The Shiba Inu team has made a bold move into the world of NFTs with their latest collection called “SHEboshis”. This collection is different from their previous offerings as it embraces the ERC-404 token standard, which is unexplored territory for the team. In a blog post, Shiba Inu developer Kaal Dhairya expressed excitement about the untapped potential of ERC-404 and the team’s eagerness to explore new possibilities within the Ethereum ecosystem and the wider crypto market.
The ERC-404 standard combines the functionalities of ERC-721 and ERC-20, which enhances the liquidity of NFTs and promotes fractionalization. The SHEboshis collection was initially launched on the Ethereum network to leverage its significant liquidity, but the team plans to bridge them to Shibarium in the future.
There was a temporary bug that caused some wallets to receive more SHEboshis than intended, but the team quickly addressed the issue. To make up for any inconvenience caused, they increased the total number of SHEboshis available for minting from 12,000 to 20,000, ensuring that everyone has a fair chance to claim their NFTs. Any unclaimed SHEboshis will be available for purchase by LEASH holders after the claiming period ends, ensuring fairness and accessibility for all participants.
In terms of the proceeds from the unexpected sales resulting from the bug, the team has outlined their plans for allocation. Fifty percent of the revenue, which amounted to 652 ETH, will go towards token burns, charity donations, the team, and liquidity provision for the NFT project. The team plans to strategically burn SHIB, LEASH, TREAT, and SHI tokens to reduce their supply and increase their value for token holders. They will also make donations to support earthquake relief efforts in Japan and contribute to non-profit organizations like the Manny Pacquiao Foundation and Women in Blockchain.
The remaining 50% of the revenue will be used for operational expenses and the team’s treasury, aligning with their mission for a decentralized future as outlined in the Shib Paper.
The burn rate of Shiba Inu’s SHIB token has seen a significant surge, reaching an astonishing 8,511.59%. In the past 24 hours alone, 86,115,940 SHIB has been burned, indicating increased activity and optimism within the Shiba Inu ecosystem. This surge in burn rate has also had a partial impact on the price of SHIB, which is currently trading 2.66% higher at $0.000009646 with a market cap of $5.68 billion.