Very Network News: How Will NFT Burns and Wepin Closure Affect Users?
NFT Market Debut and a Wallet Service Closure: October 20 Update
Two announcements arrived on October 20, 2026, and both affect how users handle assets in the ecosystem.
In the latest Very Network News, the project shared first-day numbers for its NFT market and confirmed a closing date for Wepin. One update shows early trading activity, while the other requires action from users before the year ends.
First 24 Hours of NFT Trading: Volume and Burn Figures
The NFT market posted its opening-day results through the project’s official X account. This round of Very Network News includes the following figures:
Metric | Reported Figure |
Total traded | Over 8,000,000 |
Total burned | Over 400,000 |
Burn share of each trade | 5% |
Registration fee per new collection | 1,000,000, burned in full |
Both traded and burned amounts are counted in the native VERY token. The numbers match: 5% of 8 million equals 400,000. These are first-day numbers only, so they offer a snapshot rather than a trend.
Source: Official X Post
How the Token Burn Works in the NFT Marketplace
The marketplace ties its fee structure directly to supply reduction:
5% of every trade is burned and removed from circulation.
Each new collection pays a registration fee of 1,000,000, and all of it is burned.
The first community collection will begin minting soon.
A crypto burn of this type permanently lowers the circulating supply. Since registration fees are burned rather than kept, every new collection adds to the total removed.
Burn mechanisms like this are common in crypto, though outcomes differ by project. How large the effect becomes depends on future volume, which has only been disclosed for day one. The post also invited holders to show off their VeryPunks.
Wepin Shutdown Timeline: Key Dates and Contacts
The second item in today’s Very Network News is a service closure. Wepin will end its service on December 31, 2026, at 00:00 UTC, and VeryChat will stop supporting Wepin wallets at the same time. The key details are:
Service end: December 31, 2026, 00:00 UTC
Support availability: until March 31, 2027
Closure notice: app.wepin.io/notice
Support email: wepin.cs@iotrust.kr
Source: X Post
Steps to Move Assets to VeryWallet Before the Deadline
Users with assets in the closing service can transfer them using this path:
Open the Wallet tab in VeryChat.
Copy your VeryWallet address.
Open Wepin Wallet.
Select Send and transfer the assets to the copied address.
Anyone following Very Network News should note the advice to move assets before the closing date.
Because options after a shutdown may be limited, anyone using a crypto wallet on a closing service should confirm that each transfer reaches the new address.
What the Two Updates Mean for the Ecosystem
Taken together, the announcements show two different phases. The NFT market is in its early stage, with burn-linked fees built to take tokens out of circulation, while the closure pushes users toward VeryWallet. For readers tracking crypto news today, the practical points are clear:
Watch how trading volume develops after the first day.
Track when the first community collection starts minting.
Complete any transfer well before December 31.
Further, Very Network News will matter most once minting begins and new volume data appears, while the closing date for transfers stays fixed.
YMYL Disclaimer: This article is for general information only and is not financial, investment, or legal advice. Crypto assets are volatile and carry risk, so readers should do their own research and consult a qualified professional before making any decision. Always verify wallet addresses and official notices before transferring assets.
