Why did meme launchpad Bags spend $800,000 on a WIF prototype cap?

Written by Cookie

Look, for just $30 you can get a hat like this:

But yesterday, @finnbags, the founder and CEO of meme launch pad Bags, spent 6.8 bitcoins (about $800,000) to buy the same pink beanie as the one in the picture above.

The $800,000 premium represents the meme's "original" value. The hat @finnbags bought is the one that appeared in the 2018 prototype meme for $WIF (dogwifhat), a famous Solana meme token. Now, the hat will forever leave the head of the adorable puppy pictured above and be in Bags' hands.

Another strong contender in the auction was @gr3gor14n, whose highest bid reached 6.6 BTC. He stated on Twitter that his plan was to buy the hat, put it on his dog's head, and launch an unbound $WIF2 token.

@finnbags said he used all the revenue from the Bags platform's $BTH meme token to buy the hat. Currently, $BTH has a market capitalization of nearly $5 million.

As can be seen in the tweet above, @finnbags stated that they could update $BTH's metadata later. Furthermore, with both @finnbags and the official Bags account now sporting the same token, some players are hoping this coin will be the first in the Bags platform's meme-launching wars. After all, $800,000 in real money has already been spent.

This morning, @finnbags tweeted again, announcing that it will provide a $250,000 reward for the first meme coin on the Bags platform to exceed a market value of $10 million and maintain it for 24 hours. The dev and holders of the winning token can share this reward.

Besides $BTH, another strong contender is $NYAN. This token, which brought the classic Nyan Cat meme to the Bags launcher, uses Bags' fee allocation feature to direct revenue to @PRguitarman, the original creator of the Nyan Cat meme. This initiative has successfully attracted interaction from the original creator of the Nyan Cat meme.

Compared to the previous Boop Launchpad, which required KOLs to personally issue coins to unlock the platform token airdrop, the Bags income allocation function gives creators/KOLs greater freedom. They do not need to personally issue coins, and they can also choose to remain silent and not claim this part of the transaction fee. At present, it seems to be a more gentle and effective method.

How high will this $800,000 marketing campaign ultimately take $BTH? Will Bags be able to emerge victorious in the meme launchpad wars? We’ll have to wait and see.