OpenSea launches open standard for redeemable NFTs

OpenSea launches open standard for redeemable NFTs

OpenSea recently announced a game-changing open standard for redeemable non-fungible tokens (NFTs). In the coming months, the company will roll out a program to support creators and developers in crafting unique and potent NFT endeavors.

Redeemable NFTs explained

Over the past few years, redeemable NFTs have gained immense traction across various industries, including fashion, gaming, and more. These NFTs allow owners to exchange their NFTs for a variety of on-chain and off-chain rewards, such as goods, services, or experiences.

They present a dynamic way for creators to strengthen community ties and harness the innovative potential of web3 technology. A great example of redeemable NFTs is the GutterMelo project by PUMA x Gutter Cat Gang.

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Redeemable NFT Example (Source: OpenSea blog)

However, the growth of these redeemable projects faced challenges due to the absence of a consistent standard or user interface conventions. As a result, creators found themselves building custom, often proprietary, solutions, limiting the usability and discoverability of their projects. OpenSea aims to address this gap by introducing a universal open standard for both on-chain and off-chain redeemable NFTs.

OpenSea introduces “Burnie the Flame”

To familiarize users with this new development, OpenSea released a public proof of concept. Named “Burnie the Flame,” this NFT allows users to experience the redeeming process firsthand on OpenSea’s platform. Users can mint a “Baby Burn egg” and then exchange it for their own Burnie, a step that gives a glimpse into OpenSea’s vision for the future of redeemables.

Burning no longer necessary

In traditional models, to access the redeemable feature, users had to “burn” the original NFT. OpenSea’s innovative approach introduces “trait redemption,” allowing users to retain their NFTs after redeeming, shifting from the conventional “burn-to-redeem” model. This revolutionary change facilitates multiple redemptions for a single NFT without destroying the original asset.

Furthermore, OpenSea has released Ethereum Requests for Comment (ERC-7496 and ERC-7498) and Seaport Improvement Proposals (SIP-14 and SIP-15) to propel the redeemable ecosystem. Over the upcoming weeks, the marketplace will collaborate with developers and creators to refine this standard.

Roadmap for standard adoption

OpenSea’s ambitious roadmap reveals a phased approach. Milestone one is the release of the open standard, soliciting feedback, and collaboration on flagship redeemable projects. Milestone two will extend on-chain redeemable support and the much-anticipated “trait redemptions.” Lastly, milestone three focuses on off-chain redemptions, such as tangible merchandise or event tickets.

Emphasizing their commitment, OpenSea stated:

“Our objective is to create a platform that helps your creativity come to life and make it easier to use for the next million users to engage.”

Can this new standard appease NFT enthusiasts and make them forget OpenSea’s recent decision to cancel mandatory creator royalties? Only time will tell.

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