The Milady cult still exists, is CULT the beginning or the end of the NFT meme?

Original title: "CULT is finally online, is it a bull market ride or the last dance of NFT's old-timer coin issuance?"

Original author: Wenser, Odaily Planet Daily

Editor's note: At 8 am on December 9, the Meme coin CULT, which the founder of Milady had previously raised more than 20 million US dollars, was officially launched. CULT continues the consistent "cult" style of Milady and its founder Charlotte Fang. Whether it is the token allocation or the application page, it is not played by common sense. With the end of CULT's coin issuance, PENGU is about to go online. The once popular NFT project has entered the end of the coin issuance wave. And the route that the old NFT project hopes to attract attention by issuing coins seems to be gradually failing. The original text is as follows:

At 8 am today, the Meme coin CULT, which the founder of Milady had previously raised more than 20 million US dollars, was finally officially launched. After nearly six months of waiting, it can be said that "it has finally come out after much anticipation." According to GMGN data, the market value of CULT once reached 1.2 billion US dollars after its launch, and then quickly pulled back to 850 million US dollars, and is currently reported at 617 million US dollars. Different from Pudgy Penguins, which has grown into a trinity of "NFT+blockchain network+IP brand", as a Meme coin launched by Milady founder Charlotte Fang, the successful launch of CULT may become the "last dance" of a single well-known NFT project.

Odaily Planet Daily will briefly introduce CULT, a Meme coin with a "cult atmosphere", and analyze its future market trends in this article.

Charlotte Fang's Nth Entrepreneurship: CULT is a legacy of the Meme coin fundraising boom

In mid-June this year, after Meme coins experienced rounds of fundraising booms, Milady founder @CharlotteFang 77  took advantage of the situation to launch the pre-sale fundraising of Meme coin CULT, and raised 4,809 ETH in just a few hours, and finally raised 5,861.8 ETH (worth about US$20.5 million). It is worth mentioning that according to Arkham monitoring, Remilia Collective has raised US$20 million worth of ETH for the pre-sale of CULT tokens, and the original fundraising plan for this project lasted for seven days, but unexpectedly, the fundraising quota was sold out within 6 hours.

Just when the market thought that it would strike while the iron is hot and launch the CULT token as soon as possible, the direction of things began to exceed the expectations of the fundraising participants.

After waiting for more than a month, there was still no news about the launch of the CULT token.

Until July 18, the project official tweeted a promotional video on X, with the text "You have seen their capabilities. Now it's our turn. RWO." The community speculated that the CULT token was about to be launched.

But Milady, who has always been known for its "cult style", and its founder Charlotte Fang obviously do not play by the rules.

On July 27, CULT officially announced that the telegram channel for the CULT community has been opened. This move was once again considered by community members as "imminent coin issuance", and then the pre-market trading markets Aevo and Whales Market also listed CULT for pre-market trading. At that time, the price of CULT was only around $0.015, corresponding to an FDV of about $150 million.

In this way, market expectations were raised again, and countless people were looking forward to it, hoping that the Milady community, which is highly active in the Meme coin track, could bring a new wave of "ETH Meme coin wealth creation effect". But what followed was another long wait of more than 4 months.

On December 6, according to media reports, the CULT token has not yet been released, which has caused dissatisfaction in the community. In this regard, Scorched Earth Policy, chief of staff of Milady's parent company Remilia, said: "Yes, the token is being released. Other than that, I can't elaborate on the reasons for the delay. I can only say that we have good reasons to do what we are doing, and everything revolves around making sure we make the right decisions for the community."

At the same time, some community members believe that this delay is part of psychological warfare and will lead to the Remilia World Order (RWO). Virtue, a pre-sale participant and self-proclaimed Cult member, said, "I think the charm of CULT lies in faith. Be confident in uncertainty and rely on your own beliefs. It's simple, just don't worry, be confident in your beliefs, and I think this is also a lesson in life. You can't always control everything in life, it's okay to let go, it's okay to be free."

This remark is the usual "self-brainwashing speech" of the Milady community.

Later, Charlotte Fang responded to the questions raised by community members by posting: "CULT is an ecosystem currency. Its ecosystem is a self-organized meme engine in ideological design. It is not just a package of a meme or a character, but a revolutionary movement. I think it is a truly new category, similar to a meta-meme coin or a meme compound coin."

Later, just today, CULT was finally officially launched. Strictly speaking, this is Charlotte Fang's Nth entrepreneurial venture - she has previously issued tokens, Milady NFT and other projects. For more information about Charlotte Fang, please refer to the article "The Unknown Story of Charlotte Fang, Founder of NFT "Cult" Milady".

CULT: Not just a Meme coin, but also a meta-Mem coin of a "cult-like community"

As Charlotte Fang previously emphasized, it is difficult for us to regard CULT as a pure Meme coin. After all, according to its 16-page white paper information -

The total supply of CULT tokens is 10 billion;

· 50% of them will be reserved for the "cult fund" (half will be allocated at the time of token issuance, and the other half will be used for seasonal distribution);

· The pre-sale share accounts for up to 15%, and all tokens will be circulated when they are issued;

· The team obtained 15% of the supply, with an unlocking period of 18 months;

· Remilia's treasury allocation accounts for 20% ~ 35%, and the unlocking period is 6 months.

CULT Token Economics

In addition, the claiming of CULT tokens is different from the direct claiming of previous Meme coin projects. Instead, it needs to be claimed through games such as answering questions, drawing beetles, and finding block logos. If the answer is wrong or the drawing is not passed, the token claiming interface will also pop up "You failed the graphics test, your CULT tokens will be reduced to 50%, thank you for your participation" and other words. Reminders, many people are dissatisfied with this, and it has also caused further spread.

Graphics multiple choice questions

Later, some community members found that this move might be intended to "spread community panic." It has to be said that this is indeed something that the Milady community can do.

CULT token claim interface

Finally, after being reminded by community members, the CLUT official website also marked the token claim time limit - "Please note that if users earn Beetle game points to claim Remilia CULT tokens, you have 7 days to claim."

According to the information released by the CULT official account, the beetles drawn by users who participated in the CULT token claim are also very strange and have Meme attributes. It is not an exaggeration to say that they are "extremely abstract."

A variety of beetle portraits

Currently, the CULT token price is temporarily reported at US$0.0064, and the market value is temporarily reported at US$642 million.

Compared to the total number of 88.8 billion PENGU tokens that Pudgy Penguins is about to release and the floor price of Fat Penguin NFT is as high as 20 ETH (about 80,000 US dollars), Milady Maker’s floor price briefly exceeded 7.2 ETH in early December, and has now fallen back to 5.2 ETH (about 20,000 US dollars). With a supply gap of nearly 9 times and a floor price gap of nearly 4 times, the market value of PENGU is estimated to be about 2.5 billion to 3 billion US dollars, which is more reasonable than the market value of 1.5-3 billion US dollars predicted in the previous article "Fat Penguin Issues Coins, Community Predicts Airdrop Income to Exceed 30,000 US Dollars".

To sum up, whether CULT can break through the "Meme coin concept shackles" and impact the market value of 2 billion US dollars or even higher, it still depends on the continuous publicity and cross-circle communication of the Milady community. Otherwise, 1 billion to 1.5 billion US dollars may become its upper limit.

Summary: The NFT project coin issuance boom is coming to an end, and NFT projects are in urgent need of transformation

With the end of CULT coin issuance, PENGU is about to go online, which also means that the once popular NFT project has entered the end of the coin issuance boom.

Although blue-chip NFTs such as Azuki have not yet officially launched project tokens, the previous development route of creating gimmicks, attracting attention and even liquidity through issuing coins has gradually become ineffective for NFT projects that are now in a dilemma.

Whether they can enter the next stage of the crypto market is an "industry problem" that many NFT projects urgently need to solve.

Original link