3 controversial NFTs sent to burn addresses
NFTs are rightly attracting a lot of attention lately, but do you know what happens when you send a token to the original issuing address? It is burned and effectively destroyed forever. This article will examine three controversial cases when NFTs have been sent to their burn addresses and annihilated without the possibility to recover them.
Lindsay Lohan and 0x_b1
Lindsay Lohan made international news once again recently by surprisingly joining the NFT community and minting her first NFT artwork called "Lindsay 'Lightning' Lohan.” Announcing her first drop on Twitter, Ms. Lohan posted a controversial caption citing the power of Bitcoin.
This was rather controversial, considering the fact that she used Rarible to publish her NFT. Rarible is an Etherum-based platform. Lohan’s oversight understandably attracted the attention of Ethereum fans, and the person who purchased the NFT made a bold move. Turning to his Twitter following, 0x_b1 asked if he should burn the NFT because of Lohan’s underappreciation for the Ethereum blockchain.
As votes came in and the poll concluded, it was clear - Lindsay Lohan’s first-ever NFT was going to be destroyed. By sending the NFT to the initial issuing address 0x_b1 effectively and irrevocably destroyed the NFT.
Mad Dog Jones increases rarity
A somewhat unpopular move from NFT artist Mad Dog Jones shocked his followers in early March 2021. Jones decided to purchase back a large portion of his NFT art from collectors and burn it to increase the rarity factor for his remaining works. While a bit controversial, this was a successful marketing stunt.
Burning artwork worth well over 4 million dollars might not be an anticipated move from artists, however, Mad Dog Jones definitely attracted attention towards himself. Do you think it is worth it to sacrifice 35 NFTs to increase the value of your remaining collection?
Kings of Leon pushing engagement
Kings of Leon recently released their latest album as a set of NFTs and exclusive limited-edition tokens representing lifetime tickets to all the band’s future shows. While more big names of the music industry are joining the NFT and blockchain revolution, Kings of Leon undertook a rather radical approach.
According to the band, when the sale period for their new album and the corresponding tokens finishes, all outstanding NFTs will be burned and destroyed forever. This is a harsh approach but definitely pushes the band’s fanbase to be engaged and purchase NFTs while they are available.
Banking on FOMO is not always the best approach, but it seems to be working for Kings of Leon, as they have already amassed more than two million dollars in sales.
What do you think about these cases? Is it justified to completely obliterate a work of art to attract the attention of fans? Let us know what you think in the comments or on our Twitter.