TL;DR Breakdown
- 10,000 Shiboshi NFTs sold out in 35 minutes.
- Holders angry over high gas fees.
- Shiboshi NFT is already selling on OpenSea, indicating a strong recovery for SHIB.
Shiba Inu’s first NFT launch on its decentralized platform ShibaSwap was a massive hit. The platform sold out all of its 10,000 Shiboshi NFTs in just over half an hour.
Since last week, it was evident that the Shiboshi NFT launch will be big. First, the Elon Musk tweet boosted SHIB prices. Then LEASH price also went up to $2932, indicating that the market was extremely bullish towards Shiba Inu as we neared the NFT launch date.
Also, all of the 10,000 NFTs were only available to be purchased in LEASH. So, holders of the Doge Killer rushed to get their hands on at least one of these NFTs, resulting in a clean house in just 35 minutes. However, it wasn’t a happy ending for everyone.
Shiba Inu receives backlash from angry holders
After the launch, Twitter was filled with posts from angry users who spent hundred in gas fees but still couldn’t land a Shiboshi NFT. One user complained that he lost $2400 in gas price without getting a single NFT, while others lost hundreds of dollars.
Shibarium explained the issue on a Twitter post, saying that massive gas fees were due to the insane pressure on the ETH blockchain. The tweet also promised that Shiba’s developer team are building the Shibarium blockchain as a solution.
If you’re not familiar with gas fees, it’s the amount of electricity and computational power required by miners to process and validate each transaction on the blockchain. Gas fees are kind of an incentive to the miners.
The high traffic on the Ethereum blockchain due to the Shiba Inu NFT launch, and the fact that thousands of transactions were processed and validated within 35 minutes, led to this frustrating increase in gas fees.
However, developers and traders are positively hopeful that Shibarium’s own blockchain and the Ethereum 2.0 upgrade will solve these problems in the future.
The post-launch state of Shiba Inu NFTs
The 2900 holders that were successful in securing a Shiboshi NFT has already started trading on OpenSea. The Shiboshi #2 NFT was bought for 0.9 ETH, was sold for 25 ETH (almost $95000) on the NFT platform.
With all the craze going on, holders of the NFT are certain to see some amazing returns on their investment. At the moment, SHIB is down by 13%, but the market is expected to rise against all the trades on the NFT marketplace.
Shiba Inu is reportedly working with a major AAA game studio to develop the SHIBOSHI game. All of these trends indicate that we will continue to see a bull run from this meme token.
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