People are going nuts over NFTs (non-fungible tokens). A Reuters report on July 5 said that the first half of 2021 saw $2.5 billion in NFT sales, compared to $13.7 million in sales in the first half of 2020, according to data from DappRadar.
Meme coins currently have a market cap of $31.5 billion, according to Coinmarketcap.com. However, the amount of money pouring into this space continues to surge by the day, as Dogecoin is valued at $28.6 billion in terms of market cap. Further, other meme coins like Shiba Inu and MonaCoin are also seeing significant investor interest.
Both these spaces, NFTs and meme coins, are primed to explode in the crypto world. Memes are an easy way to communicate ideas. They appeal to the lowest common denominator, and most importantly, in today's time-starved world, they get their job done in seconds.
This is the philosophy behind the launch of Meme.com, a platform that acts as a bridge for meme coins and NFTs. The site describes itself as: Imagine if Wikipedia and Dogecoin had a baby.
Meme.com is poised to disrupt the NFT space
On a serious note, Meme.com is a platform for people to explore a variety of memes and trends in the digital world. Meme.com will allow users to mint Meme Tokens. These tokens are "based on the perceived value of the trend or meme they represent." Further, every meme's content is crowdsourced, and the most popular memes will receive monthly awards, including NFTs.
The platform is making all the right noises and garnering attention from the right people. It announced a $5 million funding round in the last week of May. The likes of blockchain-focused venture capital funds include Outlier Ventures, Digital Finance Group, Morningstar, Blockhype, and Spark Digital Capital, have invested in Meme.com.
Additionally, Meme.com confirmed additional funding came in from angel investors like Gabby Dizon, CEO of Altitude Games, and Polygon co-founder Sandeep Nailwal.
"We believe that memes and meme markets, such as Meme.com, are a promising and innovative way to empower users who find or create trends," said Joanna Liang, head of investment at Digital Finance Group.
$MEM is the native token for Meme.com and can be used for the purchase of meme tokens and for creating and upgrading marble cards, as well as the payment for platform fees, staking, and governance. In fact, on June 15, Meme.com announced its IDO (initial Dex offering), the first one on Polkastarter and its Polygon deployment.
Mattias Tyberg, co-founder of Meme.com, and who goes by 'Sir Stonks' on the site, said, "Memes have become such an important cultural phenomenon that we're surprised there haven't been previous attempts to build a platform like ours.
With plenty of examples of 'meme stocks' and 'meme coins' like Dogecoin, we thought we might as well cut to the chase and tokenize memes directly. With the IDO, we aim to distribute our token to as many contributors as possible to let them discover our platform, following up on our $5 million investment round."
Meme.com is one of the first NFT projects that's built on the Ethereum network with Marble.Cards and claims that users have created close to 120,000 NFTs on its platform.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.