Memecoins are transforming digital marketing | Opinion

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Over the last ten years, videos have become the most popular form of content on the internet due to social networks and publishers focusing on reaching and engaging large audiences. Nowadays, an impressive 93% of marketers use video as part of their content strategy. The power of video has revolutionized advertising, and it has significantly changed how we interact with the web, shifting our experience towards more of a spectator role where we primarily watch instead of actively participating.

Video is an effective and captivating means of telling stories. The influence of movies and visual material on connecting with and attracting online audiences is undisputed. However, interactive media formats are gaining more attention in social arenas. The emergence of memecoins signifies new trends in digital content production, which will significantly transform conventional marketing strategies.

Capturing mindshare via networked communities

In the last 12 months, memecoins have gained significant attention among online communities. Different from traditional digital currencies, memecoins serve mainly as social experiments with limited practical use. They originate from internet culture and bring people together around shared concepts, no matter how peculiar or specific. The consistent popularity of these niche coins presents valuable opportunities for marketers to explore.

More recently, Li Jin, a co-founder at Variant Fund, explained that the surge of memecoins represents the revival of “cold media.” These projects prosper when communities actively engage and generate content, which is occurring in large numbers. For instance, Dogecoin boasts nearly 4 million followers on its own. At first glance, it may seem like a jest. But, memecoin initiatives such as Dogecoin employ decentralized marketing frameworks to fuel virality and mass involvement. This empowers fans to contribute to brand development, establish community economies, and stimulate user-generated content via tokens and airdrops. In essence, memecoins are revolutionizing digital marketing strategies.

Rewarding and amplifying social activity

Organic marketing is a powerful lever for reach and conversion. According to the eMarketer, formerly Insider Intelligence, report, 79% of consumers say user-generated content highly impacts purchasing decisions. But while billions of people use social media every month, fewer and fewer are actually posting. There may need to be more than just compelling content to create virality for brands. Memecoins use tokens to incentivize communities to post. 

Tip Coin projects enable users to accrue points by contributing content with the hashtag $TIP or mentioning it, be it replies, quotes, or tweets. For every engagement, you receive points proportional to a given token allocation. Essentially, supporters are financially incentivized to propagate information about their community, leading to swift trending and increased visibility for new products on the platform. The organic generation of content plays a pivotal role in fostering awareness and credibility. Incentive systems based on points and tokens present marketers with an innovative means to harness user-generated content and community involvement.

Community-driven content strategies 

Memecoins represent an interactive form of media where users collaborate in developing their backstory. In turn, this collective effort influences the coin’s value. Social media buzz isn’t merely an indicator of visibility; it serves as a precursor to worth. Consequently, supporters are encouraged to contribute towards defining a memecoin’s identity and marketing direction.

Back in 2019, the Dogwifhat meme gained significant traction among esports figures on Twitter (X). Fast forward to 2023, this humorous canine image with a hat inspired the creation of $WIF, an innovative new cryptocurrency. The passionate community behind $WIF plays a pivotal role in guiding the project through real-time content generation and advertising efforts. In the past few weeks, they pooled together over half a million dollars to brand the Las Vegas Sphere with their memecoin. This media investment not only generated substantial buzz but also ignited its own news cycle.

Today, numerous brands focus on centralizing their content and media strategies. However, granting fans the power to influence these decisions can lead to significant advantages for marketers. Real-time generation of community content facilitates quick message refinement and valuable insights. Moreover, media purchases executed by the community can guarantee reach, as audiences are engaged in preferred platforms.

Creating a borderless storyworld

The increasing popularity of gaming has shifted the way we consume content. Instead of watching TV for hours on end, Gen Z prefers immersing themselves in video games. As a result, digital storytelling needs to adapt to keep up with this trend. Gaming stories don’t follow traditional scripts or confines; instead, they evolve in real-time through multiple media platforms.

Memecoins serve as dynamic universes shaped by user involvement; their worth and significance can significantly evolve with the passage of time. Memecoins incorporate the engaging visuals of gaming, empowering their audience to influence the project’s progress along a comprehensive plan and an ever-evolving marketplace. With constant updates and open-ended possibilities, there’s always a reason to revisit these projects. Marketers can leverage this game-like narrative structure to keep their audiences engaged, fostering a sense of ownership and active participation rather than mere observers.

Encoding co-creativity into our internet

Memecoins have gained significant fame recently, but their allure is limited and seemingly ridiculous. It’s easy to dismiss them as a quirky relic of this peculiar moment in digital culture. However, their emergence invites us to reconsider the essence of digital experiences: to envision narratives as collaborative channels. Instead of focusing on conventional media, the formats that will become more relevant for advertisers and enthusiasts are those that foster and reward engagement.

Straith Schreder

At Candy Digital, Straight Schreder serves as the chief creative officer. In this role, she leads the team in creating innovative NFT experiences in collaboration with artists, institutions, and intellectual property owners. Before joining Candy Digital, Straight held the position of executive creative director at Palm NFT Studio. There, she worked alongside leading artists, creatives, IP holders, and entertainment companies to revolutionize fan engagement through NFTs. Previously, she was the executive creative director for VICE Media Group and the VP of Creative Initiatives at BitTorrent, Inc. Straight has also collaborated with brands such as Mozilla, Amazon Studios, Nike, and many more.

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2024-04-15 04:15