usersteen.eth

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pump(dot)art pill experiment, after 24hs:

· 1114 people took a total of 28867 pills all together.
· initial pill price was $0.29 (free mint).
· after primary ended, people start dumping instantly on the streets.
· pill price drops by $0.07 at the time i'm writing this.

this new reward protocol makes most sense for memes, souvenirs, and content aimed at going viral since they are more likely to be traded on secondary markets.

and i'm sure mine is just one example, but i believe this is how most of the pieces we mint on /zora will behave from now on:
sold for way too cheap to hold value, and getting instantly dumped even deeper by speculatoors.

as an artist, i feel this isn't the optimal way to distribute our work...it almost feels like we're creating a memecoin on pump(dot)fun.

thoughts?

So many thoughts. Not gonna try to make a case and instead just let them stand alone:

-yon made a lot of money from this

-could yon have sold the piece if it were listed at anywhere near what he earned in 2 days?

-open listings do little for an artist

-the token's market is open forever; a 2 day old chart tells a story of 2 days

-the dump is over indexed; the chart is an attention map, not a representation of the token's value to the artist (again, this was hugely profitable)

-degens aren't the target audience, but they added huge, permanent value to the token that "real" collectors can realize

-a conclusion after 2 days is so silly

-creators who ignore the mechanics and just keep minting on zora will likely benefit massively

Just pretend it doesn't exist and at a minimum it will be better than prev protocol