Shiba Inu Team Embraces Ethereum ERC-404 Standard For New NFT Collection

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The Shi­ba Inu (SHIB) team has decid­ed to test the waters with the launch of its lat­est NFT (non-fun­gi­ble token) col­lec­tion. This NFT col­lec­tion, known as the ‘SHE­boshis’, is dif­fer­ent from the norm as it incor­po­rates the ERC-404 token stan­dard

Shiba Inu Exploring New Horizons With ERC-404

Shi­ba Inu devel­op­er Kaal Dhairya men­tioned in a blog post how the team was choos­ing to ven­ture into the “unchar­tered ter­ri­to­ries of the ERC-404 stan­dard” with the She­boshi launch. This adven­ture is no doubt an excit­ing one for the team, as the devel­op­er not­ed that they were filled with antic­i­pa­tion for the ERC-404’s “untapped potential.”

This new Ethereum token stan­dard is cur­rent­ly one of the lead­ing nar­ra­tives in the Ethereum ecosys­tem and the cryp­to mar­ket in gen­er­al. ERC-404 is a com­bi­na­tion of the ERC-721 (for NFTs) and ERC-20 (for fun­gi­ble tokens) token stan­dards, a move which makes NFTs more liq­uid and fur­ther pro­motes fractionalization. 

The Shi­ba Inu team had men­tioned upon the launch of the SHE­boshis on Feb­ru­ary 20 that the NFTs were going to be mint­ed on the Ethereum net­work (as against Shibar­i­um). They explained that they were “lever­ag­ing the immense liq­uid­i­ty of Ethereum to give SHE­boshis the start it deserves.” In the long run, the team, how­ev­er, plans to bridge these NFTs (along­side Shi­boshis) to Shibarium. 

Mean­while, Dhairya also revealed that a bug momen­tar­i­ly allowed for addi­tion­al mint­ing, with some wal­lets acquir­ing more NFTs than their ini­tial allo­ca­tion. He then went on to apol­o­gize for the incon­ve­nience this may have caused to those who were unable to mint a SHEboshi. 

To com­pen­sate for this occur­rence, the devel­op­er men­tioned that the team has 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 ends, the unclaimed SHE­boshis will be made avail­able to LEASH hold­ers to purchase. 

SHIB price starts recovery trend | Source: SHIBUSD on Tradingview.com

Allocation Of Proceeds From The Unexpected Sales

In the spir­it of trans­paren­cy, Dhairya also revealed how the team intends to allo­cate pro­ceeds from the unex­pect­ed sales that occurred as a result of the ear­li­er-men­tioned bug. That event appar­ent­ly raked in 652 ETH for the team. 50% of this rev­enue will be ded­i­cat­ed to token burns, char­i­ty dona­tions, the team, and liq­uid­i­ty pro­vi­sion to the NFT project. 

For the token burns, the team will “strate­gi­cal­ly” burn SHIB, LEASH, TREAT, and SHI in order to reduce its sup­ply and add val­ue for the token hold­ers. For dona­tions, Dhairya men­tioned that con­tri­bu­tions will be made to sup­port efforts in Japan (The Noto earth­quake). Non-prof­its like the Man­ny Pac­quiao Foun­da­tion and Women in Blockchain will also receive a share of the revenue. 

“This por­tion is allo­cat­ed towards oper­a­tional expens­es and our trea­sury, fur­ther­ing our mis­sion towards a decen­tral­ized future as out­lined in the Shib Paper,” Dhairya remarked con­cern­ing the remain­ing 50% of the revenue. 

Fea­tured image from Cryp­to News Flash, chart from Tradingview.com

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