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🌈 YON
@yonfrula
pump(dot)art pill experiment, after 24hs: · 1114 people took a total of 28867 pills all together. · initial pill price was $0.29 (free mint). · after primary ended, people start dumping instantly on the streets. · pill price drops by $0.07 at the time i'm writing this. this new reward protocol makes most sense for memes, souvenirs, and content aimed at going viral since they are more likely to be traded on secondary markets. and i'm sure mine is just one example, but i believe this is how most of the pieces we mint on /zora will behave from now on: sold for way too cheap to hold value, and getting instantly dumped even deeper by speculatoors. as an artist, i feel this isn't the optimal way to distribute our work...it almost feels like we're creating a memecoin on pump(dot)fun. thoughts?
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$GEAUX ✝️🍖🎧
@geaux.eth
It’s the fly effect. Think Mutatio by @xcopy.eth Someone even created a portal to burn NFTs to actually tokenize them into a coin. Large quantity “free” mints should be treated as meme coins not assets. Burn mechanisms can effect this, but I think it’s wiser to approach them with a “tokenomics” mindset
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🌈 YON
@yonfrula
yeah, too degen for art.
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