Every social media user would have come across memes at least once while they are online. A meme is a creative piece of work (in photos and videos) that tickles the funny bones of the audience. Recently, we have seen the explosion of memes reflecting almost every situation faced in life. The main reason why memes can leave users laughing is that they can be utilized everywhere (cinema, politics, religion, sports, and technology).
The world has seen a big boom in the trading of Non-Fungible Tokens (NFTs) in the cryptocurrency market. The market cap of these unique crypto-collectibles has crossed a humongous $30.67 billion according to data from CoinMarketCap.com. There are a whopping 676,297 NFTs in the crypto industry as per Coinranking.com.
Entrepreneurs can combine the wide reach of memes and the high returns earned from digital collectibles by coming out with a powerful NFT Memes marketplace. They can reach out to AppDupe’s knowledgeable blockchain and cryptocurrency development team.
Our experienced team can create NFT-based memes on robust Ethereum token standards like ERC-721 and ERC-1155. We can also integrate crypto-collectibles sold as memes on the leading NFT marketplaces like Axie Infinity, GhostMarket, Gods Unchained, OpenSea, Rarible, Solible, Sorare, SuperRare, and the Sandbox.
Analyzing how NFT Marketplace for Memes are thriving now in the Cryptocurrency market?
The famous Disaster Girl memehas been sold –for a whopping $500,000 recently. The meme emerged on social media platforms in 2005. It has been bought by 3F Music, a studio in Dubai. Zoe Roth, the girl in the meme has utilized the amount to pay off her student loans and also donated some money for charity.
Some of the other top-selling memes –themed as crypto-collectibles are Bad Luck Brian, Clarinet Boy, Scumbag Steve, and Success Kid. They have been bought by crypto investors for several thousand of pounds.
Meme makers are getting a huge value –for their creative work. Bidding wars are being witnessed during the auctions on NFT marketplaces resulting in a rapid increase in the selling price of the memes.
More demand is being received for old memes –that were originally created in 2000 and 2010 because the buyers feel great about nostalgia.
The Overly Attached Girlfriendmeme – was sold as an NFT for a mind-boggling $411,000 on the Foundation online marketplace. The meme contains a close-up image of Laina Morris taken in June 2012.
What is the step-by-step process that meme-makers must follow to sell their creation as a valuable NFT?
Think out-of-the-box to create a unique meme that can be sold easily.
The meme makers can make their creations look professional by utilizing online meme generators offered by platforms like Adobe and Canva.
Register on a popular NFT marketplace or a secondary asset selling platform by submitting the required information.
Upload the photo or the video in JPEG, Mp3, and Mp4 formats on the online platform.
It will be automatically minted as a valuable crypto collectible.
The content creators can announce details of the auction of his/her meme on the NFT selling platform.
They should promote the benefits of bidding through the auction across the leading online crypto forums and social media networks. This extra generation of hype will ensure maximum participation from interested crypto investors. Short posts must be shared on platforms like Clubhouse, Facebook, Instagram, Reddit, Tumblr, and Twitter.
The meme content developers accepting bids from a certain date and time.
The auction gets completed successfully after a specific period.
The meme maker can select the best offer according to his/her business requirements.
The content creator gets the required payment for his work from the seller. They get the needed amount credited to their crypto-compatible wallets like Coinbase wallet, Fortmatic, MetaMask, MyEtherWallet, Portis, Torus, Trust wallet, and WalletConnect.
The meme contained in a file is shared directly with the buyer.
The unique creation gets sold successfully on the NFT memes marketplace.
Become a viral sensation in no time by developing NFT Marketplace for Memes
How do various stakeholders benefit from memes created and sold as crypto-collectibles?
Apart from providing a consistent inflow of revenue for meme makers, NFTs have led to the monetization of all content found on social media pages. Not every meme creator will find it easy to convert it as a crypto collectible and sell it. This has resulted in the emergence of specialized meme managers who take care of all aspects like conducting auctions, marketing, minting of the NFT, and payment processing.
Content creators are getting more traction for their memes with a huge number of likes, shares, and followers for their work on various social media platforms. Influencer marketers have also started using the power of memes to sell different products and services of the leading domestic and global brands.
What are the different challenges that meme-makers face while selling their work as NFTs?
They have to be aware of issues like copyright infringement and duplication that can destroy the value of their one-of-a-kind creation. The meme creators have to sometimes pay high gas fees in case there is congestion of the blockchain networks. This issue will be solved when major blockchains like Ethereum completely move from the Proof of Work (PoW) to the Proof of Stake (PoS) consensus mechanism offered by Ethereum 2.0.
The meme makers have to verify if the NFT marketplaces comply with laws like the General Data Protection Regulation (GDPR) related to privacy and security.
The content creators have to know beforehand the percentage of revenue from the sales of the meme that is pocketed by the NFT selling online platform.
It includes various expenses like initial registration fees, minting charges, transaction processing fees, a commission on each sale of a meme, listing charges, and extra costs for private sale and selling of multiple memes in a single auction.
Meme makers must also check if the NFT marketplace has some royalty guidelines in place. They can demand more payments for every resale of their meme by an investor on any secondary market.
What is the total budget to allocate for NFT Memes marketplace development?
The cost of creating an NFT Memes selling platform depends on factors like API integration, cross-platform compatibility (Android, iOS, and Web), the choice of tech stack for front-end and back-end development, the hourly/monthly rate paid to the developers and marketing specialists, the total time devoted for development (a couple of weeks or few months), the extent of customization required, and the kind of features.
Memes have a great selling value when converted into treasured NFTs. More brands are using memes to showcase the advantages of their products and boost their overall image. Meme makers can attract a vast global audience easily by selling off their unique creations on different NFT marketplaces at competitive prices.
There is no doubt that memes are a great source of entertainment and social media users feel delightful and relaxed when they see them on their content feed. Memes can take creators closer to their target community.
NFTs have made multiple meme-makers millionaires overnight. It has given them full freedom to decide the type of content, the value of it along with the promotional strategy by eliminating the role of intermediaries.
The future of meme-based NFTs will depend on the extent of volatility in the cryptocurrency market, increased smartphone usage, the level of creativity that comes from the minds of the meme creators, privacy and security issues, and the trends in the social media world.
Hence, position your lucrative NFT for memes in the crypto market for sale soon by partnering with AppDupe. We will create a state-of-the-art NFT Memes marketplace that sells meme-based NFTs as a funny take on the culture of people rather than just promoting it as generic advertisements.
Get the white-label NFT Marketplace Solution for Memes now
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