The Shiba Inu (SHIB) team has decided to test the waters with the launch of its latest nft (non-fungible token) collection. This nft collectionknown as 'SHEboshis', differs from the norm as it incorporates the ERC-404 token standard.
Shiba Inu explores new horizons with ERC-404
Kaal Dhairya, Shiba Inu developer mentioned in a blog post how the team chose to venture into the “unexplored territories of the ERC-404 standard” with the release of Sheboshi. This adventure is certainly exciting for the team, as the developer noted that they were filled with anticipation for the “untapped potential” of ERC-404.
it's new ethereum token The standard is currently one of the leading narratives in the ethereum ecosystem and the broader crypto market. ethereum/erc-404-euphoria-push-ethereum-gas-fees-to-8-month-high/” rel=”nofollow noopener” target=”_blank”>ERC-404 is a combination of the ERC-721 (for NFTs) and ERC-20 (for fungible tokens) token standards, a measure that makes NFTs more liquid and further promotes fractionalization.
He shiba inu team had mentioned in the launch of the SHEboshis on February 20 that NFTs were going to be minted on the ethereum network (as opposed to Shibario). They explained that they were “leveraging ethereum's immense liquidity to give SHEboshis the start it deserves.” However, in the long term, the team plans to pool these NFTs (next to shiboshis) to Shibario.
Meanwhile, Dhairya also revealed that a bug momentarily allowed additional minting, with some wallets acquiring more NFTs than their initial allocation. He later apologized for any inconvenience this may have caused to those who were unable to mint a SHEboshi.
To compensate for this fact, the developer mentioned that the team increased the total SHEboshis from 12,000 to 20,000. Therefore, those who were unable to claim and mint their nft can now do so. After the claim period has ended, unclaimed SHEboshis will be made available to BELT Holders for sale.
SHIB price starts recovery trend | Source: SHIBUSD on Tradingview.com
Allocation of income from unexpected sales
In the interest of transparency, Dhairya He also revealed how the team intends to allocate profits from unexpected sales that occurred as a result of the aforementioned error. That event apparently raised 652 eth for the team. 50% of these proceeds will go to symbolic burnscharitable donations, equipment and liquidity provision for the nft project.
For the burning of chips, the team “strategically” burn SHIB, LEASH, TREAT and SHI to reduce their supply and add value for token holders. Regarding donations, Dhairya mentioned that contributions will be made to support the efforts in Japan (The Noto Earthquake). Nonprofit organizations like the Manny Pacquiao Foundation and Women in blockchain You will also receive a portion of the proceeds.
“This portion is allocated to operating expenses and our treasury, furthering our mission toward a decentralized future as outlined in the Shib Paper”Dhairya commented on the remaining 50% of the income.
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