What is BurNin’ from CryptoNinja Partners?

CNP

In July 2022, the CryptoNinja Partners (CNP) collection introduced its first utility, burNin’. This is a mechanism where the owner can burn an existing CNP to get a new NFT.

Burning an NFT – sounds familiar?

Actually, this is a mechanism that no other profile picture collections have introduced before. This article explains the burNin’ system and why this is such an innovative utility that has excited the Japanese NFT space.

What is CryptoNinja Partners (CNP)?

CNP is a 22,222 generative PFP collection released in May 2022. It is the No.1 NFT collection in Japan by market capitalization. Please read the article if you want to find out more about the collection.

What is BurNin’?

burNin’ is a mechanism where an existing CNP can be exchanged into a completely new NFT.

This is what happens when burNin’ takes place.

  • An owner burns an existing CNP through the burNin’ system
  • He/She receives a completely new NFT with a new character (max 2,222 available)
  • The NFT has different levels from the original one
  • The total supply of CNP stays the same – 22,222
  • The frequency of appearance for each trait changes
  • Unpopular characters are more likely to be burnt – they become rarer

Unlike most other generative collections, the team decided not to employ rarity for CNP. This decision was made with the view of introducing this burNin’ system in the future.

As you can imagine, if collections employ official rarities, they will not be able to change the frequency of appearance or introduce new characters, as it could influence the value of each NFT greatly.

Yoko
So burNin’ is a mechanism unique to CNP that no other NFT collections have employed so far.

What happened after the first burNin’?

The first burNin’ took place on 31st July 2022, and the new character Luna was introduced. The event was extremely popular as a total of 2,222 existing characters were burnt into Luna within a few minutes of the release.

Source: https://www.ninja-dao.com/en
So, what happened to the original four characters: Leelee (panda), Mitama (ghost), Narukami (bird) & Orochi (snake) as a result of burNin’?
Not surprisingly, the least popular character, Orochi, got burnt the most. Here is the new distribution of the characters:
  • Luna (new character): 2,222
  • Orochi: 4,775
  • Narukami: 4,938
  • Mitama: 5,055
  • Leelee: 5,231
How about the prices of each character?
Luna is trading higher than the other characters as it is new and the rarest character in the collection at the time of writing. In addition, Orochi’s price has increased, as a result of being burnt the most and becoming rare.
Over time, this shuffling of characters helped to increase the floor price of the collection.
Source: OpenSea (28 July 2022)
“BurNin’ is a powerful system that raises the value of less popular characters in the collection. The combination of the new character introduction and the change in appearance frequency can add another layer of excitement to our collection”, commented Road, the founder of CNP.

What’s next?

The team plans to employ the burNin’ system every few months, with the next event is scheduled for autumn 2023.

The next character will be a twin cat.

Source: https://twitter.com/cnp_ninjadao

So, how can you participate in the burNin’ event?

A special Katashiro NFT collection will be released by the team in due course, which will act as a ticket to enter the BurNin’ event.

You can burn a CNP with a Katashiro NFT to get a new character, and in a few days, the design of your new CNP will be revealed.

Yoko
It is always so much fun to find out which design you have received. The community gets filled with posts from members trying to show off their new character!

Since the new character will be limited to only 2,222 units, not all CNP holders will get access to burNin’. Leading up to the BurNin’ event, the team will be running various campaigns, such as the Rainbow Campaign to distribute Katashiro NFTs. To get more information about these campaigns, you can join the NinjaDAO community here.

Katashiro NFTs will also be available for sale on the secondary market on OpenSea.

BurNin’ is a system that allows the collection to evolve and offer excitement to CNP owners. It will be interesting to see how the future burNin’ events will influence the growth of this innovative Japanese collection in the long run.

The content is for informational purposes only. Investment/financial opinions expressed by Web3 Zen.com are not recommendations. As always, please do your own research prior to making any investment decisions.