Popular meme-inspired cryptocurrency Shiba Inu ($SHIB) has teamed up with high-end Italian designer John Richmond to launch a fashion collection based on non-fungible tokens (NFTs) later this year.
Through its partnership with John Richmond, the team behind the meme-inspired cryptocurrency has secured advertisements from Milan City Council, allowing it to place logos on the city’s numbered “1825” tram , thus exposing it to the people of Milan.
The ad campaign comes ahead of the launch of the John Richmond x Shib collection, which is expected to include 10,000 NFTs to be launched in the second quarter of the year. The company, according to WWD, has not yet determined how NFTs will be marketed, but is working on a “one-size-fits-all” experience.
The outlet says the physical counterparts of the NFTs will be featured on the John Richmond catwalk during Milan Fashion Week in September in a show called “Legends Live Forever.” The collection will be marketed as a see it now, buy one which will be available at the brand’s flagship stores in Milan and Shanghai and on e-commerce platforms.
The collection is launched at a time when other fashion companies have embraced NFTs. Plein Sport, for example, has launched a metaverse-native brand offering sneakers that come in NFT iterations.
Shiba Inu has seen a number of developments over the past few weeks. The team behind the cryptocurrency recently announced the upcoming launch of a token burning portal that is expected to help the cryptocurrency community burn tokens in an effort to reduce their circulating supply.
The burning portal is configured to facilitate the regular burning of SHIB by users of the platform, thereby effectively reducing its circulating supply. Token burns are popular in the cryptocurrency space because with demand remaining stable or increasing and supply being burned, the price of a token tends to rise as it is effectively deflationary.
Notably, around 41% of the cryptocurrency’s supply has already been burned. The burning portal announcement came as Shiba Inu developers revealed that they plan to release 99,000 plots of land in the Shiberse, the cryptocurrency’s upcoming metaverse. 35,000 of these plots will be sold to $LEASH token holders.
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