Shiba Inu has powered up a burger joint Welly as the world’s first fast-food NFT on its network. The initial phase went live on June 9. However, analysts are bearish about Shiba Inu’s price recovery.
The “Eat Wellys” NFT collection, designed by@chico_rata, features 10,000 NFTs. Each NFT has a different attribute and combination. Shiba Inu said a total of 140 attributes – normal, rare, and unique – are distributed among the NFTs. Minting will take place in different stages.
LEASH and Shiboshi holders minted Welly NFTs over a 12-hour period. BONE and Shiba Inu holders have been exclusively invited to mint the fast-food NFTs. Phase two will commence at the end of phase one, and phase three will be a public sale. This NFT project is regarded as special as it is the first of its kind collection to be directly linked to a real-world business, that is, the Welly food joint. And it’s powered by Shiba Inu. The Eat Wellys NFT collection is on sale on OpenSea.
Despite the backing of a new project, there’s a bearish outlook for the meme coin. It could fail to recover from its recent slump. At the time of writing this article, Shiba Inu was down by 4.66%. It has lost nearly 8% of its value in the last seven days. Analysts predicted a 20% price drop in the meme coin, confirming a descending triangle pattern.