Popular meme-inspired cryptocurrency Shiba Inu ($SHIB) has partnered with Italian high-end designer wear John Richmond in a bit to launch a non-fungible token (NFT) based fashion collection later this year.
Through its partnership with John Richmond, the team behind the meme-inspired cryptocurrency has secured advertisements with Milan’s city council, allowing it to place logos on the ‘1825’ numbered tram in the city, exposing it to Milan’s residents.
The ad campaign comes ahead of the launch of the John Richmond x Shib collection, which is set to include 10,000 NFTs to be launched in the second quarter of the year. The company, according to WWD, hasn’t yet determined how the NFTs will be marketed, but is working on a “unique” experience.
The outlet details that physical counterparts of the NFTs will be shown on the John Richmond runway during September’s Milan Fashion Week in a show titled “Legends Live Forever.” The collection will be marketed as a see now, buy now one that will be available at the brand’s Milan and Shanghai flagship stores and e-commerce platforms.
The collection is being launched at a time in which other fashion companies have been adopting NFTs. Plein Sport, for example, has launched a metaverse-native brand offering sneakers that come in NFT iterations.
Shiba Inu has been seeing a number of developments over the last few weeks. The team behind the cryptocurrency recently announced the upcoming launch of a token burning portal that is set to help the cryptocurrency’s community burn tokens in an effort to reduce its circulating supply.
The burn portal is set to make it easier for the platform’s users to regularly burn SHIB, effectively reducing its circulating supply. Token burns are popular in the cryptocurrency space, as with demand remaining steady or rising and supply being burned, a token’s price tends to rise as it’s effectively deflationary.
Notably, around 41% of the cryptocurrency’s supply has already been burned. The burn portal announcement came as Shiba Inu’s developers revealed they plan to release 99,000 plots of land in the Shiberse, the cryptocurrency’s upcoming Metaverse. 35,000 of those plots will be sold to $LEASH token holders.
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