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Perhaps one of the most significant Shiba network development with the least market attention is the Shiba Inu Shiboshis NFTs. Since their launch late last year, they have been quietly trading in the market.
However, the current fall in the crypto prices is also affecting the NFTs with the shiboshis trading at an average of 68% lower than the all-time high price.
What are Shiba Inu Shiboshis NFTs?
NFT is a reference to the non-fungible tokens. A form of digital assets that ride on blockchain technology. Some of the items that you can trade on the NFT market include art.
This capability has revolutionized a market that traditionally has remained physical. In return, it is helping to bring more investments into these sectors.
Shiboshis NFTs is a group of 10,000 images that were launched by the Shiba network towards the end of 2021. At their launch, these NFTs were trading between 0.1-0.3 Ether depending on the category.
However, immediately after their launch, there was a huge demand for these Shiboshis helping push the price to highs of 2.5 Ether. An all-time high that remains to date.
The ongoing fall in cryptocurrency has seen the Shiboshis trade currently at 68% lower since the ATH. Their floor price stands currently at 0.86 Ether. Although this is a major drop, it is still a lucrative investment in comparison to the launch price.
The launch of these NFTs puts Shiba among the elite group of crypto networks with their tokens. A club that is led by Ethereum. Remember it was also the first network to test and introduce NFTs back in 2014.
This market is still young and growing at a faster pace. There have been few restrictions and regulations on NFTs giving hope that governments could allow them to thrive.
Although the Shiboshis seem to struggle currently, they are still relatively new and have a long to go before maturity. They also represent a vote of confidence for the Shiba Inu coin. A factor that could contribute to its price growth as well.