In a recent social media post adorned with the eyes emoji, Shiba Inu lead Shytoshi Kusama has spotlighted a non-fungible token drop associated with Paris Hilton.
Kusama responded to Marcie Jastrow, SHIB's metaverse advisor, sharing a SHiB-themed NFT from the collection.
"That's hot"
The new NFT drop, dubbed "MareBears," is a collaborative effort between Paris Hilton, Ubisoft, and Charli Cohen.
The collection comprises interactive digital pets, each priced at 0.077 ETH, with a total supply of 15,000.
Hilton expressed her excitement on social media, particularly for a one-of-a-kind "MareBear" with unique Paris traits.
Bleak outlook for NFTs
In the meantime, a recent study by dappGambl has shown a stark depreciation in the value of NFTs, with 95% of NFT collections now deemed worthless, marking a significant downturn in a market that once saw a trading volume of $17 billion during a 2021 bull market.
The study attributes this decline to an oversupply of NFTs and a lack of demand, particularly for collections lacking clear use cases or genuine artistic value, with only 21% of NFT collections having full ownership.
Despite the bleak outlook, the study suggests that NFTs could evolve to find specific functional use cases.