BlocksInform
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.
Based on a cryptocurrency account inspired by meme, the special collection of coins "sold out in the first 4 minutes" of the event as the demand for tokens far exceeded the offer.
The special Shiboshi x @bugattigrp mint collection has sold out in the first 4 minutes! Thank you for participating!
— Shib (@Shibtoken) January 15, 2023
Shiboshis are non-fungible tokens (NFTs) exclusive to the Shiba Inu ecosystem that were launched back in October 2022. The partnership has brought "physical objects and collectors' items" to the holders of shiboshi.
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 "limited edition shoulder bag" from the bugatti group, whereas 5% received limited edition hand luggage from the group. These have been rewarded to 15 nft minters while allowing them to put their own shiboshi design on the bag.
Blown away by the incredible demand for the @Shibtoken and @bugattigrp NFT drop.
That's 110 seconds full! I was honored to be one of them.
LFG!#ShibaInu #LFTravel #NalikesStudiohttps://t.co/fJtSNOthP7 pic.twitter.com/OQYJUlRqjL
— Nalikes Studio (@NalikesStudio) January 15, 2023
This partnership follows Bugatti Group's announcement of its first NFT projects in November 2022, in partnership with the NFT collection of the Bored Ape Yacht Club (BAYC).
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. This is down from the 1,500 or so new HIBS portfolios that were launched earlier this year as the slowing of the cryptocurrency space has also affected transaction volumes and the interest of retail investors in this space.
