Meme Factory, a blockchain-based marketplace for digital collectibles, goes live today.
Meme Factory is built on ethereum and allows users to create, issue and trade "Provably rare" digital collectibles, according to an announcement.
The platform was created by blockchain startup District0x Network, which raised $9 million via an initial coin offering in August 2017.
District0x describes the platform as "a true decentralized digital collectibles marketplace, completely self-governed and functioning autonomously on the ethereum blockchain."
So how does it work? The marketplace enables users such as artists to create original tokenized memes and submit them for consideration to what's dubbed the Dank Registry.
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.
Finally, collectors can buy those memes using ETH, according to the announcement.
Memes will be issued in a limited number, while existing memes can be traded and resold on a secondary market.
"These provably rare memes will exist indefinitely on the blockchain, giving a strong incentive to create and collect as many as possible."
Outside of Meme Factory, for example, District0x also built Name Bazaar, which allows users to buy namespaces on ethereum.
Blockchain-Based Digital Collectibles Market Meme Factory Launches Today
Published on May 16, 2019
by Coindesk | Published on Coinage
Mentioned in this article
This ICO Startup Didn't Die During Crypto Winter. It Has DAI to Thank
Monolith turned a $16.9 million ICO into $25 million-worth of assets by riding the bull market of 2017 then taking out DAI loans.
Price Analysis 17/08: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM
XRP/USD. XRP plummeted below the critical support of $0.27795 on Aug. 14 and fell to a new yearly low of $0.225 on Aug. 15, which is a bearish sign.
QuadrigaCX Users Request Details on How EY Lost 103 Bitcoins
Users of now-defunct Canadian cryptocurrency exchange QuadrigaCX are requesting further information concerning the recent loss of 103 Bitcoins during the funds' recovery.
Court Allows Blockchain.com's Trademark Lawsuit Against Paymium to Proceed
The New York Federal Court denied the motion to dismiss the ruling in the trademark infringement action by cryptocurrency wallet and exchange operator Blockchain.com against fintech startup Paymium and its CEO Pierre Noizat over the use of domain "Blockchain.io".