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OpenSea Announces Redeemable NFT Standard, Will Roll Out Chain Redeemable Support to All Creators

OpenSea announced the release of two Ethereum comment requests (ERC-7496 and ERC-7498) and two Seaport improvement proposals (SIP-14 and SIP-15) to promote the development of a redeemable ecosystem. Redeemable NFTs allow redemption to receive another on-chain or off-chain item. OpenSea has released a public concept validation to illustrate the experience, allowing the casting of Baby Burn eggs on the OpenSea Drop page, and then proceeding to the exchange page to destroy the egg and exchange it for Burnie.

Afterwards, OpenSea will directly launch on-chain redeemable support to all creators on OpenSea, and will also expand the on-chain redemption standard, allowing creators to more easily link items in their series to off-chain exchange experiences outside of OpenSea, while still tracking the redemption status on-chain through features or destruction.

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