Memes and Blockchain: feedback and voting for a meme market

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Memes, memes are literally everywhere today. You see them on social media, on forums and some even made the news.

Recently the crypto space has gotten enjoyed a lot of memes as well. Some make fun of the bear market, while others portray famous crypto giants in a fun way. This has naturally attracted more attention to the Meme Factory of District0x.

Back in 2017, the project raised $9 million in its ICO. It’s designed to use ethereum smart contracts in order to power decentralized community applications and marketplaces. The Meme Factory isn’t live yet, but the holders of the DNT token can vote on the development of the project. Essentially the token holders are allowed to vote on the memes that they like the most.

The developers hope that the Meme Factory will become a sort of Ebay marketplace for memes. In time some will become very rare and potentially have a higher value.

Back in May, the project shared its desire to seek community feedback. District0x shared that they would like to have polls in order to educate its users on the community governance mechanisms and share with them all the possibilities.

The polls aren’t focused entirely on the best memes. District0x’s community-friendly approach allowed token holders to vote on the factory’s design. This included parts of the basic layout of the site and the new cryptocurrency’s logo.

Memes can be a fountain of creativity. The DANK tokens can make them artwork

The new cryptocurrency and its token are both referred to as DANK. The tokens are around 1 billion with 80% already given to users, who have participated in the polls. This strategy will also further incentivize token holders to keep voting on future changes. When the Meme Factory goes online, DANK tokens will be used to run its token curated registry. This will further enable the community to decide on the memes, which are worth keeping for sale.

Token holders will have a huge vote in how memes will be presented to those interested in a purchase. Essentially, the memes will be like a trading card, but digital. The factory has been collecting memes from different creators for quite a while. Token holders were able to vote on the proportions and some creators will have to do a little redesigning.

After the project is operational, there are already measures to prevent immediate token sales. Staking a token will have an immediate “lockup” feature. This lockup feature probably doesn’t very good for the current token holders. It’s only natural since the network isn’t operational or proven and the price of the tokens can tank.

As for the voting, it’s a very interesting concept. As soon as a vote is about to begin on the Meme Factory, a screenshot is taken by the protocol of the current distribution of the DNT tokens across Ethereum. Afterwards a new “fake” token is given to every wallet for use in the polls. The number given to the wallets, matches the number of tokens owned. This system allows for a quick, easy and safe way to stake the users’ balance in order to vote. Doing this will not lock up any real DNT tokens.

The circulating supply of 600 000 000 tokens is massive and allows for a huge amount of votes to be cast. The vote, which reached the highest amount of popularity was the one deciding the token logo. More than 70 million tokens were used. The latest, about the most popular memes reached about 39 million.

There is currently not a release date. The developers and founders state that they are learning a great amount from the votes. The feedback is priceless and will allow them to release a product of higher than expected quality. Hopefully more project take this approach and listen to user and community feedback.

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