Shiba Inu Unleashes Ethereum Power for New NFT collection

The crypto project team for Shiba Inu (SHIB) recently announced the launch of its latest non-fungible token (NFT) collection, entitled “SHEboshis”. This initiative marks a significant milestone for the project, as it introduces the use of the ERC-404 standard, a first in the Ethereum ecosystem. The Ethereum ERC-404 standard promises to bring enhanced fluidity and to facilitate the fractionalization of NFTs, thus opening new prospects for holders and investors. In this article, we will explore the implications of this advancement.

New Horizons with Ethereum ERC-404

The SHEboshis venture represents a bold dive into the uncharted territories of the ERC-404 standard. Kaal Dhairya, a crypto developer at Shiba Inu, shared in a blog post the team’s excitement about exploring the yet untapped potential of this standard. The Ethereum ERC-404, which combines the features of the ERC-721 standard (dedicated to NFTs) and ERC-20 (for fungible tokens), is a standard that aims to make NFTs more liquid and to encourage their fractionable nature. It is seen as a potential game-changer in the Ethereum ecosystem and the crypto market at large.

The decision to mint the SHEboshis on the Ethereum network was driven by the desire to leverage the significant liquidity of the latter, thereby giving the SHEboshis the launch they deserve. In the long run, the team plans to bridge these NFTs to Shibarium.

However, the launch was not without its challenges. A bug temporarily allowed for additional minting, which resulted in an excess allocation of NFTs to certain addresses. Dhairya apologized for the inconvenience caused and announced the increase of the total number of SHEboshis from 12,000 to 20,000 to compensate for this incident.

The Allocation of Unexpected Sales Revenue

This technical incident which allowed for an additional issue of SHEboshis resulted in unexpected sales, generating revenue of 652 Ethereums for the Shiba Inu team. In a gesture of transparency and commitment to the crypto community, the team detailed how these funds would be used.

Half of these proceeds will be allocated to strategic initiatives, including token supply reduction through “burn” operations (token destruction), donations to charities, as well as to the team itself and the provision of liquidity for the NFT project. Charitable donations will be directed towards specific causes, such as support for relief efforts in Japan following the Noto earthquake, as well as to non-profit organizations such as the Manny Pacquiao Foundation and Women in Blockchain. The remaining portion of the revenue will be dedicated to operational expenses and the team’s treasury, with the goal of continuing their mission towards a decentralized future, as described in the project’s crypto whitepaper.

In conclusion, Shiba Inu’s initiative to introduce SHEboshis NFTs through the ERC-404 standard on Ethereum marks a significant turning point in the crypto ecosystem. By combining technological innovation and community commitment, Shiba Inu not only pushes the boundaries of what NFTs can be but also paves the way for new possibilities in liquidity and “fractionalization” of digital assets.

Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d’une certification consultant blockchain délivrée par Alyra, j’ai rejoint l’aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l’économie, j’ai pris l’engagement de sensibiliser et d’informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu’elle offre. Je m’efforce chaque jour de fournir une analyse objective de l’actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.