Mark

@bearish_af is criminally undervalued and hopefully I can convince you why Intro: Using ETH at $3,300 the NFT Floor Price is 0.08E ($264) But Bearish is an ERC404 meaning 1 Bear = 10,001 $BURR (more on that later) Max supply is 8,888 Bears or 88,888,888 $BURR That would put $BURR at a $2.3mil market cap. Seems free right? Rational: Most projects launch an NFT first and then distribute a token later. There are 2 main issues with this approach: #1 Dilution, current holders are diluted of their original value because the distribution is rarely 1:1. Supply can go to: Liquidity, Exchanges, VC’s, Team, other communities. Leaving your community with <50% of the supply more times than not. It also brings up another issue; where does the value-add go, the NFT or the Token? #2 Down-only. You’ve just added a significant amount of supply while the demand for this new token is not there. Airdrop recipients are very likely to sell the airdrop resulting in down-only for the foreseeable future. ERC-404: What is an ERC-404? In its simplest form, ERC-404’s are an NFT and token built into one. You can swap your NFT/Token out as many times as you want. Changing how the NFT looks every time But I found my “Forever Bear” and don’t want to lose it. With Bearish you’ll be able to “Lock” which NFT’s you want and turn your other Bears into $BURR ERC-404's aren't all positive. Let's talk some Pros/Cons Pros -Full Token supply is out there on launch. No Dilution through new tokens down the road -NFT holders are already rewarded 1:1 distribution -Flexibility, the team can release a different NFT collection requiring less of the token with more supply (ex: 10,001 $BURR = 1 Bearish, maybe 500 $BURR = 1 Baby Bear). People are more likely to bond with an NFT vs a Token. The lower cost $BURR NFT could give them options without diluting any holder -Liquidity, tokens have significantly better liquidity than NFT’s -Fractional Ownership, not everyone can afford a Bearish NFT. By allowing some Bears to get broken down into $BURR you have a lower entry point for people, growing your community Cons -Experimental, this has never been done successfully before. It’s not battle-tested and there could be some risk out there that we aren’t aware of -You’d need to launch as an ERC-404 from the start. It gets messy trying to convert to one later -Learning Curve, this standard is not very popular and most people do not fully understand it. The Learning Curve will take some time -Regulatory risk, imagine trying to explain this to the older generations The Numbers: As mentioned before the current market cap of Bearish/$BURR sits at ~$2.3 mil. You have to scroll to page 10 on Coingecko to find the 2.3 million market cap section. That’s ~3,000 tokens with a higher market cap than Bearish. I’m sure you’ve heard of some of the tokens in the 2.3mil range: GRIX, Boba Cat, Faith, ChicagoCoin, Monkey Pox, Decubate. You get the point What we need to do is compare Bearish to other NFT projects; the thing some people tend to overlook is that you need to compare Bearish to the NFT + Token market cap. With the comparisons I’ll only do the main collections (some of these projects have too many smaller collections to track down) I’ll give some rough examples (Main NFT + Token): -Pudgy Penguins: $1.4B m/cap -BAYC : $631mil m/cap -Doodles: $81.7mil m/cap -VeeFriends: $51mil m/cap -Chimpers: $10mil m/cap -Cool Cats: $7.3mil m/cap -Sappy Seals: $7.4mil m/cap Most of these projects have been around for well over a year and are here from last cycle. This gave them a huge head start with their IP. Bearish is less than a year old and is just getting started with their IP Proliferation. Why Bearish? After all of this, Why Bearish? There are 2 sides to Bearish: IP and Builders IP The IP has massive potential. There are no controversial traits, the Bears look clean and they’re easy on the eyes. Named: “The Internet’s Teddy Bear” Bearish recently broke the 2 billion GIPHY view mark. A huge accomplishment for being less than 1 year old! GIPHY views ~6 months to 1 Billion ~6 weeks to 2 Billion IP is more than GIPHY views. GIF's are the most cost effective way to get your brand out there. The cost is just the art, you aren't paying for some big marketing campaign/partnership. The GIF's don't go away once the art is done, they have repeat use cases. The Bearish team has said multiple times that they want to be the #2 IP to come out of Web3. The Pudgy Penguin team wrote the playbook for the GIPHY strategy, and the Bearish team has their guidance learning from their mistakes. #2 IP is in sight! I mentioned earlier about people wanting to keep their “Forever Bears”. What if the Bearish team utilized Overpass IP for Licensing of the Bearish IP? Phil (@fomoPhil_) has done an amazing job taking over the IP portion of Bearish. The growth has been massive, and we aren’t slowing down Builders Not only are the Bearish team builders but the community as well (Wen Build-A-Bear?) Some examples: -Xeet: The founders have said that Bearish will act like the Kaito NFT’s, brining value to holders -Hackathons: Bearish partners with other communities allowing both communities to compete for a prize pool -Vibecoding: Learn new skills with Toli while he livestreams showing you examples of his work -Game…. Soon -Scotty helped, on the technical side, with numerous projects on Abstract -Sustainability: Most teams fail/rug because they run out of money to fund things. Toil and Scotty have other successful projects that ensure Bearish will be safe for a very long time Toli and Scotty are some of the most selfless people I’ve got to know over the year. There’s no doubt in my mind that Bearish will benefit from any future projects they cook up I have to shout out Carlo (@carlogarcia); one of the best community managers out there. He’s a vital part to this whole operation and I appreciate everything he does! Disclaimer If you made it this far, Thank You! I hold a significant number of Bears, and this was clearly written with my bias in mind. I’ve wrapped my head around these points over the past months and needed to get my thoughts into writing. I have doubled/tripled my position since then and I intend on being here for a very long time! Stay BearishAF There’s always risk involved but I felt the risk/reward was there with Bearish