I'm fairly confident the crypto world doesn't need another Move To Earn (M2E) Ponzi scheme.
Yet, enter MagicShoes, an M2E fitness rewards platform where you can play while walking, running, or cycling.
I'm posting this because it will launch its IDO in a few days, and I wanted to show how some of these launch pads operate.
Launch pads play with "launch tokenomics" as they want you to focus on the Initial Market Cap (IMC), which is only $6M for this project.
While that might seem low, consider Stepn (a mature and well-known M2E project) has a Fully Diluted Valuation (FDV) of $10.8M, so I have no idea how this project decided to launch with this valuation.
Also, considering the 1B token supply, this project has a whopping $60M FDV based just on the public round price!
This project will generate even more revenue by selling NFT boxes (the shoes) needed to earn.
I cannot honestly think of anything nice to say about this project except it passed two smart contract audits and that the App is already released in Google and Apple Stores.
This incubated project is a pure cash grab for the incubators and the project at the expense of the public & retail investors. Stay Away! Show Less