Blockchain-Based Digital Collectibles Market Meme Factory Launches Today

Meme Factory, an ethereum-based marketplace for creating, selling and trading digital collectibles, goes live Thursday.

AccessTimeIconMay 16, 2019 at 12:00 p.m. UTC
Updated Sep 13, 2021 at 9:12 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Meme Factory, a blockchain-based marketplace for digital collectibles, goes live today.

Meme Factory is built on ethereum and allows users to create, issue and trade “provably rare” digital collectibles, according to an announcement.

The platform was created by blockchain startup District0x Network, which raised $9 million via an initial coin offering in August 2017. The funding was raised in ether (ETH) cryptocurrency and saw participation from venture capital firms Boost VC and CoinFund.

District0x describes the platform as "a true decentralized digital collectibles marketplace, completely self-governed and functioning autonomously on the ethereum blockchain."

So how does it work? The marketplace enables users such as artists to create original tokenized memes and submit them for consideration to what's dubbed the Dank Registry. Registry curators, who are holders of the project's DANK token, will then scan the submissions and decide which memes will make it to the platform. Finally, collectors can buy those memes using ETH, according to the announcement.

meme

According to District0x:

“These provably rare memes will exist indefinitely on the blockchain, giving a strong incentive to create and collect as many as possible."

The firm told CoinDesk last year that, once the platform is fully built, entrepreneurs will be able to build websites, what it terms “districts,” to develop communities around a range of purposes.

Districts will be decentralized autonomous organizations (DAOs) that enable posting, searching, reputation and payments using District0x’s software. Outside of Meme Factory, for example, District0x also built Name Bazaar, which allows users to buy namespaces on ethereum.

“We see blockchain and tokens allow all kinds of uses that were never possible before,” said co-founder Joe Urgo at the time.

Originally scheduled for Wednesday, District0x said on Twitter that the launch is now expected Thursday.

Featured image and screenshot via Meme Factory

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.