What is an NFT?
An NFT or non-fungible token is essentially a non-interchangeable unit of data stored on a digital ledger like a blockchain. In simple terms, it is a unit that can contain anything digital, whether it's an art piece, a GIF, a song, or even a meme.
Why are NFTs so Popular?
In a digitally-driven ecosystem, where intangible ownership of assets, NFTs are rapidly emerging in popularity in the case of memes, allowing artists to own their creations. Since memes are purely digital, their ownership opens up several avenues ranging from collecting to trading. As a digital asset, memes endow their owners with several benefits; however, they also can be repeatedly used without experiencing depreciation, a boon for proactive meme creators. A viral meme can be converted to a template and edited to depict different contexts, effectively bringing royalties into the equation.
What has MemeChat launched?
MemeChat, one of the most popular homegrown social media networking apps, entirely modeled around the ‘meme culture community’, has launched The Meme Club (TMC). The platform will provide meme creators, collectors, and other interested parties to buy and sell memes globally as NFTs. The monumental development embodies the central vision of MemeChat's founders to uncover and maximize the untapped potential of memes in the crypto segment.
MemeChat is now the largest dedicated marketplace for minting memes and has successfully sold 100 NFTs with a total of 7000 Matic GMV as of 31st Jan 2022. A total of 70 creators benefited by minting their memes on the platform in just the first 90 minutes of the launch.
As an ambitious meme creator enlisting a viral meme on TMC, the process to prove original ownership of a meme is very succinct and smooth. Memes have to be created on MemeChat. An internal panel of MemeChat will scrutinise submissions by creator’s basis three parameters – Originality, Authenticity, and the Virality of the meme. If a meme meets these three criteria, the creator can mint that meme into an NFT on The Meme Club. A minted meme can be effortlessly monetized via direct sale or an auction. Once minted on TMC, a creator is part of a dynamic meme community spearheaded by MemeChat.
Over the last two years MemeChat, has successfully built one of the largest meme communities in the country. With over 5 million downloads and over 20 million memes generated on the application, MemeChat has taken yet another step to empower this ever growing meme creator community by monetizing memes on TMC. Known to have partnered with the top Indian OTT platforms like ALT Balaji, Hotstar, and Amazon Prime, MemeChat has successfully enabled its creators to benefit from its create and earn business model.
One of the key USPs of the club is helping creators recognize the real power of meme trends and the access to make it happen. TMC enables members of the community to collectively vote on what should go trending in the future. MemeChat, being supported by the latest tech solutions and a mammoth social media reach will drive a strategy to get those memes hit a certain viral ergonomic. TMC provides an array of additional benefits to its community including online events, NFT airdrops, meme community gatherings, regular supply of merchandise and more.
MemeChat is a community-driven business model. The innovative features on the app, including machine learning, have originated from the rapidly growing meme community. Ultimately, TMC is all about giving meme artists their due. While the average individual gets a chuckle as a token of appreciation for a witty joke, through the trading on NFTs, content creators can generate a sustainable revenue stream by converting their viral memes into highly lucrative NFTs on MemeChat's newly-launched Meme Club.
Other than meme creators and collectors, The Meme Club is also targeted at businesses and brands that wish to buy popular memes as part of their marketing effort and crypto traders who want to cash in on the rising popularity of memes. With the highest number of crypto holders in the world belonging to India, The Meme Club also offers an attractive investment opportunity with the potential of high trading interest.
As NFT is at a very nascent stage in India, MemeChat will ensure to educate the audience on the basics of NFT and how can it be utislised. The blockchain ecosystem chosen by the company is to make sure that all transactions remain transparent and efficient.
MemeChat Success Trajectory
In a remarkable success, MemeChat, India’s top meme-creating platform became the only Indian startup in 2020 to be funded with $150K from 500 Startups’, one of the most active global venture capital firms. MemeChat was picked for both the funding and the accelerator program after a rigorous process of selection. This comes after MemeChat was named among the best apps under the Aatma Nirbhar App Innovation Challenge. It won under the people’s choice for the best app under the entertainment category.
Launched in 2019, MemeChat has emerged as one of the most popular homegrown social media net-working apps for Generation Z and millennials.
Disclaimer: This article has been produced on behalf of MEMECHAT by Mediawire team.
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