We are excited to announce the RICH NFT burning event on ICP and move to Generation 2. Finally, the wait is over; the RICH burn event is finally near. Now let us take you through why are we burning and what’s Generation 2 RICH NFT?
The Generation 2 Rich NFT will be a redesigned 3D NFT with updated layers and a unique background that will blow your mind. We understand that many community members love the originality of RICH, and few might don’t like them for obvious reasons. We thought about both of these opinions and came up with an idea to keep the original theme as the base for the NFT approach but ensure that every layer will have outstanding quality.
The burning of RICH NFT will occur from August 1st to August 5th, and the ratio will be 5:1. To receive a GEN 2 NFT, you will require 5 GEN 1 RICH NFT. Proof-of-burn has been used as a mechanism to destroy cryptocurrency in a verifiable manner. We define POB as a protocol that consists of two algorithms, a burn address generator, and a burn address verifier. However, IC currently can't verify them automatically, but we will implement a manual process to ensure these tokens are burned and never returned to supply. In other words, by performing NFT burns, members can demonstrate their commitment to the project, gaining the right to "mint" new tokens.
The rarity of the GEN 2 is calculated by the average NFTs you chose to burn. For example, if you have 32.6, 76.3, 43.9, 85.6, and 23.1, your GEN 2 NFT rarity will be 52.3%.
Now let’s say you have 30 NFT and choose to burn all 30, then your rarity will be calculated in descending order. For every 5 GEN 1, you will receive 1 GEN 2 NFT. The current supply of MC is 7770, and if we all choose to burn the NFT, the expected collection supply will be 1554.
The official Meme Cake wallet holds 1800+ NFT; the team will burn all of the GEN 1.
Meme Cake will officially launch the Dfinity marketplace in August with 0% trading fees. We have completed the development of the EXT standard minting module. We will use the current Frontend with enhanced mobile support and dark mode. (Mobile support and dark mode will be available for traders by 23rd July 2022. We will approach Dfinity for grants to accelerate the IC marketplace's development. We are also working with Boxy Dude for minting Boxy Girls and airdropping them to the traders. The breeding algorithm is a WIP but is expected to complete soon.
A few advantages of holding GEN 2 NFTs are listed below.
We are aiming to provide the maximum utility for MC NFTs. We are building a marketplace aiming to become the next big NFT-fi platform. You are still very early in this project, and good things are coming soon.