SHEboshi NFTs, closely associated with the popular meme coin Shiba Inu (SHIB), took the digital collectibles market by storm. Within a mere three hours post-launch, all 20,000 SHEboshi NFTs were swiftly claimed, marking a significant milestone in the NFT field.
The distribution of the SHEboshi NFTs was structured into three distinct stages. These stages included free claim for Shiboshis holders, exclusive access for LEASH holders, and a planned public mint. However, due to overwhelming demand, the public minting phase had to be abandoned. Each NFT was initially priced at 0.05 ETH, excluding gas fees.
Market Value
The floor price of the SHEboshi NFTs has since surged to 0.175 ETH on OpenSea, translating to a total value exceeding $10 million. This rapid increase in value underscores the immense popularity and hype surrounding Shiba Inu and its associated NFTs.
This is not the first time that Shiba Inu-themed NFTs have captured the attention of the market. In 2021, the team behind Shiba Inu launched 10,000 Shiboshi NFTs depicting “lovable creatures.” The initial cost ranged from 0.1 ETH to 0.3 ETH but quickly soared above 1 ETH shortly after. However, the market dynamics shifted, leading to a significant decline in value by over 70% in the second quarter of 2022. Currently, the floor price for Shiboshi NFTs stands at approximately 0.172 ETH, indicating an 85% drop from the all-time high levels recorded in November 2021.
The trajectory of SHEboshi NFTs and Shiboshi NFTs highlights the volatile nature of the NFT market. While initial hype and demand can drive prices to unprecedented levels, market corrections and changing investor sentiment can result in substantial value fluctuations. The case of Shiba Inu and its NFTs serves as a cautionary tale for investors and collectors, emphasizing the importance of thorough research and risk assessment in the burgeoning NFT space.
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