Megaeth NFT“ Shell Sale” Sparks争议：合理的估值还是提早收获？

实时区块链Megaeth着重于增强以太坊的表现，今天宣布即将推出新的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是一种实时区块链解决方案，旨在增强以太坊的性能，宣布即将推出一个名为“ The Fluffle”的新型NFT系列。该系列的总供应量为10,000个NFT，每个NFT的价格为1个ETH，白名单成员的价格为1个。值得注意的是，这些NFT将是不可交易和不可转移的，它是Soulbound代币（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.

作为额外的好处，NFT持有人将有资格获得未来5％的代币空调分配，在TEG当天可以解锁50％，其余的将在6个月内线性解锁。尽管白名单详细信息尚未宣布，但用户目前可以在官方网站上查看其白名单的资格。

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.

这个NFT销售活动引发了社区内部的激烈争议。一方面，有些球员坚信筹款赔率很高，并且正在积极寻求白名单的场景。他们认为，NFT是未来代币销售的“外壳”，那些未能获得白名单的人会错过千载难逢的机会。

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，一些玩家质疑Megaeth的行动是否是伪装的ICO，利用正在进行的牛市早日收获社区。他们认为该项目的主网尚未启动，并且以这种方式销售代币可能与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.

为了提供平衡的观点，Odaily Planet Daily将在本文中概述读者的参考，而不是任何投资建议。

Pro: Reasonable Valuation, Worth Participating

专业：合理的估值，值得参加

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).

毫无疑问，Megaeth的The Fluffle系列NFT的亮点在未来是5％的代币空调分配。因此，社区通常将其视为“壳牌销售”活动，成功的销售使项目党获得了10,000 ETH，目前约为2700万美元（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％的气流比计算，则令牌的FDV为5.4亿美元。增加了先前获得的3000万美元融资，Megaeth的总融资金额达到了5700万美元。根据融资金额的一般代币估计，Megaeth的FDV将为11.4亿美元。

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，无论是由NFT定价以5.4亿美元的FDV计算，还是估计为11.4亿美元的FDV的融资金额，支持Megaeth的社区参与者都认为，估值仍然在合理的范围内，至少具有10倍的潜在回报。毕竟，与以前流行的以太坊缩放解决方案（例如TEG）的FDV相比，例如Zksync（42亿美元），Starknet（195亿美元）和BLAST（27亿美元），Megaeth的FDV确实不高，而且它甚至不高比Starknet目前的循环市场价值6.6亿美元。

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的联合创始人Bman表示对Megaeth的支持：“他们本可以筹集更多资金，但拒绝了VCS的10亿美元报价，选择使用Retro ICO方法来为社区提供更多的代价。我相信这是液体资金的一个有吸引力的机会，这也是最近作为投资者的最不对称的机会之一，我很高兴以太坊回到了简单，复古的ICO时代。”

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项目Cyber​​kongz的团队成员Enzoblue甚至大胆地说，任何不想要白名单的人都可以随意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."

一些社区球员已经看到了梅加斯（Megaeth）的“壳牌销售”背后的原因。一方面，使用SBT可以避免二级市场对NFT的猜测；另一方面，显然将NFT定义为“收藏品”，可以合理地降低法律风险，同时为社区提供与NFT形式相似的私人安置价格。 Megaeth联合创始人Bing Xiong还坦率地说明了社区的疑问：“我们不能直接对社区的代币进行ICO；我们只能以NFT的形式降低估值并将其交给社区，而人们是否购买它是否取决于根据他们对项目的估值。”

Con: Mainnet Not Launched, Early Harvesting

CON：主网未启动，提早收获

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.

当然，在加密货币圈子的这种混合现实中，真理与虚假是交织在一起并完全依赖于口才的，通常不足以听取项目党所说的话来理解他们的真实意图。因此，一些社区参与者对Megaeth提出了怀疑，认为在当前的市场环境中，5.4亿美元的估值仍然太高了，并且项目党正在寻求在推出Mainnet之前出售代币，以利用在利用流动性的优势早期收获的牛市。

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

在这个周期中，市场中有一个普遍的现象，项目各方考虑签署发行