⚠️ Unfortunately, @10Kdotworld didn’t work out but please read: I just airdropped over $2M+ to everyone who bought the $WATCHCOIN presale! Yes, really: if you believed in us Day 1, check the link below What happened? 10K was an ambitious experiment in creator monetization and 'Watch-to-Earn' that paid out $1M+ to video viewers and $1K+ per creator in the first 2 weeks, but some design decisions eventually backfired: "Presales" harmed degen confidence. We used a fixed-price presale model which sounded simple… until it got oversubscribed by almost 1,000x. We raised $8.5M on a $10K goal for WATCHCOIN, our first creator coin on the app. That should have been a good problem to have, but it created tons of sell pressure. If I could redo it, I’d use a bonding curve like Meteora DBC. No matter how exciting that $8M on Day 1 was, that locked flat-price locked scared the degens away because as soon as they unlocked, nothing but sell pressure was expected given the chart – the presale being executed off-market, you couldn't see the massive $8M green candle! Only top creators could graduate. Posting a video cost $10K in tokens, so only big accounts like @gabrielhaines, @bangerzNFT, @GinoTheGhost and others could even participate in creating videos. The feed got stale quickly. Ironically, when we built Drakula last year, we ran into the opposite problem: too many low-quality videos. This tradeoff remains unsolved. Watch-to-Earn failed due to bots. No matter how much we tweaked the system, bots found a way to farm rewards, and we couldn't farm them back. We’re not in a world with ubiquitous proof-of-humanity (e.g. @worldcoin) yet, but it'd be worth re-trying something similar then! So why the $2.3M airdrop? Last week, we successfully seized all the WATCHCOIN vault meant for Watch-to-Earn rewards to stop the value leakage, and it's crazy how much worth that coin is still worth. Rather than let it rot, we redistributed the entire amount to everyone who joined the presale. We wanted to do right by the believers. If you put money in, you got almost 3x your share back, which should definitely help you be in the money. How to claim your WATCHCOIN: - Go to the 10K "Export wallet" link (tweet below) - Import the private key in a wallet (Phantom/Jupiter) - Your tokens are there! DM me if you need extra help. This is bittersweet because I loved this idea and our start was super explosive, but I’ve failed enough to know that this isn’t the end. Crypto is still early. The social primitives are still emerging. And I’m already onto the next one with a new collaborator of mine, one of my favorite cracked crypto engineer. So look out for an update in the next couple weeks! I owe you better, and I’ll deliver better. Thank you for experimenting with us! LFG -$ALEX