Shiba Coffee Company Burns SHIB Tokens for Every Bag of Coffee It Sells

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Shiba Inu's (SHIB) mainstream popularity has skyrocketed over the past few weeks and the crypto coin's strong community has now introduced a one-off token-burning mechanism which invites coffee lovers from across the world to show their support. Launched earlier this month, the Shiba Coffee Company sells a variety of SHIB-branded coffee at a starting price of $16.99 (roughly Rs. 1,262). Customers can buy their coffee in SHIB too, of course, and 10 percent of the company's proceeds are then directed towards SHIB burning.

The Shiba Inu community, or the ShibArmy, already has a host of community-driven token burning projects and the Shiba Coffee Company is the latest to join the fray. These include the SHIB Burner playlist and the Bricks Buster mobile game. These projects, however, only exist in the digital world. The Shiba Coffee Company, on the other hand, intends to remind people of their “favourite local coffee roaster” and connect the digital world of Shiba Inu with a physical product.

“Bridging the digital community that SHIB has created with the physical world is key to making a lasting impact and movement,” a company spokesperson said. “When people can touch and smell something, they can feel that this isn't just something online.”

Coin burning is essentially the act of sending cryptocurrency tokens to a wallet that has no access key, eventually taking them out of circulation. This reduces the overall number of tokens in circulation, making tokens scarce and boosting the cryptocurrency's valuation.

The spokesperson also goes on to talk about how the ShibArmy community's burning efforts were commendable, saying it shows “how strong the SHIB community is.” The most recent burn event hosted by the larger ShibArmy was the Shiba Burn Party in which 1 billion Shiba Inu tokens (worth $46,280/ roughly Rs. 34.3 lakh) or 0.0000018 percent of the circulating supply were destroyed.

Other than marketing its coffee, the Shiba Coffee Company's website features the names of companies which contribute towards burning SHIB. A number of companies have already pledged to burn a portion of their profits in support of the token burn. Among them are Bigger Entertainment and The Vibe Maquillage which will burn 20 percent of royalties and 15 percent of all sales in SHIB, respectively.

Since the company only recently launched, it is yet to complete any planned burn event but the company does intend to host a burn event once every month, details of which will be shared on its website.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Gap Launches Its First NFT Collection on Tezos Blockchain

Gap, the global clothing brand, is making its first foray into the world of non-fungible tokens (NFTs) through a collaboration with New York-based artist Brandon Sines and open-source blockchain platform Tezos. Sines, the brains behind the cartoon Frank Ape, helped draw up the collection based on Gap's signature hoodie. The digital collectibles come in four tiers based on pricing and availability: common, rare, epic, and one-of-a-kind. Buyers of the epic-level NFTs will also receive an exclusive physical Gap x Frank Ape hoodie while common, rare NFT buyers get a way to “unlock” the ability to purchase an epic NFT.

Gap's common rarity NFTs will be available starting January 13 for two of Tezos' native XTZ coin which is valued just under $9 or roughly Rs. 665, with rare-level NFTs going on sale on January 15 for XTZ 6 ($26 or roughly Rs. 1,922). Epic-level NFTs will follow on January 19 for XTZ 100 ($436 or roughly Rs. 32,234), while the single-edition ‘One of a Kind' NFT will be auctioned off starting January 24.

Buyers of epic-level NFT will also receive an exclusive physical Gap x Frank Ape hoodie, and Gap Threads will have a gamification model which lets collectors of the common and rare NFTs “unlock” the ability to purchase an Epic rarity NFT.

The way this will work is customers will need to complete a collection of four common and two rare NFTs in order to create a “commemorative NFT,” which then “unlocks access to purchase a limited edition Epic NFT,” according to an announcement by Gap. Customers who purchase an epic NFT will be able to claim the physical hoodie co-designed by Brandon Sines, claims the announcement.

While this is Gap's first push into the NFT space, it might not be the last. In a release, the company wrote that it “plans to learn more about how their customers want to engage in a digitally-led world.” The global clothes retailer currently has a creative partnership with Kanye West in place too which just aired its first TV advertisement.

Gap also chose to partner with Tezos due to the platform's emphasis on a low carbon footprint. Crypto formats like NFTs have recently spurred outcry for producing high emissions, meaning Gap could safeguard itself from backlash by focussing on energy efficiency.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Catch the latest from the Consumer Electronics Show on Gadgets 360, at our CES 2022 hub.

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