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I; mxm.cardano (the author of this article), declare that I do not own any NFTs in the Hosky Project, no Hosky tokens, and am not affiliated with Hosky or promoting them in anyway. This merely a report on a memecoin that made their creators rich.
“The least exclusive, lowest quality, largest cash grab in Cardano history. No art, no utility, just printing JPEGS.”
After reading these words, you may assume this is the rhetoric of the most vocal critic of the Hosky Cardano NFT Project . But it’s actually the project’s own description on the largest Cardano NFT Marketplace; Jpg.store !
Why might they have done this you ask? Well, let’s dive in.
With the growing rise of the NFT industry, so has the amount of defrauding and scams in it. From rugpulls, to projects with no utility, to phishing links, many have grown wary about entering the NFT space so as to avoid facing these exact issues.
Hosky has addressed these issues by embracing them all with a satirical take on the NFT space, poking fun at horrid parts of the NFT industry. Dogs have been synonymous with s#%t coins and memes throughout the crypto industry as well, and Hosky intends to capitalize on that as well.
Taking all of the satirical aspects of memecoins and horrible NFT projects, Hosky is a legitimate project aiming to purely produce a satirical concept lacking exclusivity, utility, and overall any real reason to purchase other than to buy in and join the meme.
The Hosky project is a collection of over 200,000 JPEGS that have no real utility, offer very low quality art, and offer no real incentive or vision for the future other than to continue their satirical concept.
It also offers a native token on the Cardano Blockchain; $HOSKY, which has a total supply of 1,000,000,000,000 tokens, with 500,000,000,000,000 in circulation.
The project as defined by their whitepaper; the Brown Pawper , was “created due to the lack of low-quality s**t coin meme tokens on the Cardano Ecosystem.” The project has even announced on the whitepaper that the project offers “nothing other than low-quality memes, no financial value, no promises of mastiff gains, no mind-beagle-ing technology, just doggo memes.”
The NFT project can simply be defined by its ability to provide nothing other than a meme community to the Cardano Blockchain, finally bringing a memecoin frankly no one asked for to the ecosystem.
And yet, the project has over 20,000 holders and has reached over 600,000 ADA in sales since its launch of the Hosky NFT’s. It was also so popular at one point people were trading with $Hosky on one of the most expensive NFT; SpaceBudz.
The project honestly is going nowhere and it’s token is only decreasing in popularity as well as its NFTs. The project gained popularity for its satirical approach for a brilliantly ignorant concept.
Although the project is not destined for success, it may not be destined for failure. But the only ones making money off of this project are the team who created it.
Disclaimer: The article is solely the opinion of the author and is not financial advice. Do your own research before investing into cryptocurrency or NFT project and/or consult with a financial advisor.
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