Meme Factory, an Ethereum-based digital collectibles website and a decentralized registry and marketplace for the creation, exchange, and collection of provably rare digital assets, is a blockchain-based marketplace for such digital collectibles, has been launched.
Meme Factory, as mentioned, is built on ethereum and allows users to create, issue and trade “rare” digital collectibles. The platform has been heavily marketing itself as an exceptionally decentralized and independent platform that will not be influenced at all by any market movements as well as any investor sentiment. It shall be independent in the truest form.
The platform was created by blockchain startup District0x Network, which raised $9 million via an initial coin offering in August 2017. The funding was raised in ether (ETH) cryptocurrency and saw participation from venture capital firms Boost VC and CoinFund. District0x itself describes the platform as, “a true decentralized digital collectibles marketplace, completely self-governed and functioning autonomously on the ethereum blockchain.”
What exactly the company is aiming to provide for is, varied opportunities for internet lovers to create their favorite memes and then submit them on the platform. They shall then tokenize these memes, and if considered worthy, will dub them as Dank Registry. Once the meme has been considered by the admins of the platform, who are the main token holders or Registry Curators, who are holders of the project’s DANK token, will then scan the submissions and decide which memes will make it to the platform. A decision will be made whether or not the creator deserves to be awarded for his or her work on the meme. Once the meme is public, collectors will be able to purchase those memes using ETH, ultimately earning the creator and the platform extra income. Memes moreover, will be issued in a limited number, whiles existing memes can be traded and resold on a secondary market.
According to District0x: “These rare memes will exist indefinitely on the blockchain, giving a strong incentive to create and collect as many as possible.”
Co-founder Joe Urgo too mentioned, “We see blockchain and tokens allow all kinds of uses that were never possible before.”
It had also gone about that, once the platform is fully built, entrepreneurs will be able to build websites, what it terms “districts,” to develop communities around a range of purposes. Districts will be decentralized autonomous organizations (DAOs) that enable posting, searching, reputation and payments using District0x’s software. Outside of Meme Factory, for example, District0x also built Name Bazaar, which allows users to buy namespaces on ethereum.
The company has stated that their main aim is to form communities and help them create an income source from something they absolutely love. However, profiting from something like memes have only been possible on Instagram, due to added ads on the pages. However, there will definitely be some roadblocks on the real website considering its hunt for quality memes only.