U.S. markets closed
  • S&P 500

    4,280.15
    +72.88 (+1.73%)
     
  • Dow 30

    33,761.05
    +424.38 (+1.27%)
     
  • Nasdaq

    13,047.19
    +267.27 (+2.09%)
     
  • Russell 2000

    2,016.62
    +41.36 (+2.09%)
     
  • Crude Oil

    91.88
    -2.46 (-2.61%)
     
  • Gold

    1,818.90
    +11.70 (+0.65%)
     
  • Silver

    20.83
    +0.49 (+2.39%)
     
  • EUR/USD

    1.0257
    -0.0068 (-0.66%)
     
  • 10-Yr Bond

    2.8490
    -0.0390 (-1.35%)
     
  • GBP/USD

    1.2139
    -0.0064 (-0.52%)
     
  • USD/JPY

    133.4800
    +0.4810 (+0.36%)
     
  • BTC-USD

    24,545.00
    +514.88 (+2.14%)
     
  • CMC Crypto 200

    574.64
    +3.36 (+0.59%)
     
  • FTSE 100

    7,500.89
    +34.98 (+0.47%)
     
  • Nikkei 225

    28,546.98
    +727.65 (+2.62%)
     

WZRDS Project Punishes Flippers By Burning Listed NFTS

·2 min read

Ritual sacrifices are being carried out on the blockchain.

An NFT collection called WZRDS has implemented a novel burn mechanism that allows NFT holders to vote to burn WZRDS NFTs listed below a certain price.  All NFT holders have to do to keep their NFTs safe is to stake them or just hold them in their wallets.  The floor price of the collection has risen from 0.1 ETH on July 8 to 3.2 ETH on July 12.

Launched on June 29, WZRDS is an NFT collection themed around the fictional world of the Kingdom of Tyrol.  There were originally 10,000 NFTs, but over 50% are staked and are “exploring the forest.”  At least 1,000 owners of burnt WZRD NFTs have received new Half-Skull of Wizard NFTs, which are trading for 0.17 ETH.

WZRD #8025
WZRD #8025

“What the actual f@#k yall stole my nft,” wrote NFT influencer @defibae.

Director of Vibes at NFT project Jenkins the Valet, NotThreadGuy wrote, “Idk who needs to hear this but if a project discourages listing by forcefully burning NFTs, sell everything and never look back. The floor is artificial and the project is doomed.”

Custom Contract

When interacting with a typical NFT contract, the contract checks whether you are the owner of the token or if you gave explicit approval to the contract trying to transfer your token. In addition to containing an isApprovedOwner method like most NFT contracts, there is a method called altarOfSacrifice in the WZRDs contract.

This method “is a mapping that keeps track of addresses” and “anyone in this mapping can transfer/burn ANYONE’s tokens freely,” writes former Coinbase engineer 0x_beans.  In other words, the owner of the WZRDs contract can arbitrarily give anyone the power to burn others’ NFTs.

Although some holders are chagrined, many are praising WZRDs for their innovative use of smart contracts and storytelling. “WZRDS is an interactive, lore-heavy, story-based project where holders live the story through their NFTs,” wrote NFT trader @0b00oo.

NFT trader Crypto0Hash had his NFT burnt, but said he is “playing along.”  “I don’t think this is the end of the story.  There’s been talk around the fact that [the] skeleton in my wallet has some sort of utility that will be revealed.”

Like any good wizards’ tale, only time will reveal what happens.

Read the original post on The Defiant