Memeland’s pre-sale is oversubscribed, and its currency issuance strategy is worth learning from other NFTs.
Original - Odaily
Author-husband how
Editor - Qin Xiaofeng
With the recent upward trend in the crypto market as a whole, the NFT sector has also been revitalized.
according toNFTGOAccording to the data chart, starting from the middle of this month, the NFT sector has shown an overall upward trend, with an overall market value of US$4.64 billion, and NFT sales in October were approximately 214 million. The floor price and sales volume of blue-chip NFT have also increased to a certain extent. Among them, BAYCs floor price increased by 13.75% this month, tentatively reported at 27.32 ETH, and sales in the past 24 hours were 1,470 ETH; Azukis floor price increased by 29.73% this month, tentatively reported at 5 ETH, and sales in the past 24 hours were 199.74 ETH.
Among them, the most eye-catching one is that MemeLand issued the token MEME this week, which once raised the gas fee on the chain.
Memeland has released three NFT series since last year, namely You the Real MVP, The POTATOZ and The CaptainZ (Captain series). The successful issuance of three NFT series has brought good popularity to Memeland and provided a solid community foundation for the subsequent development of the project.
As early as April this year, Memeland had repeatedly disclosed that it was about to issue tokens, but it had not disclosed the token economic model. Until recently, Memeland disclosed the token distribution rules in the official Discord and launched a pre-sale on October 26 and 27.
Odaily elaborates on Memeland’s token distribution rules and Memeland’s future development expectations.
MEME Token Distribution Rules
When Memeland officials introduced the token, they emphasized that the token does not have any meaning and does not have a detailed token economic model, which is very consistent with the feeling of a Meme currency. The total number of MEME tokens is 69 billion, the initial token price is 0.001 USDT, and the initial FDV is approximately $69 million. Please see the figure below for token allocation details.
● Community airdrop (25%): For all Memeland NFT holders, 1/5 is unlocked during TGE, and the remaining 4/5 is locked in NFT, unlocked non-linearly.
● Ecological Fund (33%): 1/11 is unlocked during TGE, and the remaining part is unlocked every day for 24 months to reward future community undertakings.
● Community Fire Sale (approximately 11%): 1/4 is unlocked at TGE, and the remainder is unlocked a portion every day for 18 months.
● Private sale (approximately 11%): 6-month lock-in period, 1/10 will be unlocked after 6 months, and the remainder will be unlocked a portion every day for the next 18 months.
● Contributors (20%): 12-month lock-in period, with a portion unlocked each day for the next 12 months.
Among them, in the community airdrop rules, since Captain series NFTs are differentiated by rarity, the number of airdrops of different rarities is different. Moreover, the airdrop is not issued all at once - after the snapshot is over, you will receive 1/5 of the airdrop for the first time, and the remaining part will be locked in NFT, and snapshots may be released in stages. This NFT airdrop method can avoid being like a monkey Early speculators during the (BAYC) airdrop effectively extended the life of NFT.
For the community fire sale (i.e. early pre-sale), the official price was set at 300 USDT. Based on the official ETH price at that time, it was finally determined to be 0.169 ETH to purchase 300,000 tokens.
Pre-sale qualifications are divided into two parts, the whitelist and the waiting list. The whitelist quota distributes different numbers of Codes according to different NFTs, and the waiting list comes from the invitation codes of NFT holders. NFT holders holding different series have different numbers of invitation codes(Community fission gameplay).
Currently Memeland’sThe pre-sale phase has ended，A total of approximately 8,737 ETH has been raised, which has been oversubscribed. The excess will be officially refunded within 48 hours.After the subscription is successful, the buyer needs to withdraw the tokens within 14 days, otherwise the tokens will be returned to the ecological fund. Among them, buyers who successfully subscribe can not receive the tokens within 14 days and receive a full refund.
Combined with the above-mentioned token unlocking time, the initial market circulation is approximately 7.42 billion, accounting for 11% of the total, and the initial circulation market value is US$7.42 million;Among them, 2.07 billion tokens belong to ecological funds and may be used for market making.
As can be seen from the above figure, within 12 months after TGE was unlocked, the circulation of MEME tokens increased at a constant rate; thereafter, contributors distributed tokens that were partially unlocked, and the circulation of tokens increased significantly. The overall upward trend is relatively stable. Pay attention to the one-time token unlocking at key nodes, such as the 6-month private sale part, the 12-month contributor unlocking, and the airdrop unlocking locked in NFT, which may cause certain selling pressure.
Memeland is very good at value-bound sales strategies, from airdrops and whitelist acquisition of NFT sales to token airdrop rules, which can reflect the scalability of Memeland’s sales strategies. On the whole, it has a positive effect on the subsequent development of the project and prevents the NFT price from diving due to speculation; the sustainability of the token airdrop can also ensure the binding of its NFT and tokens, avoiding the risk of the currency being issued. NFT loses subsequent value.
Possible demand scenarios for MEME tokens
Although there is no official introduction to the subsequent role of the token, its future direction can be speculated based on two aspects of information.
First, the types of NFT currently sold include portraits, objects, animals, etc. According to the information disclosed on the official website, the subsequent NFT series types are islands. Based on the operating experience of other NFT projects in the past, Memeland’s overall direction is to create Memeland yuan. Universe, then the demand scenario for MEME tokens may have a certain correlation with the Metaverse.
Secondly, the team behind Memeland is 9 GAG. It is a social media website with more than 200 million fans on the entire network. Its main audience is Europe and the United States. It focuses on Meme cultural exchanges and is one of the main sources of MEME cultural creation. one.
9 GAG entered the NFT market last year and now issues the token MEME. Combined with the information disclosed by 9 GAG CEO in the Discord community yesterday, it will soon launch a new SocialFi product, which may be linked to the MEME token.
In the field of Web3 social networking, 9 GAG combines the Web2 social fan base with the new Web3 social operating model to provide a new creator economic platform for Meme culture.
In general, there is no demand scenario for MEME tokens in the short term. It is just a Meme token, but it has a certain amount of room for imagination in the later period. Whether it is a social metaverse of Meme culture, a token that provides a creator economy for the new SocialFi, or a combination of the two, there is a certain possibility of implementation. However, according to the relevant documents of its pre-sale, there is no explanation of the token sale and subsequent expectations, and there may be certain regulatory pressure.
