$BONK NFTs are arriving to Solana
On January 10th, the Bonk Inu community released a collection of over 15,000 NFTs on the Solana-based marketplace Magic Eden, featuring artwork from prominent members of the Solana art community, such as John Le and the Omni Creative studio.
Holders can use these NFTs on social media networks
Bonk Inu (BONK) is making waves in the crypto community by introducing a new concept of a community-driven digital currency on the Solana blockchain. 50% of the total supply of BONK was airdropped to the Solana community, giving everyday users a chance to own and use the coin.
The idea behind BONK is to become the true community coin of Solana, to be used across the decentralized apps (dApps) of the ecosystem, with the vision of being a coin that will not be held by the hands of venture capitalists but instead by those that form the social layer of the Solana network.
Overall, markets have been on an uptrend during this first week of 2023, and Bonk is not missing out on the opportunity to create yet another community focus product.
BONK NFT Collection
Last Tuesday, the Solana-based project released over 15,000 Non-Fungible Tokens (NFTs) on the Solana marketplace Magic Eden.
These blockchain-based tokens, which represent ownership of a physical or virtual asset, are expected to boost BONK’s usage within the Solana ecosystem. The NFTs have been created through collaboration with major Solana-based NFT projects and are purported to be used as “profile pictures” for users to display on social media platforms (such as Twitter).
The collection features artists from the Solana community, including John Le and the Omni Creative studio, the team behind the successful “Fracture” and “Gods” Solana NFT projects.
The BONK profile pictures are art-based and have no current plans for utility. The minting price for the NFTs is set at $25 worth of BONK, and secondary trading will be conducted using Solana (SOL) tokens.
However, the governance for the Bonk Inu project will remain with the Solana-based BONK token, not the NFT, meaning that NFT holders will not have voting rights for the future of the Bonk Inu project for the foreseeable future.
To further clarify this matter, Omni Creative released a Twitter statement:
“This is a community-owned project. @OMNIcreative_ and @bonk_inu have simply come together to help create something special. The governance of the bonk inu token remains SOLELY with the SPL token, and the BONKz collection has no impact or association with the token. This is ONLY a PFP for the $BONK community.”
Adopt with caution and always do your own research (DYOR)
BONK, the Solana-based token, has experienced a significant 900% increase in value over the past week. Traders registered returns as high as 3,220% in the past week, but since they started to take profits on the run, prices have already fallen around 70%.
However, even though the token is still on very lucrative figures, the BONK token has a high concentration of ownership among the top 20 holders, who hold 50% of the total supply. This poses a significant risk for investors, as the potential for a market dump is a significant hazard that should be taken into account when making any investment decisions.