Manifold Announces Burn System Overhaul As "Open Edition" Hype Dies Down
With features like gas optimization, multi-token burns, paid burns, airdrops, ERC 721 support, and more.
Manifold, one of the leading blockchain development studios for NFT creators, has announced the launch of an upgraded version of its Burn Redeem App.
The update brings with it the support of ERC-721 burn functionality, contract upgrades for gas efficiency, and more. Users will now be able to use the protocols Burn Redeem App to host redemptions for both ERC-1155 and ERC-721 — for both same contract burns and cross-spec burning, meaning you could burn a 721 for a 1155.
Introducing the new and improved Burn Redeem App ???
- ERC-721 burn functionality
- Contract upgrades for gas efficiency and additional features coming soon™️ ?
- Mint fees1/ This upgrade also paves the way for a new form of creativity from our NFT burn tooling ? pic.twitter.com/Iwf2tDX4Jt
— manifold.xyz (@manifoldxyz) February 17, 2023
Before the upgrade, the Burn-Redeem App only supported ERC-1155 burns, with the new ERC-721 burn functionality creators can now configure a variety of unique burn mechanics. This includes the optional settings of allowing all of a specific token to be eligible to burn, a specified ID range, or a specific set of token IDs.
Manifold tweeted that after the configuration, any ERC-721 token within an eligible burn token set can be redeemed for a new ERC-721 edition as configured by the creator. Before completing a burn, collectors will see a screen that shows what they are burning and what they are redeeming.
The added customization does come with an additional step for those burning a token on a contract for the first time. Similar to listing or interacting with a token for the first time on platforms like OpenSea, users will need to sign an approval transaction, which gives the burn contract permission to execute the burning of their token — otherwise it is business as usual.
In addition to the updated app, Manifold announced a new fee model. The fee for standard burn redeems will be 0.00069 ETH or less than $1 USD per mint.
Some of the major benefits of the new contracts include gas optimization, multi-token burns, paid burns, airdrops, ERC-721 support, cross-spec burning, and external contract token burns.
With January having seen “open edition” burn drops from nearly every artist in the NFT space, are these functions arriving too late or just in time?
It is fair to say that there was a massive amount of hype around limited timed editions with burn mechanics, the tools have been proven to enhance engagement, build deeper connections with collectors, and also provide creators with tools to produce performative art.
A few examples of well-executed burn editions recently covered on Hypemoon include Guido Disalle’s Sicilian Kiss and Terrell Jone’s Born 2 Die — both of which are still actively burning and have attracted a loyal community of collectors.
While timed edition drops and burn strategies might not be meant for every artist, or even have to be used just because it’s available, it does provide a great level of optionality for those interested and speaks to the forward-thinking innovative aspects that make Web3 art unique.
In other news, Zora presents “The Let Out”: a celebration of black creatives in Web3.