Milady, the cult continues, is CULT the beginning or the end of Non-fungible Token meme?

Author: Wenser, Odaily Planet Daily

Editor’s note: At 8 a.m. on December 9, the founder of Milady, the meme coin CULT, which had previously raised more than $20 million, was officially announced. CULT continues the “cult” style of Milady and its founder, Charlotte Fang. Whether it is the token distribution or the claim page, it is not played according to common sense. With the end of CULT’s coin issuance, PENGU is also about to be launched, and the once smash hit NFT project has entered the end of the coin issuance wave. And the route of established NFT projects hoping to attract attention by issuing coins seems to be gradually failing. The original text is as follows:

At 8am this morning, the founder of Milady, who previously raised over $20 million for the meme coin CULT, finally announced its launch. After nearly six months of waiting, it can be considered a long-awaited arrival. According to GMGN data, the market value of CULT reached 1.2 billion U.S. dollars after its launch, but quickly fell back to 850 million U.S. dollars, and is currently temporarily reported at 617 million U.S. dollars. Different from Pudgy Penguins, which has grown into a “NFT + blockchain network + IP brand” trinity, CULT, as a meme coin launched by Milady founder Charlotte Fang, may become the “last dance” of a single well-known NFT project issuing coins.

Odaily Planet Daily will briefly introduce and analyze the future trend of CULT, a Meme coin with a rather “cult-like” atmosphere, in this article.

Charlotte Fang’s Nth venture: CULT is the legacy of the meme coin fundraising frenzy

In mid-June this year, after a round of fundraising frenzy for Meme Coin, Milady founder @CharlotteFang77 launched the pre-sale fundraising for Meme Coin CULT, and raised 4809 ETH in just a few hours, with a final fundraising of 5861.8 ETH (worth about 20.5 million US dollars). It is worth mentioning that according to Arkham monitoring, Remilia Collective has raised 20 million US dollars worth of ETH for CULT token pre-sale. Originally, the fundraising plan for this project was scheduled to last for seven days, but unexpectedly, the fundraising quota was sold out within 6 hours.

Just when the market thought it would strike while the iron was 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 1 month, there is still no news about the listing of CULT token.

Until July 18th, the project’s official account released a promotional video on X, with the caption ‘You have witnessed their abilities. Now it’s our turn. RWO.’ The community speculated that it is a hint that the CULT token is about to launch.

But Milady and its founder Charlotte Fang, who have always been known for their “cult-like style,” obviously do not play by the rules.

On July 27th, CULT officially announced that the telegram channel for the CULT community has been launched. This move has once again been regarded by community members as ‘coin issuance imminent’. Subsequently, pre-market trading platforms Aevo and Whales Market also successively listed CULT for pre-market trading. At that time, the price of CULT was only around $0.015, corresponding to a market value of approximately $150 million FDV.

In this way, market expectations are once again raised, countless people are eagerly looking forward to it, hoping that the highly active Milady community in the Meme coin track can bring a new wave of ‘ETH Meme coin wealth effect’. But what follows is another long wait of over 4 months.

On December 6th, according to media reports, the CULT token has not yet been released, which has caused dissatisfaction in the community. In response, Scorched Earth Policy, the chief of staff of Remilia, the parent company of Milady, said, ‘Yes, the token is being released. Besides that, I cannot provide detailed explanations for the delay. I can only say that we have sufficient reasons for what we are doing, and everything is centered around ensuring that we make the right decisions for the community.’

Meanwhile, some community members believe that this delay is part of a psychological war that will lead to the Remilia World Order (RWO). Virtue, a self-proclaimed member of the Cult, said, ‘I believe the allure of CULT lies in faith. To have confidence in uncertainty and rely on one’s beliefs. It’s simple, don’t worry, have faith in your beliefs. 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 statement is a usual “self-brainwashing speech” in the Milady community.

Later, Charlotte Fang wrote a post in response to questions from community members, stating: “CULT is an ecosystem currency, and its ecosystem is a self-organizing meme engine in ideological design. It is not just about packaging a meme or character, but a revolutionary movement. I believe it is a truly new category, similar to meta-meme coins or meme compound coins.”

Then, today, CULT finally made its official debut. Strictly speaking, this is already Charlotte Fang’s Nth entrepreneurial venture. Previously, she had launched several projects, such as tokens and Milady NFT. For more information about Charlotte Fang, you can refer to the article ‘The Unknown Story of Charlotte Fang, the ‘Cult’ Founder of NFT Milady’.

CULT: More than just a meme coin, but also the “cult-like community”'s ultimate meme coin

As Charlotte Fang has emphasized before, it’s hard for us to simply view CULT as a meme coin, after all, according to the information in its lengthy 16-page white paper—

The total supply of CULT tokens is 10 billion;

· 50% of which will be retained as the “cult fund” (half will be allocated at the 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 in circulation upon issuance;

· The team has obtained 15% of the supply, with a lock-up period of 18 months;

· Remilia’s treasury allocation ratio is 20% to 35%, with a unlocking period of 6 months.

CULT token economics

In addition, the token application of CULT is different from the direct application of previous Meme coin projects. It requires answering questions, drawing beetles, and finding block symbols in games to apply. If the answers are incorrect or the drawings are not satisfactory, the token acquisition interface will display the message “You failed the graphic test, and your CULT tokens will be reduced by 50%. Thank you for your participation.” Many people are dissatisfied with this and it has caused further spread.

Graphic multiple-choice question

Subsequently, some community members discovered that this may be to “spread community panic”. I have to say that it is indeed something that the Milady community can do.

CULT Token Claim Interface

Finally, as reminded by community members, the official website of CLUT also marked the time limit for token application - “Please note that if users earn Beetle game points to receive Remilia CULT tokens, you have 7 days to apply.”

According to the information released by the official CULT account, the beetles drawn by users participating in the CULT token application are diverse and highly meme-like, and it is not an exaggeration to say that they are extremely abstract.

Quirky beetle portraits

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

Compared to the upcoming total supply of 88.8 billion PENGU tokens and the floor price of Fat Penguin NFT as high as 20 ETH (about $80,000), Milady Maker’s floor price briefly exceeded 7.2 ETH in early December and has now fallen to 5.2 ETH (about $20,000). With nearly a 9-fold difference in supply and nearly a 4-fold difference in floor price, the estimated market value of PENGU is about 25-30 billion US dollars, which is reasonably consistent with the previous prediction in the article ‘Fat Penguin’ issuing coins, with the community predicting a airdrop yield of over $30,000.

Overall, whether CULT can break through the “Meme Coin Concept Shackles” and launch an impact on the market value of 2 billion US dollars or even higher still depends on the continuous promotion and breaking of barriers within the Milady community. Otherwise, the market value may be limited to 10 billion to 15 billion US dollars.

Summary: The NFT project coin issuance frenzy is coming to an end, and NFT projects urgently need to transform.

With the end of CULT token issuance, PENGU is also about to go live, marking the end of the token issuance craze for the once popular NFT project.

Although blue-chip NFTs like Azuki have not officially launched project tokens, the development path of generating gimmicks, attracting attention, and even liquidity through token issuance in the past has gradually become ineffective for NFT projects that are currently in a development impasse.

Whether to enter the next stage of the cryptocurrency market is a ‘industry problem’ that many NFT projects urgently need to solve.