MegaETH Introduces The Fluffle Soul-Bound NFT, Promising a Minimum 5% Token Airdrop, Limited to 10,000 Pieces
Recently, Ethereum Layer 2 project MegaETH, which received investment from Vitalik Buterin, announced the launch of its flagship NFT series, The Fluffle, with a total supply of 10,000. The Fluffle is a soul-bound NFT, which means that this NFT series cannot be transferred or sold in the market like other NFTs such as Bored Ape Yacht Club (BAYC). However, when the news was announced, the community’s sentiment surprisingly turned towards MegaETH’s fundraising efforts. Nevertheless, MegaETH promises that NFT holders will receive at least 5% of the tokens, which can be seen as a form of community financing.
(The meeting of Vitalik’s favored “world computer” MegaETH and the new generation DEX that catches the attention of market makers, GTE, completes community financing.)
Existing airdrop methods cannot reward loyal users
A Twitter post by MegaETH stated that they will launch their flagship NFT series, The Fluffle. This series includes 10,000 soul-bound NFTs. The company stated that their intention was to address the issue of existing airdrop reward programs, where the benefits are taken by fraudulent activities or so-called airdrop studios, and are unable to benefit genuine loyal users. Additionally, in recent years, the low circulation and high market value model has only allowed internal personnel to profit.
Therefore, MegaETH’s airdrop does not require users to complete tasks, but instead allows genuine users to become early investors, similar to the community financing that MegaETH launched on Echo, which sold out a $10 million quota immediately.
The NFT holders in this case will receive at least 5% of the token airdrop. MegaETH chose to release the soul-bound NFT series because it avoids invasive KYC requirements and anti-witch measures, and utilizes strict anti-money laundering procedures.
A $600 million community public offering, is The Fluffle a worthwhile investment?
According to the official website, the 10,000 NFTs will be distributed through a whitelist. The first batch of 5,000 NFTs will be distributed to active addresses, with 80,000 qualifying addresses. The Fluffle series NFTs are highly personalized and can be unlocked for wearable devices. Users can check if they are on the whitelist on the official website. A small portion of the quota is free to mint, while the rest will be competed for by 80,000 addresses for 5,000 NFTs, so speed is still important.
The second batch of NFT whitelist will be released a few months later, aiming to provide an opportunity for those who continue to have influence in promoting MegaETH through social and on-chain interactions.
The company stated that NFT holders will receive at least 5% of the tokens, and possibly more. Half of the tokens will be unlocked on the TGE day and fully unlocked within six months. From an early investment perspective, with less than $30 million for 10,000 ETH, distributing 5% of the tokens suggests a valuation of less than $600 million for this round. From the perspective of Layer 2 valuation, it seems not too high.
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