The token sale of Web3 firm Memeland (MEME) hit $10 million in commitments on Thursday just 42 minutes after going live, data shows.
Community members were previously able to complete various activities to enter a waitlist that allowed them access to the sale. As of Thursday, the tokens are pegged to have “No utility. No roadmap. No promises. No expectation of financial return. Just 100% memes.”
Despite being sold out already, the sale is scheduled to continue till Friday morning, when previously waitlisted users could gain access to the tokens.
Memeland was built by the team that founded 9GAG, a popular meme-sharing and news site seeded by influential investors, such as YCombinator. It offers several non-fungible token (NFT) and developed applications merging metaverses, gaming and NFTs.
Metaverses refer to virtual lands that operate on a blockchain, usually using a token for transactions.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups 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, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.