The rising popularity of non-fungible tokens has opened up new earning opportunities for creators and artists. It has also led to the setting up of several NFT minting platforms and marketplaces. One such platform – MemeChat – even allows creators to convert their memes into NFT and make some actual money out of them.
In an email interaction with financialexpress.com, Kyle Fernandes, CEO and Co-Founder of, MemeChat shared how the platform works and allows users to make money from memes. Edited excerpts:
Can a person make money by converting memes into NFTs?
There are a large number of websites, apps, and start-ups that provide a platform to digital creators, using which they can convert their files into NFTs in a few simple steps. In most cases, you begin with selecting a file, then create an Ethereum wallet and add a sum to it. The wallet enables you to join an NFT marketplace, wherein you can list, promote and sell your NFT.
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Once you have your meme ready, the entire process follows smoothly. While you can sell and purchase NFTs, there is also an option of renting them. A creator or potential investor can transfer or attain the ownership of digital assets for a fixed period in exchange for regular payment. Today, NFTs are gaining popularity across the globe. In the days to come, more and more people will be entering this sphere. The best part? You don’t have to be an artist or creator to start trading in meme NFTs.
What does MemeChat offer?
MemeChat has launched The Meme Club (TMC). The platform provides meme creators, collectors, and other interested parties to buy and sell memes globally as NFTs. This development embodies the central vision of MemeChat’s founders to uncover and maximize the untapped potential of memes in the crypto space.
One of the USPs of the club is helping creators recognize the real power of meme trends and the access to make it happen. TMC enables members of the community to collectively vote on what should go trending in the future. MemeChat, being supported by the latest tech solutions and a mammoth social media reach will drive a strategy to get those memes hit a certain viral ergonomic level. TMC provides an array of additional benefits to its community including online events, NFT airdrops, community gatherings and more.
How many creators have benefited from MemeChat till now?
MemeChat is now the largest dedicated marketplace in India for minting memes and has successfully sold 200 NFTs with a total of 20,000 Matic GMV as of 15th June 2022. A total of 150 creators have benefited by minting their memes on the platform.
How can one convert memes into NFT with Memechat?
For meme creators enlisting a viral meme on TMC, the process to prove original ownership of a meme is very smooth. Memes have to be created on MemeChat. An internal panel of MemeChat will scrutinize submissions by creators basis three parameters – Originality, Authenticity, and the Virality of the meme. If a meme meets these three criteria, the creator can mint that meme into an NFT on The Meme Club. A minted meme can be effortlessly monetized via direct sale or an auction.
How MemeChat helps users earn from their content
Our business model is based on the fact that we use user-generated feedback and promote user-generated content. A user can earn anywhere between Rs. 5 to 30 for every meme that is created and approved once uploaded. The payment for each meme can be different based on the category of the memes. If a creator’s meme is approved for an ongoing brand campaign, a user can receive Rs. 20 for each meme that gets approved. This helps the brand to get more content as well as benefit our users in earning more.
Memechat has previously worked with brands like Amazon, Hotstar, Moj. The minimum payout for the Memechat App earning is Rs. 100. Once your earnings reach Rs. 100 in the wallet, one can get it paid directly to your Paytm wallet and bank account. From time to time, Memechat also conducts competitions where one can create memes on a particular topic where a winner could even get a higher sum of money along with earning rewards from moderators and other creators. One of the special features is that many platforms do not allow users to earn money until they reach a high number of followers which can take years, whereas on Memechat a user can start earning from day one.
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How many users are there on Memechat?
With over 10 million downloads and over 30 million memes generated on the application, MemeChat is the largest meme homegrown app in the country.
Amid the global crypto market meltdown, do you think NFTs still have a future, especially in India?
NFT is the future of global currency. As the interest and investments in metaverse slowly rise, NFTs will become irreplaceable.
What are the risks of investing in meme NFTs?
NFT tokens can be copied by hackers, resulting in unsuspecting individuals purchasing fake NFTs that have no value. People need to be sure how to check the authentication of an NFT token before buying it digitally.
(Cryptos, NFTs and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)
