MegaLabs, the developer of ‘real-time’ blockchain MegaETH, has unveiled its flagship MegaETH NFT collection.
Background
- Called 'The Fluffle,' the collection comprises of 10,000 soulbound NFTs
- These collectibles represent ownership in the MegaETH network
- The NFTs are set to be “deeply customizable”
- This means users can unlock wearables and personalize their bunnies
- Every NFT will have multiple stages, paving the path for evolutions corresponding to user activity
- In simpler terms: The greater the stage, the greater the reward
Why should you pay attention?
- Mindshare-wise, MegaETH has noted a substantial increase over the past day
- In fact, at press time, it was the second-largest gainer
- The NFT sale will be divided into two installments — retroactive and proactive
- All the sales will be offered on a whitelist-only basis
- MegaLabs has collected ~80,000 addresses for the first instalment already
- No one on the MegaETH team will hold any of the 10,000 NFTs
Who said what?
- Community members have appreciated the team’s mechanism to distribute NFTs in the “fairest and healthiest” way possible
- Simon, the CEO and Partner at Moonrock Capital said,
“They could easily raise more at much higher valuations, but instead, they're prioritizing fair distribution and community alignment. You rarely see this kind of integrity in the industry”
- The MegaETH team emphasized,
“Rather than relying on forced activities or task farming, we’re emphasizing conviction and commitment—to both MegaETH and the broader industry”
- Elaborating on how this will be done, they added,
“Each NFT will cost 1 ETH and will cumulatively represent at least 5% of the MegaETH network. This allocation is dynamic — designed to increase as the NFT collection evolves”
Zooming out
- It’s worth recalling that MegaLabs raised $10 million in less than three minutes in mid-December
- This was done via Echo, the angel investor platform created by crypto trader Jordan Fish, aka Cobie
- Initially, MegaLabs intended to raise only $4.2 million
- The team ended up achieving that target in just 56 seconds
- Owing to the skyrocketing investor demand, they decided to raise an additional $5.8 million
- That got eventually fully funded in 70 seconds
- In all, that round attracted around 3,200 investors from 94 countries
- The average amount injected per investor hovered around $3,140
