Ben.eth’s Controversial Memecoin Saga Continues With $LOYAL & FF6000

Might has been wrought with twists and turns. From the rise of $PEPE bringing renewed pleasure to crypto and NFTs to an unprecedented rugging from anonymous creator hopeexist, it’s grow to be tough for Web3 to give attention to something besides memecoins and scandals.

And we’re not fairly out of the woods but. Due to Ben.eth, the inhabitants of the metaverse could be in for an additional bout of controversy. Having raised questions and eyebrows along with his $BEN and $PSYOP memecoins, the pseudonymous collector has doubled down with a brand new token providing: $LOYAL.

What’s $LOYAL?

$LOYAL is the third (and maybe final?) memecoin within the Ben.eth saga. Whereas $BEN was created merely to be a brand new, viral memecoin, and $PSYOP was launched to be the sequel which might additionally yield unspecified utility, $LOYAL is supposedly one thing else solely.

As per a tweet by the controversial crypto content creator and $BEN ecosystem lead, Bitboy, $LOYAL will likely be “the token of a brand new DEX/Memecoin Launchpad named PsyDex.”

“Twenty-five p.c of LP earnings on $LOYAL will get airdropped every week to $BEN coin holders. Twenty-five p.c of LP earnings on $LOYAL will go to fund our crypto adoption initiatives with $BEN,” Bitboy stated in a thread following his preliminary tweet.

“The Memecoin Launchpad will enable crowdfunding that robotically locks a proportion for liquidity. It’s rug-proof. Many extra issues to come back and particulars to work out, however that is weeks into growth from the top-shelf dev workforce.”

Contemplating the delay and subsequent lackluster response to the launch of $PSYOP, it’s anybody’s guess whether or not or not what Bitboy says could be true or if efforts may fall by the wayside. However as of writing, the $LOYAL contract had solely just been released.

But, what may probably be even extra fascinating in regards to the $LOYAL launch (much more so than its tokenomics) is the brand new layer of controversy that it, and Ben.eth’s earlier feedback, have impressed.

Copycats galore

Though there’s loads to be stated about $LOYAL and Ben.eth’s earlier two cash, it could be his notorious tweet, reasonably than token endeavors, that has made probably the most vital affect on Web3 tradition to date. Initially revealed as an announcement to incite potential buyers to hitch a $PSYOP presale, it has since grow to be each a meme format and a name to motion for quite a few different influencers.

Although Ben.eth’s above tweet has since been deleted, numerous variations of his authentic vernacular have been reissued all through Web3. Surprisingly, a few of these coopting efforts have really grow to be main breadwinners for customers.

Notably, pseudonymous collector Pauly obtained over $1.2 million (and counting) just by asking his followers to ship ETH to his YouGetNothing.eth pockets whereas expecting nothing in return. However not everybody has been profitable, and most creators and collectors in Web3 appear to be against such ventures for obvious reasons.

As an alternative of sending eth to random addresses to get nothing, why not look via the profiles of artists that haven’t had a sale shortly and ship eth in change for artwork and good karma.

— BETTY (@betty_nft) May 30, 2023

Ben.eth’s tweet isn’t the one factor inspiring dangerous copycats. A slew of recent memecoins has cropped up, aiming to imitate the influencer’s speech and persona in hopes of reaching related success. Two such endeavors which have been making the rounds are $DAVE and $FINALE.

Though the rumor that $DAVE was underneath the identical administration as $BEN was shortly nipped in the bud by Bitboy, the narrative surrounding $FINALE is a little more complicated. As a result of at face worth, and due to Ben.eth’s failure to denounce the coin, the token feels very a lot on model with each $BEN and $PSYOP — and has gained some traction in response.

Moreover, the Finale Token, launched on May 29, continues to reference each $BEN and $PSYOP on social media as a advertising tactic. Though the coin seemingly obtained a inexperienced cross from Ben.eth, Bitboy has remained steadfast that whereas its progenitors could be loosely affiliated with the $BEN ecosystem, it isn’t an accepted a part of his or Ben.eth’s ongoing efforts.

Ben.eth launches Orange NFT assortment

On June 1, Ben.eth stunned Web3 when he announced the launch of the Orange NFT assortment from FF6000, a Web3 venture that Ben.eth claims he recently acquired. A 10,000-piece assortment that put aside 1,000 NFTs for each $PSYOP and $LOYAL holders, the collection sold out in 15 minutes. Orange NFTs will ostensibly give holders entry to future merchandise. 

THIS IS ORANGE. FF6000. NFT.

MINT IS .1 ETH.

SUPPLY IS 10Ok

COMES WITH 🟧 TWITTER BADGE LIKE YOU SEE IN MY NAME+TWITTER BLUE.

WILL BE TELEBURNING TO BITCOIN CHAIN.

ORANGE WILL BE THE ONLY WAY TO GET EARLY ACCESS TO SOME FUTURE PRODUCTS.

MINT SITE: https://t.co/ksBAEwo79F… pic.twitter.com/dN0AKelAlN

— ben.eth (@eth_ben) June 1, 2023

“ORANGE WILL BE THE ONLY WAY TO GET EARLY ACCESS TO SOME FUTURE PRODUCTS,” Ben.eth wrote within the tweet asserting the gathering. 

Holders of $LOYAL have been additionally capable of hyperlink their Twitter handles to and confirm neighborhood membership by way of a “FF6000” Affiliate Badge that reveals up on their profiles as soon as accomplished. A mass burn is ready to be introduced that can enable Orange holders to be inscribed as Bitcoin Ordinals. 

The legality of this complete spectacle

Whereas the NFT neighborhood continues to make their very own judgments about what Ben.eth has created, what’s going to finally matter most is the legality of his actions. Ben.eth could appear uninterested within the potential ramifications of his memecoin empire. However with legal professional Mike Kanovitz already contemplating submitting a class action lawsuit towards the influencer, it could solely be a matter of time till Web3 sees the true scope of this complicated scenario.

Within the opinion of Andrew Rossow — an legal professional and journalist who focuses on fintech and mental property legislation — though it’s nonetheless a lot too early to inform what the Ben.eth saga will imply for memecoins, its authorized implications ought to be of curiosity to everybody inside Web3.

“I believe anyone collaborating within the house that’s taking up the place of providing up a possibility for an additional occasion or group of individuals to speculate ought to take this very critically,” Rossow stated in an interview with nft now. “Cause being is if you ask anyone to speculate their cash into an effort, an enterprise, an initiative, you tackle a completely completely different function and accountability that we are actually simply beginning to peel the layers again on and hoping for extra regulatory readability on.”

Rossow made it clear that the Ben.eth scenario is way too contemporary to really dissect, however that the continuing Ripple vs. SEC lawsuit and additional regulatory considerations made by the SEC will play a significant function in if and when memecoin creators (like Ben.eth) and even common NFT venture founders ought to be involved.

“The SEC goes to need to get entangled, whether or not we prefer it or not. It’s only a matter of if you wish to step foot in these waters, it’s important to be reasonable,” stated Rossow. “If persons are prepared to ask others for his or her cash to spend money on one thing […] they must be open to the potential of probes and SEC conversations.”

Though Rossow digressed that there are bigger distinctions that must be made between efficiency artwork for the sake of social commentary versus for the sake of bringing in buyers, he famous {that a} court-set precedent involving one of many many controversies current int the NFT house (like memecoins) would give Web3 a beginning place for making a symbiotic relationship with regulators.

For now, because the Ben.eth story continues to be written, it appears the one factor that memecoin merchants, NFT collectors, and fans on the sidelines can do is wait and see.