NFT Project Pledges To Burn 2 Billion Shiba Inu

The project also promises to put an additional 1% of its raise into Shytoshi Kusama’s women empowerment fund.

Cult Punks, the first NFT collection on the Modulus network, has pledged to buy back and burn Shiba Inu (SHIB) tokens with 2% of the funds realized from selling its NFTs. The project has also promised to dedicate 1% of the raise to support Shiba Inu leader Shytoshi Kusama’s women empowerment fund.

“…CultPunks pledge 5% of our raise, upon sell out, to be used as follows: 1% to ShytoshiKusama’s fund, 2% to buyback and burn CULT, & 2% to burn SHIB,” the team behind the NFT project disclosed in a recent tweet.

We’ve got a WOOFIN announcement 📣

In the spirit of symbiosis, and the pursuit of friendshibs & Ryoshis vision, #CultPunks pledge 5% of our raise, upon sell out, to be used as follows:

1% to @ShytoshiKusama’s fund
2% to buyback and burn $CULT & 2% to burn $SHIB

What’s more… https://t.co/HmfzALlNAf pic.twitter.com/UC6qrlg8K1

— CultPunks (@cultpunksnfts) April 4, 2023

Moreover, the Cult Punks team has promised to whitelist all the addresses holding SHIBOSHIS, Shiba Inu-themed NFTs, ahead of the Cult Punks mint event. Whitelisting an address gives the owner of that address priority access to the sale of an NFT. This is often done to reward loyal or early supporters of a project.

In addition to SHIBOSHIS holders, any CultDAO NFT will be whitelisted. The whitelist snapshot will occur on April 13. The Cult Punks mint event is expected to begin on April 14, with priority access given to whitelisted addresses to mint the NFTs between 12:00 and 14:00 (UTC). Shortly after this, the public mint process will begin at 16:00 (UTC).

We will also be whitelisting all @cultdao_art & Shiboshi owners’ wallets ahead of the mint on 14th April. We will take these snapshots on the 13th so you can still pick these up now & qualify!

*note 1% if all sell out at whitelist price would be 6.66 Eth/$12,394 at time of tweet

— CultPunks (@cultpunksnfts) April 4, 2023

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Over 2 Billion SHIB to be Burned

According to the team, if the collection is sold off at the whitelist price, 1% of the total sales would amount to 6.6 Ether (ETH), translating to an excess of $12K against prevailing rates. This 1% would go into the women’s empowerment fund. Recall that the fund had $50,000 at the time of the last report. 

Accordingly, 2% of the realized funds would be 13.2 ETH (~$24.8K). If these funds are used to buyback Shiba Inu, they will amount to 2.25 billion SHIB tokens. This is likely the estimate of Shiba Inu tokens to be incinerated, supposing the NFT event sells out at the whitelist stage.

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