Megaeth NFT“ Shell Sale” Sparks爭議：合理的估值還是提早收穫？

實時區塊鏈Megaeth著重於增強以太坊的表現，今天宣布即將推出新的NFT系列：The Fluffle。

megaETH, a real-time blockchain solution designed to enhance Ethereum's performance, announced the upcoming launch of a new NFT series titled "The Fluffle." This series will have a total supply of 10,000 NFTs, each priced at 1 ETH for whitelist members. Notably, these NFTs will be untradeable and non-transferable, serving as Soulbound Tokens (SBTs).

Megaeth是一種實時區塊鏈解決方案，旨在增強以太坊的性能，宣布即將推出一個名為“ The Fluffle”的新型NFT系列。該系列的總供應量為10,000個NFT，每個NFT的價格為1個ETH，白名單成員的價格為1個。值得注意的是，這些NFT將是不可交易和不可轉移的，它是Soulbound代幣（SBTS）。

As an added benefit, NFT holders will be eligible for a future 5% token airdrop allocation, with 50% unlockable on the day of TEG, and the remaining will be unlocked linearly over 6 months. While the whitelist details are yet to be announced, users can currently check their whitelist eligibility on the official website.

作為額外的好處，NFT持有人將有資格獲得未來5％的代幣空調分配，在TEG當天可以解鎖50％，其餘的將在6個月內線性解鎖。儘管白名單詳細信息尚未宣布，但用戶目前可以在官方網站上查看其白名單的資格。

This NFT sale event has sparked intense controversy within the community. On one hand, some players are convinced that the fundraising odds are extremely high and are actively seeking whitelist spots off-market. They believe that the NFT serves as a "shell" for future token sales, and that those who fail to obtain a whitelist spot will miss out on a once-in-a-lifetime opportunity.

這個NFT銷售活動引發了社區內部的激烈爭議。一方面，有些球員堅信籌款賠率很高，並且正在積極尋求白名單的場景。他們認為，NFT是未來代幣銷售的“外殼”，那些未能獲得白名單的人會錯過千載難逢的機會。

On the other hand, some players question whether megaETH's actions are a disguised ICO, taking advantage of the ongoing bull market to harvest the community early. They argue that the project's mainnet has not yet been launched, and that selling tokens in this manner may not align with the spirit of Web3.

另一方面，一些玩家質疑Megaeth的行動是否是偽裝的ICO，利用正在進行的牛市早日收穫社區。他們認為該項目的主網尚未啟動，並且以這種方式銷售代幣可能與Web3的精神不符。

To provide a balanced perspective, Odaily Planet Daily will outline both viewpoints in this article for readers' reference, not as any investment advice.

為了提供平衡的觀點，Odaily Planet Daily將在本文中概述讀者的參考，而不是任何投資建議。

Pro: Reasonable Valuation, Worth Participating

專業：合理的估值，值得參加

There is no doubt that the highlight of megaETH's The Fluffle series NFT lies in the future 5% token airdrop allocation. Therefore, the community generally views it as a "shell sale" activity, where the successful sale allows the project party to obtain 10,000 ETH, currently approximately $27 million (if ETH does not drop).

毫無疑問，Megaeth的The Fluffle系列NFT的亮點在未來是5％的代幣空調分配。因此，社區通常將其視為“殼牌銷售”活動，成功的銷售使項目黨獲得了10,000 ETH，目前約為2700萬美元（如果不下降）。

If calculated at a 5% airdrop ratio, the token's FDV would be $540 million. Adding the previously obtained $30 million financing, megaETH's total financing amount reaches $57 million. Based on the general token estimation of 20 times the financing amount, megaETH's FDV would be $1.14 billion.

如果以5％的氣流比計算，則令牌的FDV為5.4億美元。增加了先前獲得的3000萬美元融資，Megaeth的總融資金額達到了5700萬美元。根據融資金額的一般代幣估計，Megaeth的FDV將為11.4億美元。

However, whether calculated by the NFT pricing at $540 million FDV or by the financing amount estimated at $1.14 billion FDV, community players supporting megaETH believe the valuation remains within a reasonable range and has at least 10 times potential returns. After all, compared to the FDV of previously popular Ethereum scaling solutions like TEG, such as ZKsync ($4.2 billion), Starknet ($19.5 billion), and Blast ($2.7 billion), megaETH's current FDV is indeed not high, and it is even lower than Starknet's current circulating market value of $660 million.

但是，無論是由NFT定價以5.4億美元的FDV計算，還是估計為11.4億美元的FDV的融資金額，支持Megaeth的社區參與者都認為，估值仍然在合理的範圍內，至少具有10倍的潛在回報。畢竟，與以前流行的以太坊縮放解決方案（例如TEG）的FDV相比，例如Zksync（42億美元），Starknet（195億美元）和BLAST（27億美元），Megaeth的FDV確實不高，而且它甚至不高比Starknet目前的循環市場價值6.6億美元。

BMAN, co-founder of ABCDE Venture, expressed support for megaETH: "They could have raised more funds but turned down a $1 billion offer from VCs, choosing to use the retro ICO method to give more tokens to the community. I believe this is an attractive opportunity for liquid funds, and it is also one of the most asymmetric opportunities recently. As an investor, I am glad Ethereum has returned to the simple, retro ICO era."

ABCDE Venture的聯合創始人Bman表示對Megaeth的支持：“他們本可以籌集更多資金，但拒絕了VCS的10億美元報價，選擇使用Retro ICO方法來為社區提供更多的代價。我相信這是液體資金的一個有吸引力的機會，這也是最近作為投資者的最不對稱的機會之一，我很高興以太坊回到了簡單，復古的ICO時代。”

A team member of the NFT project CyberKongz, enzoblue, even boldly stated that anyone who does not want a whitelist can feel free to DM him.

NFT項目Cyber​​kongz的團隊成員Enzoblue甚至大膽地說，任何不想要白名單的人都可以隨意DM他。

Some community players have seen through the reason behind megaETH's "shell sale." On one hand, using SBT can avoid speculation on the NFT in the secondary market; on the other hand, clearly defining the NFT as "collectibles" reasonably mitigates legal risks while offering the community a private placement price similar to that of VCs in the form of NFTs. megaETH co-founder Bing Xiong also candidly stated in response to community doubts: "We cannot directly ICO the tokens to the community; we can only lower the valuation and give it to the community in the form of NFTs, and whether people buy it depends on their own valuation of the project."

一些社區球員已經看到了梅加斯（Megaeth）的“殼牌銷售”背後的原因。一方面，使用SBT可以避免二級市場對NFT的猜測；另一方面，顯然將NFT定義為“收藏品”，可以合理地降低法律風險，同時為社區提供與NFT形式相似的私人安置價格。 Megaeth聯合創始人Bing Xiong還坦率地說明了社區的疑問：“我們不能直接對社區的代幣進行ICO；我們只能以NFT的形式降低估值並將其交給社區，而人們是否購買它是否取決於根據他們對項目的估值。”

Con: Mainnet Not Launched, Early Harvesting

CON：主網未啟動，提早收穫

Of course, in this mixed reality of the cryptocurrency circle, where truth and falsehood are intertwined and innocence relies entirely on eloquence, it is often not enough to just listen to what the project party says to understand their true intentions. Therefore, some community players have raised doubts about megaETH, believing that in the current market environment, a $540 million valuation is still too high, and that the project party is looking to sell tokens before launching the mainnet to take advantage of the liquidity in the bull market for early harvesting.

當然，在加密貨幣圈子的這種混合現實中，真理與虛假是交織在一起並完全依賴於口才的，通常不足以聽取項目黨所說的話來理解他們的真實意圖。因此，一些社區參與者對Megaeth提出了懷疑，認為在當前的市場環境中，5.4億美元的估值仍然太高了，並且項目黨正在尋求在推出Mainnet之前出售代幣，以利用在利用流動性的優勢早期收穫的牛市。

During this cycle, there is a prevalent phenomenon in the market where project parties consider token issuance

在這個週期中，市場中有一個普遍的現象，項目各方考慮簽署發行