This meme launchpad spent nearly $800,000 on a $30 hat?
Written by: Cookie
Look, for just $30 you can get such a hat:
But yesterday, @finnbags, founder and CEO of meme launchpad Bags, spent 6.8 bitcoins (about $800,000) to buy the pink fur hat identical to the one pictured above.
The premium of $800,000 is the "original" value of Meme. The top that @finnbags photographed is the one that appeared in the prototype meme of the famous meme coin $WIF (dogwifhat) on Solana in 2018. Now, the hat will forever leave the head of the adorable puppy pictured above and into the hands of Bags.
Another strong contender in this auction is @gr3gor14n. His highest bid reached 6.6 bitcoins at one point. He said on Twitter that his plan was to buy the hat, then put it on his dog's head and launch an unbundled $WIF 2 coin.
@finnbags said he used all the proceeds from the meme coin $BTH launched by the Bags platform to buy the hat. Currently, $BTH has a market capitalization of nearly $5 million.
As can also be seen in the tweet in the image above, @finnbags said they can update $BTH's metadata later. In addition, the avatars of @finnbags and Bags have already worn this hat, and some players expect this coin to become the first shot fired by the Bags platform in the meme launchpad war. After all, $800,000 of real money has already been spent.
This morning, @finnbags tweeted another tweet, announcing that it will provide $250,000 in rewards for the first meme coin on the Bags platform to break through the $10 million market cap and remain in operation for 24 hours, which can be shared by both the dev and holders of the winning token.
Outside of $BTH, another strong contender is $NYAN. This is a move of the classic Rainbow Cat Meme to the Bags launch pad, and using Bags' fee income assignment function to give the income to the original creator of the Rainbow Cat Meme, @PRguitarman. This move successfully attracted interaction from the original Rainbow Cat Meme.
Compared to the previous boop launchpad, which required KOLs to personally issue coins to unlock platform token airdrops, the revenue assignment function of Bags gives creators/KOLs greater freedom, and they can choose to remain completely silent and not receive this part of the fee, which seems to be a more gentle and effective way at present.
How high will this $800,000 marketing take $BTH in the end? Can Bags break through in the meme launchpad war? We'll see.