Not memecoins. Only $MEME.
Memeland, a project backed by 9Gag, has emerged as a prominent player in the NFT space. With the upcoming token launch, Memeland aims to establish a unique ecosystem that intertwines its NFTs with the MEME token. Upon the token launch announcement, the trading volume of Memeland’s Captainz collection surged 365% within a 24-hour period. This article explores the recent trading activities of Memeland’s NFTs and the implications they hold as the token launch approaches.
Table of Contents
- Memeland’s cultural background and strategic timing
- The impact of MEME on Memeland’s NFT trading
- The interplay between MEME launch and Memeland’s NFT value
- Beyond memes: monetizing culture in the digital era
- Continue your learning journey with DappRadar
1.Memeland’s cultural background and strategic timing
Unlike many memecoins that rode the wave of hype in April, Memeland took a different approach. With its connection with 9Gag, the largest meme social media company based in Hong Kong, Memeland has a strong cultural foundation rooted in meme creation. However, what sets Memeland apart goes beyond its cultural background.
The timing of its token launch strategically aligns with the shifting regulatory landscapes in different regions. While the United States faces regulatory uncertainties, Hong Kong has embraced cryptocurrencies with clearer and more friendly regulations. This favorable regulatory environment in Hong Kong provides bullish signals for Memeland, enhancing its potential as a more sustainable and authentic player in the NFT space.
Even before the official launch of MEME, Memeland’s ecosystem token, its influence was already felt within the trading activities of Memeland’s collections. NFTs, including Captainz and Potatoz, have experienced noticeable fluctuations in their trading volume.
2.The impact of MEME on Memeland’s NFT trading
According to DappRadar NFT tracking, on 8 June the Captainz NFT collection experienced a remarkable surge in trading volume, generating $1.15 million, a 365% increase within 24 hours. While the trading volume gradually decreased afterward, it remained relatively stable.
In the case of Potatoz, trading volume peaked on 10 June, reaching over $244,000.
Such trading patterns can be attributed to the rules surrounding token airdrops. Specifically, NFT holders of Captainz and Potatoz are assured of receiving MEME tokens. Additionally, starting from 9 June, each Captainz NFT holder can claim five codes, and each Potatoz holder can claim one. These codes can be shared with other users, offering them a chance to join the token claim as well.
The number of sales for Captainz remained consistently low, with 48 sales on the 8 and 9 of June, and 42 on 10 June. Subsequently, this number declined to below 10. This indicates that NFT holders are optimistic about the token drop and Memeland’s future, leading them to hold onto their NFTs rather than sell them for a quick profit.
Despite the current bear market condition, Potatoz and Captainz stand out as two of the strongest NFT collections in the market. These collections have maintained an upward price trajectory, showcasing their resilience and investor confidence.
In contrast, blue-chip NFTs like Bored Ape Yacht Club (BAYC) and CryptoPunks reached their floor price peaks much earlier but experienced gradual declines during the bear market.
The driving force behind increased floor
Unclaimed waitlist codes attached to Potatoz and Captainz NFTs also contribute to their sustained floor prices. These codes offer an extra incentive for potential buyers as they can be shared with friends. Below, you’ll find a few examples.
- 3 waitlist codes unclaimed
- Last sold: 13.88 ETH
- Owner’s wallet
- 1 waitlist unclaimed
- Last sold: 2.6899 ETH
- Owner’s wallet
3.The interplay between MEME launch and Memeland’s NFT value
As the token launch approaches, Memeland’s NFTs are expected to experience significant shifts in value and liquidity. It’s worth mentioning that Memeland’s NFTs are already actively involved in the platform’s unique social staking mechanism called Raids.
Raids have increased user engagement and trading dynamics within the Memeland ecosystem. On 13 May, the trading volume of Captainz surged to an impressive $1.66 million. Over a week, the total trading volume for Captainz reached $4.87 million.
These figures highlight the strong interest and demand from users eager to participate in Raids and compete for rewards. You can learn more about Raids with the article below:
With the forthcoming token launch, Memeland could introduce new dynamics and incentives that have the potential to further influence the value of its NFTs.
4.Beyond memes: monetizing culture in the digital era
Many people outside of Web3 wonder why projects issue NFTs and tokens. Is it all just a money grab?
CEO of Memeland and 9Gag, Ray Chan, has the ultimate summary that breaks it all down:
“NFT is for the community; tokens for value creations and decentralization; and then the product is for mass adoption. “
Memeland offers an enticing opportunity for meme enthusiasts and NFT investors. In the past, monetizing meme culture was challenging without physical merchandise. But Memeland’s NFT ecosystem and tokenomics provide a new way to capture value. And this innovative approach can be applied to various subcultures beyond memes.
As Memeland evolves, it will create a captivating blend of memes, NFTs, and a thriving community. Stay tuned for future developments as Memeland explores digital culture and its economic potential.
5.Continue your learning journey with DappRadar
For a broader understanding of the dynamic NFT landscape, we encourage you to read, explore and gain data-powered insights with DappRadar.
- May Industry Report
- Learn everything about The Captainz
- Learn everything about The Potatoz
- Check out all the NFT market trends
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