The NFT project promises to burn 2 billion Shiba Inu
The project also promises to put an additional 1% of the increase into Shytoshi Kusama’s Women’s 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 the NFTs. The project has also pledged to dedicate 1% of the raise to support Shiba Inu leader Shytoshi Kusama’s Women’s Empowerment Fund.
“…CultPunks pledges that 5% of our raise, if sold out, will be used as follows: 1% to ShytoshiKusama’s fund, 2% to buyback and burn CULT, and 2% to burn SHIB” the team behind the NFT project revealed in a recent tweet.
We have a WOOFIN announcement 📣
In the spirit of symbiosis, and the pursuit of friendship and Ryoshi’s vision, #CultPunks pledges 5% of our raise, if sold out, to be used as follows:
1% more @ShytoshiKusamaits fund
2% for buyback and incineration $COOL & 2% to burn $SHIBWhat more… pic.twitter.com/UC6qrlg8K1
— CultPunks (@cultpunksnfts) April 4, 2023
Also, the Cult Punks team has promised to whitelist all addresses containing SHIBOSHIS, Shiba Inu themed NFTs, ahead of the Cult Punks coin 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 take place on April 13. The Cult Punks coin event is expected to begin on April 14th, with priority access given to whitelisted addresses to mint the NFTs between 12:00 and 14:00 (UTC). Shortly after this, the public coin process will begin at 16:00 (UTC).
We will also whitelist everyone @cultdao_art & Shiboshi owners’ wallets ahead of the April 14 mint. We’ll take these snapshots on the 13th so you can still grab these now and qualify!
*note 1% if all sold out at whitelist price will be 6.66 Eth/$12,394 at time of tweet
— CultPunks (@cultpunksnfts) April 4, 2023
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Over 2 billion SHIB will be burned
According to the team, if the collection is sold at the whitelist price, 1% of the total sale will amount to 6.6 Ether (ETH), translating to a profit of $12K against current prices. This 1% would go into the women’s empowerment fund. Remember that the fund had $50,000 at the last time report.
Accordingly, 2% of realized funds will be 13.2 ETH (~$24.8K). If these funds are used to buy back Shiba Inu, they will amount to 2.25 billion SHIB tokens. This is likely the estimate of Shiba Inu tokens to be burned, assuming the NFT event sells out at the whitelist stage.
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