Summary
TLDR: Yuga Labs burned 4,295 HV-MTL NFTs worth nearly $1 million at the request of Faraway, the new owner of the gaming IPs. This reduced the total supply by 14% and caused the floor price to jump by 31%. Faraway plans to introduce new features to drive more utility for the NFTs.
Key Points
1. Yuga Labs completed the burn of 4,295 Ethereum NFTs related to the crypto game HV-MTL, following the sale of two gaming IPs to blockchain gaming studio Faraway.
2. Burning crypto assets refers to sending them to an address where they cannot be reclaimed, effectively destroying them. This burn accounted for 14% of the total supply of HV-MTL NFTs, potentially boosting the collection’s price by trimming the overall supply.
3. The acquisition and subsequent burn of Yuga Labs-owned NFTs led to a drop in the floor price of HV-MTL NFTs followed by a 31% increase in floor price to 0.064 ETH. Faraway aims to drive more utility to primary NFTs within the HV-MTL collection.