Written by: Deep Tide TechFlow
Pop culture/meme is one of the most important components of Web2. The monetization of pop culture/memes is made possible by the cryptography enabled by the blockchain.
The Dogecoin prototype comes from a Shiba Inu named Kabosu. And $Pepe comes from a common emoticon package in our daily life - sad frog.
What's more interesting is that some memecoins have constructed a Web3 native memecoin based on the memecoin born from Web2 popular culture. $AIDOGE is one of them.
The model of $AIDOGE is to AirDrop tokens to all addresses with $ARB AirDrop qualifications, and add a token transaction tax. Part of the tax will be used to purchase $ARB, and $ARB will be rewarded by users for LPs and token buyers. $AIDOGE created a native Web3 meme through DeFi.
Just like $AIDOGE was born out of AI and meme, Nova deployed on Ethereum is also born out of AI and PePe. PePe rose 375,000 times in just 21 days, and Nova's narrative and image are even more exaggerated. Whether his appearance can reproduce this myth of benefit, the following will explain in detail the gameplay of $NOVA.
How $NOVA works: UBI and “ironic” economic security
According to the official website, Nova’s smart contract code was written by ChatGPT and was officially released on July 10. The art design of its official website looks like the common characters in American cartoons, but the shape is more exaggerated. The characters are full of green, and their eyes are wide open, like users waiting hard in a bear market.
After the issuance, 95% of $NOVA will be used to increase Liquidity, and the remaining 5% of $NOVA will be used for subsequent ecological construction. The total issuance of $NOVA is 1 billion.
Unlike most purely emotional memecoins, Nova is more of a social experiment — its design into the token model introduces a concept called UBI.
The full name of UBI is Unconditional Basic Income (Universal Basic Income). Wikipedia's interpretation of this concept is "There are no conditions, qualification restrictions, and no qualification review. Every citizen or member can receive a certain amount of money on a regular basis. The government or Organizations distribute money to all members to meet people's basic living conditions, including basic expenses such as food, housing, education, medical care, public utilities, etc., and to implement basic human rights through economic protection."
UBI is something that Musk and Bill Gates have been calling on governments and countries to do since the beginning of the 20-year epidemic. Recently, OpenAI founder Sam Altman also proposed that Universal Basic Income (UBI) is a solution to the problem of a large number of human layoffs in the future. , WorldCoin is the reflection of this concept. He believes that when AI replaces more jobs, having a job and income should not become a problem for a person to survive. Therefore, his idea is to guarantee everyone's basic life by sending everyone money. This theory also has a certain basis in economics, and it can release people more time for life and creation.
However, the question is where will the money come from?
Altman predicts that in the next 10 years, companies across the AI industry will make enough money that they can distribute some of that money to everyone. He conservatively estimated that 250 million people could receive $13,500 a year for free.
In order to allow everyone in the world to receive this money equally, Altman chose to use blockchain technology to issue a virtual currency called "World Coin". He believes that everyone who joins this "World Currency" system and then sends money from this system can realize universal basic income.
Extended to Web3, it is to distribute the agreement treasury equally to all currency holders.
So, how does Nova do it?
The contract is $NOVA adding a 9% sales tax (purchase tax is 0%), of which 3% will be automatically purchased in ETH and distributed to the holders of the first 30 blue-chip NFTs. In the traditional world, relief money is for those in need. And distributing 1/3 of the sales tax to the holders of these top 30 blue-chip NFTs is $NOVA a kind of concern for the current collapsed NFT world.
In the first stage, according to the official website, $NOVA will distribute 10,000 ETH to relieve large blue-chip investors.
In order to "help" those who suffered huge losses in the recent Azuki, BAYC, etc. NFT incidents, $NOVA finally decided to distribute the benefits of the sales tax to them. At the same time, this looks like a kind of reverse "irony" - let those who do not need to receive "relief" also become "relieved", and let $NOVA become economic security for anyone.
It has to be said that in the bear market of the NFT market for nearly two years, this group of once-recognized top-notch and big players in the currency circle are indeed the ones with the most serious losses. Eligible holders can go to the $NOVA website regularly to claim relief funds
3% of the remaining 6% will be used for team marketing expenses, and the other 3% will be added to the Liquidity pool to achieve self-growth of Liquidity.
At the same time, $NOVA has added the design of burning tokens to achieve deflation—the initial price of $NOVA tokens is $0.000000001, and every time $NOVA the price doubles tenfold, the system will automatically destroy 1% Tokens with a current price of $0.000000011
Simply put, Nova is implementing a social experiment through cryptocurrency technology.
Humanitarian Consensus Under NFT Collapse
In addition to making a new gameplay in the mechanism, a good narrative and narrative opportunity are also crucial for meme tokens.
The NFT market has been going downhill this year. The essential reason is that the Liquidity in the field caused by the interest rate hike in the United States has become increasingly scarce, and it has become more and more PVP (player versus player). As the end of the asset side, after a long cycle of interest rate hikes, NFT Liquidity is slowly being diluted, and the emergence of Blur has accelerated this process. As the tide recedes, only the price of the NFT collection Azuki remains strong, even rising instead of falling.
Another important factor supporting the confidence of the Azuki community is the offline party that will be held in Las Vegas on June 23. Before the event, there were some rumors in the community that "big news may be announced". But after the release of Azuki Elmentals, it didn't work out as expected which led to the departure of a large number of Azuki OGs. In the end, the Azuki floor price dropped from the pre-party average price of 16E-17E to the current 5E-6E.
The collapse of Azuki seems to have pulled off the last fig leaf of the NFT market. Blue-chip NFTs are generally down after the Azuki debacle. At present, it can be described as the darkest moment of the NFT market. However, for the technology of NFT, we have great confidence that it will be more widely adopted in the future.
Different from other meme tokens that focus on the concept of NFT rights protection, $NOVA uses the UBI mechanism to carry out maximum humanitarian care for holders who have been hurt by the decline of blue-chip NFTs. This narrative continues. When the NFT market is in a downturn, Nova can subsidize those who insist on holding blue-chip NFTs through sales tax. After the NFT market picks up, Nova may accompany more NFT holders to go out again. to the top.
In order to ensure a fair and transparent distribution of incentives, Nova will conduct list verification, aiming to ensure that the people who receive the "relief fund" each time are real blue-chip NFT holders, so as to ensure that the fees generated by $NOVA traders are all into the hands of those who really need it. At the same time, this is only the first step. In Nova’s narrative, ecological participants will be encouraged to equally participate in the community’s decision-making process to promote the growth and progress of the community.
It is foreseeable that sustainable meme narratives, UBI mechanisms and a fair and transparent community environment will provide a solid impetus for the growth of $NOVA.
at last
$NOVA has not limited itself to a meme token on Ethereum—it hopes to stand firmly by the side of all those who need help in the form of an innovative social experiment, and accompany them out of the trough and to the peak.
More importantly, Nova will build a solid community in the encrypted utopia through this social experiment. The value of $NOVA itself is completely determined by the community, and the consensus of the community is the value of $NOVA.
Whether $NOVA can become the new king of meme and economic security for all, we will wait and see.
