Shiba Inu ($SHIB) and Bugatti Group’s NFT Mint Sells out in 4 Minutes

Shiba Inu ($SHIB) and the North American luxury brand Bugatti Group collaborated on the minting of non-fungible tokens (NFTs) in a “special event” in which the Bugatti Group hosted a “mint party and venue” dedicated to Shiboshis.

The unique mint collection “went out in the first 4 minutes” of the event, according to an account linked with the meme-inspired cryptocurrency, as demand for the tokens considerably outweighed supply.

Shiboshis are non-fungible tokens (NFTs) that are unique to the Shiba Inu ecosystem and were introduced in October 2022. Shiboshi holders received “tangible objects and collectible NFTs” as a result of the collaboration.

At the ceremony, 299 limited editions and a “very unique 1st edition release” were struck for 0.14 ETH apiece. Bugatti Group provided a “Cross Body limited edition Luggage Bag” to 95% of mints, while the remaining 5% received a limited edition Carry-On item. These were given to 15 NFT minters in exchange for enabling them to use their own Shiboshi design on the bag.

The collaboration comes shortly after the Bugatti Group revealed its first-ever NFT projects, which will be launched in November 2022 in collaboration with the Bored Ape Yacht Club (BAYC) NFT collection.

By investing in a new facility outfitted with innovative technology and machinery, the Montreal-based luxury company teamed with BAYC to print one-of-a-kind NFTs onto luggage and crossbody bags, and soon on the websites of worldwide retailers.

According to reports, the SHIBArmy was acquiring roughly 600 new holders per day in December, despite the ongoing crypto bear market. The figure is down from over 1,500 new wallets holding $SHIB earlier this year, as the cryptocurrency market downturn has also impacted trade volumes and retail investors’ interest in the field.