One of the biggest non-fungible token (NFT) collections of all time will be part of an innovative universe announced on Thursday. Here’s what you need to know about “Burn Island” and VeeFriends.

What Happened: Entrepreneur Gary Vaynerchuk, aka Gary Vee, launched VeeFriends in May 2021 and a second collection called VeeFriends Series 2 in April 2022.

“Burn Island” will combine storytelling and functionality according to the company with the potential to bring “brand value and community interaction” to VeeFriends holders.

Holders can burn NFTs in exchange for access to events, physical rewards, virtual rewards and rare NFTs.

“By burning NFTs, 'Burn Island' acts as both an engaging way to reward and surprise VeeFriends holders and also implements deflationary token mechanics to the VeeFriends’ different NFT collections,” the company said.

“At VeeFriends, we are continuously working on innovative ways to bring value to our community and drive excitement,” VeeFriends President Andy Krainak said. “The goal behind the launch of 'Burn Island' is to create potential opportunities for increased rarity and holders to get the opportunity to engage in new experiences.”

The new addition to the VeeFriends World is built on the goal of expanding the project and intellectual property. The “Burn Island” platform will include VeeFriends BOOK GAMES, which were a Layer 2 NFT created by Vee that linked to his bestselling book, “Twelve and a Half.”

The "Burn Island" activations require certain NFT collections, rarities or a combination of both to be able to burn for the prize listed. Eruptions have start and end dates, the requirements listed and be sequential to not overlap each other.

The "Burn Island" eruptions will be primarily for VeeFriends NFT holders, according to the release. Participants have to register on the VeeFriends website for a VeeFriends account to take part in the "Burn Island" eruptions.

The first "Burn Island" eruption will begin on Feb. 21, 2023, and last until March 2, 2023.

Related Link: VeeCon 2022: First Year Event Brings Alpha, Community, Education & NFT Lessons 

Why It’s Important: VeeFriends is centered on characters that Vee created and drew himself. The characters include various characteristics Vee admires and “believes will lead to happiness and success.”

The first series of VeeFriends was a collection of more than 10,000 NFTs. VeeFriends Series 2 included 55,555 NFTs and had NFTs of a total of 251 characters.

VeeFriends has been called Vee’s Mickey Mouse in comparison to the media conglomerate Disney.

“We are on track to achieve what I had envisioned for VeeFriends, and we will continue to create real-life value through these NFTs,” Vee said. “I am excited for what’s to come and for the opportunity to grow this amazing community even more.”

Holders of series 1 VeeFriends get free tickets to VeeCon for three years. VeeCon is the first-ever ticketed NFT conference. The second-year event will be hosted in Indianapolis from May 18 through May 20, 2023.

VeeFriends collaborated with Macy’s Inc (NYSE:M) and Toys “R” Us on the launch of several products tied to the VeeFriends characters in late 2022.

“As I’ve said from the inception of VeeFriends, we are building with a long-term vision; and we will continue to grow, innovate and evolve the IP for holders.”

VeeFriends Price Action: At the time of writing, VeeFriends had a floor price of 5.2 Ethereum (CRYPTO: ETH), or around $8,517.

VeeFriends Series 2 has a floor price of 0.28 ETH, or around $455.

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