Welly, the world’s first Shiba Inu-themed fast food restaurant, has unveiled two new Non-Fungible Tokens (NFTs). The Italy-based restaurant has been revealing its NFT collection throughout the previous week, and into this one.
The first is an NFT labeled Business lunch, which features a Shiba Inu dog wearing a suit with a pair of beach shorts while having a Welly’s burger.
The second is a skater Shiba Inu with a prosthetic leg, who appears to be in some pain. This, on the other hand, is holding a carton of Welly’s fries.
Welly had unveiled its first Shiba Inu NFT in late February, which was a representation of SHIB’s lead developer, Shytoshi Kusama. The NFT was named “The Shytoshi Wellsama”, and was designed by Italian artist Adrian San Vicente.
Shiba Inu had also revealed their first NFT collaboration project with renowned fashion designer, John Richmond, on the 16th of March, 2022. This collaboration will see the creation of a number of SHIB themed NFTs which will be displayed at the Milan Fashion Week 2022.
Is it too late for Shiba Inu NFTs?
The NFT space saw a boom in 2021. Even when the markets went for a toss at the beginning of 2022, with SHIB hitting the sub $0.00002100 mark, the NFT markets were still booming.
However, the NFT space has lost its hype since. Non-Fungible Tokens had surpassed CarMax and Take-Two Interactive Software in terms of market capitalization, reaching $23 billion. It’s now valued at a little more than $10 billion, according to CoinMarketCap.
The decline appears to be the result of speculative causes such as the cryptocurrency bear market, the economic situation in Ukraine, and the Securities and Exchange Commission’s increased regulatory scrutiny of NFTs.
Many people, not just skeptics, have forecast the demise of Non-fungibles. Even avid collectors of digital art have warned that a “cataclysmic market meltdown” could be on the horizon as the area becomes oversaturated, due to how adaptable and accessible NFTs are.
However, we may still see a change in the narrative. Shiba Inu has one of the biggest fan bases in crypto. This gives it an advantage over other projects as Shiba Inu already has a long line of people from the SHIB Army who are ready to dive into the SHIB NFTs. John Richmonds NFT’s collaboration with Shiba Inu will also, most likely, bring in new blood to the project.
Hence, it is difficult to speculate as of now how Shiba Inu’s NFT venture will turn out. Judging from SHIB’s history, the fans are always hungry for what the project throws out, and we should most likely see something similar with SHIB’s Non-Fungibles.