Buy & Sell Memes - Unique Digital Collectibles
The Rise of #Memeconomy: Meme Creators Monetize Their Legacy
Chris Torres, the originator of Nyan Cat, has initiated a unique gathering of meme creators – those who initially conceived or popularized iconic meme images – for a two-week auction of their digital works. Utilizing the hashtag #memeconomy, the individuals behind well-known memes such as Bad Luck Brian, Coughing Cat, Kitty Cat Dance, Scumbag Steve, and Twerky Pepe are discovering avenues to generate revenue from cultural creations that have been widely shared without compensation for years.
Foundation: A Platform for Digital Collectibles
The auctions are primarily taking place on Foundation, a rapidly growing platform for crypto art and collectibles that launched in February. Foundation has already facilitated over $6 million in sales of more than 1,000 Non-Fungible Tokens (NFTs). This project is particularly noteworthy, as it recognizes memes as a distinct form of internet-based artistry.
Memes represent a unique artistic expression, blending elements of participatory and performance art with the reach of the internet. While the initial creation may be singular, countless iterations and adaptations contribute to their cultural significance. They provide a powerful medium for expressing emotions – from joy and desire to disgust and frustration – when conventional language falls short.
Blockchain and the Re-evaluation of Digital Ownership
The “originality” of these works is established through minting them on the blockchain by the original artists. Although the images themselves are readily available, this process signifies a shift in how digital ownership is perceived within the decentralized finance (DeFi) and cryptocurrency landscape.
This re-organization challenges traditional commerce and communication models that have historically favored platforms and intermediaries. Existing frameworks like the DMCA and DRM are being re-examined, and the potential for creators to recapture value from widely distributed works is expanding beyond traditional licensing agreements for merchandise.
Internet Art Deserves Recognition
In today’s digital age, internet art is simply art, and memes are undeniably a part of that artistic spectrum. It’s compelling to witness the creators of these influential pieces being compensated for their contributions to our shared online culture.
The story of Pepe the Frog and its creator, Matt Furie, exemplifies this phenomenon. While Furie has actively sought to reclaim Pepe from associations with hate speech, the opportunity to mint and own the original iterations of his characters offers a path toward regaining control and recognition.
An Interview with Chris Torres
We spoke with Torres to gain insight into the project’s origins and motivations.
TC: What prompted you to organize this series of meme NFT auctions?
Torres: The concept had been brewing in my mind since I first encountered the NFT space. NFTs offered an appealing prospect: a platform where artists could establish ownership and receive appropriate credit for their work. Meme creators have often been exploited, with their creations monetized without proper acknowledgment. This idea was always present, but recent developments have empowered me to bring it to fruition!
TC: How did you connect with the other meme creators?
Torres: Remarkably, they reached out to me! It’s incredible to be in direct contact with some of the most iconic figures of the internet. Many of these individuals were previously known only as online personas, so it’s been rewarding to connect with them personally. It began with conversations with Bad Luck Brian, then Trollface, Me Gusta, and Kitty Cat Dance joined in, and it quickly gained momentum.
TC: How does it feel to receive formal recognition for your work after its long-standing presence in internet culture?
Torres: It’s still quite surreal, to be honest. The NFT community is brimming with talented individuals and innovative ideas for shaping the future of the crypto space. I’ve been actively involved in Clubhouse discussions, following developments on Twitter, and I’m constantly inspired by the energy and creativity within the community. I’m dedicated to ensuring these creators receive the recognition they deserve.
TC: What aspects of NFTs and art particularly excite you?
Torres: The most exciting aspect of NFTs is their ability to empower artists to own their creations. I’ve been immersed in learning about the space, and I’m constantly amazed by the evolving landscape of NFT art. The energy is infectious, and it’s inspired me to explore my own creativity.
Looking Ahead
The world of NFTs is complex and multifaceted, warranting a thorough examination of its economic, ecological, and technical implications. We will continue to explore and report on various projects within this evolving space.
