Shiba Inu ($SHIB) and Bugatti Group's NFT Mint Sells out in 4 Minutes
The partnership between the meme-inspired cryptocurrency Shiba Inu ($SHIB) and the North American luxury brand Bugatti Group involved the minting of non-fungible tokens (NFTs) in a “special event” in which the Bugatti Group hosted a “mint party and space” dedicated to Shiboshis.
According to an account associated with the meme-inspired cryptocurrency, the special mint collection “sold out in the first 4 minutes” of the event as demand for the tokens far exceeded supply.
Shiboshis are non-fungible tokens (NFTs) exclusive to the Shiba Inu ecosystem that were launched back in October 2022. The partnership brought “physical items and collectible NFTs” to Shiboshi holders.
A total of 299 limited releases and a “very exclusive 1st edition release” were minted at the event for 0.14 ETH each. 95% of mints received a “Cross Body limited edition Luggage Bag” from Bugatti Group, while 5% received a limited edition Carry-On item from the group. These were rewarded to 15 NFT minters while allowing them to place their own Shiboshi design on the bag.
The partnership comes shortly after the Bugatti Group announced its first-ever NFT projects in November 2022, in partnership with the Bored Ape Yacht Club (BAYC) NFT collection.
The Montreal-based luxury brand partnered with BAYC to print one-of-a-kind NFTs onto luggage and crossbody bags and soon on international retailers’ websites, by investing in building a new facility equipped with advanced technology and machinery.
As reported, in December the SHIBArmy was adding around 600 new holders per day, even amid the ongoing crypto bear market. The figure is down from around 1,500 new wallets holding $SHIB earlier this year as the slowdown in the cryptocurrency space has also been affecting trading volumes and retail investors’ interest in the space.
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