So, what’s next? We hit the market, people got their pieces, what is the game plan now?
Well, there is a long answer and a short answer to that.
The short answer: two words, both great, both start with a B: Burning and Buybacks.
The long answer:
As you can see, the Institute currently holds 4,811 pieces of art. We have not had the time to correctly look at those yet, so we cannot divide them into rarity classes yet. However, as math would dictate, it’s fair to assume we received around half of all rarity classes.
So the plan going forward is to burn all our Commons and Rares and see what happens next. Maybe do something fun with the other ones.
A quick reminder of what this means:
so in all likelihood we will be burning around (2200+1750+1530+1350) /4811%8893, so around ~3700 pieces of art. That will obviously change rarity classes for all the outstanding pieces of the market (separate update on that soon).
We will create a smart contract for burning, our internal goal is to have it up tonight. We will update accordingly. There will be a technical update outlining the burning process step by step, but the general idea is to start burning our tokens, one by one, so a couple of thousands of transactions, which should probably take around two weeks. All for the community to see, and maybe chant something together with us as we say our final goodbyes to our art.
BTW check how beautiful this is:
So anyway. After they are all burnt, the Institute is left with only the Super Rares, the Uniques and The One, which then shifts our focus to the next two element of the plan:
This is the element we’re not ready to talk about it yet and so we called it The Something. Check back later. For now please direct your eyesight below.
The Buying — and the creation of the Legacy Collection
About that. The thinking here has always been the same — for its Legacy Collection, the Institute will seek to have one of each of the original Unique pieces of the Original Block Collection. Again, we do not know which ones we have as of right now — it can be seen on-chain, we just haven’t done this yet. So whatever we do not have, we will seek to buy on the market.
Whatever we have too much of — say, we have both 1/2 and 2/2 of a Unique piece — we will sell on the market with a starting price of 0.01ETH, a 10 minute auction. We will update the exact timing of these operations.
Completing both of the above steps — plus The Something — will create the final* shape of the Legacy Collection of Institute.
The rough timeline for all this to take place should probably be around two weeks, depending on the progress with the burning — could be less.
Thank you for reading,
Your friends at Blockchain Art Institute
All of this can change, you know. It shouldn’t, but it can. If we come up with something even better for the holders of our NFTs and the Institute, we might twist a thing or two.
For now, on with the burning.