Burn Island is VeeFriends’ new digital destination that grants its holders access to events, physical goods, virtual rewards, and rare digital collectibles when they “burn” their NFTs.
Notable Web3 project VeeFriends announced a new platform on Wednesday that gives its NFT holders access to events, rewards, and other rare digital valuables.
Welcome to Burn Island, a platform that lets VeeFriends NFT holders “burn” their assets — click here to learn about what that means — in exchange for access to events, physical goods, virtual rewards, and rare digital collectibles. Burn Island’s website goes live next week. Eligible VeeFriends holders must have a VeeFriends account before venturing to Burn Island.
As a refresher, when a token is burned, it’s taken out of circulation on the blockchain and sent to a crypto wallet created only to retrieve digital assets. VeeFriends’ new platform provides its holders with more access to its ecosystem and also implements deflationary technology to its various collections, a press release states.
“At VeeFriends, we are continuously working on innovative ways to bring value to our community and drive excitement,” VeeFriends President Andy Krainak said in a statement. “The goal behind the launch of Burn Island is to create potential opportunities for increased rarity and holders to get the opportunity to engage in new experiences.”
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What Burn Island is offering
VeeFriends’ primary goal in launching Burn Island is to grow its brand, business, and intellectual property. The project is known for its storytelling mechanics, so it’s no surprise storytelling, and themed initiatives will be a huge part of the platform.
Burn Island activates through a mechanism called Eruptions, which are a series of sequential events with different burn eligibility requirements. These Eruptions will always have predetermined start and end dates, which gives VeeFriends holders time to reach eligibility requirements for rewards. To keep things fair, Burn Island will establish clear burn eligibility requirements before launching a new Eruption.
The first Eruption will commence on Feb. 21 and ends on March 2.
Some special features on Burn Island include Burn-Swaps, which allow holders to trade in NFTs for items offered during Burn Island Eruptions, and Sweepstakes, which offers holders a chance to win a prize by burning an NFT as an entry.
“We are on track to achieve what I had envisioned for VeeFriends, and we will continue to create real-life value through these NFTs. I am excited for what’s to come and for the opportunity to grow this amazing community even more,” VeeFriends Founder and CEO Gary Vaynerchuk said in an official news release. “As I’ve said from the inception of VeeFriends, we are building with a long-term vision; and we will continue to grow, innovate and evolve the IP for holders.”
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