The Base ecosystem's experiment with creator coins has once again failed. The ambitious creator-only token, launched by journalist Nick Shirley on the Zora platform after gaining attention for his viral video, plummeted 80% in just two days, disappointing investors.
A token once hailed as a "creator coin" plummeted 80% in just two days.
This experiment, touted as a model for the creator coin ecosystem, began when Nick Shirley launched his eponymous token ($thenickshirley) on the Base blockchain-based platform Zora. However, a rapid price drop quickly disillusioned fans and investors. The token fell 79% from its all-time high and has fallen nearly 45% in the past 24 hours.
In the wake of this, Zora's own token, ZORA, also suffered a decline. Currently, the ZORA token is trading at $0.038 (approximately 55 won), down over 4% in a single day. In contrast, Bitcoin (BTC) and Ethereum (ETH) showed slight gains, performing around 1%.
Even Base supporters are turning away
Zora, which empowers creators to create content-based tokens, has garnered attention as a next-generation application for the Base ecosystem. However, a string of recent failures has shaken supporters' confidence. Influencer 'rb3k,' who has been a consistent follower of Zora, once praised Shirley's token, calling it "the most interesting example," but has since scaled back his expectations.
rb3k pointed out that “every brief price increase coincides with the initial unlock,” and that “it is difficult for the price to rebound until actual usage and investment inflow offset the selling pressure from early investors.”
ThreadGuy, a prominent cryptocurrency streamer and on-chain analyst, went even further, stating, “This experiment was a test that had some chance of working, but it completely failed.”
Creator Coin Open: Will the Bubble Burst?
Creator Coin is a blockchain-based token that allows content creators to directly interact with fans and generate revenue. While it was expected to foster fandom and community engagement, the reality is that it has devolved into a short-term speculative tool, raising questions about its fundamental sustainability.
In particular, the recent Shirley case highlights a key limitation of content-based coins. While initial marketing and popularity may generate temporary interest, they repeatedly lack mechanisms to expand the platform user base or create sustainable value.
Crypto markets are strong, but ZORA is down.
While the creator coin craze cools, the overall crypto market remains relatively stable. Bitcoin is currently trading at $88,063 (approximately KRW 126.84 million), and Ethereum is currently up 0.8% and 1.2%, respectively, at $2,967 (approximately KRW 4.275 million).
Ultimately, the paradigm of content creation-based tokens is still being tested, and the market is increasingly critical of the results of these experiments.
🔎 Market Interpretation
Zora's creator coin ecosystem has faced repeated failures, raising questions about its product-market fit. While there was initial hype, lack of demand and speculative selling are reducing its sustainability.
💡 Strategy Points
When making investment decisions regarding creator coins, it's important to ensure they have a plan to promote community-based, real-world use. Rather than focusing on short-term profits, the content distribution structure and long-term sustainability should be closely examined.
📘 Glossary
- Creator Coin: Token issued by content creators based on their brand or content.
- Unlock: The point at which the lockup period ends and early investors can sell their tokens.
- Zora: A platform that supports easy issuance of creator coins on the Ethereum-based Base chain.
💡 Want to know more? AI-prepared questions for you:
A. Nick Shirley is a prominent video journalist on social media, and there were high hopes that a creator token leveraging his fan base would be a success. While it was considered a perfect market fit, demand ultimately fell short.
A. Base is an Ethereum-based Layer 2 blockchain, and Zora is a platform for issuing creator tokens and trading NFTs. Its goal is to expand the art and creator-centric ecosystem.
A. When creators issue tokens based on their brand or content, fans and users purchase them and support them. However, if they devolve into a means of speculation without practical use, the price can rapidly decline.
A. Initial popularity or marketing alone won't sustain token economics. This demonstrates that without user base expansion, sustained usage, and market demand-driven design, creator coins could end up being a short-lived fad.
TP AI Precautions
This article was summarized using a TokenPost.ai-based language model. Key points in the text may be omitted or inaccurate.
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