Burn Island is an incredible new addition to the VeeFriends World, built on the ambition to expand the project, business, and intellectual property. Burn Island is a destination and platform that allows VeeFriends NFT holders to burn NFTs in exchange for other rare or valuable NFT collectibles, access to events, and physical or virtual rewards through deflationary technology.
VeeFriends Officially Releases Eruption 1 of 'Burn Island' to Innovate on Elevating Community Interaction
Generally, token burning on Burn Island can work across any NFT contract. However, the platform will be primarily utilized for those on VeeFriends smart contracts, including VeeFriends BOOK GAMES, the first-of-its-kind Layer 2 NFT created by Gary Vaynerchuk, linking to his best-selling book Twelve and a Half.
The origins of Burn Island will combine storytelling with broad and valuable functionality. VeeFriends will ensure that this is executed progressively and innovatively to surprise and delight the community.
Burn Island activates through eruptions, and each eruption will require certain NFT collections, rarities or a combination of both to be eligible to burn for the eruption prize.
What are Eruptions?
Each Eruption will have different BURN eligibility requirements for the rewards. Burn Island Eruptions will not overlap, each event will have a predetermined start and end date. This approach ensures that each Eruption has its own unique characteristics and experience. Furthermore, to ensure Eruptions adhere to regulatory requirements detailed information on each Eruption will be provided before its commencement.
First Eruption Now Live
Burn Island Eruption 1 allows all VeeFriends BOOK GAMES token holders to enter Burn Island by burning a token for a sweepstakes entry to win a G.O.O. (Gary Originally Owned) Series 1 Dynamic Dinosaur Spectacular Lava. As a sweepstake, burning a BOOK GAMES NFT does not guarantee you will win the prize, however, the more BOOK GAMES NFTs you burn, the more sweepstakes entries you will obtain.
The ULTRA RARE G.O.O. (Gary Originally Owned) Series 1 Dynamic Dinosaur Spectacular Lava is the prize for the winner of Burn Island Eruption 1. This VeeFriends token will forever be remembered as the first reward of Burn Island and is arguably one of the most rare collectibles, with only 80 G.O.O Series 1 Spectaculars in existence.Note regulatory requirements state that all winners of prizes of $600 or more will be required to confirm their identity, and will be sent a 1099 form for tax purposes. Please consult a tax advisor if you wish to know the amount you must pay in taxes.
The first Eruption starts on February 21st, 2023, and ends on March 2nd, 2023. You will need to create an account on the new VeeFriends website to access Burn Island and Eruption 1 so plan accordingly.
Eruptions will be sequential and will not overlap one another. All eruptions have a start and end date and burn token requirements. Users must visit the website to participate in an eruption, sign in, and check for eligibility. Each eruption will offer different exchanges, including 1-to-1 swaps, many-for-1 swaps, and even lower-cost entry-point sweepstakes. This creates an engaging game dynamic that brings all types of VeeFriends NFT holders to play, as Burn Island will be primarily for VeeFriends NFT holders.
VeeFriends introduced Burn Island as a strategic move to grow the VeeFriends brand - from experiences and intellectual property to bring more value to the community.
"We are on track to achieve what I had envisioned for VeeFriends, and we will continue to create real-life value through these NFTs. I am excited for what's to come and for the opportunity to grow this amazing community even more," said Gary Vaynerchuk, Creator and CEO of VeeFriends. "As I've said from the inception of VeeFriends, we are building with a long-term vision; and we will continue to grow, innovate and evolve the IP for holders."
VeeFriends will share all eligibility requirements and rewards information on the Burn Island website. Participants must be registered on the VeeFriends website, have a VeeFriends account, and meet the eligibility requirements to participate.
At VeeFriends, we are continuously working on innovative ways to bring value to our community and drive excitement. The goal behind the launch of Burn Island is to create potential opportunities for increased rarity and holders to get the opportunity to engage in new experiences."
- Andy Krainak, President of VeeFriends
Q&A with President Andy Krainak
ONE37pm had the opportunity to ask Andy Krainak questions about 'Burn Island,' and learn more about what is to come.
How did the team come up with the concept of Burn Island?
The concept of Burn Island was created as a way to reward VeeFriends community holders and also have fun and be inventive with the current supply of VeeFriends NFTs. Burn Island is both a deflationary mechanism with our NFTs to lower the supply and have fun around the different rarities of VeeFriends NFTs while also enabling VeeFriends to storytell in an exciting and new way with this new island where NFTs go to be burned.
Will burning Book Games Vs. Series 2 have different rewards and meaning?
Every eruption will have different token eligibility requirements and based on those token eligibility requirements, the reward and prize will be different. I think it’s safe to assume that the greater the eligibility requirements or the amount of tokens required to be burned, that reward and prize on the other side for the winner will match what was needed in order to burn.
Update: Gary announces in Discord that he doesn't plan on having V1 be burned. However, there will be requirements for certain burns that will require holding V1.
What are some examples of the exciting prizes people can exchange for and win through sweepstakes? Merch? Veecon tickets? What are the new experiences?
I’m not going to disclose any of the examples explicitly. There will be prizes that are event-based, IRL connection-based. There will be prizes that are physical items, some that you can take home and experience at your leisure, and there will be prizes that are NFTs themselves so that you can burn a certain amount of NFTs to get a new rare NFT.
How often will "eruptions" occur? When you say it will require certain NFT collections and rarities, is it each character/trait/background for Veefriends and the frames and colors for book games?
Eruptions will occur almost on a two-week schedule. The schedule will also be adjusted based on the reality of that eruption and the amount of time we want to give that eruption. Starting next week when the first eruption starts, there will almost always be an eruption occurring or happening on Burn Island. It will really create a fun dynamic for people that have been collecting and have been deep within the ecosystem and community of VeeFriends to play around with which NFTs they want to collect to partake in Burn Island.
Will burn-swap include being exchanged for NFTs from other collections?
The Burn-Swap will include exchanges for NFTs. Yes, from other collections. Yes, from VeeFriends collections. Yes, from NFTs yet to ever be issued, created, or released.
What is something you want to add about Burn Island that you want the community to know?
This is the beginning of something great. We have eruptions currently planned, but eruptions will continue to evolve. I think anyone who has been a part of the VeeFriends community knows that we continue to evolve and innovate against the announcements and releases we have put out. The utility for VeeFriends evolved from being just VeeCon tickets to other collectible drops, merchandise and utility that was not previously announced on the launch of VeeFriends. That will continue to happen with Burn Island. It’s set up so we can continually have a place to create deflationary tokenomics but also reward our holders. There’s going to be new ways we continue to innovate and storytell against Burn Island.