How the Burn Works (FAQ)
When is "The Burn"?
June 1st and December 1st, annually
What is "The Burn"?
Twice a year (May 31st & Nov 30th) the community wallet will be audited and valued. That value will be posted for holders to see and understand their NFT’s burn value. Once posted, a 24-hour timer starts where any holder will have the opportunity to burn their token(s) for their fractionalized portion of the defined wallet value. Each individual who burns will also be put into a raffle for a chance to be airdropped an asset that has been previously purchased by the project. This “cash-out” mechanism will decrease (aka burn) the total supply, making the remaining NFTs more valuable, rewarding those who are in it for the long haul.
How is the percentage calculated?
The percentage will be calculated as follows based on the tier you hold: Genesis NFTs (1,500 starting supply): 30% collective ownership of Safe holdings
Tiers 1-3 NFTs (7,388 starting supply): 70% collective ownership of Safe holdings
How much will an individual NFT "burn" for?
Genesis NFTs (1,500 starting supply): 0.02% of Safe holdings/NFT
E.g: If Safe holdings are valued at 300 ETH, one Genesis NFT would burn for .06 ETH
Tiers 1-3 NFTs (7,388 starting supply): 0.00947482% of Safe holdings/NFT
E.g: If Safe holdings are valued at 300 ETH, one Tier 1-3 NFT would burn for .0284 ETH
Are there any other benefits of burning an NFT?
Each NFT “burned” will also earn 1 raffle ticket for a chance to win an asset that has been previously purchased or collected by the Safe. Prizes will be airdropped to the winner(s). Exact assets to be raffled will be collectively decided upon by the team and the community with a goal of keeping the project strong for long-term holders.
Where will the burned NFT go?
The “burned” NFT will still be visible on OpenSea, but will not be available for sale ever again and will be irretrievable once burned.
Should I burn?
That is completely up to you. At this stage, most people will not make money if they choose to burn. We envision TheLandSafe as a long-term project that benefits the diamond-handed holders. As more metaverse land gets built on and as more use cases develop for the projects we hold in our vault, the greater the value of the Safe will become. As the value of the Safe grows, the more the value of burning your NFT will grow, making it more enticing to burn. As the supply decreases with burning, the more the value increases for the remaining holders.
Where can I find the assets in our Treasury?
Multi-Sig (Project Treasury Wallet): https://etherscan.io/address/0x828717695CeFe11cf059e6D0F78874FbC01ddF6d
OpenSea Vault holdings: https://opensea.io/0x828717695CeFe11cf059e6D0F78874FbC01ddF6d
Note: we also have several staked NFTs that don't show up in community wallet.
How will these assets be valued?
We will use a site or app that checks floor price and recent sales activity for each item in the vault. Adjustments for land size or rarity will be made as needed.
What link should I go to if I want to burn?
Will the transaction cost gas?
Yes, though our dev team has done their best to optimize this.
How many Lands have been burned?
As of May 2023, holders have burned 818 lands so far, reducing our collection from 8,888 originally to 8,070 currently.
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