Memeland is a project by 9GAG, a Hong Kong-based company most known for its app launched in 2008 for sharing memes. The company has 40 million registered users, around 4.6 million daily users, 58 million followers on Instagram, and 17 million on Twitter.
The "face" of the project is 9GAG's CEO, Ray Chan (@9gagceo). Ray was already known in the space before the Memeland launch, mainly because of his investments in blue-chip and OG projects such as BAYC, MAYC, Moonbirds, Kaiju Kings, CloneX, and Kongz but as well for classic degen plays. His web3 attitude encourages holding different collections and supporting each other. He pledges not to attack other projects and to build together instead.
Since Memeland's launch, Ray has mostly stopped investing in other projects, focusing on Memeland. However, the official Memeland Wallet continues to buy other projects' items, such as 9 BAYC (All with Captain or Sailor hats) and The Devil Azuki #606. It was announced that the Rewards from the Staked apes will be raffled off weekly to the community. It is assumed that these prucheses are for IP purposes as well.
Memeland has set up 69 ETH Validators with 2208 ETH, but there is no information on how the profits will be used yet.
Memeland currently has three collections, each with its unique features and community involvement:
1. You Are the Real MVP
2. The Potatoz
Instead of a hard floor price crash after captains mint, the floor held up with additional benefits added to potato holders like full crews and supercrews.
After the Questing for Captains launched, the Tickets that Potatoz collected have been converted into the top 3 Rarities of Valuables and continue to earn valuables weekly, you get a small boost on rare valuables if you have rare Potatoz (Galaxy, Prototype, or Yin Yang, Ghost, Gold, Alien, Golden Trait, or Ticket Trait)
3. The Captainz
At the time of writing, the following items can be earned with staking (off-chain):
Utility for Maps mentioned on one of the townhalls in Feb:
Maps are like opportunity cards in Monopoly with four possible perks:
MAP RNG based on Crew Setup
GMGM.com (Web3 OnlyFans, clothes required)
Holders.com (Tripadvisor for your Web3 journey)
Stakeland (Making crypto staking fun)
The launch of $Meme is announced to be still this year. Ray mentioned in a podcast that he would like to launch the token first or at the same time as the products, to give motivation to use the products with the value of the token. We don't know much more about it, but here are some bullet points that were shared on the $Meme Twitter:
Ray said that (probably) 23% go out in the first round as an airdrop to holder, he also hinted that rarity (probably) will matter in this distribution.
The other 46% will go out in 2 waves as well announced later on, it's not known for now what effects those allocations, but they will go the the community in some way or another.
I have been holding and staking Potatoz since the beginning, and I am now holding my remaining items (5 Captains and 9 Potatoz) for free. I have been staking these items since the start and am waiting for the launch of $Meme in order to cash out. Ray, the CEO of 9GAG, has mentioned several times that they are not an NFT project, but a DeFi project. They launched the NFTs first to create a core community that understands the projects, and the next step is the coin and the products, so people can be a part of Memeland even with a small investment by buying the coin.
Ray has emphasized his desire to reward loyal holders, and so far, he has delivered. Holders have consistently received benefits like raffles, Memelist spots, and more. Since I was able to derisk, I can now ride it out and wait for the $Meme drop. There are various calculations floating around about how much $ value each Captain will get with the airdrop, ranging from $10k to $3M by 2027. Of course, these numbers are speculative, but considering the current market trends, I believe that if you have a Captain with decent maps at the current prices and stake it until the $Meme drop, you will get your money's worth back. This is not financial advice!
In my opinion, Ray will continue to provide reasons not to sell NFTs, either through staking or rewards for long-term holders, and I doubt that this will suddenly stop when $Meme is released. I personally think that the airdrop will be rolled out slowly, with more gamification to keep everyone interested. Ultimately, the success of Memeland depends on the quality of the products; if they're not good, $Meme won't have any value and the scheme could collapse. So, I am hopeful that the products will be good and that we can cash out when the masses enter with $Meme. I am painfully bullish, to be honest.