The EIP is a Redeemable NFT extension which adds a redeem function to EIP-721. It can be implemented when an NFT issuer wants his/her NFT to be redeemed for a physical object.
An increasing amount of NFT issuers such as artists, fine art galeries, auction houses, brands and others want to offer a physical object to the holder of a given NFT. This standard allows EIP-721 NFTs to signal reedemability.
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