Content
@
0 reply
26 recasts
26 reactions
Coop
@coopahtroopa.eth
Miggles presents an interesting paradox for Base. Coinbase launches a new collection called Mr. Miggles with 70k mints from 42k unique wallets (and 11 ETH in sales). A very successful open edition. The news of a Coinbase-backed meme kickstarted an unofficial memecoin which ripped to 100M cap this week. (MIGGLES) I and many others here minted the Miggles open edition as a part of Onchain Summer + Smart Wallet. There is no value capture between the Miggles editions and the MIGGLES memecoin. Traders who DID NOT do the officially sponsored Miggles campaigns outperformed those who did. I find it hard to see a world where Coinbase/Base fully lean into promoting official memecoins - which begs the question, what happens next? 404s are an interesting alternative - but this would make the $0.60 mint price of the open edition much high if they editions appreciated in value as the token mooned. How does Base *endorse* the things that appreciate the most in value while staying true to the open edition meta?
7 replies
1 recast
85 reactions
mikestjean
@mikestjean
I’m not sure Base should endorse things just because they appreciate more in value (is that what you’re asking?) … scalpers do better than people who ‘just buy tickets’, and black market versions of many things ‘out perform’ any legit / endorsed version… Thoughts ?
1 reply
0 recast
2 reactions
Coop
@coopahtroopa.eth
Really good framing here haven’t thought of it like this!!
0 reply
0 recast
0 reaction
