Gremplin Fuels Nakamigos Fire

Gremplin Fuels Nakamigos Fire
In this post

Gremplin, a notable digital artist and co-founder of CrypToadz, leaned into the Nakamigos frenzy offering Nakamigos holders an opportunity to redeem a piece from the artist in return for burning a Nakamigos NFT. 

🧐Wait, What?

Holders of Nakamigos were eligible to burn one Nakamigos NFT for a new Gremplin piece, "Fry Harvesters.

The Deets

  • Free to redeem, merely burn one Nakamigos NFT
  • Quantity of 69 "Fry Harvesters" available

The Details

Using Manifold's burn to redeem functionality, Gremplin allowed Nakamigos holders the ability to send one to the burn address and receive "Fry Harvesters," in return. The burn offered an unlimted time to redeem, but it "burned out" before the night ended on Saturday. 

❗Why It Matters

Interestingly, Gremplin may have unkowingly initiated a new meta, with users on Twitter reacting to the uniquness of this burn which called for the burning of a different collection for redemption of something new

🎤 Community Quotes

Will we see Color Wars/Hunger Games break out amongst NFTs now that their can be Utility introduced thru @manifoldxyz incentivize burning other NFT collections? This will be FASCINATING! 🔥ANoNakamoto

📊 By the Numbers

At the time of the burn, users were required to part ways with a Nakamigos around 0.7 ETH. "Fry Harvester," the redeemed piece, now holds a floor price of 1.4 ETH, nearly a 2x for those who redeemed. A handful of sales were registered between 0.8-1 ETH last night. 

Additionally, the Burn Address is now No. 26 on the list of biggest Nakamigos holders, according to OpenSea.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.