What started out as an April Fools’ Day joke was another sign of a frothy and oversized market: a baseball hat coupon contract sold 468 caps in just a few hours, selling more than $ 100,000 and raising the price of both. Hat up to $ 3,700.
Decentralized Economy Based on Solana, or DeFi, Mango Markets announced a sale on Twitter this morning titled “ICO ALERT!” , Which is an evolution of early coin offerings from the past. According to the blog post, “Mango’s Initial Cover Show” is all about high fashion.
“Yes, their pricing is dynamic, with a limited supply of 500 items, with a bond curve, blah blah blah, but that’s not what we’re talking about.” The team wrote, “It’s just good clothes.”
Despite the non-ceremonial and annoying situation, many buyers with more than 400 of the 500 MCAP tokens were sold within the first hour. This requirement led to a number of serious UI and UI issues, with transactions failing, and users weren’t even able to operate the Buy button. Ironically, shoppers can’t even redeem their MCAP coupons yet.
“We’re not done writing it yet,” said Maximilian Schneider, president of the Mango Group, of the Redemption Code.
The team first began developing sales contracts on Tuesday, and one team member said that due to a bug, he bought the hood at the end of the sale for $ 2,600. Despite the high price, he is still in good spirits.
“This is a long-term investment,” he joked. “This is for my children.”
As for the jokes, the team made it clear that selling merchandise was not intended to be a fundraising tool and certainly should not be viewed as an investment.
“The impulse was like a joke,” said Schneider, noting that the mango community had requested information on the actual platform code, which led the team to create a “VPN code?” Channel on their official Discord.
“Then we took care of it. We got a lot of support and wanted to build something for them to have a little fun,” they said.
The team is currently discussing internally what to do with the money raised from the sale of the hats, and the likely outcome is a donation of the proceeds from the sale.
However, in cryptocurrencies, where Dogecoin can be a popular currency, it is often difficult to hide the difference between a joke and an investment. Unisocks, a similar project from AMM Uniswap that allows users to swap SOCKS tokens for a pair of physical socks, is now part of DeFi’s history.
Ironically, SOCKS is currently $ 104,000 per Coingecko token.
EGirl Capital member and well-known investor CL Unisocks told Cointelegraph that the value of SOCKS has increased due to a combination of factors.
“It appeared in the early days of DeFi, and it was the first of its kind. As DeFi and cryptocurrencies grew, they gradually became part of the history of DeFi and cryptocurrencies. Tens and hundreds of dollars were in circulation for more than a year before the deficit actually began. The offer is distributed very well. Because no one thought it would be the way it is today, so nobody actually collects large sums. According to chain analysis, most SOCK holders carry one pair of socks or even a small portion, providing a naturally low price. ”
He warned that buyers who have thrown themselves into the MCAP and expect similar earnings will build up in the overbought market and that it is worth playing around in the long run.
In terms of price, I think Mango Caps are indeed successful, but the job of buying them is not the same as SOCKS. Not only can it create something “historical” or “cultural” at night, but if Solana grows from year to year, it could be more valuable. ”
Schneider also says that the success of the MCAP is a sign of fierce speculation.
“I think people are very happy, and at the moment everything can have some value, and there is always someone trying to pay more for it. Even for hat coupons, people are willing to play it. The general feeling. What people want to buy.”