Violet Vallaya
In a remarkable development in Shiba Inu news and media, over 700 The Shib Magazine cover NFTs have been traded on the Mantra marketplace. The milestone reflects a significant increase in the interest and activity surrounding the magazine’s unique covers, according to a recent tweet by a Shib Army member who goes by the name Shib Mehta.
“Well, I put this tweet just to make people aware about what’s currently happening and what could you anticipate in the future,” Mehta told The Shib Daily.
The Shib Magazine distributes thousands of free NFTs every week in the form of magazine covers. The trading of these NFTs has been conducted in four different cryptocurrencies: $BONE, $DAMN, $LEASH, and $USDT. The diverse range of trading currencies demonstrates not only the versatility of the NFTs but also the robust engagement from the Shibarium community. “These statistics not only show a healthy trading activity for TS Cover NFTs but also indicate a significant demand and interest in the digital assets of Shibarium,” Mehta explained.
For investors, understanding the distribution of trading volumes across these currencies is crucial. The prominence of $BONE in these transactions, along with the potential of $DAMN and $LEASH, provides valuable insights into market trends and potential investment strategies.
Beyond the financial aspects, these NFTs hold considerable cultural and collectible value. The emphasis on the significance of The Shib Magazine covers underscores their importance within the digital art market of Shibarium.
As Mehta emphasized, “The value of these NFTs varies among people, with each person attaching their own unique meaning and worth to them. Some cherish them as a symbol of their cultural journey over the past four years, finding deep personal and cultural significance in them. While others see them as investments in digital art, appreciating their potential for financial gain. Meanwhile, others collect them simply for the aesthetic value or the pleasure of owning them as unique collectibles.”
This surge in NFT trading has had positive repercussions for both The Shib Magazine and the broader NFT culture on Shibarium. The magazine has cemented its status as a notable media platform, while the increased visibility of NFTs has attracted a broader audience to the digital collectible market.
Notably, the overall trading volume on the Mantra Protocol recently surpassed the half-million mark, highlighting the growing influence and engagement of this marketplace. Mehta told us that The Shib Magazine NFTs rank impressively high in several metrics: 14th in terms of volume, 11th in terms of sales, and 9th in terms of liquidity. These figures reflect the strong market presence and popularity of these digital assets.
“In short, I will definitely KEEP AN EYE ON THEM,” Mehta concluded, underscoring the ongoing excitement and anticipation surrounding the magazine’s cover NFTs.
