Meme coin RFG soared 7 times in a week. How to participate in the "Golden Shovel" Match NFT British auction?

Original source: MATCH

The crypto community has been very lively recently, and the Meme season is here again.

TRON Sun Yuchen has been pushing the launch platform SunPump, and various local dogs have emerged one after another; "Black Goku" has brought a number of meme projects with the same name to the fore; TON ecosystem DOGS has been snapped up by multiple top exchanges. Among them, there is also a "national airdrop" Meme coin RFG (Refugee) with the same name as DOGS, which has attracted much attention. It has risen by 700% in one week since its launch and has been wildly praised by community users. The expectation value of listing on top exchanges has been raised to the maximum.

As a Meme project launched by Match, the creator of value social networking, RFG is currently in a value trough and is worth ambushing. However, in the early stages, the only way for users to obtain RFG in large quantities is to pledge through Match NFT. A good opportunity for crypto players has finally come. According to the latest official news from Match, NFT will start a decentralized English auction on August 31.

Match NFT decentralized English auction is not only the practice of the MEME spirit, but also gives every user an equal opportunity to obtain project dividends. (Note: Match NFT auction operation flow chart is attached at the end of the article)

1. Why auction? Analysis of the underlying value and application value of Match NFT

When it comes to NFT, the first reaction of crypto players who have experienced the ravages of multiple NFT projects in the last round of bull market is "bubble" and "air".

After all, the desolation of NFT seems to have become a consensus. A number of blue-chip projects such as BAYC, Fat Penguin, and AZUKI have long been ignored, and the floor price has fallen again and again; the total transaction volume of the entire NFT market has also dropped from a peak of US$2.2 billion to less than US$600 million today, and it has been cut in half again.

The reason why the NFT projects of the past failed is that there is not enough support for application scenarios, and their vitality cannot be maintained in the long run. For example, various small pictures (PFP), after the initial hype, it is difficult to find new scenarios to use them except for displaying them as avatars. Although some projects have also explored new paths, such as Yuga Labs developing a rowing game to empower BAYC, they ultimately ended in failure. Even Stepn, which has become popular outside the circle, cannot maintain the prices of various shoe NFTs in its economic model, and no one is interested in it after the collapse.

In view of this, Match NFT has absorbed the lessons and successful experiences of past projects, empowered the launch of the industry 3.0 version of NFT from multiple dimensions, provided users with a soul identity on the chain, and enhanced the uniqueness and sense of value of social interaction.

(1) Application value, NFT pledge produces Meme coin RFG

From the perspective of application value, Match NFT is an incentive tool for users on the platform. By holding and using NFT, users can obtain RFG tokens, unlock more platform functions and obtain higher social value.

According to the white paper, there are two types of assets on Match: Match NFT and RFG tokens. RFG is the Meme token on the platform, which is completely fair and has no reservations by the project party. NFT pledge mining (single-person mining and social matching joint mining SMS) is the only way for early participating users to obtain RFG tokens.

To some extent, Match NFT has actually become the "mining machine" of RFG, and the values of the two are closely related, that is, the value of RFG will directly affect the market recognition of NFT.

At present, the market value of RFG is relatively low in the startup stage, and the FDV is less than 4.5 million US dollars. Compared with the valuation of DOGS, which also has the concept of "TG National Airdrop", which is 1 billion US dollars, RFG is undoubtedly still in a value trough. Moreover, the release of RFG is slow, and all RFGs are locked in smart contracts. Only after the corresponding rules or logic are met in the business scenario will they be released accordingly. This has reduced the market's circulation and selling pressure to a certain extent, and can better reflect the price. The initial circulation of DOGS reached 90%, and the pressure to rise in the later period was relatively large, and the space was small.

When RFG grows to the level of a top meme, its market value will reach 100 million US dollars or even 1 billion US dollars, and there will be room for growth of hundreds or thousands of times. Correspondingly, the value of Match NFT will also rise, and there may be a situation where Bitcoin mining machines are in short supply when the market soars.

Match NFT pledge mining, an innovative financial model, not only improves the user's return on investment, but also enhances the actual value and function of NFT.

(2) Underlying value, Match platform as a strong support for NFT

NFT on the Match platform is not only a static digital asset, but also an important tool to guide users to participate in social activities; through NFT, users are guided to participate in social activities and build social scenarios. The Match platform has also designed a variety of social activities and tasks. By completing these tasks, users can get more NFT rewards, further motivating their participation.

Therefore, as a certificate of Match's ecological rights and interests, the underlying value support of NFT depends on the long-term development of the platform: if Match is prosperous, NFT will be prosperous, and vice versa.

What is Match? Match is a SocialFi platform project that integrates Web3 finance and artificial intelligence (AI) technology. Based on AI, big data bottom layer and the wealth effect of Meme coins, Match is rapidly building an efficient value social network to meet users' extensive needs such as obtaining cutting-edge information, reaching high-quality projects, and optimizing investment strategies.

Match is committed to returning the value of user data to the users themselves, and realizing the circulation and transaction of data through innovative mechanisms, thereby creating a new type of social product. Through these technologies, Match not only improves user participation and trust, but also creates a new value growth model for the platform.

In short, Match superimposes the three king-level combination narratives of AI+SocialFi+Meme. At present, the market value of several major applications in the SocialFi sector is more than 100 million US dollars, and the FDV (which can also be understood as valuation to some extent) is more than 1 billion US dollars. In addition, the market value of the top applications in the AI sector is more than 300 million US dollars, the circulating market value of WLD is 580 million US dollars, and the FDV is as high as 21.2 billion US dollars; the top projects in the Meme sector are basically more than 200 million US dollars, and the high ones even reach several billion US dollars. With the superposition of the three major buffs, Match's future valuation will be at least more than 1.5 billion US dollars, and up to 20 billion US dollars or even 30 billion US dollars.

NFTs built on the basis of Match have obtained long-term value support and finally successfully jumped out of the vicious circle of the death spiral. In addition, according to the official statement, every user holding NFT can obtain project growth dividends. In addition to enjoying NFT appreciation, staking mining RFG rewards and RFG appreciation benefits, other privileges can be obtained in the future.

To sum up, Match NFT, which has underlying value support and application value, is worth participating in its decentralized auction sales, and the sooner you participate, the better.

2. How to conduct an auction? Decentralized English Auction Guide

Match NFT has three types, representing different mining weights, numbered α, β, and γ, with mining weights of 1.1 times, 1.2 times, and 1.3 times respectively - γ has the highest mining weight, so its value is relatively higher. The circulation of the three types is 15,000, totaling 45,000. Considering fairness, 90% (ie 40,500) of them will be completely and fairly distributed to users through Match's original decentralized English auction, which is completely random and blind, and sold according to the bid amount.

In simple terms, the English auction means that the starting price of the second phase will be determined by the transaction price of the first phase. The entire auction has a total of 10 phases, and the total number of NFTs in each phase is 4050.

(1) NFT pricing mechanism

The initial starting price of the first phase is US$70. The transaction price of each subsequent auction will be used as the starting price of the next auction, thereby driving the NFT price to continue to rise.

Match creatively proposed a random algorithm pricing mechanism, which will change with the number of participants and market heat, thereby ensuring fairness to the greatest extent. The system will calculate the number of people who receive 2 NFTs based on the number of bidders and the final bid, and the remaining bidders will receive 1 NFT in the order of bid ranking. The bid for the last NFT in each auction is the current NFT pricing. Contributions that do not receive NFTs or exceed the transaction price will be refunded.

For example, suppose there are 5,000 people participating in the first auction, with a starting price of $70; the random algorithm determines that a certain percentage (no more than 30%, assuming 20%) of them can get 2 NFTs, that is, the first 1,000 people get 2 NFTs; there are only 2,050 NFTs left in the current period, and the top 2,050 people among the remaining 4,000 people can get 1 NFT. A total of 1,000+2,050=3,050 people received NFTs this time, and the user ranked 3,050th in the bidding bid $100, which is the current NFT pricing.

If the user bids less than $100, they will not be able to obtain the NFT and the funds will be returned; if the user is eligible to obtain 2 NFTs and the total bid is higher than $100 but lower than $200, they can only obtain one NFT and the remaining funds will be returned; if the user is eligible to obtain 2 NFTs and the total bid is higher than $200, the remaining funds after deducting $200 will be returned.

(2) NFT randomness and rarity

Match also introduced a second random algorithm, namely the NFT type blind box. After the NFT auction is completed, it can only be determined whether there is a winner, but the specific type of NFT can only be known when the user actually receives and opens it. The probability of different types of NFTs is different. The higher the level, the lower the probability. The probabilities of α, β, and γ are 50%, 30%, and 20% respectively. Through the double random algorithm, the randomness and scarcity of NFT are guaranteed.

In addition, in order to prevent whale monopoly, Match also limits the number of user participation. Each user can successfully participate in up to two NFT auctions, that is, obtain up to 4 NFTs, so as to ensure that the chips are sufficiently dispersed; failure to successfully obtain the current NFT does not affect the qualification to continue to participate in the auction until the NFT in the second auction is successfully obtained. Therefore, theoretically, the probability of a user wanting to obtain a complete set of three different types of NFTs is relatively small, and most of them will only have one or two types of NFTs, which also leaves a window of demand for subsequent SMS social matching joint mining.

How to ensure that users do not hoard NFTs in large quantities by swiping accounts? Match confirms the user's identity based on two core factors. The first is to bind the on-chain address, which requires signature verification; the second is to bind the TG account and interact with BOT to verify the wallet address (this process is required for receiving airdrops and participating in auctions). Through the above measures, Match does everything possible to ensure that NFT chips are sufficiently dispersed to prevent large users from hoarding NFTs for mining and dumping, thereby opening up a channel for subsequent increases.

(3) Auction tips: RFG staking increases the probability of rare attributes and Boost bonus

As mentioned above, the number of NFTs obtained by each person is limited, but the mining efficiency of NFTs of different levels varies. So, how to auction for higher-level NFTs?

According to the official statement, users can increase the probability of obtaining rare NFTs by staking RFG through RFG Meme Pool. Moreover, the more single-coins are pledged, the higher the Boost coefficient will be when NFT pledge generates RFG, up to 2 times.

Users can apply to release the pledge at any time and flexibly manage funds for regular pledge. Users can choose different pledge periods, such as 60 days, 90 days, 180 days and 360 days. The longer the period, the higher the interest income. Regular pledges cannot be released before expiration. When the pledged RFG reaches a certain amount, the Boost coefficient can be obtained. The more pledged, the greater the Boost, up to 2. (Note: The Boost coefficient can be used to improve the efficiency of NFT pledge mining)

Assuming that the user has not pledged RFG, the probability of obtaining α, β, and γ is: 50%, 30%, and 20% respectively. If the user obtains a boost multiple (1<= boost <= 2) after staking RFG, the probability of obtaining γ will be increased by: r = (boost - 1) * 30% (i.e. the probability increase does not exceed 30%, and the total probability of obtaining γ does not exceed 50%). Finally, the probability of the staking user obtaining NFTs of various levels is changed to: · α: 50% - r · β: 30% (the probability of the user obtaining β remains unchanged) · γ: 20% + r ...

Assuming that the starting price of the first phase is $70, the highest bidder wins; even if the price increases by 20% each subsequent phase - in fact, the popularity is rising, the increase is only higher, not lower, and the starting price continues to rise. The conservative estimate of the starting price of the last NFT is $624. In other words, if the user participates in the first auction and obtains the NFT, even if he does nothing, the value will increase by nearly 9 times by the last phase. The wealth-creating effect brought by NFT is amazing, and it is extremely attractive in the current market environment. What's more, NFT itself can be mined to continuously generate RFG tokens with infinite value, truly "eating and taking".

In addition, decentralized English auction sales also carry more funds to enter the market and price RFG's tokens to a certain extent, so Match NFT can be understood as RFG's "mining machine" or Match's "Golden Shovel of Genesis".

In addition, the English auction stipulates that each user can successfully participate in 2 auctions and obtain 4 NFTs at most, further increasing the scarcity. In order to increase the probability of obtaining rare NFTs, players need to pledge RFG to further increase the price of RFG. As the price of RFG rises, more people will be encouraged to participate in NFT auctions; as the auction progresses, the price of NFTs will also rise, further increasing the cost price of RFG, and ultimately achieving a spiral rise.

Appendix: NFT Auction Process

Finally, interested friends can log in to the Match official website to participate in the NFT decentralized auction. The specific process example is as follows:

1. First open the official website https://dapp.match.top/auction, link the wallet address (transfer funds), and bind TG for verification.

2. After the preliminary preparation is completed, enter the "Auction" page, click the "Participate Now" button, enter the bid amount, and bid.

3. According to the auction situation, increase the bid amount appropriately.

 

4. View the auction you participated in on the homepage, enter the auction details page to receive NFT and receive a refund.

This article is from a contribution and does not represent the views of BlockBeats