Recently, Ethereum Layer 2 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-bonded 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) for profit. However, when the news was first announced, the community’s reaction was unexpectedly focused on MegaETH’s fundraising from the community. Nonetheless, MegaETH promises that NFT holders will receive at least 5% of the tokens, which can be viewed from the perspective of community financing.
(The meeting of MegaETH, the world computer favored by Vitalik, and GTE, the new generation DEX attracting the attention of market makers, completes community financing)
Existing airdrop methods cannot reward loyal users
MegaETH’s Twitter post stated that it will release its flagship NFT series: The Fluffle. This series includes 10,000 soul-bonded NFTs. The official statement mentioned that their intention was to address the issue that existing airdrop point systems have their benefits taken away by fraudulent activities or so-called airdrop studios, which cannot benefit genuine loyal users. At the same time, the recent trend has been that only internal personnel profit from projects with low circulation and high market value.
Therefore, MegaETH’s airdrop does not require users to complete tasks, but rather allows genuine users to become early investors, similar to the community financing that MegaETH launched on Echo, which quickly sold out its $10 million quota.
NFT holders in this case will receive at least 5% of the token airdrop. MegaETH chose to release the soul-bonded NFT series because it avoids invasive KYC requirements and witch hunting, and implements strict anti-money laundering procedures.
A $600 million valuation with a community public offering, is The Fluffle a good deal?
According to the official website, the 10,000 NFTs will be distributed through a whitelist, with the first batch of 5,000 NFTs being distributed to active addresses, with 80,000 eligible addresses. The Fluffle series NFTs are highly personalized and can be unlocked for wearable devices. You can check on the official website if you are included in the whitelist. A small portion of the quota is free to mint, while the rest will be competed for due to 80,000 addresses vying for 5,000 NFTs.
The second batch of NFT whitelists will be released several months later, aiming to provide an opportunity for those who continue to contribute to MegaETH and have influential social and on-chain interactions.
The official statement mentions that NFT holders can allocate 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 the perspective of early investment, with less than $30 million for 10,000 ETH, it can be deduced that the valuation of this round is less than $600 million if we consider the 5% token allocation.
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