Bonk Inu (BONK), a token built on the Solana blockchain, will release more than 15,000 NFT collectibles on the Solana marketplace Magic Eden.
The NFTs are digital tokens that signify ownership of a physical or virtual asset and promote BONK’s adoption on the platform. During the past week, BONK has seen unprecedented interest and trading activity.
The NFT collection was designed as profile pictures for holders on social media platforms like Twitter in partnership with renowned Solana-based NFT projects. This includes works by the Solana artist community members, such as John Le and the Omni creative studio, best known for the wildly successful Fracture and Gods NFT projects.
Gods holders will be rewarded for their contributions to the project and studio. Only BONK-compatible wallets can mint the remaining supply of over 8,000 coins.
As claimed by representatives, the BONK profile pictures will be purely artistic, with no immediate intentions for practical use. SOL tokens will be used for secondary trading, whereas $25 worth of BONK will be required for the mint.
Solana “Gods” NFT holders will be the first to get access to minting Bonk items. As such, every BONK ever raised will be burned and deleted from existence. Half of the profits made after the product’s release will be spent to purchase BONK and burn it forever in exchange for royalties.
NFT holders have no say in the future of the Bonk Inu project since the Solana-based BONK coin will continue to rule the project’s governance. Omni clarified that the BONKz collection has no bearing on or connection to the token and that governance of the bonk inu coin remains SOLELY with the SPL token.
Thank you @CoinDesk
Full disclosure – this project is not owned by @bonk_inu.
In fact, this project isn’t owned by anyone.
This is a community owned project. @OMNIcreative_ and @bonk_inu have simply come together to help create something special. https://t.co/0SHuAhcxob
— OMNI (@OMNIcreative_) January 10, 2023
The Shiba Inu-themed coin Bonk reached a weekly return of 3,220% for investors until profit-taking drove its price down by over 70% from its all-time high. Bonk was released on December 25th.
As a result of the airdrop, the token was widely adopted by the Solana NFT community, and trading volumes for the Bonk project skyrocketed.
There was the consistent use of Bonk coins throughout the Solana ecosystem. Bonk coins have already been incorporated into many Solana projects for trading listed NFTs, and burning mechanisms for NFT-based events have been included in a few of them.