Opinion: Memecoins Revolutionize the World of Digital Marketing

Disclaimer: The opinions expressed in this article are solely those of the author and do not reflect the views and opinions of the editorial team at crypto.news.

The previous decade witnessed the ascent of video as the primary medium of the internet, with social networks and publishers prioritizing wide-reaching and highly viewed content. Presently, 93% of marketers incorporate video into their content strategies. This surge in video has revolutionized advertising and shifted our online experience towards passive consumption, where we are merely spectators.

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Video is an incredibly powerful medium for storytelling. It is undeniable that films and visual content will continue to play a significant role in reaching and engaging digital audiences. However, participatory media formats are gaining prominence in social spaces. The proliferation of memecoins introduces new concepts for digital content creation, concepts that will have a profound impact on traditional marketers.

Engaging networked communities through mindshare

Over the past year, memecoins have experienced a surge in popularity. Unlike traditional digital currencies, memecoins often serve as social experiments with limited practical applications. They are rooted in internet culture, bringing people together around a shared idea, regardless of how silly, niche, or absurd it may be. The sustained traction of these niche memecoins provides valuable insights for marketers.

Li Jin, co-founder of Variant Fund, recently described the rise of memecoins as a resurgence of “cold media.” These memecoins thrive by requiring communities to actively interpret and create content, and they have been doing so in large numbers.

For instance, Dogecoin alone has amassed nearly 4 million followers. Although it may sound like a joke, memecoin projects like Dogecoin utilize decentralized marketing infrastructure to drive viral growth and mass engagement. This approach gives fans an active role in brand-building, facilitates the creation of community economies, and incentivizes user-generated content through tokens and airdrops. Here’s how memecoins are transforming digital marketing.

Rewarding and amplifying social activity

Organic marketing is a powerful tool for expanding reach and driving conversions. According to a report by eMarketer (formerly Insider Intelligence), 79% of consumers say that user-generated content has a significant impact on their purchasing decisions. However, while billions of people use social media every month, fewer and fewer are actively creating and posting content. It takes more than just compelling content to create virality for brands. Memecoins utilize tokens to incentivize communities to actively post and engage.

Projects like Tip Coin enable users to earn points by posting content on a specific platform. When users reply, quote, or tweet mentioning the memecoin’s symbol or hashtag, they receive points that correspond to a percentage of token allocation. Essentially, fans are rewarded for organizing and advocating for their community. This approach allows projects to quickly gain traction as individuals spread the word about the new product. Organic content creation plays a crucial role in raising awareness and building trust. Points and token incentive systems provide marketers with a new tool for generating user-generated content and fostering community engagement.

Community-driven content strategies

Memecoins are a form of participatory media. As users co-create stories and lore, they also shape the impact and value of a memecoin. A project’s social media mentions are not just a measure of awareness; they become predictors of value. Consequently, fans are motivated to play a role in shaping a memecoin’s brand and marketing strategy.

In 2019, the “Dogwifhat” meme gained popularity among esports personalities on Twitter. This meme inspired the creation of $WIF, a new token representing a dog wearing a hat. The community of $WIF token holders actively contributes to the project’s real-time content creation and drives its advertising initiatives. In recent weeks, the community raised over $690,000 to brand the Las Vegas Sphere with their memecoin, generating significant media coverage.

For many brands, content and media strategies are currently centralized. However, marketers can unlock new efficiencies by allowing fans to drive these decisions. Real-time community content creation enables rapid messaging iteration and generates valuable insights. Community-led media campaigns can ensure maximum impact by reaching audiences in the places that matter to them.

Creating a boundaryless storyworld

The rise of gaming has revolutionized our expectations of content consumption. With Generation Z spending more time engaging with video games than watching TV, audiences now demand different experiences from digital storytelling. Gaming storyworlds unfold across multiple media platforms in real-time, extending beyond traditional narratives.

Memecoins function as open storyworlds that evolve through user participation. Their value and meaning can change dramatically over time. Memecoins draw inspiration from the visual cues of gaming, providing their communities with the opportunity to shape the project’s success through long-term roadmaps and real-time market dynamics. Because these projects are continuously updated and open-ended, there is always a reason for audiences to return to them. For marketers, incorporating game-driven story design can help retain audiences by treating them as active players rather than passive viewers.

Embedding co-creativity into the fabric of the internet

While memecoins have experienced a surge in popularity, their appeal may seem niche and absurd. It may be tempting to dismiss them as artifacts of a peculiar moment in internet culture. However, their emergence challenges us to rethink digital experiences and envision storytelling as an inherently participatory medium. Beyond traditional media formats, the ones that will increasingly matter to marketers and fans are those that encourage and incentivize interaction.

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Straith Schreder
Straith Schreder is the Chief Creative Officer at Candy Digital, a next-generation brand engagement platform. In her role, she develops and produces groundbreaking NFT experiences in collaboration with artists, institutions, and intellectual property. Prior to her work at Candy Digital, Straith served as the Executive Creative Director of Palm NFT Studio, a technology company that partnered with leading artists, creatives, IP owners, and entertainment companies to redefine fan engagement using NFTs. She has also held positions as the Executive Creative Director for VICE Media Group and the VP of Creative Initiatives at BitTorrent, Inc., and has worked with renowned brands such as Mozilla, Amazon Studios, and Nike, among others.