- Magic Eden’s Bonk Inu will mint NFTs on the Solana-based marketplace.
- The NFT collection was created in partnership with the team behind the popular Solana NFT projects “Fracture” and “Gods.”
- The BONK profile photographs will be solely artistic, with no immediate intentions for functionality.
Magic Eden will feature more than 15,000 non-fungible token (NFT) collectibles using the Solana blockchain token Bonk Inu (BONK).
A percentage of the proceeds will be distributed to God’s holders in appreciation for their contributions to the project and studio. Over 8,000 coins will be left over to be created for only $BONK wallets.
According to officials, the BONK profile photographs will be solely artistic, with no immediate intentions for functionality. The mint – the original issuance of any NFT – will be priced at $25 worth of BONK, and secondary trade will be place with Solana (SOL) tokens.
Holders of the “Gods” NFT collection on Solana will be among the first to get the Bonk collectibles. As a result, everything that BONK generates will be burned and erased from existence. Half of the royalties gained from sales after the launch will also be used to purchase and burn BONK in perpetuity.
The Solana-based BONK token will continue to control the Bonk Inu project in the future, rather than the NFT, which means NFT holders will not have voting rights for the project’s future.
The SPL token is solely responsible for the governance of the Bonk Inu coin, and the BONKz collection has no influence or relationship with the token.
Bonk, a Shiba Inu-themed coin released on December 25, yielded up to 3,220% to traders in the previous week until profit-taking caused the price to collapse over 70% from its lifetime high. The token was distributed via airdrop to Solana NFT groups and founders, resulting in rapid buzz and significant trading volumes for the Bonk project.
Bonk tokens have shown consistent acceptance in the Solana ecosystem, with some Solana projects already including Bonk tokens for buying and selling listed NFTs and others introducing “burn” methods for NFT-based events.