A coin inspired on popular memes Shiba Inu ($SHIB) has worked with John Richmond, an Italian high-end fashion designer, to create a NFT-based fashion line later this year.
The company behind the meme-inspired cryptocurrency has obtained advertising with Milan’s city government, enabling it to post branding on the city’s ‘1825’ numbered tram, exposing it to the city’s population.
The advertisement campaign comes ahead of the introduction of the John Richmond x Shib collection, which will include 10,000 NFTs in the second quarter of the year. According to WWD, the business has not yet decided how the NFTs will be sold, but is developing a “unique” experience.
According to the site, tangible manifestations of the NFTs will be shown on the John Richmond runway during Milan Fashion Week in September in a presentation titled “Legends Live Forever.” The collection will be presented as a see now, buy now offering and will be accessible in the brand’s flagship locations in Milan and Shanghai, as well as online.
The collection debuts at a time when other fashion houses are embracing NFTs. Plein Sport, for example, has developed a metaverse-native brand specialising on NFT iterations of shoes.
Shiba Inu has seen a lot of changes in recent weeks. The cryptocurrency’s developers recently announced the impending introduction of a token burning site that would assist the cryptocurrency’s users in burning tokens in an attempt to limit the cryptocurrency’s circulating supply.
The burn gateway is designed to make it simpler for platform users to burn SHIB on a regular basis, hence lowering the circulating supply. Token burns are popular in the cryptocurrency industry because when demand remains stable or increases and supply is burnt, the price of a token tends to climb due to the fact that it is essentially deflationary.
Notably, almost 41% of the total supply of the coin has already been burnt. The news of the burn portal comes as creators of Shiba Inu unveiled plans to release 99,000 plots of land in the Shiberse, the cryptocurrency’s impending Metaverse. 35,000 of those plots will be auctioned to holders of the $LEASH cryptocurrency.
Also Read: The SEC Pursues NFT Creators And Marketplaces For Conducting ICO-Like Sales
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