THE DEAL ON $DEEDSTR: TokenWorks Launches An Otherside Based Strategy Coin That Also Burns The BAYC’s $APESTR!
- Kyle
- 2 days ago
- 2 min read
As Apes partied in Las Vegas this weekend, TokenWorks brought its flywheel mechanics to the metaverse with the launch of $DEEDSTR, and it already owns over 500 plots of land!
On Saturday, TokenWorks broke on through to the Otherside with the launch of an Otherdeed based strategy coin that will not only buy and sell Otherdeeds but also burn the Bored Ape Yacht Club’s strategy coin, $APESTR, with every purchase!
“OtherdeedStrategy has a custom fee structure,” the TokenWorks team tweeted. “8% buys Otherdeed Expanded NFTs 1% buys and burns $PNKSTR 0.5% buys and burns $APESTR 0.5% creator royalties The Otherdeed team forfeited half of their creator royalties to strengthen the larger $APESTR ecosystem.”
Like TokenWorks’ other strategy coins, $DEEDSTR is fully onchain, autonomous, and powered by a smart contract that uses a trading fee to purchase NFTs. Every time an Otherdeed is bought, $DEEDSTR quickly relists the land at 1.2x the floor price. Once it sells, $DEEDSTR buys back and burns its own token, burns TokenWorks’ original PunkStrategy coin, and, in the case of $DEEDSTR burns $APESTR, perpetually!
“Calling it rn $DEEDSTR will melt faces,” BAYC Member and Otherdeed whale BreadStacker tweeted. “Low price high supply timed perfectly with product being delivered after years will put the flywheel on steroids.”
At the time of this article’s publication, $DEEDSTR has a market cap of $582,000 USD, 295 holders, and has accumulated 515 Otherdeeds, according to TokenWorks and Etherscan data.
With the launch of $DEEDSTR, TokenWorks’ Strategy ecosystem now consists of 15 coins, and the company teased that something big is in the works.
“Over the coming weeks, you'll see more novel strategy launches before a massive platform release in early November,” TokenWorks tweeted.
For more information on $DEEDSTR or to purchase some for yourself, visit TokenWorks’ website here: https://www.nftstrategy.fun/strategies/0xe8cbeccf2140238c5358e60c69203303f3a91732
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