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$1.1 Million Sent to NotLarvaLabs Founder's Wallet for 'Nothing' in Return – What's Going On?

source-logo  cryptonews.com 01 June 2023 07:10, UTC

Donations and crowdfunding efforts are a major area of activity within the cryptosphere. But what happens when you launch a spoof campaign and ask supporters to send you crypto, promising them nothing in return? You receive as much as $1.1 million worth of Ethereum (ETH) in only 24 hours, apparently, as indicated by the example of Pauly, the anonymous co-founder of community-built NFT marketplace NotLarvaLabs.

In opposition to initiatives which promise contributors tokens, participation in future gains, or any other type of tangible or non-tangible gains, Pauly made it clear in his call for donations he will not reward his supporters with anything of value.

“There is nothing for sale. I cannot reiterate this enough. People simply choose to send tokens to: YouGetNothing.eth. Or they choose not to,” the crypto provocateur said in a tweet.

Controversial initiative

Some observers have described Pauly’s project as an example of performance art, while other believe it to be a clever get-rich-quick scheme to collect significant crypto assets without investing much of their time or effort.

"An incredible social experiment!" user ViralLurk commented on the initiative.

"I [s]ent $150 in funds with the explicit understanding and expectation of receiving nothing of value in return,” claimed user zee.

Another user, Emirati on-chain analyst Yazan Al Kharouf, said in his tweet that the initiative’s entertaining value was what convinced him to donate a share of his crypto assets to Pauly.

"Why did I send ETH to yougetnothing.eth (@Pauly0x)? The same reason why I just sent ETH to zachxbt.eth (@zachxbt). Pauly genuinely entertains me. Zach is someone who I look up to. Anyone can support whoever they want in any way they want,” according to Al Kharouf.

At the same time, user bustelobricks.eth observed that, as more than "a million dollars worth of Eth was sent to @Pauly0x. The only lesson to be learned from this is "you don't tell people how to spend their money." Why you mad? It's not your money."

Irrespectively of the ultimate objective of Pauly’s campaign, it is clear the developer’s major social media following has played a significant role in its success. As of June 1, Pauly has more than 74,200 followers on Twitter which boosts their visibility across the cryptosphere.

Meanwhile, the latest controversial effort has spurred a number of similar initiatives on the social media, with various influencers and users asking their followers to donate crypto in return for nothing.

In a bid to replicate Pauly’s venture, user OxJames tweeted: "Today I saw that people sent 1M in eth to @Pauly0x, and i ask mysel if people would send ETH to a complete random and change the life of [a] stranger.”