Fluent launched an NFT presale, which should be considered an equity-based NFT, similar to MegaETH's Fluffle. Checked it out, and it's roughly like this: the allocation is divided based on social reputation. The higher the tier (stronger social capital), the lower the valuation, and the more favorable the token allocation. Price/FDV: T1 0.2 → $60M; T2 0.3 → $90M; T3 0.4 → $120M; T4 0.5 → $150M Benchmark multiples (FDV): MegaETH 7–13x / Arbitrum 19–35x / Mantle 53–100x There’s also a follow-up “flywheel incentive”: priority access to future airdrops, participation in co-branded events, and entry into private strategy discussions for core contributors. This is kind of like the staking media concept recently proposed by a16z, treating reputation as an asset and information as an asset. Keep an eye on it.