Want the secret to get rich quick?
I’m going to show how to make $2.5 billion dollars.
Easy.
Follow these steps closely.
Step 1: Start a wildly popular NFT collection and make it go viral
Step 2: Create a coin out of thin air and issue it out to all the owners of the NFTs
Step 3: Hype it up, list it on all the major exchanges and allow the public to trade
Step 4: Cash out and sell the coins when everyone else has bought in
Step 5: Congratulations, you made it! You are rich!
I’m kidding of course.
This is purely for entertainment.
Though I can’t help but see the similarities to the whole ApeCoin fiasco going down in cryptoland recently.
In summary, Yuga Labs, the owners of the BAYC and now MeeBits and CryptoPunks too, decided it was a great idea to launch ApeCoin, a tradeable token for its fans.
The coin wasn’t a bad idea.
BAYC NFTs goes for hundred of thousands while the ApeCoin can be bought by the common joe who lost out, FOMO-ed and wanted to get in on the action.
“More than $9bn worth of ApeCoin changed hands in the first 24 hours of trading, according to data from CoinMarketCap.com.”
All owners of the BAYC and its related NFTs were “airdropped” 10,000 ApeCoins according to how many NFTs they own.
“one holder of 12 Bored Apes, 10 Mutant Apes, and 11 Kennel Club NFTs reported receiving 150,964 APE (valued at $1.3 million when $APE was at $8.56).”
Free money anyone?
So what do the owners do?
Well, they sold the ApeCoins immediately to the people who FOMO-ed and wanted in of course!
“That turned out to be the case, as the value of the token surged upwards to a peak of $39.40, then sank overnight by over 80% to as low as $6.48 after token claimers quickly turned around and sold them. The price then bounced back from its low to a value of $17.75, before falling back to under $13, in its second day of trading.”
Let’s look at the numbers for a second, because numbers don’t lie.
APE has a total supply of 1 billion token.
Yuga Labs gets 150m tokens (15% of total supply).
The 4 founders of BAYC / Yuga Labs each receives 8% of the total supply (that’s 80m tokens).
Ho Ho Ho, exactly, 4 people will get 8% of the entire supply.
So Yuga Labs and their 4 founders will receive a total of 230m tokens (that’s 23% of the total supply).
Doing the maths, at current prices of $11.06.
Yuga and their 4 founders will get an eye-popping $2,543,800,000.
That’s $2.5 billion dollars created out of pure imagination, ingenuity and incredibility.
Oh and if the ApeCoin’s market value goes up, their fortune follows suit.
Hate it or love it, this is the miraculous beauty of cryptoland.
It clearly shows you the power you can have if you control consumer behaviour, make use of FOMO well and brand your business like a boss.
-
#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #bitcoin #cryptocurrency #bayc #nft #yugalabs #getrich #airdrop #mayc #branding
