Burning on NFL All Day: Removing Moments from Supply
NFL All Day is kicking the summer months off with a fiery new update. On June 2, All Day reaffirmed its commitment to scarcity by introducing Moment burning. If you are unfamiliar with burning tokens in crypto, burning is permanently destroying a digital item, usually for some type of return or reward.
All Day outlined three ways burning will be used in the future to earn rewards or just simply reduce unnecessary supply — we’ll dive into each one and what it means for collectors.
Before we start, the language by NFL All Day in the update dictates that the following applications of burning Moments are trials. The methods that users enjoy will likely stay, and those that aren’t well-received probably won’t stick around for long.
This flexibility and communication around how burning will progress is a welcome sign for collectors, being transparent about how this young platform will develop usually leads to a more positive experience.
Burning Moments for Credit or Prizes
All Day is wasting absolutely no time getting the burning going. To celebrate this new feature there will be a limited “Hot Drop” of 1,000 Super Wild Card reserve packs on Friday, June 3. Any collector who pulls three Common Moments — rather than landing a Rare or Legendary — will be given a 24-hour option to burn all three Moments and get $35 in Dapper credit in return. The $35 credit is a $14 loss compared to the $49 pack price.
With these Wild Card packs coming in at a 20 percent chance to pull a Rare or Legendary, an expected 800 users will be given the option to try out burning.
This $35 offer installs somewhat of a floor value for these Moments. Collectors can quickly check the value of the Common Moments they pulled, and if they total less than $35, accept the deal and pick up Moments they want on the marketplace. Of course, some Common Moments might be able to push the value of the pack past the $35 threshold.
This allows fans to decide which Moments remain in circulation, which is something that will continue to be implemented in the future.
Burning Moments for New Moments
The concept of destroying Moments to unlock access to new ones has already been acknowledged in the Dapper-sphere by NBA Top Shot, which is debuting crafting challenges in the coming weeks. For All Day, too, burning Moments will be a requirement to complete certain future challenges and receive rewards.
It is expected to debut during this off-season, which lasts until September.
Regardless of when they arrive, challenges that reduce total of Moments rather than add to them is going to help challenge rewards maintain scarcity. The value of the required components should also be spared the usual aggressive post-challenge crash users have come to expect.
If successful, All Day hints they might explore expanding this option into requiring Moments to be burned in exchanged for packs and who knows what else. Maybe fan experiences? Time will tell.
All Day Burning Its Own Moments
This is the one, everybody. This application of burning should get you out of your seat. All Day has stated that when the circumstances indicate they have too much supply, they will simply burn Moments rather than releasing them!
This allows All Day to react to market data and curtail supply to properly meet demand rather than having no option but to release the number they announce in a pre-series road map.
To start off, All Day has committed to burning 100,000 already-minted uncirculated Series 1 Common Moments from Weeks 13-18. When finished, the effective mint count will be able to be seen when browsing the marketplace.
This is a welcome development for any fan of Dapper’s products; permitting the burning of unsold moments means the Marketplace can be dynamic rather than tethered to the expectations that might be set from metrics that grow outdated throughout a season. All Day will be able to mint to the maximum projected market demand and then tailor supply throughout the season to meet the state of the market.
NFL All Day Burning Going Forward
If you’re unsure how to feel about burning, it should undoubtedly be viewed as an attempt to bring balance to the All Day market and maintain supply and demand. Providing ways in which users and the platform itself can alter the scarcity of a Moment brings a more dynamic equilibrium to collectors.
It is safer to collect what you love because if others do not care for the Moment, it will be destroyed, and the value of the remaining supply can find a floor. As time progresses the landscape for the Moments with the biggest mint counts might change the most dramatically.
How we collect Moments will be different forever, and we should all be excited about the possibilities as well as the demonstrated commitment to the community All Day has shown by introducing the burn.