereum via platforms such as OpenSea.

ShapeShift stated that they will retain 16 cards to sell before 2022, and give another 16 to its DAO treasury. They will unlock the remnant cards in stages over the next two years, but FOX token holders will vote on whether the DAO will sell the tokens, or HODL.

“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 the ShapeShift DAO treasury,” said the exchange. “There is some chance the NFTs do not end up being valuable and become a non-useful asset, but even in that case no harm is done to the DAO.”

Related: Tales from 2050: A look into a world built on NFTs

The move seems to be an attempt to drive additional interest in the crypto collectible cards, which predate CryptoPunks and all other major NFT offerings to come out of the recent NFT boom. According to Shaban Shaame, a blockchain pioneer and the CEO of software company EverdreamSoft, Spells of Genesis cards 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 activity for the once all-but-forgotten assets.

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