- The Shiba Inu team ventures into the world of NFTs with their latest collection, SHEboshis, embracing the ERC-404 token standard.
- This move aims to explore new possibilities within the Ethereum ecosystem and the wider crypto market, leveraging the liquidity of Ethereum.
The Shiba Inu (SHIB) team has taken a daring leap into the world of NFTs with their latest collection, the ‘SHEboshis’. Departing from the usual, these NFTs embrace the ERC-404 token standard, a move described by Shiba Inu developer Kaal Dhairya as delving into uncharted territories.
In a recent blog post, Dhairya expressed the team’s anticipation for the untapped potential of ERC-404. This venture marks an exhilarating journey for the team as they explore new possibilities within the Ethereum ecosystem and the wider crypto market.
The ERC-404 standard merges the functionalities of ERC-721 and ERC-20, enhancing the liquidity of NFTs and promoting fractionalization. With the SHEboshis launched on the Ethereum network initially, leveraging its significant liquidity, the team aims to give them a strong start before bridging them to Shibarium in the future.
Despite a temporary bug leading to some wallets receiving more SHEboshis than intended, the team swiftly addressed the issue. To rectify any inconvenience caused, they have increased the total number of SHEboshis available for minting from 12,000 to 20,000, ensuring that everyone has a chance to claim their NFTs.
Once the claiming period concludes, any unclaimed SHEboshis will be open for purchase by LEASH holders, ensuring fairness and accessibility for all participants.
How Shiba Inu Plans to Allocate the Proceed of Sales?
In the spirit of transparency, Dhairya also disclosed the team’s plans for allocating proceeds from the unexpected sales resulting from the earlier-mentioned bug, which brought in 652 ETH. Fifty percent of this revenue will go towards token burns, charity donations, the team, and liquidity provision for the NFT project.
Regarding token burns, the team will strategically burn SHIB, LEASH, TREAT, and SHI to reduce their supply and enhance value for token holders. As for donations, Dhairya mentioned contributions will support efforts in Japan, particularly aiding those affected by the Noto earthquake. Non-profit organizations such as the Manny Pacquiao Foundation and Women in Blockchain will also receive some revenue.
Concerning the remaining 50% of the revenue, Dhairya remarked, “This portion is allocated towards operational expenses and our treasury, furthering our mission towards a decentralized future as outlined in the Shib Paper.”
SHIB Burn Rate Surge
Shiba Inu’s (SHIB) burn rate has skyrocketed, reaching a staggering 8,511.59%. In the last 24 hours alone, a total of 86,115,940 SHIB has been burned, as reported by Shibburn. Scrutiny reveals a consistent increase in SHIB tokens sent to inactive wallets, reigniting optimism surrounding the meme coin’s future.
Previously, the burn rate growth had been gradual, with members of the Shiba Inu ecosystem anticipating the implementation of the automatic burn feature through the burn portal.
The surge in the burn rate also had a partial impact on the Shiba Inu price. At press time, SHIB is trading 2.66% up at $0.000009646 and a market cap of $5.68 billion.
