OpenSea announces redeemable NFT standard, providing on-chain redeemable support to all creators

ChainCatcher news, OpenSea announced in a blog that it will release two Ethereum Request for Comments (ERC-7496 and ERC-7498) and two Seaport Improvement Proposals (SIP-14 and SIP-15) to promote the development of a redeemable ecosystem. Redeemable NFTs allow redemption to receive another on-chain or off-chain item.

OpenSea has released a public proof of concept to illustrate this experience, allowing users to mint a Baby Burn egg on the OpenSea Drop page, then go to the redemption page to destroy the egg and exchange it for a Burnie. After that, OpenSea will directly launch on-chain redeemable support for all creators on OpenSea and will also expand the on-chain redemption standards, enabling creators to more easily link items in their collections to off-chain redemption experiences outside of OpenSea, while still tracking the on-chain redemption status through features or destruction.