ShapeShift non-custodial cryptocurrency exchange plans to retain 16 cards from the blockchain-based game Spells of Genesis and give the remaining 16 will be placed under the control of its new DAO.
Non-custodial cryptocurrency exchange ShapeShift has burned hundreds of themed collectable “cards” from the blockchain-based mobile game, Spells of Genesis.
The remaining cards in the organization’s possession will be placed under the ownership of its new DAO and unlocked in limited tranches over the next two years, according to the team.
ShapeShift has burned at least 817 of the digital cards branded “ShapeShift the Wanderer,” according to on-chain statistics.
This comes after the exchange announced on Oct. 12 that it planned to burn the majority of the cards in circulation, making them “among the most rare [Spells of Genesis] cards in existence and among the oldest NFTs in existence.”
ShapeShift says, “These are some of the first NFTs (around 2015) that were minted by Spells of Genesis and donated to ShapeShift as part of our cooperation supporting their early blockchain-based game development.” “These could wind up being some of the most valuable and historically significant NFTs ever.”
There are now just 183 versions of the asset, which is known on-chain as SHAPESHIFTCD, in circulation. Many of these are thought to have been lost, making them one of the most sought-after Blockchain collectibles.
According to the exchange, it plans to use the Emblem Vault bridge to move the remaining 32 cards in its possession from the Counterparty (XCP) blockchain to the Ethereum blockchain, allowing crypto users to wrap Counterparty tokens as ERC-721 assets and trade them on Ethereum via platforms like OpenSea.
ShapeShift will keep 16 cards to sell before 2022 and give 16 to the treasury of its decentralized autonomous organization, or DAO.
ShapeShift said the cards will be unlocked in stages over the following two years, but FOX token holders will decide whether the DAO sells or holds on to them.
“Whether the ShapeShift DAO sells these NFTs for ETH, retains them for the long term, or does a combination of the two, they will become a valuable and vital asset in the ShapeShift DAO treasury,” the exchange stated. “There’s a potential the NFTs won’t be valuable and become a non-useful asset, but even if that happens, the DAO isn’t harmed.”
The move appears to be an attempt to pique greater interest in and increase the value of crypto collectable cards, which predate CryptoPunks and all other significant NFT offers that have emerged from the recent surge.
Due to their position on the XCP blockchain, Spells of Genesis cards are “not especially easy to obtain,” according to Shaban Shaame, blockchain pioneer and CEO of software business EverdreamSoft.
The Emblem Vault bridge, on the other hand, has allowed users to trade the tokens on Ethereum, resulting in a new surge in trading activity for the once-forgotten assets.