Humans have relied on various art forms of art and literature for expression. Over time, it has taken new forms. The digital revolution we are witnessing has left its footprints in human expression by opening doors of opportunities for memes – A digital form of expression. We all come across memes daily. Have you ever thought about what it would be if memes were not just images that make you think and laugh but assets worth millions? Sounds crazy? Welcome to the world of Meme NFT.
Dive right in!
- What is a Meme?
- Why should you create a Meme NFT?
- Some popular Meme NFTs
- How to create a Meme NFT?
- How to make meme NFTs successful?
What is a Meme?
A meme is a usually witty image, video, phrase, etc., that gets quickly imitated and circulated online by internet users, frequently with little changes. These include viral posts shared through social media. The Internet meme is a vehicle for communication, a symbol of the comic zeitgeist, and a tool for channeling the innate worries of youth.
In 1976, the eminent British scientist Richard Dawkins coined the word “meme.” A meme may be identified because it frequently consists of a picture—typically taken from popular cultures, such as cartoons and viral videos—followed by a text that alludes to “relatable” situations or even something pertinent to current social, economic, and political events.
What is a Meme NFT?
Let us quickly rewind what an NFT is before moving into Meme NFTs.
Non-fungible tokens are unique digital assets represented using unique codes that may be traded, purchased, or retained on a blockchain or digital ledger. NFTs have the power to guarantee verifiability, uniqueness, and credibility to a specific code to stop it from being copied and protect a creator’s work. Simply put, they are digital artifacts that come in the shape of music, memes, emoticons, digital prints, short movies, pixelated punks, and more.
Now you know that Meme NFTs are the image of memes converted to NFTs. So it is an obvious question in your mind why would someone convert a meme into an NFT. Worry not; we have got you covered. Read on to know the advantages of Meme NFT and answer the question in your mind.
Why should you create Meme NFTs?
Even though the first meme is unknown, we can be sure that meme culture was developed along with the internet revolution. Literature shows us that the ways to express needs, fears, and sarcasm have also evolved over time. So meme culture is the new way of expression in this digital era. Even though Gen z is the one who uses memes a lot, there has been an increased presence of our elder generation in the meme arena recently.
The gen-Z population considers memes as the most modern form of humor. Since these memes rely on the internet, they will survive along with the internet. Yes, the memes are going to survive for a long time. The evolution of the internet into Web 3.0 or 4.0 will not end this culture but will shape the future of meme culture.
A meme NFT has mind-blowing advantages. Let us examine why converting a meme image can be beneficial.
The provenance of a meme NFT
The underlying blockchain technology assures traceability, proving the provenance of a meme or any digital asset. Every transaction or change is recorded on the distributed ledger, and this data is immutable, as assured by blockchain technology. Hence this prevents third-party authorization of memes and using them as an asset. The complete transaction history is available for anyone to prove the provenance and ownership.
Let us assume that you own a meme and you posted it online on one of your social media. So anyone can use that image and make a lot of profit, leaving the true owner’s, that is yours, pocket empty. But when you tokenize your meme or digital asset, it leaves an option to the artist or the owner to receive a predefined royalty for each deal executed. The artist may, for instance, implement the smart contract’s provision for the potential of getting 10% in royalties for each transaction.
Larger marketplace for meme NFT
Before the intervention of NFTs, memes would only be limited to a small community of internet users. Also, there was limited opportunity to make a fortune out of this creative and witty digital art. Tokenization offers a larger marketplace to trade this asset. Some popular marketplaces for meme NFTs are Dontbuymeme, Solsea, Morioh, and Opensea.
Related Article: Legal considerations for launching an NFT marketplace
Okay, now do you want to know a little about the prices of some common memes that have been ruling the internet for a while? Keep reading!
Some popular Meme NFTs
Let me show you the recent auction prices of some popular meme NFTs from the data of Statista.
(The price is in US dollars)
Isn’t it unbelievable that these memes are sold for millions of dollars? Yes, NFTs are taking memes to the next level. In one way, these huge prices can be viewed as a reward for the creators’ creativity. We need to remember that converting memes to NFTs does not affect their accessibility over the internet.
How to create a Meme NFT?
There are a lot of companies offering tokenization. Converting your meme into an NFT is as easy as opening a social media account and posting a pic.
A gist of the steps involved are:
Create a meme: First, you need to create a meme to make it as an NFT. You may post the meme you’ve made as meme NFTs in any NFT marketplaces. It can be in the format of GIFs, jpegs, PNG, etc.
Set up your wallet: You need money in the form of cryptocurrency to create, buy or sell NFT. Hence your wallet will help you store the cryptocurrency you have to make the transactions.
Choose the right meme NFT marketplace: Open an account in the chosen nft marketplace. Opensea, SuperRare, and Rarible are some of the prominent NFT marketplaces.
List your file as an NFT: Upload your file as an NFT in the marketplace.
There you go! Your meme is now listed as an NFT. Your meme will be available at the set price, just like this.
Wait for Bids: Once your NFT meme is listed, anybody may access it and submit a bid on it.
Sell Your NFT: Check your profile for any offers. You’ll be able to accept an offer if you find one suitable or if the user pays the whole amount you’ve asked for.
There you go! Your meme is now listed as an NFT.
Why Invest in Meme NFTs? From investors’ perspective
The reasons you should invest in the NFT revolution, as it is now known, are linked to how it differs from crypto trading.
Related Article: Applications of NFTs in Digital Entertainment
You can consider the below points too.
- Unlike cryptocurrency, NFT cannot be split, giving complete ownership of the unique asset.
- Meme NFTs may be made exchangeable so that you don’t need to keep track of your unique token number while making several purchases of the same asset.
- The scalability of NFTs has led to several distinct standards in various blockchain domains.
- Meme NFTs are in great demand due to their impending scarcity, which might ultimately aid their journey up the market ladder.
- The feature of renting NFTs throws light on the opportunity of NFTs being an additional source of income.
How to make your meme NFTs successful
The success of your meme NFTs depends on the popularity of the memes. So if you want to add more value to your NFT, create a popular meme and make it an NFT.
So do you wonder how a meme can be successful or popular? When a meme can represent various situations, it has a little humor, and many people can relate to and remember the meme; it is thought-provoking and is all over the internet, shared by many people. We can say that a meme is a success without any doubt.
Related Article: Top 10 Doubts And Questions On NFTs Answered
So just like the examples seen above, the memes in those NFTs are popular and satisfy all the conditions we mentioned above. I hope you have an idea of what makes a meme and meme NFT successful.
We need to acknowledge how NFTs bring change in almost every industry. They are taking the digital art trade to the next level. Amidst the crash of cryptocurrency, NFTs still have the potential to become the future of digital ownership. They can evolve as the ultimate solution to copyright issues in the near future.