How people use memes for their financial gains – Kyle Fernandes, CEO & Co-Founder, MemeChat

Kyle Fernandes, CEO, MemeChat
Kyle Fernandes, CEO, MemeChat

Power of Memes

People all across the world are earning thousands of dollars by trading their memes from years back through NFTs. As this trend has been picking up lately it proves that Memes are quite literally doing magic. E.g. The ‘success kid’ sold his original meme which helped him with his dad’s kidney transplant. Memes have a much bigger impact than anyone could have ever imagined. Similarly, Pakistan’s Asif Rana (Person behind “friendship ended with Mudasir” meme)earned $ 51,530 by trading his meme in the NFT auction.

Kyle Fernandes, CEO & Co-Founder, MemeChat says “Web 2.0 has given a major boost to the participatory communication model where a consumer at the receiving end is an active participant as they assess the content. One of the most dominant tools has been the usage of Memes. Memes in a very short turnaround time have been successfully proven to be a tool that has not only been a marketers’ best friend but a commodity successfully sold through non-fungible tokens. NFTs are easy to understand, convenient, and profitable. A large number of famous memes, photos, and videos have been sold at lucrative prices by users during NFT auctions. For instance, Zoë Roth, from the well-known ‘disaster girl’ meme, sold its original copy as an NFT worth $500,000 (approx). MemeChat has a vast network of meme users and developers, and we have noted some viral memes that sell for around INR 40 Lakhs in such auctions. People are looking at NFTs as a sort of new way to invest like gold, stocks, or funds. It indeed is a unique concept, but its introduction will definitely encourage a plethora of users to try their hand at trading moving forward.”

About MemeChat: MemeChat is an application that was launched in 2019. MemeChat has emerged as one of the most popular homegrown social media networking apps for Generation Z and millennials. In just a year, the app gathered a dedicated following with more than 750k+ monthly active users (current user base of 2 Million Downloads) and over 6 million memes. MemeChat has officially worked with top Indian OTT platforms like ALT Balaji, Hotstar, and Amazon Prime, creating their user-generated memes. We recently got funded by 500 startups for $150k and became the only Indian startup to be included in the 500 Startups’, one of the most active global venture capital firms’, a distinguished accelerator program for its 27th batch 2020. To move ahead with all the technology we also came up with our AMY, the world’s first-ever Artificial Intelligence meme generator. The founders of this meme revolutionary app firmly believe that memes are here to stay, and one day, it will be an industry in itself. Recognizing this trend and the popularity of memes as a way of relatable communication, they decided to ride this wave of meme culture and grow along by launching Meme Chat. AMY, the world’s first-ever Artificial Intelligence meme generator that can make memes in a matter of seconds, on its app. Short for Automated Memes for You, is also the world’s fastest meme generator. AMY is live at the MemeChat app as an invite-only feature. It supports all the messaging applications.