MegaETH is launching its token through a soulbound NFT mint, offering 10,000 non-transferable NFTs representing 5% of its token supply.
MegaETH Launches with Soulbound NFT Mint
MegaETH, an exciting new Layer 2 (L2) blockchain, is launching its coin with a unique Initial Coin Offering (ICO) using a special type of NFT called a soulbound NFT. This method will share tokens using The Fluffle, which is a special collection of 10,000 non-transferable NFTs.
On February 12, the mint will set aside at least 5% of the MegaETH token supply. Out of 5,000 authorized spots, 80,000 wallets have been approved based on different requirements.
The first part of minting will happen over two days. It will start with users who are on the sure whitelist and those who can mint for free, then it will include a larger group of whitelisted users.
In a few months, a second batch of 5,000 NFTs will be released for special teams that are helping with MegaETH’s goal. This group is called “The Mega Mafia.” Due to strong interest, the second day of minting might cause a gas war, like what happened during the 2022 Otherside NFT mint, which made Ethereum gas prices go very high.
MegaETH wants to encourage real community involvement instead of just getting people to collect points for a possible reward. “A simple points program often creates perverse incentives, driving inauthentic behavior and farming,” the team stated in its statement.
The project has received $30 million in backing from well-known people in the crypto world, such as Ethereum co-founder Vitalik Buterin, Echo founder Cobie, and Consensys CEO Joseph Lubin.
MegaETH is designed for high speed and security. It can process 100,000 transactions per second, create new blocks in less than 10 milliseconds, and fully supports Ethereum.
