Opensea sets new standards for redeemable NFTs | CryptoTvplus

Opensea has introduced an open standard and comprehensive roadmap dedicated to redeemable NFTs.

Redeemable NFTs are NFTs given to users via which they can get another value or utility on-chain or off-chain.

An example is when an NFT collector of a shoe brand can go to designated stores to redeem the same shoe physically. 

For on-chain value, the same NFT collected can grant the NFT holder access to exclusive community perks like an event or a show online.

According to Opensea, Redeemable NFTs have gained significant popularity, especially in areas like fashion, gaming, and PFPs, where creators enhance NFT art by adding utility and experiences. 

However, a common challenge has been the absence of established standards or user interface conventions. 

The result? It “forces creators to build custom, often closed experiences, leading to limited discoverability and usability.”

To solve this problem, the NFT marketplace has decided to create a standard that the industry can follow. 

Roadmap for Redeemable NFTs

Opensea mentioned that it is “publishing two Ethereum Requests for Comment (ERC-7496 and ERC-7498) and two Seaport Improvement Proposals (SIP-14 and SIP-15) to fuel the redeemable ecosystem.” 

The first step after the publication is done, is to make the standard an open-source project. The essence is to seek technical feedback from the community. 

OpenSea is also inviting creators and partners to collaborate on upcoming redeemable use cases in OpenSea. 

In view of this, it has launched a test run for the redeemable standard NFT where users can mint a Baby Burn egg, and then exchange it for Burnie, showcasing how we’re enhancing discoverability.

The next step is to introduce an on-chain redeemable support for all creators on OpenSea. With this, creators can easily connect redeemables to their collections on the marketplace. 

In addition to this, instead of using the old model of “burn-to-redeem”, users can redeem by altering a specific trait of the NFT. 

This will allow users to keep NFTs post-redemption while increasing the usability of a single NFT for multiple redeemables.

The last step is the creation of off-chain redemption for creators. Here, creators can create an NFT that their fans can use to redeem physical goods easily. 

OpenSea further added that it is exploring partnerships for no-code solutions, making it effortless for creators to enable common off-chain redemptions (e.g., physical goods).

Read also; Opensea suspends the enforcement of creator fees