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

Bitcoinist

Bitcoin News / Bitcoinist 28 Views

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. 

Shiba Inu price chart from 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. 


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