Bonk Inu makes NFTs on Solana-based Marketplace Magic Eden. But there is a catch

Image: coindesk

Solana-based token Bonk Inu (BONK) will offer more than 15,000 non-fungible tokens (NFT) collectibles on the Solana  Magic Eden marketplace on Tuesday, a representative told CoinDesk via email. 

  NFTs, blockchain tokens that represent ownership of  physical or virtual assets, can help increase the use of BONK in the Solana ecosystem. BONK has attracted huge transaction volumes and publicity over the past week.  The NFT collection is made in collaboration with prominent Solana-based NFT projects and is designed as "profile pictures" that owners can use on social media networks such as Twitter. The collection brings together artists from the Solana community, including John Le and  OMNI Creative Studio, the team behind the popular "Fracture" and "Gods" Solana NFT projects. 

 Part of the collection will be given to the owners of Gods to support the project and the studio. More than 8,000 reserves will be  minted  only in wallets with BONK. 
 BONK's profile pictures are purely art-based, with no immediate utility plans, representatives said. Mint price – a term that refers to the initial issuance of any NFT – is set at $25 BONK dollars and Solana (SOL) tokens are traded on the secondary market. Owners of 

 Solana NFT "Gods" collections can be the first to receive Bonk collectibles. Thus, all BONK collected will be burned and removed from existence. Half of the royalties  from post-release sales  will also be used to buy BONK and burn it forever. 

 Future control of the Bonk Inu project rests with the Solana-based BONK token, not the NFT, which means that as of Tuesday, NFT holders will have no vote on Bonk Inu's future. 

 Bonk, a Shiba Inu-themed token released on December 25, returned as much as 3,220% to traders last week before profit prices fell nearly 70% from lifetime highs. The token was handed over to the communities and creators of Solana NFT (non-fungible token), which led to a rapid jump in the Bonk project and trading volumes. 
 Bonk tokens have been continuously deployed in the Solana ecosystem. Several Solana projects have already integrated Bonk tokens to buy and sell listed NFTs, and some have implemented "burning mechanisms" for NFT-based transactions.

Source : coindesk

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