Memeland's presale was oversubscribed, and its token issuance strategy is worth learning from for other NFTs
Memeland is very good at value-binding sales strategies, from obtaining airdrops and whitelist spots for NFT sales to token airdrop rules, which reflect the extensibility of Memeland's sales strategy.Author: Fu Ruo, Odaily Planet Daily
Editor: Qin Xiaofeng, Odaily Planet Daily
With the recent overall rise in the cryptocurrency market, the NFT sector has also regained vitality.
According to data from NFTGO, the NFT sector has shown a general upward trend since mid-month. This week, NFT sales reached 39,260 ETH, an increase of 23.8% compared to the previous week, with blue-chip NFT floor prices and sales also experiencing some uplift. Among them, the BAYC floor price has risen by 13.75% this month, currently reported at 27.32 ETH, with sales of 1,470 ETH in the past 24 hours; the Azuki floor price has increased by 29.73% this month, currently reported at 5 ETH, with sales of 199.74 ETH in the past 24 hours.
Notably, this week, MemeLand issued the token MEME, which temporarily drove up on-chain gas fees.
Since last year, Memeland has launched three NFT series: You the Real MVP, The POTATOZ, and The CaptainZ ("Captain" series). The successful launch of these three NFT series has brought considerable attention to Memeland and provided a solid community foundation for the project's future development.
As early as April this year, Memeland had disclosed plans to issue a token but had not revealed the token economic model until recently, when it disclosed the token distribution rules in its official Discord and conducted a pre-sale on October 26 and 27.
Odaily Planet Daily elaborates on Memeland's token distribution rules and future development expectations.
MEME Token Distribution Rules
In introducing the token, Memeland emphasized that the token has no intrinsic meaning and lacks a detailed economic model, aligning well with the "Meme" coin concept. The total supply of MEME tokens is 69 billion, with an initial price of 0.001 USDT, giving an initial FDV of approximately 69 million USD. For details on token distribution, please see the chart below.
- Community Airdrop (25%): For all Memeland NFT holders, 1/5 will be unlocked at TGE, and the remaining 4/5 will be locked in the NFT, with a non-linear unlocking schedule.
- Ecosystem Fund (33%): 1/11 will be unlocked at TGE, with the remaining portion unlocking daily over 24 months to reward future community initiatives.
- Community Fire Sale (approximately 11%): 1/4 will be unlocked at TGE, with the remaining portion unlocking daily over 18 months.
- Private Sale (approximately 11%): 6-month lock-up period, with 1/10 unlocking after 6 months, and the remaining portion unlocking daily over the next 18 months.
- Contributors (20%): 12-month lock-up period, with daily unlocking over the following 12 months.
In the community airdrop rules, due to the rarity distinctions among the Captain series NFTs, the number of airdrops varies by rarity. Additionally, the airdrop is not distributed all at once—after the snapshot ends, the first 1/5 of the airdrop can be claimed, with the remaining portion locked in the NFT, and there may be periodic snapshots for distribution. This NFT airdrop method can avoid early speculators like those seen during the "monkey" (BAYC) airdrop, effectively extending the lifespan of the NFTs.
The community fire sale (i.e., the initial pre-sale) has set the price at 300 USDT, based on the official ETH price at the time, ultimately determined to be 0.169 ETH for 300,000 tokens.
Pre-sale eligibility is divided into two parts: whitelist and waitlist, with whitelist spots distributing different amounts of codes based on different NFTs, while the waitlist comes from NFT holders' invitation codes. Holders of different NFT series have different numbers of invitation codes (community referral mechanics).
Currently, the pre-sale phase of Memeland has ended, raising approximately 8,737 ETH, which has been oversubscribed. The excess amount will be refunded by the official team within 48 hours. After a successful subscription, purchasers need to withdraw their tokens within 14 days; otherwise, the tokens will revert to the ecosystem fund. Successful purchasers can opt for a full refund within 14 days without claiming the tokens.
Considering the aforementioned token unlocking timeline, the initial market circulation is approximately 7.42 billion tokens, accounting for 11% of the total supply, with an initial circulating market value of 7.42 million USD; of which 2.07 billion tokens belong to the ecosystem fund, which may be used for market making.
From the chart above, it can be seen that from TGE to 12 months post-unlocking, the circulation of MEME tokens increases steadily; thereafter, the contributor-distributed tokens will unlock, leading to a significant increase in token circulation. The overall upward trend appears relatively stable, but attention should be paid to key points of one-time token unlocks, such as the 6-month private sale portion, the 12-month contributor unlock, and the airdrop unlocks locked in NFTs, which may cause some selling pressure.
Memeland excels in value-binding sales strategies, from NFT sales airdrops and whitelist acquisition to token airdrop rules, reflecting the extensibility of Memeland's sales strategy. Overall, this has a positive effect on the project's future development, preventing NFT prices from plummeting due to speculative behavior; the sustainability of token airdrops can also ensure the binding of its NFTs and tokens, avoiding a loss of subsequent value after token issuance.
Potential Demand Scenarios for MEME Tokens
Although the official team has not introduced the subsequent role of the tokens, we can speculate on their future direction based on two aspects.
The first aspect is that the currently sold NFT types include portraits, items, animals, etc. According to information disclosed on the official website, the upcoming NFT series will be islands. Based on the operational experience of other NFT projects, Memeland aims to create the Memeland metaverse, so the demand scenarios for MEME tokens may have some correlation with the metaverse.
The second aspect is that the team behind Memeland is 9 GAG, which is a social media website with over 200 million fans worldwide, primarily targeting audiences in Europe and America, focusing on meme culture exchange, and is one of the main sources of MEME culture creation.
Since entering the NFT market last year, 9 GAG has now issued the MEME token, and combined with information disclosed by the 9 GAG CEO in the Discord community yesterday about an upcoming new SocialFi product, there may be a connection with the MEME token.
In the Web3 social field, 9 GAG combines its Web2 social fan base with new operational models in Web3 to provide a new creator economy platform for meme culture.
In summary, the MEME token currently does not have a demand scenario in the short term, merely serving as a "Meme" token, but it has certain imaginative potential in the future. Whether as a social metaverse for meme culture or as a token providing creator economy for new SocialFi, or a combination of both, there is a possibility of realization. However, based on the related documents of its pre-sale, there has been no explanation regarding token sales and future expectations, which may face certain regulatory pressures.
