$SOS just gave its holders a new reason to HODL their tokens! OpenDAO, the coin issuer, named X Marketplace as its latest partner. So users will soon be able to buy NFTs with their $SOS on X Marketplace.
OpenDAO made headlines when it airdropped $SOS tokens for anyone who has ever traded at OpenSea since its launch. Thanks to these airdrops, traders were able to claim a decent amount of ETH. At its peak, the price saw a 1,270% surge thanks to the bullish sentiments after the OpenSea airdrop. Currently, the price of $SOS is $0.00064388.
🆘🆘🆘 The OpenDao partners with @xdotxyz, a decentralised NFT marketplace that belongs to NFT creators and collectors.
X marketplace will be giving 25% of its tokens to the $SOS community. Users will soon be able to stake $SOS to claim veX tokens that gives governance rights pic.twitter.com/1sUTSh9Ul3
— OpenDAO🆘 (@The_OpenDAO) December 26, 2021
Why You Should HODL your $SOS tokens!
Basically, X Marketplace will be giving 25% of its tokens to the $SOS community. Then, users will soon be able to stake their $SOS to claim veX tokens that give governance rights and a 100% share of the X Marketplace’s fees.
According to the website, X is a multichain decentralized NFT marketplace owned and operated by the NFT community. Governance is provided by the X DAO with voting rights given to token holders.
Airdrops have been a go-to community-building initiative of ICO and NFT projects. So it is interesting to see how excited crypto enthusiasts still get over airdrops in 2021. What makes X Marketplace’s partnership with OpenDao unique is that they are directly tapping into existing users of one of their direct competitors. The $SOS airdrop to OpenSea was a massive hit, so now X Marketplace can play this angle too!
To fully understand the potential of $SOS and X Marketplace’s partnership, we need to look at the OpenSea airdrop. So why did the $SOS team decide to create tokens based on OpenSea versus activity from other transactions across blockchains? OpenSea is a centralized company so even if you spend millions of dollars on the platform, only shareholders would directly benefit from it.
So in a way, $SOS gives ownership to users of OpenSea without actually building a partnership with OpenSea. With that in mind, we can only imagine the huge upside of an actual partnership like the one they have with X Marketplace.
The Other Side of The Coin
So far, $SOS tokens are packed with good news. However, there are always two sides to every story. Twitter user @fabdaRice rounded up the $SOS tokens’ red flags. The most salient would be 50% of all tokens are currently available in 3 EOA wallets with no vesting or lock periods. Therefore, the team can, at any point, rug the entire liquidity. The whole operation is also at risk of having a central point of failure being compromised.
So our closing thoughts on this is that it’s OK to celebrate the good news but there’s also no harm in remaining vigilant!
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This article is educational material.
As always, make your own research prior to making any kind of investment.
