Author: Golem, Odaily Planet Daily
Focusing on enhancing Ethereum's performance, the real-time blockchain megaETH today announced the upcoming launch of a new NFT series: The Fluffle. This NFT series has a total supply of 10,000, with a whitelist price of 1 ETH, and is an untradeable and non-transferable SBT (soulbound token). NFT holders will enjoy benefits including a future 5% token distribution, with 50% of TEG unlockable on the day of release, and the remaining will be unlocked linearly over 6 months. The whitelist details have not yet been announced, but users can currently check their whitelist eligibility on the official website.
megaETH is one of the popular Ethereum scaling solutions in this round, completing a $20 million seed round financing on June 27, 2024, with funding support from institutions and celebrities such as Dragonfly, Robot Ventures, Folius Ventures, and Vitalik Buterin; in December 2024, it completed a community round of financing on the Echo platform, achieving its $10 million fundraising goal in just 3 minutes, with a valuation exceeding $200 million.
However, the NFT sale event launched by megaETH has sparked intense controversy within the community. On one hand, some players believe that the fundraising odds are extremely high and are actively seeking whitelist spots off-market; on the other hand, some players question whether megaETH's actions are a disguised ICO, taking advantage of the ongoing bull market to harvest the community early. So who is more reasonable? Odaily Planet Daily will outline both viewpoints in this article for readers' reference, not as any investment advice.
Pro: Reasonable Valuation, Worth Participating
Undoubtedly, the highlight of megaETH's The Fluffle series NFT lies in the future 5% token airdrop distribution, leading the community to generally view it as a "shell sale" activity. If the sale is successful, the project will receive 10,000 ETH, currently approximately $27 million (if ETH does not drop), and if calculated at a 5% airdrop ratio, the token's FDV would be $540 million.
Adding the previously obtained $30 million in financing, megaETH's total financing amount reaches $57 million. Based on a typical token estimation of 20 times the financing amount, megaETH's FDV would be $1.14 billion.
However, whether calculated at the NFT pricing of $540 million FDV or the financing amount estimate of $1.14 billion FDV, community players supporting megaETH believe the valuation remains within a reasonable range and has at least 10 times potential returns. After all, compared to the FDV of previously popular Ethereum scaling solutions like TEG, such as ZKsync ($4.2 billion), Starknet ($19.5 billion), and Blast ($2.7 billion), megaETH's current FDV is indeed not high, and it is even lower than Starknet's current circulating market value of $660 million.
BMAN, co-founder of ABCDE Venture, expressed strong support for megaETH: "They could have raised more funds but turned down a $1 billion offer from VCs, choosing to use the retro ICO method to give more tokens to the community. I believe this is an attractive opportunity for liquidity, and it is also one of the most asymmetric opportunities recently. As an investor, I am glad that Ethereum has returned to the simple, retro ICO era."
A team member of the NFT project CyberKongz, enzoblue, even boldly stated that anyone who does not want a whitelist can feel free to DM him.
Some community players have seen through the reason behind megaETH's "shell sale." On one hand, using SBT can avoid speculation of NFTs in the secondary market; on the other hand, clearly defining NFTs as "collectibles" reasonably circumvents legal risks while offering private placement prices similar to VCs in the form of NFTs to the community. megaETH co-founder Bing Brother also candidly stated in response to community doubts: "We cannot directly ICO tokens to the community; we can only lower the valuation and give it to the community in the form of NFTs, and whether people buy or not depends on their own valuation of the project."
Con: Mainnet Not Launched, Early Harvesting
Of course, in this mixed reality of the cryptocurrency world, where truth and falsehood are intertwined and innocence relies heavily on rhetoric, it is often not enough to just listen to what the project party says to understand their true intentions. Therefore, some community players have raised doubts about megaETH, believing that in the current market environment, a $540 million valuation is still too high, and that the project party is looking to harvest early by selling tokens before launching the mainnet, taking advantage of the abundant liquidity in the bull market.
During this cycle, there is a prevalent phenomenon in the market where project parties issue tokens or list them as an endpoint, with many projects stopping operations secretly after profiting from token issuance, merely hoping for tokens to unlock as soon as possible. With past experiences in mind, megaETH's disguised ICO occurring before the mainnet launch, with the real product yet to be delivered, raises concerns about whether there will still be motivation to continue development after securing funds. Is the product worthy of the current valuation? These questions inevitably raise worries, as ultimately, in the current environment of imperfect regulation, the highest constraint rule for Web3 project parties is their own moral standards: is building a priority or is money a priority?
Chinese KOL Feng Mi published a lengthy article questioning megaETH's NFT sale activity, stating that MegaETH does not genuinely care about community experience. If they truly cared, they should distribute tokens through a fair mechanism (such as game contributions, activity rewards, or even NFT staking), while the project party seems to oppose "meaningless airdrop point systems," but in reality, they are just finding a justification for directly selling tokens.
KOL Feng Wu Xiang also expressed concerns about MegaETH's future airdrop ratio, noting that historically, no matter how hard the grind, the "grind emperors" can never compete with the wealthy players. He also pointed out that compared to Monad, which is still focused on ecological construction and values ecological activities, MegaETH is obtaining funds through ICOs and has even reached a point where it no longer needs CEX to provide liquidity for exit, which may not be a good thing for the industry.
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