The Original Block Collection: Next Steps

Hey Everyone,

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:

The burning

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:

I don’t know, man. We really love this art.

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:

The Something

The Buying — and the creation of the Legacy Collection

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

*or not

PS

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.

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Blockchain Art Institute

Blockchain Art Institute is an institution born with a goal of immortalising our common blockchain history, one block at a time.