In the ever-evolving world of Web3, the emergence of memecoins and NFTs has brought both excitement and scandal. From the meteoric rise of $PEPE to the unexpected fallout caused by anonymous creator hopeexist, the Web3 space has been captivated by these twists and turns. Amidst the frenzy, another figure has taken center stage—Ben.eth. With the launch of his previous memecoins, $BEN and $PSYOP, he has attracted attention and now introduces a new token, $LOYAL, which further fuels the ongoing controversy.

FIRST, $LOYAL LAUNCH.

THEN, $PSYOP AIRDROPS AND ANNOUNCEMENT.

— ben.eth (@eth_ben) May 30, 2023

$LOYAL marks the third installment in the Ben.eth saga, following the viral success of $BEN and the underwhelming response to $PSYOP. While $BEN aimed to be a viral memecoin and $PSYOP promised utility, $LOYAL claims to be something entirely different. According to Bitboy, the controversial crypto content creator and $BEN ecosystem lead, $LOYAL will serve as the token for PsyDex, a new DEX/Memecoin Launchpad. Bitboy revealed that 25% of LP profits generated by $LOYAL would be airdropped to $BEN coin holders, while another 25% would support crypto adoption initiatives with $BEN. However, skepticism remains due to the delays and disappointments surrounding the launch of $PSYOP.

Beyond the tokenomics of $LOYAL, it is Ben.eth’s provocative comments that have garnered significant attention within the Web3 culture. Although one of his tweets, which was later deleted, was initially intended to incite potential investors for a $PSYOP presale, it has since become a meme format and a call to action for numerous influencers.

The impact of Ben.eth’s tweet extends beyond mere inspiration, as it has led to the rise of harmful copycats seeking to imitate his speech and persona in hopes of achieving similar success. One example is the pseudonymous collector Pauly, who managed to amass over $1.2 million by simply asking followers to send ETH to his YouGetNothing.eth wallet without expecting anything in return. However, not all copycat endeavors have been fruitful, and many creators and collectors in the Web3 community express their opposition to such ventures for obvious reasons.

The phenomenon of copycats inspired by Ben.eth’s tweet goes beyond individual instances. Several new memecoins have emerged, aiming to replicate his success. Two notable examples are $DAVE and $FINALE. While the connection between $DAVE and $BEN was quickly debunked by Bitboy, the relationship between $FINALE and Ben.eth is more complex. Although Ben.eth has not explicitly disassociated himself from $FINALE, Bitboy asserts that it is not officially affiliated with the ongoing efforts of Ben.eth and the $BEN ecosystem.

Adding to the intrigue surrounding Ben.eth, he surprised the Web3 community by announcing the launch of the Orange NFT collection from FF6000, a project he claims to have recently acquired. The collection consisted of 10,000 NFTs, with 1,000 reserved for both $PSYOP and $LOYAL holders. Notably, Orange NFT holders are promised early access to future products. Additionally, $LOYAL holders had the opportunity to verify their community membership through a “FF6000” Affiliate Badge on their Twitter profiles. Furthermore, plans for a mass burn were announced, allowing Orange holders to be recognised as Bitcoin Ordinals.

THIS IS ORANGE. FF6000. NFT.

MINT IS .1 ETH.

SUPPLY IS 10K

COMES WITH 🟧 TWITTER BADGE LIKE YOU SEE IN MY NAME+TWITTER BLUE.

WILL BE TELEBURNING TO BITCOIN CHAIN.

ORANGE WILL BE THE ONLY WAY TO GET EARLY ACCESS TO SOME FUTURE PRODUCTS.

MINT SITE: https://t.co/ksBAEwo79F… pic.twitter.com/dN0AKelAlN

— ben.eth (@eth_ben) June 1, 2023

While the Web3 community continues to form opinions about Ben.eth’s endeavours, the crucial aspect that will ultimately determine the outcome is the legality of his actions. Ben.eth may appear unconcerned about the potential ramifications of his memecoin empire. However, attorney Mike Kanovitz is already contemplating filing a class action lawsuit against the influencer, signalling the potential legal implications surrounding memecoins in Web3.

According to Andrew Rossow, an attorney and journalist specialising in fintech and intellectual property law, it is too early to fully analyse the implications of the Ben.eth saga. However, he emphasises that the ongoing Ripple vs. SEC lawsuit and the SEC’s regulatory considerations will play a significant role in shaping the future concerns of memecoin creators, including Ben.eth, and NFT projects. Rossow stresses the importance of individuals involved in offering investment opportunities to assume their roles and responsibilities seriously. As the Web3 community eagerly awaits further regulatory clarity, a court-set precedent in a controversial NFT space, such as memecoins, could establish a foundation for a harmonious relationship between regulators and the Web3 ecosystem.

As the saga of Ben.eth continues to unfold, memecoin traders, NFT collectors, and Web3 enthusiasts find themselves in a state of anticipation, eagerly observing the true magnitude of these developments.