This Meme Marketplace Uses Dummy Tokens to Draw Users in a Bear Market

Published on by Coindesk | Published on

"And these memes - from a television flashing the word"HODL while a fire rages around it to Vitalik Buterin doctored to look like Jared Leto's The Joker - will eventually be sold within the Meme Factory, an eBay-like marketplace for provably rare digital memes.

The polls haven't just focused on winning memes, the company also gave DNT holders a chance to cast votes on the design of Meme Factory itself, from the basic layout of the webpage to the logo for the site's new cryptocurrency, DANK. This second token, DANK, is being used currently to incentivize people to participate in the polls.

Once Meme Factory goes live, DANK will be used to run its token curated registry - a way for the community to decide which memes are good enough to get sold on the site.

Outside of Meme Factory, District0x also built Name Bazaar, which allows users to buy namespaces on ethereum.

Speaking to this new way of collaborative building, Urgo said, "We see blockchain and tokens allow all kinds of uses that were never possible before."

DNT token holders have gotten to vote on what the proportions all memes should be and what the back of each meme card should look like.

Later, when a user stakes their tokens, those tokens will be locked up, meaning that user then wouldn't be able to sell those tokens on an exchange immediately.

Each time there is a vote on Meme Factory right now, the protocol takes a snapshot of the current distribution of DNT tokens across ethereum.

With a circulating supply of 600,000,000 DNT tokens, the most popular vote was for the DANK token logo, in which more than 70 million tokens voted.

The latest poll, another round of the community's favorite memes, had the lowest turnout, with only 39 million tokens voting.