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PleasrHouse, a recently launched streaming auction series from Web3 collective PleasrDAO, has orchestrated a pair of compelling sales so farâincluding a Pentagon Papers-themed NFT in collaboration with Edward Snowden, and the physical couch seen in the classic Doge meme.
But for its next trick, PleasrDAO plans to burn socks⊠in both token and physical form.
On Tuesday night, the group will kick off a 24-hour PleasrHouse auction around Unisocks, a historic project from leading decentralized exchange (DEX) Uniswap. Created in 2019, Uniswap launched 500 SOCKS tokens on Ethereum, and promised buyers that they could âburnâ (or permanently destroy) a token in exchange for the physical socks.
PleasrHouse ft. Unisocks NFT id=69
Flamethrower acquired@haydenzadams gonna slide
Almost time to redeem, you absolute cowards
No sock is safe
24 hrs of chaos starts March 21
get notified --> https://t.co/BuN3ETlibB@uniswap pic.twitter.com/h989JIpEFl
— âš PleasrDAO (@PleasrDAO) March 17, 2023
With such a limited quantity of socks, Uniswap used a bonding curve to automatically boost the price with each new token sold. The first token sold for just $12, but as of now, a SOCKS token sells for about $42,400 worth of ETH. Over the years, Unisocks have become a physical-meets-digital status symbol for DeFi degens.
PleasrHouse has a few things planned for the online auction. First off, it will auction SOCKS token #69, with Uniswap creator Hayden Adamsâwho helped conceive the PleasrHouse saleâand Rainbow co-founder Mike Demarais joining live for the final hour of the streaming auction on Wednesday night.
On top of that, PleasrHouse will sell its own limited-edition NFT called Uniblocks, inspired by Unisocks, with a total supply of 2,000 NFTs that will be âredeemable for something wearableâ if they sell out, PleasrDAO Head of Marketing Chris Eberle told Decrypt.
Each Uniblocks NFT will sell for 0.1 ETH, or about $180 at present. For each 666 Uniblocks NFTs sold, PleasrHouse will burn one of three SOCKS tokens it acquired specifically for the event. Doing so will redeem the fungible token for the physical Unisocks, as well as a commemorative NFT (or non-fungible token).
And if all 2,000 Uniblocks NFTs are sold, PleasrHouse will then physically burn three pairs of Unisocks on the streamâwith a flamethrower. One pair will come from Adamsâ own feet, and the collective ashes will apparently be used to create the wearable for Uniblocks buyers.
â[Adams] describes them as gross, maybe a little moldy, as he has never washed them,â Eberle explained. âSo we're gonna trade him for a pair of our new socks, and torch his. So if we happened to forge something with the ashes, people could have their own little piece of not just Unisocks, but Hayden's moldy Unisocks.â
.@kaiynne burn your 1.0 $SOCKS on https://t.co/08xLTLBesl coward
#PleasrHouseSOCKSBurn @PleasrDAO @Uniswap
— tridog (@tridog) March 21, 2023
In the run-up to the auction, PleasrDAO has jokingly encouraged people to âharassâ other SOCKS token holders, trying to goad them into burning their own holdings as part of the celebration. Eberle said itâs a callback to the âRedeem You Cowardsâ meme that Demarais and others perpetrated in the early days of Unisocks, but that itâs âmostly just for fun.â
Weâll see whether PleasrHouse ultimately sells enough NFTs to burn both digital SOCKS and physical Unisocks on Wednesday night. In any case, the campaign may turn newer generations of Web3 users onto the influential and high-value Unisocks, which predate more recent apparel brand moves and tokenized fashion drops by years.
âFor all the absurdity and memes, I really think Unisocks are an important part of DeFi and NFT history,â Eberle said, adding that it used a âsimple but elegant modelâ that tied together multiple tokens and physical apparel. It also innovated on digital receipt, proof of redemption, and token-gating mechanics that have since spread far and wide.
âBig brands like Adidas, Gap, and RTFKT have Unisocks to thank for stepping (sorry, had to) into this space,â he added. âBasically itâs all Unisocks. Always has been.â
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