Bonk Inu to Mint NFTs on Solana-Based Marketplace Magic Eden. But There's a Catch
Solana-based token Bonk Inu (BONK) will offer over 15,000 non-fungible token (NFT) collectibles on Solana marketplace Magic Eden on Tuesday, a representative told CoinDesk over email.
The NFTs, blockchain tokens that represent ownership of a physical or virtual asset, may help further BONK’s usage within the Solana ecosystem. BONK has attracted massive transactional volumes and hype in the past week.
The NFT collection has been made in collaboration with prominent Solana-based NFT projects and is fashioned as “profile pictures” for holders to use on social media networks such as Twitter.The collection brings artists from the Solana community, including John Le and the OMNI creative studio – the team behind the popular "Fracture" and "Gods" Solana NFT projects.
A portion of the collection will be given to Gods holders for supporting the project and studio. Over 8,000 of the supply will be left to be minted for only wallets that hold BONK.
The BONK profile pictures will be purely art-based with no imminent plans for utility, representatives said. Pricing for the mint – a term that refers to the initial issuance of any NFT – will be set at $25 worth of $BONK, and secondary trading will be transacted with solana (SOL) tokens.
Holders of the “Gods” NFT collection on Solana will be the first to be able to mint the Bonk collectibles. As such, all BONK raised will be burned and deleted from existence. Half of the royalties generated from sales following the launch will also be used to buy and burn BONK forever.
Future governance for the Bonk Inu project will remain with the Solana-based BONK token, not the NFT, meaning NFT holders do not get voting rights for the future of the Bonk Inu as of Tuesday.
Bonk, a Shiba Inu-themed token issued on Dec. 25, returned as much as 3,220% to traders in the past week before profit-taking saw prices fall nearly 70% from lifetime peaks. The token was airdropped to Solana NFT (non-fungible token) communities and creators, which led to quick hype and trading volumes for the Bonk project.
Bonk tokens saw steady adoption in the Solana ecosystem with several Solana projects having already integrated Bonk tokens for buying and selling listed NFTs, and some introduced “burn” mechanisms for NFT-based events.