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@FungoLabs (
$FUNGO): Is the $4M FDV real?
I've been looking into Fungo lately, and honestly, I think the valuation being shared on CT needs a closer look.
$FUNGO doesn't have a live market price yet. The $4.16M FDV comes from the Zama OG NFT floor ($58.31) divided by the 140,112 FUNGO allocated per NFT.
But the NFT floor is already influenced by expectations around the airdrop. Using that floor to calculate the token's value feels like going in circles.
Another interesting comparison:
> Zama OG NFT: ~140K FUNGO
> Genesis NFT: ~1.11M FUNGO
That's almost Genesis NFT will get 8x more tokens.
Then there's the liquidity question.
Fungo plans to put 34% of its supply into the FUNGO/ZAMA pool. At a $4.16M FDV, that requires around $1.4M worth of ZAMA.
A few other things I'm keeping in mind:
> 300M FUNGO is allocated to the X creator campaign. So some of the current CT hype is incentivized.
> The launchpad and game are still planned products, not proven sources of revenue.
> 82.5% of supply is reportedly unlocked at TGE, which could mean serious selling pressure.
And about
@randhindi : he said he would donate his personal FUNGO airdrop to Zama DAO. That's his personal gesture. He isn't the person behind Fungo, and this shouldn't be confused with official
@zama backing.
I'm not saying Fungo has no potential. Building on Zama's FHEVM is interesting, but there are still quite a few unanswered questions.
For me, November 5 is the date to watch. The Genesis auction should give us a much better idea of what people are actually willing to pay.
Until then, I'd take the $4M FDV claims with a grain of salt.
Are people pricing the product, or just the airdrop expectations?