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.

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    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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    What is MC in MemeChat?
    1 MC = 1 Rupee. more
    What does MemeChat mean?
    MemeChat is a meme creator app that allows users to earn money by making memes. Over the years, MemeChat has transpired as one of the most successful money earning apps in India, for millennials and GenZ. more
    Who created MemeChat?
    Kyle Fernandes Started in the summer of 2019 by Taaran Chanana and Kyle Fernandes, both 22 years old, MemeChat enables people to express themselves in the form of memes, and even get paid for it. more
    Is MemeChat free?
    MemeChat, the popular homegrown social media networking apps, is offering free movie tickets for its company employees, a day off, additional free tickets for the new digital users that download the MemeChat app. The offer for new users is available till 16th December 2021. more
    What is MemeChat marketplace?
    MemeChat: An app that helps meme creators get paid by brands for their creativity. more
    What is MemeChat app?
    MemeChat is a meme creator app that allows users to earn money by making memes. Over the years, MemeChat has transpired as one of the most successful money earning apps in India, for millennials and GenZ. more
    What is MemeChat worth?
    Memechat pays you Rs. 5 to Rs. 30 on every meme that gets approved after you upload it. more
    Who created MemeChat app?
    Kyle Fernandes Started in the summer of 2019 by Taaran Chanana and Kyle Fernandes, both 22 years old, MemeChat enables people to express themselves in the form of memes, and even get paid for it. more
    Does Memechat pay money?
    The earning mechanism and how to make money using the Memechat app are as follows. Now coming to the earnings, Memechat app pays somewhere between Rs. 5 to 30 for every memes that you have created and that got approved once you upload it. The payment for each meme can be different based on the category of the memes. more
    What is MemeChat approval?
    Memes that are requested by MemeChat will not be approved on the main feed. That's pretty much about it for now. As long as your content has quality, it'll be approved for sure. How do I get paid templates approved? You can edit memes with paid template in the MemeChat app editor itself and upload it for approval. more
    Is MemeChat keyboard good?
    Very nice app to make money from memes as well as enjoy memes. Creators did put a lot of effort to make such an amazing app. Memechat keyboard and AMY are best to have fun and roast your friends during a group chat. more

    Source: economictimes.indiatimes.com

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