Bonk Inu to Mint NFTs on Solana-Based Marketplace Magic Eden. But There's a Catch

A representative told CoinDesk that all BONK tokens used to mint the NFTs will be permanently burned.

AccessTimeIconJan 10, 2023 at 11:20 a.m. UTC
Updated Jan 10, 2023 at 7:34 p.m. UTC
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Solana blockchain-based token Bonk Inu (BONK) will offer more than 15,000 non-fungible token (NFT) collectibles on Solana marketplace Magic Eden on Tuesday, a representative told CoinDesk.

The NFTs, which are digital tokens that represent ownership of a physical or virtual asset, may help further BONK’s usage on Solana's network. BONK has attracted massive transaction volume and hype in the past week.

The NFT collection was made in collaboration with prominent Solana-based NFT projects and is fashioned as “profile pictures” for holders to use on social-media networks such as Twitter. The collection brings artists from the Solana community, including John Le and the Omni creative studio – the team behind the popular Fracture and Gods Solana NFT projects.

A portion of the collection will be given to Gods holders for supporting the project and studio. More than 8,000 of the supply will be left to be minted for only wallets that hold BONK.

The BONK profile pictures will be purely art-based with no imminent plans for utility, representatives said. Pricing for the mint – a term that refers to the initial issuance of any NFT – will be set at $25 worth of BONK, and secondary trading will be transacted with solana (SOL) tokens.

Holders of the “Gods” NFT collection on Solana will be the first to be able to mint the Bonk collectibles. As such, all BONK raised will be burned and deleted from existence. Half of the royalties generated from sales following the launch will also be used to buy and burn BONK forever.

Future governance for the Bonk Inu project will remain with the Solana-based BONK token, not the NFT, meaning NFT holders don't get voting rights for the future of the Bonk Inu as of Tuesday.

"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," Omni told CoinDesk in a tweet.

Bonk, a Shiba Inu-themed token that was issued on Dec. 25, returned as much as 3,220% to traders in the past week before profit-taking saw the price fall nearly 70% from its lifetime peak. The token was airdropped to Solana NFT communities and creators, which led to quick hype and high trading volumes for the Bonk project.

Bonk tokens saw steady adoption in the Solana ecosystem with several Solana projects having already integrated Bonk tokens for buying and selling listed NFTs, and some introduced “burn” mechanisms for NFT-based events.

UPDATE(Jan. 10, 12:01 UTC): Adds OMNI tweet further clarifying the usage of BONK NFTs.

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Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


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