Meme-Mania!! Memes Get Their Own NFT Marketplace in India
- ByStartupStory | January 22, 2022
Non Fungible Tokens Startup allows creators to sell or buy memes globally, allowing them to target businesses wishing to buy memes and crypto traders on the platform to earn alternate revenue sources. According to a research, approximately $40 billion was invested in NFT marketplaces and collectibles around the world.
Meme-making platform MemeChat has created The Meme Club in an attempt to cash in on the country’s rising NFT craze. Users will be able to profit from viral memes using the platform.Non Fungible Tokens allow users to buy and sell memes anywhere over the world (NFTs).
After establishing ownership of the meme on the platform, the creator can register the NFT and sell it on the marketplace via direct sale or auction, according to the business.”As NFT is at a very young stage in India, we will ensure that we educate the public on the power of the platform in the first few months,” Kyle Fernandes, CEO and cofounder of MemeChat, stated. To ensure that all transactions are transparent and efficient, we picked the blockchain ecosystem.”
MemeChat is a website that allows anyone to produce viral memes and get paid for it. It was founded in 2019 by Kyle Fernandes and Taaran Chanana. In January of last year, 500 Startups invested $150K in the company.The firm claims to have over 1 million monthly active users and over 4 million downloads. ALT Balaji, Hotstar, and Amazon Prime are just a few of the OTT platforms with which the company has collaborated.
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