The Shiba Inu ecosystem team has revealed plans to allocate a portion of proceeds on its new NFT project to burn ecosystem tokens.
Recently, the Shiba Inu team unveiled an upcoming NFT project called Sheboshis. The new collection uses the trend ERC-404 standard, which blends ERC-721 and ERC-20 to introduce fractionalized NFTs.
While news of the Sheboshis launch generally focused on the collection’s unique features, the ecosystem team has now revealed additional information about the project.
Top of the latest reveals involves plans from the team to burn a portion of the proceeds that it will receive from selling some of the Sheboshis.
Worth noting is that the Sheboshis collection is generally not for sale. Instead, members of the Shiba Inu community who hold the male-themed Shiboshis collection can claim female-theme Sheboshis when they launch.
However, the Shiba Inu team envisages a possibility that some Sheboshis will remain unclaimed. Hence, the team intends to offer any unclaimed Sheboshis to the public and use the proceeds to boost the value of the Shiba Inu ecosystem.
Sheboshi Proceeds to Be Dedicated to Ecosystem Token Burns
In a recent X post, Shiba Inu’s marketing lead, Lucie, laid out how the team plans to utilize any proceeds from a public Sheboshis sale. The team will spend 10% of the proceeds burning tokens from across the Shiba Inu ecosystem.
Precisely, 6% will go into burning the apex token, SHIB, with 1% each dedicated to burn Shibaswap (BONE), Doge Killer (LEASH) and the soon-to-be launched tokens TREAT and Shi (a stablecoin).
#Sheboshis are dedicated to the entire ecosystem! Whatever is not claimed by #Shiboshis will be offered to the public.
What are we doing with the proceeds?
We aren’t focusing this drop on making funds, and instead would love ALL the NFTs to be claimed. But in case some are… pic.twitter.com/yNFI3OC77Q
— 𝐋𝐔𝐂𝐈𝐄 | Shibarium ⛓️ (@LucieSHIB) February 17, 2024
The Shiba Inu ecosystem team has always focused on burning Shiba Inu. The recent allocation to other tokens suggests that the team may be expanding its focus to boosting value across the ecosystem.
Meanwhile, Shiba Inu appears to be doubling down on charitable causes at the same time. 10% of the proceeds will go to non-profit endeavors, with the rest of the potential funds going to the Shiba Inu team, treasury, and a Shib-focused DAO expected to launch in the near future.
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