Web3 and the Meme Economy - Deepstash
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The Internet Wasn't a Fad from The Word Go

The Internet Wasn't a Fad from The Word Go

When the internet and the first personal computers were first invented, marketers had to invent reasons for people to buy them.

People didn't immediately rush to the first Apple store they could find to buy a $500 personal computer that could do little more than a digital calculator today.

As everyone soon learned, that doesn't even scratch the surface of what computers are great for.

This stage of innovation, where people advertise an amazing product by just scratching the surface of its potential so that it can be relatable to people, is where Web3 is right now.


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Memes: A History

Memes: A History

Since ancient Egypt, pictures that convey an idea have always been a staple of our civilization, and it seems they've taken on even greater relevance today.

In fact, it's gotten to the point that a huge part of every new technology is usually converted, in some way, to serve the needs of memes.

When the printing press first became important in Europe, the first newspapers carried memes (which were called political cartoons at the time). When colour printers were invented, the very first thing we used them to do was make even more colourful political cartoons.


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The Potential Of Web 3.0

The Potential Of Web 3.0

In theory, Web 3.0 is a game-changer. In a lot of ways, Web 1.0 and Web 2.0 were game-changers too — but it's generally agreed that Web 2.0's revolution was the more important of the two. This is despite the fact that some claimed that the internet, in Web 2.0 format, wouldn't be more important than the Fax Machine.

Today, we already have structures that are already put in place in preparation for Web 3.0. We have a Bitcoin payment processing gateway and business crypto wallets like Coinspaid. Here you can accept payments in Bitcoin, Ethereum, USDT, and other digital currencies.


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Decentralized Finance

Decentralized Finance

On the blockchain end of things, there are other tools available right now that allow you to access infrastructure, earning yields, and integrate DeFi solutions. Ankr decentralizes Web3 infrastructure, an important next step in DeFi. If “decentralized” infrastructure is centralized, then it defeats the purpose. It becomes vulnerable to attacks and regulations. Polygon and Binance are already using this protocol to supplement their own networks.


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The Memification Of Web 3.0

The Memification Of Web 3.0

The scale of the changes that Web 2.0 brought to our world shows just how immense Web 3.0 could be. Unlike Web 2.0, Web 3.0 will be heavily based on machine learning, artificial intelligence, and will create even more transparent systems for the web to run on.

Memes are shaping up to be an important part of the infrastructure of both webs.

And that similarity is shaping up to be a huge part of Web 3.

There are a lot of components that make up Web 3.0, but of all those components, three stand out right now. The first is the blockchain, the second is a cryptocurrency, and the third is NFTs.


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The Building Blocks Of Web 3.0

The Building Blocks Of Web 3.0

There are a lot of components that make up Web 3.0, but of all those components, three stand out right now. The first is the blockchain, the second is a cryptocurrency, and the third is NFTs.

Crypto isn't the only element of Web 3.0 that has a huge meme influence either.

NFTs, which could be a lot more, are essentially being marketed by memes these days. Coincidentally, some of the most expensive NFTs in the world are memes. Right near the top of that list is the NFT of the dogecoin,(a crypto coin based on a meme), which recently sold for four million dollars.


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Memes Making Money

Memes Making Money

The Disaster girl NFT, sold by Disaster girl herself no less, sold at around $500,000. The Overly Attached Girlfriend NFT, sold by the girl in the meme herself, raked in $411,000. And lastly, a literal flying, rainbow, Pop Tart cat meme sold for $590,000.

In December of 2018, Dogecoin, a cryptocurrency based on a meme joke, was worth around $0.017. In less than two years, the coin went from being worth $0.017 to being worth $0.50, which means it experienced a 20,000% increase in just around three years or so.


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The Bottom Line

For some reason, memes and virality are very essential tools for bringing groups of people together. They essentially work like flags — they signal camaraderie, they are a quick way of spreading information, and they are funny.

And just like making recipes and the ability to create cookbooks were used to market the very first personal computers, memes can be an important channel for creating the first Web 3 communities.

Building more products around memes could just be that magic pill to populate the space, and create the economy needed to truly build a connected Web 3.0.


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