The NFT world is excited about Gremplin’s latest release, “AN EYE FOR A FRY”. Significantly, the Gremplin NFT drop made history with a new burn to redeem feature. This unique drop required the burning of 1 Nakamigos to mint, a first in NFT history. The 69 NFT Gremplin Edition sold out in two hours, increasing the Nakamigos floor by 15%. So what does all this mean? Let’s dive in!
What we know about Gremplin and the Nakamigos
First of all, let’s take a look at The Nakamigos. The project is making waves in the NFT world, with rumors linking it to big names like Gremplin, Beeple, and Yuga Labs. The collection features 10,000 unique characters, each with their own story and personality. Remarkably, these unique digital characters have taken the space by storm. Despite being only 18 days old, Nakamigos has already amassed a strong community and massive following. In addition, the versatility of the collection is a standout feature. NFTs are ideal for gaming, social media, advertising, and merchandise collaborations, including a high-profile collaboration with 10KTF.
Gremplin is the anonymous artist behind CrypToadz, a best-selling profile image collection of 6,969 toads, and the Moonbirds Oddities collection. Ultimately, Gremplin’s signature style blends unique creatures with crypto meme culture, and has made a huge impact in the NFT space.
Gremplin’s Burn-to-Redeem Event: A Moment in NFT History
Gremplin has rocked the NFT world! Markedly, his last drop created history in multiple ways. The digital artist surprised everyone on Saturday night by releasing a new edition, “AN EYE FOR A FRY”. This required burning a Nakamigo to mint the piece, an unprecedented move. The 69 issue sold out in two hours, causing the price of Nakamigos to skyrocket 15%, with the burnt 69 now lost forever. Gremplin’s “Fry Harvesters” collection now has a floor of 0.749 ETH, just below that of the Nakamigos. But what does this really mean?
Gremplin’s NFT Collection is solidifying the cultural significance of the Nakamigos community in the NFT space. Three great artists have already used Nakamigos in their work in a week, even though the collection is only 18 days old. This is reflected in the market, with Nakamigos currently at an all-time high.
However, Gremplin’s new burn-to-trade feature has raised concerns about its potential impact on the value of popular sets. This game-changing feature could result in more sets being burned to create new editions, potentially devaluing those sets. Only time will tell if this feature will become the new norm in the NFT world.
Ultimately, Gremplin’s innovative burn-to-trade event has made history in digital art and PFP, but its lasting impact in the NFT space remains to be seen.
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