The upcoming NFT game SIPHER launched a public sale of its Shiba Inu NFTs today and burned almost $5 million in the process. As buyers minted the NFTs, the transaction fees went through the roof, and a share of those fees got burned.
The collection of 10,000 SIPHER Inu NFTs is the first series released by the developers of the game. Minting these assets burned a total of 1,422.83 ETH, which at the moment is almost $5 million.
The top contract on the list represents the SIPHER NFTs. According to the SIPHER website, the NFTs are built as ERC-721 and have been designed to have programmable emotions. Each SIPHER character will have five different emotions upon purchase, and more will be unlockable in the future. The Shiba Inu NFTs are the newest additions to several other Shiba-Inu NFTs on the market. It is also the latest addition to the already popular dog and animal NFT craze, which seems to be popular among NFT creators and collectors.
A quick look at the recent transactions on Etherscan shows us 7,185 transactions at the time of writing with an average cost of around 0.4 ETH. This indicates the collection has had a strong entry and that the hype around the NFT could cause considerable secondary market trading to occur in the coming days.
What is SIPHER?
As previously mentioned, SIPHER is an upcoming NFT game, although it has no specific release date just yet. This first drop, the Sipherian Surge 1st Fleet comes with a random mix of rare costumes and weapons, allowing players to assemble a rare set of costumes. Costumes will determine attributes, while weapons will determine the class of that character.
According to a separate post on the SIPHER website, fans and NFT enthusiasts alike can expect three new races or types of NFTs in the future. The first of which, the cat-themed NEKO NFTs, will be released next month. The second, a bird-themed TORI NFT will drop in November. Finally, the bull-themed BURU NFTs will go on sale in December. Additionally, the developers scheduled the launch of the SIPHER native token for December. As for the NFT game, expect the launch of the playable demo to be released in March 2022. The gameplay launch is currently expected to take place in June 2022.
What is revealed on the website is that along with gameplay, commerce will be at the heart of Sipheria. Players will play various roles in contributing to the in-game economy. Various professions will be planned for non-fighting mechanics where players can become architects, for in-game buildings, materials, and equipment. Players will then be able to trade these items on the Bazaar, Sipheria’s dedicated marketplace, or any other marketplace of their choice.
NFTs Burn Most ETH
Another look at the burn leaderboard over the last 7-days reveals an interesting narrative. Namely that NFTs are burning the most ETH right now and not DeFi dapps. OpenSea, the leading NFT marketplace sits atop the pile. With a commanding 10,960 ETH burnt in the last 7-days. Or around over $38 million. Additionally, the More Loot collection is burning significant ETH while Axie Infinity continues to amaze. Interestingly, even when looked at through a 7-day filter, the SIPHER Shiba Inu NFTs are in 9th position, above Metamask. Keep it locked on DappRadar to stay up to date.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, ADA, MATIC, SAFEMOON, HEX, LINK, GRT, CRO, OMI, USDT, SOL, SHIBA INU, AVASTR, RAY, BOSON, AND OCEAN.
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