25/02/2023
Oocca nft are ETH Backed NFTs
What backing means is that the NFT becomes a piggy bank account, but instead of physical coins you back the NFT with Ethereum (or other crypto currency). Like a piggy-bank the only way to get the backed Ethereum back out is to smash the piggy bank open–aka burning.
The Oocca Club main collection NFTs are backed with 33% of it’s initial sale price. The oocca club NFT mint price is 0.03 ETH, which means every NFT will be backed with 0.01 ETH. To get access to the backed Ethereum holders have to burn the NFT, which means they destroy the Oocca and the total collection supply is becoming scarcer.
It is important to realize that the Oocca backed NFT has real value but since the value is locked it has no other liquidity, than a stable floor prize for the collection. Everyone on the blockchain has different strategies and thoughts, some people need liquidity and some people are looking for long term value.
Burning (or destroying) an oocca NFT works as follows: Through the sky hub portal, (an exclusive page in our Dapp), The Oocca club NFT holders can, among other features, use the burning contract and sign it with their wallet. After you signed the contract, your NFT is sent to a burn wallet to be destroyed in exchange for the backed value.
This ensures a partial insurance value and a stable floor price, in times of bad market movement. It is important to understand that in order to stake your oocca for DNA collecting, (which you need to participate in the cloning of your Oocca), you cannot access the backed value during staking. As soon as you choose to extract the backings value from the oocca, the NFT will be destroyed and removed from the total supply of the collection. There is also a minimum stake period associated with your NFT before you can use the burned contract.