Here's what I honestly think about @Portalcoin $portal
I don't think this business model makes sense in the long-term
Furthermore, I think the way they are going about this token sale is highly suspicious
The execution of the social media campaign, website and partnerships is brilliant
But the promises are grandiose and ecosystem payment tokens rarely work
They are the weakest value prop when it comes to a new kind of token
Least likely to have defensibility and long-term value creation/capture
These kind of tokens only make sense as a native token to their own L1 or L2 where you pay nodes/validators
And as we know L1s and L2s require serious tech innovation and R&D funding
It is unlikely that people will use $PORTAL to pay for anything instead of using SOL, ETH, BTC, or a LayerZero native token
None of the games they're working with offer a publisher lock-in for PORTAL, like you see in the console gaming market
Companies like Nintendo, Sony, Microsoft, etc. make money from designing, manufacturing, & selling custom hardware and from licensing/distribution, where console exclusive titles are a core part of their bread and butter
It is not clear this model makes any sense in Web3, where an upstart has none of these, a new token adds no new value, and the software they offer will be inferior to the multitude of non-gaming specific alternatives with massive existing adoption
Taking a vertical approach to the web3 application dev here is adding orders of magnitude more scope for an order of magnitude smaller market opportunity
Furthermore, I'm generally suspicious of any project where the token and crowdfunding is placed front and center in the manner $PORTAL has
It is very difficult to substantiate the claim that Portal will onboard 1 billion gamers, considering they are not making any games themselves and it's unclear what the value creation mechanism is
Simply creating a token is not value creation, it is usually a grift
If the value prop is using LayerZero, well, anyone can do that and partnerships are not a sustainable competitive advantage
It it further sus and somewhat disappointing there is no doxxed team readily available on the website, yet they lean on the brand names of @LayerZero_Labs and @MagicEden, as well as the claim they are AAA gaming veterans (without backing up the claim) for credibility
You should always be weary of projects who sell a token before building or launching anything, and $PORTAL is a prime example of this
This said, depending on the tokenomics, which are not yet released, all the hype means this could be a good quick flip as long as you time the top and take a stop-loss approach to trading
But I wouldn't put any faith on the grandiose promises I've seen thus far, until there is much more to back them up
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