Forward the original title “321 On-Chain! How does the new favorite of the Base ecosystem QRcoin play with on-chain auctions using QR codes?”

As attention becomes a scarce resource, an on-chain attention machine centered around QR codes is capturing community attention. QRcoin, a project that promotes links for auction winners through daily auctions, is being viewed by the community as an advertising space rental product aimed at small and beautiful projects, as well as an Alpha discovery engine.

At the same time, the QRcoin token QR has increased by more than 13 times since May, with a current market value of 4.3 million dollars. The Base official has also stated that QRcoin is a “fusion of gaming, performance art, and on-chain attention mechanisms.”

What is QRcoin?

QRcoin is essentially a daily attention auction platform based on Base and has also launched a Mini App on Farcaster. The operational logic of QRcoin is relatively simple:

Every day, an auction will be held on the platform’s website (bidding with USDC), and the auction “target” is the QR code pointing rights for that day (the QR code never changes). In other words, the winner of the auction can decide the website that the platform’s QR code points to for that day - whether it is a personal social media account, a Twitter post, a blog, or a project’s official website, token page, or charity website, all can gain exposure through this “traffic entrance”. If the bid is surpassed, the funds will be immediately refunded, so there is no need to worry about losses.

QRcoin will announce the daily auction winners on social media platforms such as X and Farcaster, directly driving traffic to the target website. Considering that this QR code never changes, as it continues to spread in online and offline communities, the links pointing to the auction winners are expected to gain exponential growth in traffic. This means that each successful auction contributes to the spread of the QR code, allowing future exposure to continuously accumulate as the reach expands.

QRcoin.fun has also launched a “Discover-to-Earn” mechanism. Users only need to visit the qrcoin.fun website, check the winning auction items of the day, and then return to the page to receive a small amount of QR tokens. This mechanism encourages users to explore new on-chain projects every day while earning rewards through participation. Users can also win additional QR rewards by sharing their receipt screenshots and Ethereum addresses on platform X.

QRcoin developers for@0FJAKEis relatively active on Twitter and has also released the Base Colors NFT series (a 1/1 series of 16,777,216 colors from the RGB color system).

Data Overview: The latest bid price for QRcoin has reached 3500 USD.

As of now, QRcoin has held 96 auctions, with the latest winning bid reaching 3,500 USD, setting a new historical high, and the total auction bid amount is approaching 44,000 USD. It can be clearly observed from the image below that the recent auction popularity has significantly increased.

Source: QRcoin

In the past, the winners included Noice (a like-reward project) with 5 times winning bids, Clip.fun (similar to Reddit, but rewards can be earned through posting and commenting) with 3 times winning bids, and even the ZORA official website, which has promotions on its Twitter page and posts, Farcaster posts, and token page promotions.

QR Token

QRcoin developer Jake issued the QR token on Farcaster via Clanker on February 6. QRcoin’s official statement indicated that there is no team allocation for QR, no internal personnel, and no VC.

In the 22 days following the release of the QR token, the market capitalization of the token remained below $40,000 for most of the time, reaching an all-time high of approximately $6 million yesterday (June 10) and currently falling back to around $4.5 million. Considering the recent significant increase in QR, it is necessary to avoid blindly chasing the highs.

Regarding the token effect, QRcoin will use a portion of the daily auction revenue to purchase QR, closely linking the value of QR to the demand for advertising space through the auction mechanism, creating a positive cycle between the token and the ecosystem. However, it is currently unclear how many tokens QRcoin purchases daily. In addition, the previously mentioned Discover-to-Earn mechanism can enhance platform traffic to some extent, encouraging users to explore the links of the bidders.

Summary

Compared to traditional advertising platforms, the on-chain auction model of QRcoin.fun is completely decentralized and transparent. Bidders can directly direct traffic to their own projects or promotional content. In addition, users can obtain tokens through simple interactions without the need for investment, and this low-cost participation method may attract a large number of new users to join the ecosystem.

QRcoin’s immutable QR code acts like a “traffic anchor point” that may show compound growth over time. However, if the winning bidder fails to obtain sufficient traffic returns (such as low conversion rates), the long-term enthusiasm for bidding may decline. Balancing short-term traffic exposure with long-term value accumulation to truly become a value link that connects users with quality projects will be the key to QRcoin’s continuous evolution.

Statement:

1. This article is reprinted from [Foresight News], Original title “321 On-Chain! How QRcoin, the New Favorite of the Base Ecosystem, Plays with On-Chain Auctions Using QR Codes?”, Copyright belongs to the original author [KarenZ, Foresight News], if there are objections to the reprint, please contactGate Learn TeamThe team will process it as quickly as possible according to the relevant procedures.
2. Disclaimer: The views and opinions expressed in this article are those of the author only and do not constitute any investment advice.
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