From JPEG to Junk Bond: How NFT Communities Become the Exit Liquidity for Governance Token Launches
NFT projects are increasingly pivoting into token launches, using their built-in communities as ready-made distribution networks for governance tokens with obscured utility and layered vesting traps. For many holders, the airdrop feels like a reward—until the sell pressure arrives and the price collapses. Understanding the mechanics of this pipeline is essential for any retail investor navigating the intersection of digital collectibles and decentralized finance.