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Yuga Labs, the creative force behind the Bored Ape Yacht Club (BAYC), made a significant announcement on Thursday: the successful incineration of 4,295 Ethereum-based NFTs linked to the crypto game HV-MTL.
This development swiftly followed Yuga Labs’ sale of two of its gaming intellectual properties to the blockchain gaming studio, Faraway—HV-MTL being one of the properties transferred. With Faraway assuming control, they requested the destruction of the amassed HV-MTL NFTs, totaling nearly $1 million in value.
The term “burning” in the crypto realm signifies rendering assets irretrievable by sending them to an address beyond recovery, effectively eradicating them. With an initial supply of 30,000 HV-MTL NFTs, this elimination constitutes 14% of the entire inventory, a move anticipated to potentially escalate the collection’s value by reducing its overall availability.
Pricing HV-MTL gaming in
Following the disclosure of the acquisition on Wednesday, the NFT Floor Price index noted a 16% decline in HV-MTL’s floor price, coupled with a substantial surge in trading activity. However, as Yuga Labs executed the burn on their NFTs, the floor price surged by 31%, settling at 0.064 ETH.
Despite this surge, it remains a far cry from the collection’s peak price of 2.069 ETH (equivalent to $3,470) back in March 2023. Even at Wednesday’s zenith of approximately $224 per ETH, the incineration would have commanded a minimum valuation of $962,000, potentially more considering certain NFTs might possess traits elevating their market worth beyond the base price.
HV-MTL Forge, a crafting game where players construct habitats and maintain the well-being of their HV mechs, mandates ownership of HV-MTL NFTs for participation. Nevertheless, the official website hints at a limited version of Forge available to non-NFT holders, albeit presently inaccessible to the public.
Under Faraway’s stewardship, significant transformations are anticipated for the game. In a tweet, Faraway articulated their immediate objective upon assuming control of HV-MTL and Legends of the Mara: maximizing the utility of the primary NFTs within these collections.
For HV-MTL, this endeavor commenced with the introduction of a novel points system, enabling players to accrue rewards through “new activations with interoperability” across the Faraway network.
Featured image by Hans Eiskonen
