In Brief
NFT project VeeFriends announced the launch of a new platform, “Burn Island.”
The experience enables NFT holders to burn their tokens in exchange for benefits or higher rarity tier NFTs.
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Entrepreneur Gary Vaynerchuk’s NFT project VeeFriends announced the launch of a new platform. Dubbed “Burn Island,” it offers VeeFriends and other NFT holders a gamified way to burn their tokens.
The “island” features two ways of token burning. The first one, called Burn-Swap, allows users to burn NFTs in exchange for exclusive digital and physical rewards. The second one, named Sweepstakes, gives holders an opportunity to win prizes when burning NFTs. However, the win is not guaranteed.
The first “Eruption” on the platform will be live from February 21 through March 2. During this period, VeeFriends holders will have the option to burn their non-fungible tokens to get access to exclusive events, rewards, and other benefits. In addition, Burn Island will enable community members to exchange their NFTs for rare and valuable tokens. To access the Eruption, users must register on the updated VeeFriends website.
Even though the platform was built with a focus on VeeFriends’ smart contracts, any NFTs can be burned using the Burn Island.
VeeFriends is a collection of 10,300 NFTs featuring hand-drawn animals, humans, and other creatures. Its current floor price is 5.19 ETH (approximately $8,708 at the time of writing), with 60,103 ETH of volume traded. Notably, the project often collaborates with artists and brands to release additional utility. For instance, in May 2022, Gary Vaynerchuk’s web3-focused agency VaynerNFT (later rebranded to Vayner3) partnered with Scotch whiskey brand Johnnie Walker. The companies created limited-edition bottles of blue-label whiskey customized with the VeeFriends imagery. The bottles were then gifted to VeeFriends’ “Goats” NFT holders.
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