Bonk Inu NFT Surge in Value After Magic Eden Listing, Receives Criticism

• According to details from Magic Eden, BONKz has had over $1,092,000 trading volume to date after its listing.
• The total number of BONKz owners now stands at 6,148.
• Floor price of BONKz stands at 19.99 SOL at press time.

Bonk Inu NFTs (“BONKz”) have surged in value ever since they were listed on Magic Eden. At press time, the price has surged over ten times, with over 6,148 owners holding BONKz in their wallets. BONKz has also had over $1,092,000 in trading volume after the total supply of 15k NFTs was sold.

BONKz NFTs drew participants because of the recent popularity of Solana-based Bonk Inu. At press time, 19.99 SOL is the floor price of BONKz, which equals $317. The initial floor price of the NFT was $25. This notable result has been achieved just a day after its listing on Solana Marketplace Magic Eden on Tuesday.

However, these NFTs are at present only serving the purpose of usage as profile pictures and no other utilities. The initial minting of the NFT was available to the holders of the “Gods” NFT collection. BONK has a self-reported circulating supply of 56,000,000,000,000. The BONK that will be used to purchase these NFTs will also be sent to dead wallets.

Notably, one feature of BONKz received some backlash from the community. According to Magic Eden, the Open Creator Protocol (OCP) was used for the mint. This means that royalties will be enforced on all collections that used the OCP, which will also allow creators to ban marketplaces that have failed to enforce royalties on their collections.

We utilized OCP for this mint, so any transfers between wallets should be done on Magic Eden in “My Items” versus directly in wallet.

What it conveys is that BONKz won’t be listed on marketplaces that don’t provide royalties to the creators. However, this centralized approach received backlash from the Bonk Inu community, including developers.