KuCoin AMA With MEME.COM — The Home of Meme Markets and Trend Exploration
Dear KuCoin Users,
Time: June 15, 2021, 11:00-12:00 (UTC)
MEME.COM can be described as if Wikipedia and Dogecoin had a baby. A place where people explore different memes and trends on the internet. It enables users to mint memetic tokens that are based on the perceived value of the trend or meme they represent. Content around each meme is crowdsourced by the community, and the best memes each month receive rewards that include $MEM and special NFT art.
Official Website: https://meme.com
Johan Unger — Ancient Alien at MEME.COM
Q&A from KuCoin
Q: Please introduce yourself and your title, "Ancient Alien".
Johan: Hi! Happy to be here! I’m Johan from Sweden. Dropped out of university to start my first company in the online content space. MEME.COM is my third company, which I started after falling in love with crypto in 2016. Initially, we were experimenting with models around attention rewards, but when NFTs came along in late 2017, we pivoted into the model where we use tokens as a tool to value internet content.
Everyone in the project uses memes as titles, Ancient Alien is mine.
Q: What exactly is MEME.COM? Please give a brief overview of MEME.COM.
Johan: Meme.com can be described as if Wikipedia and Dogecoin had a baby. A place where people explore different memes and trends on the internet. It enables users to mint memetic tokens that are based on the perceived value of the trend or meme they represent. Content around each meme is crowdsourced by the community, and the best memes each month receive rewards that include $MEM and special NFT art.
Q: On your project’s website, it mentions, "Earn rewards for supporting the best performing memes and trends." How can we specifically earn rewards?
Johan: In a few different ways:
- predict which memes are popular, and earn $MEM staking rewards if it turns out to be true
- create memes that other people like
- vote on memes
Those are the 3 main ways you can earn from the platform.
Q: The majority of MEM token supply are community-assigned. What kind of activities do we need to do in the community to get MEM tokens?
Johan: The things mentioned above are some of the main activities.
Others will be to:
- bring new people to the platform
- build things on top of it
Q: People usually enjoy watching popular memes on YouTube and sharing them in communities, but we cannot help avoid the concern that if a particular meme goes out of trend, it will lose value. Will steady profit be guaranteed?
Johan: As with all speculation, things go up or down in price based on if people believe in it or not, and profit can never be guaranteed.
If a meme loses popularity, chance is the price will go down.
However, we have designed the price curves to be less volatile to mitigate larger price swings as much as possible.
Q: If we are to support the best performing memes and trends to earn rewards, but there is a challenge in identifying the original creator of these memes, then to whom will the profit go?
Johan: If an original creator can be identified, a part of all fees will go to that person.
If not, those fees will go to the rewards pool instead.
Q: How do you envision meme creation as a way to generate revenue for creators and for the platform itself? Also, how does blockchain power your platform, enhancing the social/creative content and promoting adoption?
Johan: The meme creation is what rewards people who help sponsor the memes. They want cool NFTs in return.
Meme token holders vote each month on which created memes should be turned into NFTs. The creators of those memes are then rewarded from the rewards pool.
Blockchain is used for most things on the platform, both for the meme tokens/markets and the NFTs and reward distribution.
Q: What is MEME.COM’s strategy in funding marketing campaigns that will be needed to gain visibility and build a user base?
Johan: We are already working closely with some of the bigger meme and NFT creators in the crypto space, as well as several upcoming partnerships with big crypto projects.
Memes are such an amazing way to spread awareness, and MEME.COM is all about memes.
Q: A common concern in the community has always been a project turning into an exit scam or a rug pull. How can you assure your investors that your project will not be one? Are your contracts available publicly?
Johan: We have been building publicly in the crypto space since early 2018.
We are one of the first NFT projects on Ethereum with Marble.cards, which is now MEME.COM
We have been here for a long time and are just getting started.
Free-Ask from KuCoin Community
Q: There’s lots of controversy around MEME coins at the moment.
Some just compare them to Ponzi schemes which would inevitably lead to big losses for many newcomers. Others say that it doesn't paint a good picture of the crypto space in general, since they would not focus on fundamentals or the tech. Another complaint has been that they would be responsible for lots of the network congestion that we could see on Ethereum.
How would you address these and similar complaints?
Johan: It’s a natural reaction to new things, and we are just in the early innings of the concept.
This article came out today from a16z, one of the most renowned investors in the world: https://avc.com/2021/06/meme-investing
Q: If MEME.COM is similar to Wikipedia does that mean everyone can go and write about crypto, or only the MEM holders can write on your webpage?
Johan: Anyone can create a meme page on the platform, as long as it’s not created already.
Q: The MEME.COM establishment has announced that it will be launching its IDO on Polygon. My question is, why do you guys choose Polygon instead of BSC and Ethereum?
Johan: We were on Ethereum for a long time, but in October, we also launched on Polygon due to the gas fees, and we are super happy with Polygon.
Q: Can you tell me about Marble Cards?
Johan: I recommend checking out the site, a lot of information is there: https://marble.cards
Q: What is your stand when someone posts a racist or abusive meme that hurts a certain group of people?
Johan: We will not allow it, and it will be hidden from the site.
Q: How will the meme market be generated? How does meme get monetized and have value in the market on your platform?
Johan: It is the users who create the meme markets.
Q: What is the MEM token used for?
Johan: $MEM is the native token for MEME.COM and all its products. It encompasses the following functions:
- Buying mTokens in the meme markets
- Creating and upgrading Marble cards
- Payment for platform fees like content submissions
Q: Are you one meme in real life?
Q: What are the great achievements that your project has achieved so far? What difficulties and risks did you encounter during project implementation and what factors helped motivate you to overcome difficulties?
Johan: Since launch, people have created over 110k NFTs on the platform, with several hundred active users each week.
Q: What impact has the recent bear market had on project development, and how have you managed to keep building and developing despite the longest bear market in history?
Johan: We made sure to keep costs very low, and we had some revenues from people creating Marble cards; that said, we went without salaries for a long time.
Q: After the launch of IDO on the platform, what kind of work will you do with MakerDAO, especially in creating different memetic tokens for brands? What does your collaboration with MakerDAO entail?
Johan: We will allow people to create NFTs from their website links using Marble cards. We will also create a MAKER ARENA where people can vote on the best memes/content.
Q: What is the max supply and circulating supply of $MEM tokens, and where can we trade your NFT?
Johan: Max supply is 100M tokens, and circulating supply will be around 2.5M after IDO.
Q: Is there anything else you would like to share or you want us to know?
Johan: If you want to stay up to date in the project, I recommend following us on Twitter: https://twitter.com/MemeExplorers
Thanks everyone, great to be here!
KuCoin and MEME.COM have prepared a total of 2,000 USDT to give away to AMA participants.
1. Free-ask section: 60 USDT
2. AMA activity: 1,940 USDT
Activity 1 — Quiz: 1,500 USDT
Activity 2 — Price Guess: 300 USDT
Participation Rewards: 140 USDT
. . .
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