Written by: Deep Tide TechFlow
Pop culture/meme is one of the most important components of Web2. The encryption technology brought by blockchain makes the monetization of pop culture/meme possible.
Dogecoin originated from a Shiba Inu named Kabosu. And $Pepe comes from a common daily expression pack – Sad Frog.
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What’s more interesting is that some memecoins have built a Web3 native memecoin on the basis of memecoins born from Web2 pop culture. $AIDOGE is one of the representatives.
The pattern of $AIDOGE is to airdrop tokens to all addresses eligible for $ARB airdrops, and to increase the token transaction tax. Part of the tax revenue will be used to purchase $ARB, which will be rewarded to users who provide LP and token buyers. $AIDOGE creates a native Web3 meme through DeFi.
Just as $AIDOGE was born out of AI and meme, Nova deployed on Ethereum is also born out of AI and PePe. PePe rose 375,000 times in just 21 days, while Nova’s narrative and image are more exaggerated. Can his appearance reproduce this myth of benefit, and the following will detail the gameplay of $NOVA.
$NOVA Gameplay: UBI and the Ultimate “Irony” of Economic Security
According to the official website, Nova’s smart contract code was written by ChatGPT and was officially launched on July 10. Its official website art design is like a character commonly seen in American cartoons, but more exaggerated in appearance, and the characters are full of green and staring eyes, just like users who are waiting hard in the bear market.
After issuance, 95% of $NOVA will be used to add liquidity, and the remaining 5% of $NOVA will be used for the construction of the subsequent ecosystem. The total circulation of $NOVA is 100 trillion.
Unlike most pure emotional memecoins, Nova is more like a social experiment-the design of the token model introduces a concept called UBI.
UBI stands for Unconditional Basic Income, and Wikipedia explains the concept as “Without conditions, qualification restrictions, no qualification review, every citizen or member can regularly receive a certain amount of money, issued by the government or organization to all members, to meet people’s basic living conditions, including food, housing, education, medical care, public utilities and other basic expenses, through economic security, to implement basic human rights.”
UBI has been advocated by Musk and Bill Gates since the outbreak of the pandemic 20 years ago. Recently, Sam Altman, the founder of OpenAI, also proposed that universal basic income (UBI) is a solution to the problem of a large number of future human layoffs. WorldCoin is the mapping of this concept. He believes that when AI replaces more jobs, having no work and income should not be a problem for survival. Therefore, his idea is to guarantee everyone’s basic life by giving money to everyone. This theory also has some basis in economics and can free up people’s time for life and creation.
However, the problem is where does the money come from?
Altman predicted that in the next 10 years, companies in the entire AI industry could earn enough money, enough to take out a portion of this money to give to everyone. He conservatively estimated that 250 million people could receive 13,500 US dollars for free every year.
To enable everyone in the world to receive this money equally, Altman chose to use blockchain technology to issue a virtual currency called “Worldcoin”. He believes that everyone can join this “Worldcoin” system and then distribute money from this system to achieve universal basic income.
Extended to Web3, it is to evenly distribute the protocol treasury to all holders.
So, how did Nova do it?
The contract adds a 9% selling tax to $NOVA (0% purchase tax), of which 3% will automatically buy ETH and distribute it to the top 30 blue-chip NFT holders. In the traditional world, relief funds are prepared for those in need. Distributing 1/3 of the sales tax to the top 30 blue-chip NFT holders is $NOVA’s care for the collapsing NFT world today.
In the first stage, according to the official website, $NOVA will distribute 10,000 ETH relief to blue-chip holders.
To “help” those who have suffered huge losses in recent NFT events such as Azuki and BAYC, $NOVA finally decided to distribute the benefits of the sales tax to them. At the same time, this seems to be a reverse “irony”-making those who do not need to receive “relief” become “recipients of relief”, and making $NOVA an economic guarantee for anyone.
It has to be said that the top players and large holders who were once recognized in the currency circle suffered the most severe losses in the nearly 2-year bear market of the NFT market. Eligible holders can regularly go to the $NOVA website to claim relief funds.
3% of the remaining 6% will be used for team marketing expenses, and the other 3% will be added to the liquidity pool to achieve self-growth of liquidity.
At the same time, $NOVA has added the design of burning tokens in the design to achieve monetary contraction-the initial price of $NOVA token is $0.000000001. Whenever the $NOVA price doubles, the system will automatically destroy 1% of the tokens. The current price is $0.000000011.
Simply put, Nova is using cryptocurrency technology to realize a social experiment.
Humanitarian Consensus in the NFT Collapse
In addition to making new plays in the mechanism, a good narrative and narrative opportunities are also crucial for meme tokens.
The NFT market has been on a downhill trend since this year. The fundamental reason is that the on-site liquidity has become increasingly scarce due to the US interest rate hike, and it is becoming more and more PVP (player versus player). As the last end of the asset side, after experiencing a long period of interest rate cycle, NFT liquidity is also being slowly diluted, and the emergence of Blur has even accelerated this process. When the tide recedes, only the price of NFT collection Azuki remains firm, and even rises instead of falling.
Another important factor supporting Azuki’s community confidence is the offline party held in Las Vegas on June 23. Before the event, there were rumors in the community that “major news may be announced.” However, after the release of Azuki Elmentals, it did not meet expectations, which caused a large number of Azuki OG to leave. In the end, the Azuki floor price dropped from the average price of 16E-17E before the party to the current 5E-6E.
The collapse of Azuki is like tearing off the last fig leaf of the NFT market. After the collapse of Azuki, blue-chip NFTs generally fell. At present, it can be said to be the darkest moment in the NFT market. However, for the NFT technology, we believe that it will be more widely used in the future.
Unlike other meme tokens that promote NFT rights, $NOVA offers maximum humanitarian care to holders who have been hurt by the decline of blue-chip NFTs through a UBI mechanism. This narrative is ongoing, as Nova can subsidize those who persist in holding blue-chip NFTs through sales taxes during the NFT market downturn and may accompany more NFT holders to the pinnacle again when the NFT market rebounds.To ensure fair and transparent distribution of incentives, Nova will conduct list checks to ensure that each recipient of “relief funds” is a real blue-chip NFT holder, ensuring that fees generated by $NOVA traders are channeled to those who really need them. At the same time, this is just the first step. In Nova’s narrative, ecosystem participants will be encouraged to participate equally in the community’s decision-making process to promote community growth and progress.It can be foreseen that sustainable meme narrative, UBI mechanism, and fair and transparent community environment will provide solid momentum for the growth of $NOVA.$NOVA does not limit itself to an Ethereum meme token – it hopes to stand firmly by everyone who needs help and accompany them from the low point to the peak in the form of an innovative social experiment.More importantly, Nova will build a solid community in the encrypted utopia through this social experiment. The value of $NOVA is entirely determined by the community, and the consensus of the community is the value of $NOVA.Whether $NOVA can become the new king of memes and become everyone’s economic security remains to be seen.
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