Original - Odaily

Author - Nan Zhi

Early this morning, Shib officially launched its ERC 404-based NFT series SHEboshis. It was originally planned to be distributed to previous generation NFT Shiboshis users, and then open to LEASH users and public sales. However, due to an error in the contract code, Mint was opened in advance at a price of 0.05 ETH. After minting 12,000 NFTs, the Shib team increased the upper limit of NFT quantity from 12,000 to 20,000 and stopped Mint.

As of 11:00, the Blur market showed that the floor price of SHEboshis had risen to 0.141 ETH, an increase of 182% compared to the offering price. Can the second generation of NFT gain continued empowerment from Shib, and what are the risks? Odaily will explain the project background and future plans of SHEBoshis in this article.

SHEBoshi Interpretation

In October 2021, Shib launched the first generation of NFT Shiboshis, a collection containing 10,000 male characters. In this second-generation announcement document, Shib stated that the latest NFT collection is a celebration of women, innovation, and strong support for the future of NFT, called SHEBoshis.

NFT uses

Shib documentation states that SHEboshis are the beginning of Shib’s next phase of NFTs. Users will be divided into different tiers based on factors such as the number of Shiboshis they hold and the length of time they hold to determine the number of SHEboshis distributed. On the other hand, Leash holders will also get the right of first refusal. However, both stages were skipped due to contract bugs and went directly to the public sale.

Because SHEboshis is built using ERC-404 technology, it can be traded in the form of tokens and will be opened for trading on Uniswap and Shibaswap in the future.

What will the series be used for? Currently Shib has disclosed two directions:

• Shib will be launched laterShiboshi and SHEboshis mate mechanism, or can produce descendant NFT/tokens. Currently, Shib has not disclosed the specific content of the output, and the function will be launched this year.

• When launching the first generation of NFT Shiboshis, Shib previewed the Shiboshi Game,NFT holders will be able to use their NFTs in this strategy game, SHEboshis has a similar status and price to Shiboshis, so it can be expected to participate in this ecosystem.

At present, SHEboshi chooses to deploy on Ethereum. Shib officials hope to capture Ethereum traffic through this move and use it to launchNFT cross-chain function, directing traffic and heat to Shibarium.

Pre-sale fund allocation

Blur data shows that the current circulation of SHEboshis is 14,517. Calculated based on the public sale of 0.05 ETH, the project party has obtained approximately 700 ETH. According to previous announcement documents, public sale funds will be allocated according to the following purposes:

• 10% is used to repurchase and destroy tokens, including 1% each for Shib (6%), Bone, Leash, Treat, and Shi;

• 10% donated to nonprofit organizations;

• 15% donated to the foundation;

• 15% allocated to the team;

leftover50% will be allocated to project expenditures and treasury, the token has not yet started trading, and it is expected that part of the funds will be used to add LP pool. If considered based on 350 ETH, it is already a highly liquid token among the recent ERC 404 tokens, which can stabilize prices and attract investors. The role of larger funds.

potential risks

According to @imrjcyka, who is profiled as a former Shib team member, there are various signs that the bug of skipping the first two stages of distribution and going directly to the public sale was caused by insiders. Leash experienced an abnormal rise in the two hours before the public sale news was released. After the deployment The vulnerability existed for six minutes, and then the team increased the number to 20,000 and changed the minting price to 1,000 ETH. This was done intentionally by the team.

During the period when the vulnerability existed, the two wallets minted more than 800 and 700 SHEboshis in batches respectively. The current Blur market shows that,The top five addresses hold 17% of the total SHEboshis, there is a risk of selling due to excessive concentration of positions.

in conclusion

The current NFT market value of SHEboshis is approximately US$7 million. As an official product launched by Shib, it is expected to continue to be empowered in the future. The current floor price of the first-generation NFT series Shiboshis is 0.267 ETH, which is 250% of the second-generation. The valuation It is relatively cheap, and the price may be expected to rebound after the launch of ERC 404 transactions.