OpenSea, the second-largest NFT marketplace, is taking steps to standardize redeemable NFTs across the industry.
Facing its lowest monthly volume of under $100M in August and recent controversies over abandoning NFT royalties, OpenSea has released four improvement proposals and is actively seeking community feedback and collaborators for future projects.
What Are Redeemable NFTs?
Redeemable NFTs offer additional utility to their holders, often requiring the NFT to be “burned” to unlock either on-chain or off-chain items. These types of NFTs are currently rare due to their complexity.
GutterMelo and Invisible Friends are among the few popular redeemable NFT projects.
Key Features
- Self-Serve Tool for Creators: OpenSea will provide a self-serve tool that allows creators to add redeemable qualities to their NFTs.
- Trait Redemption: This feature allows users to redeem traits of their NFTs without having to burn them.
- Off-Chain Redeemables: The platform is exploring ways to offer off-chain redeemable NFTs, such as physical merchandise or event tickets, while still tracking the redemption status on-chain.
Redeemable NFTs have not begun trading on the platform. However, OpenSea has released a free proof of concept redeemable NFT, which users can try until the end of the year. The team has hinted at the possibility of the NFT evolving over time.
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