Key Takeaways:
- BONKz, the Bonk themed NFT collection, returned more than 1,000% gains in secondary markets.
- However, use of OCP protocol generated some friction which was later resolved.
- Meanwhile, BONK price failed to rally despite the renewed hype surrounding the project.
NEW DELHI (CoinChapter.com) — The hype surrounding Bonk, Solana’s addition to the canine-themed crypto world, refuses to die down. Though BONK coin price is down 63% from its Jan 5 peak of $0.00000457, Bonk Inu’s NFTs collection, BONKz, is currently trading at ten times its original price.
The team behind the Bonk token co-created the NFT collection. BONKz debuted on Jan 11 on Solana’s based NFT marketplace, Magic Eden. The BONKz collection comprised 15,000 tokenized profile pictures (PFPs), which buyers gobbled up in a few hours.
After minting, the NFTs sold for 16.25 million BONK a piece, or roughly $26. However, BONKz prices in the secondary market are at a premium. Currently, the floor of a BONKz NFT on Magic Eden is 22.99 SOL (at writing), or roughly $363.
BONKz price in the secondary market helped traders net more than 1,296.2% in profits. Moreover, the project has generated nearly $1.98 million in volume.
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OMNI, a Solana creative studio and BONKz contributor, tweeted that they burnt all the BONK tokens generated as gas during the minting of the NFTs.
More Than 1,000% Gains, But BONKz Still Got Criticized
However, despite the successful launch of the NFT project, BONKz attracted criticism from the community because Magic Eden utilized Open Creator Protocol for minting the NFTs. In detail, the OCP enforces royalties on all collections using the protocol.
Furthermore, the OCP allows creators to ban marketplaces that do not enforce the royalty rule. Essentially, the protocol states that any NFT marketplace not kicking back royalties to creators would not be able to list BONK Inu NFTs.
Expectedly, the move attracted backlash from the community. BONK developers noted they were “disappointed to see an exchange limit trading using OCP.“
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Later in the day, BONKz creators shared that Bonk Inu NFTs would be moving to the older Metaplex NFT standard, allowing optional royalties. Furthermore, the developers changed the royalty to 2%, which will be used for buying and burning BONK tokens.
In addition, OMNI shared that it would use $13,810 of the $44,058.52 (2,790.28 SOL in royalties) to compensate the generative artist and developer and fund BONKz community initiatives.
Moreover, the firm stated that it would distribute the remaining royalty would be distributed amongst the contributing artists. But, OMNI noted that the changes might take some time and promised to keep updating users regarding the timelines.
Meanwhile, BONK coin price failed to rally on the renewed hype from the NFT sales. The Bonk token has been crabbing since Jan 9, per data from CoinMarketCap.
