Good news for Bratz NFT Holders! Bratz fans and collectors who were lucky enough to snatch up some Bratz Shimmerin’ NFTs from the December 2020 auction are in for a treat. Wax Blockchain and the toymaker announced that starting August 31, 2021, they can trade their digital trading cards for a physical toy.
Trading your Bratz Shimmerin’ NFTs
The trading process is very straightforward. First and foremost, NFT holders will need to fill in a form. After that, they will receive email instructions on how to proceed. The rest of the steps have not been announced to the public.
Technically, Bratz Shimmerin’ NFTs are not affordable. They can be found on the secondary market for 750,000 WAX or $95,925. Currently, there are only two of these NFTs on the marketplace. In addition, there are still plenty of sealed packs on the Atomic marketplace, with a starting price of approximately $140.
Wax coined a term for projects like Bratz Shimmerin’ NFTs: “vIRL” (pronounced Viral) stands for “virtual in real life.” The foundation of this mechanism is that NFT gives users ownership over a physical item without shipping or storing that physical item. Furthermore, only the owner of the vIRL NFT can redeem it for the physical object.
vIRL NFTs have several mechanics and iterations that need to be considered. For example, on some occasions, vIRL NFT will eventually be destroyed. However, for some projects, they will change and become a regular collectible NFT. Finally, some of these NFTs have an expiration date like in the case of the Bratz Shimmerin’ NFTs. In effect, after a certain date, the NFTs can no longer be redeemed for the physical product.