PleasrHouse will auction off SOCKS token #69, and may also set Hayden Adams’ cryptosocks on fire.
PleasrHouse is a new streaming auction series from the Web3 collective PleasrDAO. It has already held two interesting sales, including an NFT based on the Pentagon Papers that was made in collaboration with Edward Snowden and the physical couch depicted in the classic Doge meme.
PleasrDAO plans to burn socks in both token and physical form for its next trick.
On Tuesday night, the group will start a PleasrHouse auction for Unisocks, which is a landmark project from the leading decentralized exchange (DEX) Uniswap. The auction will last for 24 hours. In 2019, Uniswap released 500 SOCKS tokens on Ethereum with the promise that buyers could “burn” (permanently destroy) a token in exchange for real socks.
With limited socks, Uniswap used a bonding curve to automatically raise the price with each token sold. The first SOCKS token sold for $12, but now it costs $42,400 in ETH.
PleasrHouse has some online auction plans. First, it will auction SOCKS token #69, with Uniswap creator Hayden Adams and Rainbow co-founder Mike Demarais joining live for the final hour on Wednesday night.
At the moment, each Uniblocks NFT will sell for 0.1 ETH, which is about $180. PleasrHouse will burn one of the three SOCKS tokens it bought just for the event for every 666 Uniblocks NFTs it sells. When you do this, you can exchange the fungible token for the real Unisocks and a commemorative NFT.
And if all 2,000 Uniblocks NFTs are sold, PleasrHouse will burn three pairs of Unisocks with a flamethrower in the stream. One pair will be made from Adams’ own feet, and the collective ashes will apparently be used to make the Uniblocks wearable.
“[Adams] describes them as gross, maybe a little moldy, as he has never washed them,” Eberle explained. “So 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.”
In the days leading up to the auction, PleasrDAO has jokingly encouraged individuals to “harass” other SOCKS token holders in an attempt to provoke them into burning their own tokens as part of the celebration. Eberle stated that it is a reference to the “Redeem You Cowards” meme created by Demarais and others in the early days of Unisocks, but that it is “mostly for fun.”
Wednesday night will reveal whether PleasrHouse ultimately sells enough NFTs to burn both digital SOCKS and physical Unisocks. In any case, the campaign may introduce younger Web3 users to the influential and valuable Unisocks, which predate more recent apparel brand moves and tokenized fashion drops by several years.