The growing popularity of non-fungible tokens has opened up new revenue opportunities for creators and artists. It has also led to the creation of various NFT minting platforms and markets. One such platform, MemeChat, even allows creators to convert their memes into NFT and make money with them.
In an email interaction with financialexpress.com, Kyle Fernandes, CEO and co-founder of MemeChat, shared how the platform works and allows users to make money with memes. Edited snippets:
Can a person make money by converting memes to NFT?
There are a large number of newly created websites, applications, and companies that provide a platform for digital creators, through which they can convert their files to NFT in a few simple steps. In most cases, you start by selecting a file, then create an Ethereum portfolio and add a sum to it. The portfolio allows you to join an NFT market, where you can list, promote and sell your NFT.
Once you have your meme ready, the whole process goes smoothly. Although you can sell and buy NFTs, there is also an option to rent them. A potential developer or investor may transfer or acquire ownership of digital assets for a specified period in exchange for a regular payment. Today, NFTs are gaining popularity around the world. In the coming days, more and more people will enter this field. The best part? You don’t have to be an artist or creator to start trading with NFTs memes.
What does MemeChat offer?
MemeChat has launched The Meme Club (TMC). The platform offers meme creators, collectors and other stakeholders to buy and sell memes worldwide like NFT. This development embodies the central vision of the founders of MemeChat to discover and maximize the untapped potential of memes in the cryptographic space.
One of the club’s USPs is helping creators recognize the true power of meme trends and access to make it possible. TMC allows community members to vote collectively on what should be trending in the future. MemeChat, with the support of the latest technology solutions and a huge reach of social media, will drive a strategy for those memes to reach a certain viral ergonomic level. TMC offers a number of additional benefits to your community, including online events, NFT airdrops, community meetings and more.
How many creators have benefited from MemeChat so far?
MemeChat is now India’s largest dedicated market for minting memes and has successfully sold 200 NFTs with a total of 20,000 GMV Matic as of June 15, 2022. A total of 150 creators have benefited from minting their memes on the platform.
How to convert memes to NFT with Memechat?
For meme creators who list a viral meme in TMC, the process for proving the original property of a meme is very simple. Memes have to be created in MemeChat. An internal MemeChat panel will analyze creators ’submissions based on three parameters: originality, authenticity, and virality of the meme. If a meme meets these three criteria, the creator can coin that meme into an NFT at The Meme Club. A minted meme can be monetized effortlessly through direct selling or an auction.
How MemeChat helps users to earn with their content
Our business model is based on the fact that we use user-generated feedback and promote user-generated content. A user can earn anywhere between Rs. 5 to 30 for each meme that is created and approved once uploaded. The payment for each meme may be different depending on the category of memes. If a developer’s meme is approved for an ongoing branding campaign, a user can receive Rs. 20 for each meme approved. This helps the brand get more content and benefits our users by earning more.
Memechat has previously worked with brands such as Amazon, Hotstar, Moj. The minimum payment for obtaining the Memechat app is Rs. 100. Once your earnings reach Rs. 100 in your wallet, you can pay directly into your Paytm wallet and your bank account. From time to time, Memechat also holds contests in which memes can be created on a particular topic where a winner could even get a larger amount of money along with rewards from moderators and other creators. One of the special features is that many platforms do not allow users to make money until they reach a large number of followers, which can take years, while in Memechat a user can start earning from day one.
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How many users are there in Memechat?
With over 10 million downloads and over 30 million memes generated in the app, MemeChat is the largest self-created meme app in the country.
In the midst of the global crypto market merger, do you think NFTs still have a future, especially in India?
NFT is the future of the global currency. As interest and investments in the metaverse slowly increase, NFTs will become irreplaceable.
What are the risks of investing in NFT memes?
Hackers can copy NFT tokens, which causes unsuspecting individuals to buy fake NFTs that have no value. People need to be sure about how to verify the authentication of an NFT token before buying it digitally.
(Cryptos, NFT and other virtual digital assets are not regulated in India. They are considered very risky for investment. Check with your financial advisor before making any investment decision)