In July 2022, the CryptoNinja Partners (CNP) collection introduced its first utility, burNin’. This is a mechanism where the owner can burn an existing CNP to get a new NFT.
Burning an NFT – sounds familiar?
Actually, this is a mechanism that no other profile picture collections have introduced before. This article explains the burNin’ system and why this is such an innovative utility that has excited the Japanese NFT space.
What is CryptoNinja Partners (CNP)?
CNP is a 22,222 generative PFP collection released in May 2022. It is the No.1 NFT collection in Japan by market capitalization. Please read the article if you want to find out more about the collection.
What is BurNin’?
burNin’ is a mechanism where an existing CNP can be exchanged into a completely new NFT.
This is what happens when burNin’ takes place.
- An owner burns an existing CNP through the burNin’ system
- He/She receives a completely new NFT with a new character (max 2,222 available)
- The NFT has different levels from the original one
- The total supply of CNP stays the same – 22,222
- The frequency of appearance for each trait changes
- Unpopular characters are more likely to be burnt – they become rarer
Unlike most other generative collections, the team decided not to employ rarity for CNP. This decision was made with the view of introducing this burNin’ system in the future.
As you can imagine, if collections employ official rarities, they will not be able to change the frequency of appearance or introduce new characters, as it could influence the value of each NFT greatly.
What happened after the first burNin’?
The first burNin’ took place on 31st July 2022, and the new character Luna was introduced. The event was extremely popular as a total of 2,222 existing characters were burnt into Luna within a few minutes of the release.
- Luna (new character): 2,222
- Orochi: 4,775
- Narukami: 4,938
- Mitama: 5,055
- Leelee: 5,231
The team plans to employ the burNin’ system every few months, with the next event is scheduled for autumn 2023.
The next character will be a twin cat.
So, how can you participate in the burNin’ event?
A special Katashiro NFT collection will be released by the team in due course, which will act as a ticket to enter the BurNin’ event.
You can burn a CNP with a Katashiro NFT to get a new character, and in a few days, the design of your new CNP will be revealed.
Since the new character will be limited to only 2,222 units, not all CNP holders will get access to burNin’. Leading up to the BurNin’ event, the team will be running various campaigns, such as the Rainbow Campaign to distribute Katashiro NFTs. To get more information about these campaigns, you can join the NinjaDAO community here.
Katashiro NFTs will also be available for sale on the secondary market on OpenSea.
BurNin’ is a system that allows the collection to evolve and offer excitement to CNP owners. It will be interesting to see how the future burNin’ events will influence the growth of this innovative Japanese collection in the long run.
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