Polygon’s new Meme Market is a crypto platform exclusively for memes and online trends
Polygon’s new ‘ Meme Market’ will let users put their money where their mouth is by allowing them to bet on online trends.
- Participants can create Meme Tokens for any meme or fad that catches their fancy.
- The token will gain value as more people buy into it. The higher the ‘proof of belief’, the higher the token’s value.
AdvertisementLove them or hate them, but you cannot ignore them. Meme coins like Doge and Shiba Inu have stuck around longer than anyone expected. Now, Polygon — the network which aims to improve network speed and lower the cost of using the Ethereum blockchain — has launched a ‘Meme Market’ exclusively for meme-based tokens and non-fungible tokens (NFTs).
Called Meme.com, the platform is a memetic asset protocol. Simply put, it’s a place where digital assets — like non-fungible tokens (NFTs) and tokens — can be minted based on any meme or trend. And these assets will be called ‘Meme Tokens’.
“A memetic asset is like a synthetic asset, but where the value comes from the perceived value of the trend, instead of an underlying asset,” the whitepaper explains. “It’s a way to value
Like American billionaire Elon Musk who created Dogecoin as a joke, the everyday user can now create tokens based on their preferred trends — like ‘pawri hori hai’ or even ‘hello friends, chai pi lo’ if they want to.
Here’s how you can create your own Meme Token
Meme.com is not exactly a crypto exchange — it’s a ‘Meme Market’. In order to create and buy Meme Tokens, players will need to use Memecoin ($MEM). And, using these Memecoins, a person can create a Meme Token using any hashtag, provided it hasn’t already been created.
Simply put, Memecoin is the platform token. It’s a way to pay for things on the platform — such as card creation and upgrades as well as curating new Meme Tokens.
A Meme Token, on the other hand, is the ‘proof of belief’ in a certain meme. It is what you receive when you buy into a meme with Memecoin.
Buying and holding a Meme Token is a form of curation. It means you believe in the theme and its relevance
Enough people need to care about meme trends for this to work
The catch is that the entire market is speculative since it's based on how much a particular meme is trending or what its perceived value is in the market. According to Meme.com’s whitepaper, tokens are priced using a ‘bonding curve’. The earlier a person buys in, the more rewarding it will be.
If everyone leaves, the project tokens will cease to exist.
However, the overall quality of the market depends on how many people are active in it as well as how much Memecoin is used both in total and in the near term. That means as long as people are creating new tokens based on new trends, the market will thrive.
“We want meme aficionados to be able to have fun with their passion, while also being able to monetise it,” said John Unger, co-founder of Meme.com, in a statement.
In order to boost participation, the platform plans to conduct ‘Meme Quests’ — a way that users can win rewards by completing certain tasks, like owning a certain number of Meme Tokens or buying a certain number of Meme Tokens during a season etc.
AdvertisementThe market will also reward users that have the highest trading volumes.
To start off with, only meme coins like Dogecoin, Harold, Pepe, Distracted Boyfriend, Grumpy Cat and others will be allowed on the platform in Beta. They will be released in batches over the next couple of weeks.
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