Shiba Inu team plans to auction unclaimed Sheboshis NFT collections.
The team intends to use 10% of proceeds to burn SHIB, LEASH, and BONE.
Another 10% of sales will fund charities like the Manny Pacquiao Foundation.
The team behind the Shiba Inu ecosystem has unveiled intentions to dedicate a segment of proceeds from its latest NFT project towards burning ecosystem tokens. In a recent post on X, Shiba Inu’s content marketer Lucie posted details about the forthcoming NFT project, Sheboshis.
#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
This new collection adopts the ERC-404 standard, which combines aspects of ERC-721 dedicated to NFTs and ERC-20 for fungible tokens. Although initial coverage of the Sheboshis launch primarily highlighted the collection’s distinctive attributes, the ecosystem team has now disclosed further details about the project.
In particular, the latest revelation includes plans to burn a portion of the proceeds generated from selling some of the Sheboshis. Lucie noted that the Sheboshis collection is not generally for sale. However, they anticipate the possibility that some Sheboshis may remain unclaimed.
Consequently, the team will offer any unclaimed Sheboshis to the public and utilize 50% of the proceeds to enhance the value of the Shiba Inu ecosystem. The team will allocate 10% of the proceeds to incinerating tokens from across the Shiba Inu ecosystem.
Specifically, 6% will be directed towards burning the leading token, SHIB. In contrast, 1% each will be dedicated to burning Shibaswap (BONE), Doge Killer (LEASH), and the soon-to-be-launched tokens TREAT and stablecoin Shi.
Furthermore, the team intends to allocate 10% of the proceeds towards non-profit initiatives. Tentatively, the distribution includes 3% for Japan, 2% for the Manny Pacquiao Foundation, 2% for Women in Blockchain, and 3% to be determined by Shibdentity Enabled Dao.
Moreover, 15% of the proceeds will be allocated to foundational initiatives, to be determined at the launch of Shibdentity-enabled DAO, while another 15% will be designated for the team.
The remaining half of the fund will be allocated to expenses and treasury. This will contribute to the runway necessary to achieve the perpetually autonomous and fully decentralized network state outlined in the Shib Paper.
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