The innovative project could buy back and burn LUNC with half of the selling price of each NFT.
Cremation Coin is a recently-launched project to reduce the extensive supplies of other crypto assets, but right now, Cremation Coin noted they are currently focused on Terra Classic, which is why they have been burning LUNC tokens.
As a result, they are introducing an innovative NFT initiative that could help burn more Terra Classic (LUNC) tokens. According to a recent tweet, the Cremation Coin team considers the groundbreaking NFT endeavor as a trial project and is looking to release it within the next 48 hours. The project will consist of ten distinctive “bad abstract art” pieces, each serving as an NFT with varying price tags.
We are very strongly considering launching a “test” NFT project at some point over the next day or two.
The test project would consist of ten pieces of “Bad Abstract Art” at various price points launched on the ETH chain.
This will be the birth of “Bad Abstract 🧵
— Cremation Coin 🔥Weekly LUNC Burns🔥 (@Cremation_Coin) April 5, 2023
The project is dubbed “Bad Abstract Art that Burns LUNC (BAABL)” and is expected to launch on the Ethereum blockchain, possibly extending to add support for other blockchains. While the project will initially offer ten art pieces, the team plans to expand the collection to include additional pieces.
Cremation Coin aims to assist in reducing crypto asset supplies through token burns. The project is centered on the Terra Classic blockchain, and the newly announced NFT initiative will be dedicated to burning LUNC tokens. To achieve this, the team plans to buy back and burn LUNC tokens with 50% of the selling price of the art pieces.
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The Cremation Coin team further revealed a preview of four samples “bad abstract art” pieces, giving a glimpse of what to expect from the upcoming NFT project. They also contacted the Terra Classic community in a separate tweet, requesting to test the innovative NFT project.
Do you think we should test out this idea for an LUNC Burning NFT project?$lunc #lunc #bnb #bsc #binance #luncburn #lunccommunity $shib #shib #btc $btc #1000x #crypto #cryptocurrency #luncarmy #CREMAT #CREMATburn https://t.co/dHK7PsqVMg
— Cremation Coin 🔥Weekly LUNC Burns🔥 (@Cremation_Coin) April 5, 2023
Cremation Coin’s Contribution to LUNC Burns
Cremation Coin has actively participated in the Terra Classic burn campaign since joining the effort a few months back. The project has been burning millions of tokens weekly since January, with the most recent burn involving 30 million LUNC.
Cremation Coin has incinerated 326 million tokens within three months, making it one of the largest LUNC burners. However, the team believes that this figure could be higher. The recently-unveiled NFT project is another avenue through which the project aims to bolster Terra Classic burns.
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Source: https://thecryptobasic.com/2023/04/06/new-project-for-terra-classic-lunc-burns-unveiled/?utm_source=rss&utm_medium=rss&utm_campaign=new-project-for-terra-classic-lunc-burns-unveiled