After all 15,000 collectibles were sold, the price of Bonkz NFTs increased by ten times and attracted over $900,000 in trading volume.
Data from Solana marketplace Magic Eden reveals that at the time of writing, over 6,165 different wallets contain these treasures. The memorabilia is based on the well-known Shiba Inu-themed Solana project Bonk Inu, which was not directly involved in the production of Bonkz.
The NFTs, which are digital tokens that signify ownership of a real-world or digital asset, could increase the use of BONK on the Solana network. The previous week has seen a huge increase in the meme token’s transaction volume and buzz.
According to the BONK collectibles’ developers, there are no immediate plans for any practical applications of the tokens. Pricing was $25 worth of the new meme token for the mint, which is the initial release of any NFT. Secondary trading will be conducted using Solana (SOL) tokens.
When this article was written, one NFT sold for more than $280 in Solana. All of the tokens used to purchase these NFTs were torched, which is a phrase for when tokens are permanently withdrawn from the supply. As a result, on Tuesday, over $250,000 worth of bonk’s token supply was taken out of circulation.
As a result, a particular aspect of the NFT drew criticism from locals.
For the mint, Magic Eden claimed to have used its Open Creator Protocol (OCP), which imposes royalties on all collections that embrace it and gives creators the option of banning marketplaces that do not do the same for their collection.
A note regarding the Solana based NFT’s listing on Magic Eden stated,
“We utilized OCP for this mint, so any transfers between wallets should be done on Magic Eden in “My Items” versus directly in wallet.”
In essence, this implies the NFT won’t be available in markets that don’t pay authors royalties.
Bonk’s Hope Of Accentuating Composability Of Solana
The Bonk Inu community, including its developers, criticized such a decision. “BONK is intended to be open source so that anybody can build upon it. In a tweet on Wednesday, developers stated that they were “disappointed to see an exchange limit trade using OCP” and that they were “working on a solution to address the apparent centralized approach.”
The makers of the Solana based NFT recognized the apparent error and said they were “actively working with all stakeholders.”
In the meantime, values for BONK tokens haven’t changed in the last day and are down around 70% from all-time highs.