Nott Jean

Nft fan

[Ray Zhu @rayzhueth]

I've been helping out with $fridge over the past week, mainly by driving the fridge around. What would compel me to do such a thing? I don't have a significant financial interest in it.

Memecoins are looked down upon as the scum of the earth, and rightly so. But I see in them something good. When thinking about what $fridge really is, it's a story, it's an adventure, it's a living work of art. I was so enamored with the story behind $fridge that I knew I wanted to be a part of it, and that led me to the realisation. Memecoins are an interactive collaborative art project, and the world is the canvas. They are an entirely new medium of expression. The difference between memecoins and normal social media influencers/content creators is that memecoins provide a way to sell the art that doesn't require ads or sponsors. By condensing the representation of the art into a few letters, the form of the art can be much more expressive. The representation and form are no longer coupled together. It means that you can buy the art without holding the painting. You can purchase art without having the tangible form of the art. This is what allows memecoins to transcend beyond pictures to ideas. You haven't been able to buy ideas until now, only derivatives of those ideas. Memecoins are the tokenisation of the abstract.

All that being said, there are a lot of problems with memecoins in their current state. They are heavily manipulated by cabals to orchestrate price movement. Those working on the project often make little since they are expected to sell their supply of the coin so that the coin can go up. Often this means that they don't have the necessary funds required to support continued marketing expenses such as coin listings, paid marketing, and marketing stunts. In the situations where the coins can afford them, it's because the insiders own enough of the supply to make it positive roi to spend that money, but this benefits those who own the token but don't spend the money more than them.

The vast majority of profitable memecoins have supplies where >70% is controlled by insiders. A far cry from the equality they purport. This is because there are misaligned incentives between the memecoin creators and memecoin holders. Memecoin creators don't have a recurring source of revenue, and so need to own a large portion of the supply to continue to fund activities. Memecoin holders want the dev to own as little as possible, so they can't be dumped on. This leads to memecoin devs purchasing the coin through wallets that aren't tied to them, so the public doesn't know their true ownership stake.

If there were a way for artists to create memecoins without having to resort to shady business for its success, that would be ideal. Not only that, but projects would also need to prove they aren't engaging in any shady business.

[Bob @BobEthToken]

To Enter the 10 million $BOB Giveaway you need to do the following:
Re post this giveaway
Tag 3 friends - who do not follow @BobEthToken
Use #BOB