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Shiba Inu powers first NFT project with rewards from Welly

By Carine Lee

08:05, 14 June 2022

Illustration of WellyFriends characters
WellyFriends characters in their various outfits – Photo: wellyfriends/Twitter

Shiba Inu powered the world’s first fast-food NFT for burger joint Welly on its network, and is set to reveal the WellyFriends NFT project on 16 June.

Shiba Inu’s NFT collection, dubbed “Eat Wellys”, is designed by Adrian San Vicente.

SHIB to USD

The latest NFT project shows a resurgence of the meme coin concept which has taken a battering in 2022, earlier this month ApeCoin (APE) went on a brief rally, following a tweet from Elon Musk.

The collection features 10,000 NFTs, each with different attributes and combinations.

A total of 140 attributes, normal, rare and unique, are distributed among the NFT project, and the minting will take place in different stages.

Minting on the shibu inu NFT  project started on 9 June, priced between 0.12ETH and 0.15ETH.

XRP/USD

0.48 Price
+6.120% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

BCH/USD

371.75 Price
+6.520% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

ETH/USD

3,133.70 Price
+0.460% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BTC/USD

57,867.95 Price
+0.420% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

LEASH and SHIBOSHI holders will be able to mint the fast-food NFTs in the first 12 hours of phase one, while BONE and SHIB holders are able to mint in the last 12 hours of the phase.

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ETH to USD

Phase two will last 12 hours from the end of phase one where @Red Sauce and @Green Sauce, whitelisted users, will be able to mint. Public sale is available in phase three.

The NFT project is special as it is the first collection directly linked to a real-world business, the Welly food joint, powered by Shiba Inu.

“The growth of the business directly influences the growth of the NFT project and vice versa,” Eat Wellys said on its website. The collection is available for sale on OpenSea, an NFT marketplace.

Markets in this article

ETH/USD
Ethereum / USD
3133.70 USD
14.27 +0.460%
SHIB/USD
Shiba Inu / USD
0.00001715 USD
0.00000012 +0.730%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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