The Virality of Value: Memecoins in the Attention Economy

At the panel titled "The Virality of Value: Memecoins in the Attention Economy" on 19 September 2024 at TOKEN2049 Singapore, the panel consisting of Imran Khan, Founder of Alliance who is moderating; Iggy Azalea, Founder and CEO of Mother; Ansem, Founder/Investor of Bullpen; and Joe McCann, Founder, CEO, and CIO of Asymmetric, spoke about the virality of meme coins and brand association.

Meme coins have risen in popularity through their viral appeal and distribution mechanisms.

Early and wide token distribution often leads to increased visibility, with more voices amplifying the message across social platforms.

The viral success of certain assets, such as Dogecoin, owes much to figures like Elon Musk, who propelled them into the public eye through social media engagement.

The simplicity of viral symbols—like the iconic dog meme—fuels their spread and success, demonstrating the underappreciated power of accessible, relatable imagery.

Moreover, the evolving landscape of meme coins poses questions about their utility.

While some may question the value of meme-based tokens, others argue that their ability to capture attention, build community, and generate revenue through live events and ecosystem growth, are key aspects of their long-term viability.

The challenge remains whether these coins can transition from viral novelties to blue-chip assets with sustained utility and influence in the broader market.

Ultimately, the industry's trajectory will depend on continued innovation, community support, and strategic adaptation to shifting technological and economic landscapes.

Building Real Utility Around Meme Coins

Wherever the meme with the hat appeared, it naturally extended itself across various platforms, spreading virally.

The hat, with its accessibility, became a symbol that could be applied universally, amplifying its viral potential.

While some may overanalyse the phenomenon, it is clear that this type of meme endures, continually circulating through the digital zeitgeist.

When people question why meme coins need utility, they often miss the point.

The challenge is not just in capturing attention but in maintaining it—something that meme coins must do if they hope to evolve into blue-chip assets.

The trick lies in finding ways to build real utility around them.

A fascinating example of successful brand integration can be seen with what Iggy has achieved.

Her strategy has defied the scepticism typically associated with celebrity-driven projects in Web3.

Rather than just chasing trends, she has seamlessly integrated her brand across various ventures, making her involvement feel authentic.

This sense of proximity is something that resonates with fans; they feel closer to her, similar to how Instagram brought celebrities into the daily lives of their followers.

At the core of this cultural shift is the concept of tokenising everything—brands, individuals, and communities.

What Iggy has done represents an early-stage experiment in attaching real value to one’s personal brand and extending that into a broader digital ecosystem.

Whether it is through meme coins, culture coins, or celebrity tokens, these digital assets tap into both internet and real-world culture, giving people the opportunity to build communities and monetise their digital identities.

Historically, people could not directly benefit from viral content.

But today, thanks to tokenisation, a person or product can derive monetary value from their online presence.

This shift is monumental, not just for creators but for investors as well.

As we move into this new phase of digital culture, it is less about whether these developments are "good" or "bad"—they are simply inevitable.

Investors, especially those in hedge funds, need to recognise the potential for returns in this cultural experiment and be willing to adapt.

Ultimately, each cycle introduces a new paradigm for growth.

This current wave, driven by consumer-focused applications, reflects a larger shift toward culture-based value.

While long-term proof of value for these culture coins remains to be fully realised, their potential is clear.

This cycle is not just about digital creators but about how internet culture itself is reshaping the way value is perceived and generated in the digital age.

Meme Tokens is So Much More

Memes have evolved significantly within internet culture, now representing a more modernised concept than the simple images with humourous captions often associated with them.

However, memes are much more than just visual jokes.

At their core, they are units of culture, capable of being conveyed through language, a catchy tune, or even a shared idea.

The term "meme" was coined decades ago to reflect this broader cultural impact.

In the context of meme tokens, the definition expands beyond visual representations.

Iggy explained:

“And it kind of gets confused then when we talk about things like, well, what is it? Is it a celebrity token? Is it a meme token? Celebrity token is meme token. Meme token doesn't have to be an illustration of something. It can be as simple as a catchphrase, and that can become a meme token. I think that that's what we're gonna start to see culturally within crypto, where what the definition of a meme is, you kind of navigate back to the original concept of that.”

This broader interpretation is what we are beginning to see in the crypto space, where culture and technology intersect in new and meaningful ways.

She added:

“… if you're thinking about starting a meme coin project, I think that it would be really beneficial to you to look at a broader definition of what meme is, what the metrics are, and how you can incorporate that in your token. I think it also helps with subjects that we've spoken about a lot, Joe and Ansem, in terms of escapism or building out a larger, you know, idea of what it is, more robust. That's what I do like about celebrity meme is that it can be languageless. The subject can speak.”

A Meme Token Can Be Anything

If someone possesses the ability to write code and execute smart contracts, they can create automated processes that tokenise various elements instantly.

For instance, with a predefined mechanism in place, an event like the "Hawk Tua" girl could automatically trigger the generation of a token and associated tools, allowing people to engage with it immediately.

Whether this is a positive or negative outcome is not the point—it is simply inevitable.

According to McCann, as Iggy pointed out, the object being tokenised does not need to be limited to animals, humans, or other tangible things.

It could be as abstract as a phrase.

We are only at the early stages of understanding how far this tokenisation can go.

The real excitement lies in the fact that, as technology evolves, even elements of nature or abstract concepts can be tokenised.

He noted:

“So I think we're kind of, like, very, very beginning of how crazy this shit's going to get. Because when things can just programmatically tokenize nature, what does that mean? I don't think anybody has an answer to that, which I think is why it's really exciting for all of us.”

Brand Association with Meme Coins

The integration of token functionality is something we are likely to see more frequently, and it holds the potential to shift the way people engage with digital assets.

Rather than fostering a short-term, in-and-out mentality, as is often seen with token speculation, this integration could create a more sustained relationship by offering tangible benefits.

These incentives—such as discounts or exclusive perks—can increase the perceived value of holding a token, encouraging users to remain invested.

What is particularly intriguing about this integration is its ability to contribute to brand identity.

Much like how individuals express their tastes through music or fashion, aligning with certain tokens or brands could become a cultural statement.

This type of association already exists in entertainment and music, where personal identity is reflected through the brands or artists one supports.

With crypto becoming increasingly mainstream, it is natural to expect that meme tokens will evolve in a similar way, becoming more than just a digital asset in a wallet.

A meme token, then, could develop into a larger cultural symbol—something that reflects a user's personal identity and values.

As brands begin to align with these tokens, it will create a broader cultural movement where individuals see themselves as part of a community that shares similar interests and values.

This communal aspect will likely become a significant driver in the future of meme tokens, as people seek not just financial gain, but a deeper connection to the communities and brands they support.

The next level of innovation in the Web3 space can be seen in what Iggy is doing with "Mother."

She is not just leveraging her celebrity status; she is building a distinct brand identity that goes beyond her recognition as a successful artist.

This is a key differentiator from others entering Web3 who simply use their fame to create tokens.

Iggy is focusing on crafting a brand that people want to engage with, not just because of her past achievements, but because they find genuine value in the brand itself.

This distinction is crucial because many celebrity-driven tokens fail when they focus solely on capitalising on superfans without a broader strategy.

Successful brands transcend individual fame; they create a culture, a community, and a story that people want to be part of.

This is true for meme tokens as well.

Meme tokens cannot thrive on hype alone—they need a compelling brand experience that resonates with a diverse audience, much like how successful musical artists create cultural moments with songs, which become memes themselves.

Roadmap to Building Successful Meme Coins

Building a brand in Web3, especially with meme tokens, parallels what has already been done in traditional retail.

There is a roadmap for engaging consumers, getting them to invest in a brand, and cultivating an outward identity.

The same principles apply to crypto and meme tokens, but the industry needs to move beyond simple speculation and quick profits.

It's about creating value, community, and cultural significance.

Celebrity involvement is not essential for success in this space.

The blueprint for creating strong consumer engagement already exists, and it does not require a famous name to make it work.

The key lies in leveraging established branding strategies that have been successful for decades—strategies that include building memorable, meaningful experiences that consumers want to align themselves with.

Ultimately, meme tokens and similar projects need to evolve by integrating these principles.

It is not just about creating hype; it is about developing a robust, engaging community.

The integration of culture and technology must be embraced.

Dismissing meme tokens as frivolous overlooks their potential to drive mainstream adoption of crypto.

Iggy elaborated:

“Celebrity does that in retail, and meme tokens should look to that road map and find ways to utilize it in crypto space because it's proven and it's been proven for decades and decades and decades. Yes. Products have expanded and they're more robust now in a way that we integrate them into an already engaged audience, but, you know, this has been occurring for decades. It's not a new concept. The Internet makes that hyper sensationalised that we have more access to the consumer, to the data of what is working or not. And meme tokens need to take that, it's available to us, and start to integrate it into the token. It can't just be hype or selling the news anymore. It's not gonna be good enough.”

Do Not Fear Diversity, Creativity, & Change

These are permissionless networks, designed to foster creativity—even the bizarre kind.

Instead of resisting it, the broader community should embrace this cultural shift, rather than VCs with large investments over analysing technology and dismissing meme tokens as harmful to the industry.

What is ironic is that when a trade thesis stirs up strong opposition, it often signals either a brilliant idea or a catastrophic one.

The intensity of the pushback usually means challenging deeply held beliefs, and in the end, those same critics often become buyers later.

Ansem pointed out that he saw this play out with Solana:

“It happened to me with Solana also…People were yelling at me saying I was crazy. They're talking about Solana not gonna be well on the cycle. I ended up being right as the market has shown. But if I wanna take what people were telling me back then…I wouldn't have bought it at all.”

For any space to achieve lasting growth and evolution, it needs to encompass a broader ecosystem.

Whether someone is initially drawn in by something highly technical or something more lighthearted and escapist, they will inevitably discover other aspects of the ecosystem that pique their interest.

The key is that once they are through the door, crypto offers an expansive and diverse world.

Market fluctuations, like watching Solana rise and fall, feel almost like witnessing a song's rhythm charted out—an experience others will undoubtedly share.

People are not one-dimensional; they do not join for one reason and stay static.

There is no need to fear this diversity.

The focus should be on sparking that initial interest and fostering a vibrant community that encourages further exploration.

It really is that simple, Iggy concluded.