Memes are very much an important part of the modern culture as well as communications that take place online. From politics to esports, apparently, everyone is happy to participate in the meme-process of creating, sharing and mainly enjoying a range of visually-based jokes. The same is true for the cryptocurrency field. Currently, memes represent a key element of the communication taking place in the crypto ecosystem.
For some, they are a means of displaying wit and humor, while others tend to see them as an outlet for darker impulses. Yet, recently, there is a new phenomenon in the crypto domain that seems to be embedding cryptocurrencies into meme making process or even doing things the other way around.
Now, having in mind the popularity of cryptocurrency, analysts are wondering if this odd merger of tech and pop culture will result in something radically new and unusual. The history of tech shows that the same happened much time over, but this time, with crypto, the process can be provided with a direct monetary value and this could make all of the difference in the world.
District0x’s Meme Factory
Having in mind the popularity of the meme phenomena, it is no surprise that the District0x’s Meme Factory is getting so much attention. The District0x managed to raise $9 million in their ICO that took place in 2017, which was backed by CoinFund and Boost VC, just to name a few of the most notable investors.
At the same time, the holders of the DNT native token using the ERC-20 principle already began making decisions about the project’s future. Because of this, many are not surprised that this app is still not live. Instead, the individuals holding the DNT tokens are able to use them and vote inside of a test environment.
The same digital space is all about picking the best memes. The memes include anything from promos for the HODL principle (both negative and positive) to blends of famous individuals from both crypto and pop culture. In other words, the memes cover everything memes generally tend to cover.
Right now, the community has already voted a selection of 100 choices to the final 12 original and limited memes that will get launched with the venture’s website. According to Joe Urgo, who is one of the founders of the District0x, everyone has seen some financial suffering because of the recent bear market that brought all of the cryptocurrency space down in value.
Because of this, the communities around cryptocurrencies and the crypto phenomenon, in general, have dwindled. Urgo believes that District0x came through this in a better state thanks to the level of originality and authentic engagement they probably would not find anywhere else in that particular form. Also, the platform is promising to provide community polls as a means of educating its users and supporters about the importance of community governance.
The same should also provide them with a sense of all that is possible with the platform. The polls will tackle winning memes, but also the chance for the DNT holders to vote on the way the Meme Factory actually works, including the design of the new cryptocurrency of the site, called DANK.
Second DANK Token
The second token being developed by this venture is being used right now as a way to invite users to start entering the polls. DANK tokens number one billion and 80 percent of them will be rewarded to the community members who chose to participate in the votes.
However, this is not its only purpose. When the Meme Factory starts working the DANK token will be used for the operational purpose of the Factory’s registry of curated tokens. This will be a way for the broader community to decide which particular memes are worthy of being sold on the home website.
The Oncoming Districts
When the platform for these tokens is finished, the entrepreneurs along with others in the community will be able to build websites and other resources called districts. These will have a range of purposes, but the underlying one will be to attract a larger community. Thanks to their DAOs and its decentralisation, the users will be able to post, search, figure out the reputation conduct payments, all using the District0x’s tools and software.
That is why Meme Factory creates the Name Bazaar, the online business that will allow its users to purchase namespaced on the ethereum network. The DNT will be then applied for the staking mechanism, which will make sure that the users underline their votes with direct financing of the structure they are voting on.
The Underlying Principle
The memes in question being made by the Meme Factory will come in a form of digital trading cards. The users voted on the meme proportion, which ended up being 2 x 3 or the proportion of a mobile phone screen, along with the design of each meme card back side. However, some meme creators made their works before the standardized proportion scheme was set, thus are now having a problem to fit the same card in the predefined format.
The same issue was not present in all of the 12 best-selected memes but it shows that the voting underlying principle could become a problem for the actual network. These interdependencies will have to be identified in the future and then avoided. This just shows that the idea of providing community decision-making abilities can often come with a downside that is rarely perceived clearly and beforehand by the platform creators.
The Weird and Wonderful Crypto
The example of the growing and promising District0x ecosystem proves to show that the crypto community is a lot more diverse than the notion of new versus old bitcoin adopters. While each cryptocurrency that survives represents a valuable asset in this growing system, some of them, like DNT and DANK are something that is truly out of the ordinary.
Similar to the controversial ethereum-based gambling dapps, this process of building and collecting memes will have its critics. But, even when those voices are heard and their messages accepted, the truth still remains that all of these show an ever-growing flexibility and diversity in the crypto field.