PleasrHouse, a recently launched streaming auction series from Web3 collective PleasrDAO, has orchestrated a pair of compelling sales so far—including 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 “burn” (or permanently destroy) a token in exchange for the physical socks.

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

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Author: Andrew Hayward

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