Memes used to be regarded as social media tools that could go viral and amuse a large audience.
The NFT culture thereafter emerged in its midst. Giving memes an economic value increased their usefulness and gave them a reason to exist other than just a humorous means of communication.
What are NFTs
NFTs, or non-fungible tokens, are basically cryptocurrency tokens on the blockchain that signify ownership of particular things, and they are either tangible or intangible. NFTs can represent a variety of objects, including whisky casks, artwork, and music. Unlike fungible assets or currencies (like Bitcoins or Rupees), where each unit can be traded for another, each NFT is distinct.
Digital photos or movies appear to be the most common type of NFT in recent months. NFTs around goods in digital games are another common application.
Sales of NFTs came very closer to crossing the $25 billion threshold in 2021. Numerous startups and large multinationals like Facebook and Nike are banking on NFTs.
Non-fungible tokens or NFTs are becoming more and more popular, which has given producers and artists new ways to make money. Several NFT minting platforms and marketplaces have also been established as a result of it.
MemeChat is one such platform that even enables authors to turn their memes into NFT and profit financially from them.
MemeChat is a meme-making app that enables users to get money from their creations. MemeChat has evolved over time into one of the most lucrative apps in India for GenZ and millennials.
Can one generate income by turning memes into NFTs?
Digital producers can easily convert their files into NFTs using a variety of websites, apps, and start-ups that offer a platform for doing so. The typical process starts with choosing a file, followed by creating an Ethereum wallet and adding money to it. You can join an NFT marketplace using the wallet and list, advertise, and sell your NFT there.
When you ready your desired meme, everything goes well. In addition to these options, NFTs can occasionally be bought, sold, or rented and yes digital assets can be given or acquired for a particular period of time and monthly payments by a creator or potential investor. NFTs are becoming more and more well-liked right now. More and more interested people will come to this location in the days to come. What is fantastic? You don’t need to be artistic or creative to start trading meme NFTs.
What services does MemeChat provide?
MemeChat first launched The Meme Club (TMC). On the website, memes can be bought and sold as NFTs by meme creators, collectors, and other interested parties.
The major aim of MemeChat’s authors was to discover and utilize the memes’ unrealized potential in the cryptocurrency sector, and this development perfectly represents that goal.
One of the club’s USPs is guiding creators in knowing the true power of meme trends and how to profit from them. TMC allows the community to collectively select what should be popular in the future. Because it is supported by the most recent technological advancements and has a strong social media following, MemeChat will drive a strategy to get those memes to a specific viral ergonomic level. A few of the supplementary services that TMC provides to its members include online events, NFT airdrops, social events, and more.
How many creators have reaped the rewards of MemeChat so far?
As of June 15th, 2022, MemeChat, the largest specialized marketplace in India for minting memes, had sold 200 NFTs successfully and generated 20,000 Matic GMV. By minting their memes on the platform, 150 creators have benefited.
How does Memechat translate memes into NFT?
The procedure to establish original ownership of a meme is fairly simple for meme-makers using a popular meme on TMC. On MemeChat, memes must be produced. Three criteria—originality, authenticity, and virality—will be used by MemeChat’s internal panel to evaluate creators’ submissions. If a meme satisfies these three requirements, its maker may mint it as an NFT on The Meme Club. A newly created meme is easily commercialized through direct sales or auctions.
What MemeChat do to help users monetize their material?
We employ user-generated comments and promote user-generated material as the foundation of our business model. For each meme made and authorized once it has been submitted, a user can earn anywhere from Rs. 5 to Rs. 30. Depending on the type of the memes, the payment for each one may vary. A user may be compensated Rs. 20 for each meme that is accepted into a brand campaign by its originator.
This helps the ability of both the brand to obtain content and the ability of our consumers to earn more money.
Memechat has already collaborated with businesses like Amazon, Hotstar, and Moj. A minimum payout of Rs. 100 is available on the Memechat App. One can ask for direct payment to their Paytm wallet and bank balance once they have Rs. 100 in their wallet. In addition to being praised by the moderators and other authors, the winner of a contest sponsored by Memechat could also receive a bigger award. On a certain subject, users can submit memes.
One of the unique aspects of Memechat is that, unlike other platforms where users must gain a significant number of followers over the course of years, Memechat allows users to make money right away.
On Memechat, how many users are there?
MemeChat is the biggest meme-specific app in the country, with over 30 million memes created on the platform and over 10 million downloads.
In the wake of the collapse of the global cryptocurrency market, do you think that NFTs, especially in India, still have a future?
Money’s future lies in NFT. As interest in and investments in the metaverse progressively advance, NFTs will become irreplaceable.
What are the risks of investing in meme NFTs?
NFT tokens are susceptible to copying by hackers, which leads to unwary people buying worthless fraudulent NFTs. Before purchasing an NFT token digitally, people must be aware of how to verify its authenticity.