New Ethereum-based Digital Collectibles Platform ‘Meme Factory’ Launches
A new blockchain-based digital collectibles website called Meme Factory has gone live today. Meme lovers can go online and create, issue and trade rare digital collectables as long as they can be proven ‘’rare.’’ The platform which was launched back in 2017 by Disctrict 0x Network, raised $9 million through an ICO. District0x explained that Meme Factory was a “true decentralized collectibles marketplace.” They also said that it could be trusted to govern itself and that it could function autonomously.
Users create “memes” and collectibles that are tokenized and the creations are then subject to scrutiny from the website’s “Dank Registry,” composed of curators who are holders of the DANK token, the project’s coin. Once the meme has been approved by the admins of the platform, who are the main token holders, a decision will be made to decide if the creator of the said ‘’rare’’ meme deserves to be awarded for his or her work. Once the meme is public, collectors will be able to purchase those memes using ETH, ultimately earning the creator and the platform extra income.
According to the founders of Meme Factory, these provably rare memes will exist indefinitely on the blockchain, thus, collectors will be able to gather and store as many as desired.
Joe Urgo the Co-founder, clarified how the currencies are being operated, saying that there is a system in place. Blockchain and other tokens are allowed, as are all kinds of users that can bid and buy because of the currency system. Urgo continued, “We see blockchain and tokens allow all kinds of uses that were never possible before.”