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MARKETPLACE September 2023

How to redeem your NFTs for real experiences and products? OpenSea explains

OpenSea, one of the oldest NFT marketplaces, has submitted two proposals to standardize the ecosystem of redeemable non-fungible tokens. They are the Ethereum Requests for Comments (ERC-7496 and ERC-7498) and the Seaport Improvement Proposals (SIP-14 and SIP-15).

Redeemable non-fungible tokens are tokens that allow their holders access to some benefit or experience, such as a physical product, service, event or digital content. These tokens have gained popularity in the creative arena, especially in fashion, gaming and collectibles. However, the lack of common standards and an intuitive user interface has hindered their development and adoption.

The company announced that it will base future products on these standards, covering different types of on- and off-chain redemptions.

On the road to success OpenSea's plan includes several goals. The company has already implemented the open source redeemable standards and looks forward to receiving technical feedback from the community, as well as collaborating with other industry players.

Next, the platform will enable blockchain redeemable support, which will allow creators to associate redemptions with their collections. In addition, OpenSea plans to expand the design space for redemptions by introducing "feature redemptions."

Finally, the NFT marketplace will extend on-chain standards to off-chain redemptions. The company is currently seeking partners for no-code solutions, inviting interested parties to participate. With this feature, creators will be able to link their tokens to off-chain experiences and physical goods.

In addition to creating a more inclusive environment for creators and fans, the platform makes it easier for users to discover, create, exchange and redeem these non-fungible tokens directly on OpenSea.

The proposed standard has transformative potential and can improve the relationship between creators and their communities, opening the doors to innovative applications powered by web technology3.

The celebration has already begun!

To celebrate this launch, the platform has created an NFT called "Baby Burn". The token can be redeemed for a digital character named Burnie the Flame.

People can get the token for free on a dedicated page. At the time of writing, 40,130 NFTs have been minted.

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