VeeFriends announces the launch of ‘Burn Island’ today! Burn Island is a new platform in the VeeFriends universe. Excitingly, it allows VeeFriends NFT holders to burn their NFTs. In exchange, they get access to events, physical or virtual rewards, and other rare or valuable NFTs. By burning NFTs, Burn Island rewards, surprises, and engages VeeFriends holders. Further, it also adds deflationary token mechanics to the VeeFriends’ NFT collections. Let’s take a look at VeeFriend’s Burn Island!
What is Burn Island and How Does it Expand the VeeFriends’ Ecosystem?
Serial entrepreneur, Gary Vaynerchuk, founded and created NFT project, VeeFriends. The project, which launched in 2021, has realized Vaynerchuk’s goal of building intellectual property by leveraging NFT technology and smart contract capabilities. Vaynerchuk imagined, created, and drew the characters within the VeeFriends universe himself, with each embodying traits he believes lead to happiness and success. The ultimate goal of Vaynerchuk’s vision is to scale his ideas through the characters and the attributes they represent.
Therefore, VeeFriends designed Burn Island as a new platform in its world to expand the project, business, and intellectual property. It allows VeeFriends NFT holders to burn their tokens to access other rare or valuable NFT collectibles, physical or virtual rewards, and events. All in all, on Burn Island, any NFT can be used to burn tokens. However, it is mainly intended for use by those on VeeFriends smart contracts, including VeeFriends BOOK GAMES.
How does Burn Island Work?
Burn Island is activated through eruptions. Each eruption requires specific NFT collections, rarities or a combination of the two in order to participate in burning and earn the eruption prize. Moreover, all eruptions will have a start and end date and will not overlap with one another. In fact, the first ‘eruption’ is already scheduled, and will begin on February 21st and end March 2nd.
Additionally, Burn Island will also offer different exchanges with each eruption, including 1-to-1 swaps, many-for-1 swaps, and lower-cost entry-point sweepstakes. This creates an engaging game dynamic that inspires all types of VeeFriends NFT holders to participate, since Burn Island is mainly for them.
What is the Long-Term Vision for VeeFriends?
The new platform will continue to grow the VeeFriends brand, and using NFTs to create real-life value continues to be a priority for VeeFriends. Subsequently, Burn Island is part of a long-term vision to innovate and evolve the IP. President of VeeFriends, Andy Krainak, said that the goal of Burn Island’s launch is to create opportunities for holders. Specifically, holders will be able to take part in new experiences and increase the rarity of their NFTs.
VeeFriends will use the Burn Island website to share all the information on rewards and requirements. Moreover, participants will need to register on the VeeFriends website, have a VeeFriends account, and meet all the requirements. Industry experts widely regard Gary Vaynerchuk as a highly innovative and forward-thinking business leader. Furthermore, with his acute ability to spot emerging patterns and their potential impact on markets and consumer behavior, he has earned a reputation as a top thought leader in the field. This new venture is an example of his innovative strategy, aimed at delivering significant value and benefits to the community.
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