NFT REVIEW NEWS OpenSea Launches Excellent New Redeemable NFT Standard

Amid OpenSea’s latest round of controversy, the company has unveiled a major update to the NFT standard. Seeing a gap in the market, the megalithic marketplace has launched a number of new token options to cater solely for redeemable NFTs.

Recognizing the far-reaching application of redeemable tokens within the gaming, fashion, and entertainment industries, OpenSea has launched a series of new options for creators. In the future, these tokens will allow NFT holders to unlock bonus content and track the status in a secure and efficient manner.

To cater for all kinds of collections, OpenSea has developed two new open-source token standards. The first, will allow creators to launch collections that users can redeem for other NFTs, while the second will allow tokens that they can redeem for physical items and experiences.

Through its proposal, OpenSea will implement a ‘trait redemption’ facility that will use dynamic NFTs to change the item’s appearance upon claiming the bonus content. This essentially moves away from the traditional approach that involves ‘burning’ the token, and allows collectors to keep their NFTs, while leaving the door open for further redemptions.

In addition, users will also have the tools on hand to track an NFTs status, and redeem within the OpenSea environment. Plus, when they purchase an NFT, collectors will also receive a notification to advise them of any outstanding claims on the item.

OpenSea Kicks Off Redeemable NFTs with Free ‘Burnie’ Mint

In order to demonstrate the raw power of its new token standard, OpenSea has launched the free ‘Burnie’ mint. As a result, collectors can jump in straight away and give the new functionality a whirl. Through the demonstration, collectors can acquire a Burnie NFT egg via the Ethereum network by paying a nominal gas fee. Then, they can navigate to the item page in their wallet to redeem it for a hatched token that OpenSea promises will have extra utility in the future.

As the new redeemable token standard remains in its infancy, OpenSea has requested help and feedback in developing the technology further. So, go jump in and take a look, and don’t forget to let the devs know what you think!

Want more? Connect with NFT Plazas

Join the Weekly Newsletter
Follow us on Twitter
Like us on Facebook
Follow us on Instagram

*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Source link

If this article, video or photo intrigues any copyright, please indicate it to the author’s email or in the comment box.

What do you think?

26 NFT Points
Upvote Downvote


I am the curator of the NFT Review Market News. If the document or content infringes any copyright, please point it out in comments and it will be promptly removed. To all the articles we include the link of the Resource that appears as Source Link If this article, video or photo intrigues any copyright, please indicate it to the author's email or in the comment box.

My Crypto Lawyer Sec News La SEC cataloga NFT como valores y aplica multa

NFT REVIEW NEWS NFL Rivals Take the Charge with Mobile-Friendly NFT Cards