Memes are known as the language of the internet, driving attention, conversation, and even revenue. They can be defined as cultural information, usually spread by imitation and sharing over the internet. However, memes have transcended their use as just a way of eliciting a few laughs – they’ve now become an important communication method with the capabilities of communicating a wide variety of emotions. Facebook’s acquisition of Giphy is a testament to the increasing importance of memes and use cases when it comes to communication.
How Do Memes Get Value?
Memes derive their value from being shared, edited, and remixed. They represent a phenomenon or character and often have some symbolic meaning.
Let’s look at one example – Pepe, the frog. This meme has gone viral to become one of the most popular ones on the internet. While the original creator, Matt Furie, deserves credit for originally creating it, the original meme did not give it any value. The memes, jokes, emojis, and stickers created using the original piece are what actually gave it significant value.
Meme creators have very little or no control over how their creations are used, making them incredibly difficult to monetize. Memes can be monetized through social media and advertising or being sold in bulk. However, the original creator of the meme has no way of benefitting from the success or popularity of the meme.
This brings the concepts of meme markets and memetic assets into focus. The meme community can be rewarded for recognizing trends in the meme world through Memetic Assets. Memetic Assets are coins and collectibles based on memes, in which their value is determined through how people trade and engage with them.
What Is Meme.com?
Meme.com is a memetic asset pool that allows for quantifying all information and network effects in a trustless manner. Meme.com makes it possible to create a market around any trend. The platform’s first project, Marble Cards, was completed in 2018 as one of the original NFT projects.
So far, over 1000 Marble Cards have been created. Marble Cards makes it possible to create collectibles that are tied to URLs, allowing a user to capture a moment on the internet. Each URL can have only one card, making it a bookmark. Users can use these bookmarks to discover new trends in a game called “Arena.” Users can also vote on cards and topics that they prefer, helping meme.com extract value from trends.
Capturing the value of the trends is where Meme Market comes in, creating a platform to buy, sell, or create memetic assets. A memetic asset acts as a synthetic asset, but it’s worth comes from the value of the trend instead of underlying assets. Users can buy memetic tokens using Memecoin and turn almost any meme into a market by paying a small fee in Memecoin.
The market begins at a market cap that is close to zero. Any user buying into the market using their Memecoin receives a memetic asset (oran $mToken). Users can stake their $mToken and earn rewards from the meme fund.
Memecoins can be bought using ETH or a credit card. Users who stake their $mToken can also be rewarded with NFTs (also called “meme art”), which have different levels of rarity based on the rank of the market. If a user stakes for longer and with a higher amount, the better chance of receiving rare art.
Meme Market Incentives
The meme market will have several incentives built into it, which include:
- Market-making rewards – The meme.com platform will reward users who have the highest trading volume
- Discovering a new trend – Users who find recent trends with significant potential for growth will be rewarded.
- Staking rewards – Users who buy mTokens lock up Memecoin, reducing its total supply. To encourage staking, the platform will reward long-term holders of mTokens for ensuring that a significant number of Memecoins are locked in.
- Quest rewards – Several quests related to the meme market will be available, such as owning a certain number of $mTokens or buying and selling the most Memecoin.
Meme.com has secured significant funding from several high-profile backers and raised $5 million in funding. Some of these investors include Digital Finance Group (DFG), Outlier Ventures, Blockhype, Morningstar, and Spark Digital Capital. The project’s angel investors also include Polygon Co-Founder Sandeep Nailwal and Gabby Dizon, CEO of Altitude Games.
Features Of Meme.com
Meme.com is working towards an ecosystem that empowers creators. Therefore, it has ensured adding several features that help it work towards that goal.
Fund A Meme
Users can pay in $Memecoin for a percentage of a particular meme expedition. They can create a new expedition or join an existing one, and each expedition’s value is tied to the number of mTokens that have been bought – expeditions also reward token owners.
Currently, there are two types of rewards in play.
Sponsor Rewards: Users can stake their mTokens and apply for sponsor rewards. Once tokens are staked, an initial fee is sent to the expedition fund, where rewards are paid out in the form of $Memecoin.
Treasure Rewards: At the end of each month, treasures are brought in and refined into NFTs. Treasures can range from memes or art to a stamp from an expedition. The best pieces are chosen through a vote and packaged as NFTs – the creators of those pieces are then rewarded.
Contributing To An Expedition
Users can contribute to new expeditions and discover new items. The contributions can range from meme creations, Marble Cards, and URL submissions. For example, users can increase their society title by proving that they own the Marble Card that a meme links to – they can also create meme art and Marble cards and submit them to expeditions of their choosing.
Users can vote for the best content in various debate rooms and earn $Memecoin. Debate rooms also accept NFTs owned by players, allowing them to win big rewards. There are many different ways that participants can reap lucrative rewards, earning the platform’s tokens throughout the way to encourage further trading and participation.
Meme.com creates an ecosystem that brings content and meme creators together from social media platforms like Twitter, Reddit, and Facebook. It’s creating a meme-centric economy and helping creators monetize their artwork.
Meme.com gives creators ownership of their meme artwork and acts similarly to Coinmarketcap but is only available exclusively for memes.