January 16, 2023
By Murtuza Merchant
The prices of Bonkz non-fungible tokens (NFTs) have risen significantly since they were first issued on Tuesday, gaining over $900,000 in trading volume after all 15,000 collectibles were sold.
The collectibles, which are based on the popular Shiba Inu-themed Solana project Bonk Inu, have attracted over 6,165 individual wallets at the time of writing.
These NFTs, which are digital tokens that represent ownership of a physical or virtual asset, may help to further increase the use of BONK on Solana’s network.
The Bonkz collectibles are purely art-based with no current plans for utility, as stated by their creators. The mint price for the NFTs was $25 worth of BONK and secondary trading will be done with Solana (SOL) tokens.
Each NFT is currently selling for over $280 worth of Solana.
Additionally, all BONK used to purchase these NFTs were burnt, resulting in over $250,000 worth of BONK’s token supply being removed from circulation on Tuesday.
However, this move has attracted criticism from the Bonk Inu community, including its developers, who believe that BONK should be open source for everyone to build upon and are disappointed by the limitations imposed by the use of the Open Creator Protocol (OCP).
The creators of Bonkz have acknowledged this issue and are working with all parties to find a solution.
Despite the success of the Bonkz NFTs, the price of the BONK token has remained unchanged and has dropped nearly 70% from its peak.
About the author
Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.
