9GAG's Leap into Web3: A Genuine Innovation or Just a Trend Ride?

9GAG's Leap into Web3: A Genuine Innovation or Just a Trend Ride?

Since its launch in 2008, 9GAG has risen to fame as a go-to platform for a daily dose of humor, memes, and user-generated content. Today, it's looking towards a future in the world of blockchain, decentralized systems, and non-fungible tokens (NFTs). However, as an older platform with a dwindling young user base, its move into the Web3 space raises questions: is this truly an innovative leap, or merely an attempt to ride the trend and possibly a cash grab?

Web3: The Trend and Concerns

Web3 has become a hot topic in tech circles. It promises more control to users, enabling them to have a say in platform governance and own parts of the network they contribute to, monetizing their participation. While this seems like a step forward, there's a growing concern. As established platforms move towards Web3, some seem to merely adopt the lingo and superficial elements, without fully embracing the ethos of decentralization or offering substantial value to their communities.

9GAG and Memeland: A Closer Look

9GAG's new venture, Memeland, aims to build and invest in social products for the community. The studio seeks to leverage blockchain technology to connect creators and communities, using its native $MEME tokens and NFTs. On the surface, this appears to align with the ideals of Web3 – community-centric, creator empowerment, and a decentralized economy.

Under the umbrella of Memeland, 9GAG has ventured into the Web3 space with the introduction of various NFT collections, including 'You The Real MVP', 'The Potatoz', 'The Captainz', and 'Treasure Islandz' which is yet to come. At first glance, these collections appear to hold a high floor price, seemingly indicating their popularity and perceived value within the community. However, a deeper dive suggests this high floor price may be less about the collections' value and more about a strategic initiative tied to 9GAG's native $MEME tokens.

The promise of $MEME tokens airdrop to the collections holders seem to be a key driver behind the high floor prices of 9GAG's NFT collections. However, this approach raises critical questions about the intrinsic value of the NFTs themselves. Are they valued for their artistic merit and the status they confer within the 9GAG community, or are they simply seen as a vehicle to acquire $MEME tokens?

9GAG's Initiatives: Receiving Mixed Reviews

A critical lens on 9GAG's Web3 approach focuses on its initiatives in the non-fungible tokens (NFTs) market. A case in point is their recent NFT collection reveal, The Captainz. This collection was introduced with much anticipation, given 9GAG's sizable influence. However, the reception from the web3 community was less than enthusiastic. Many criticized the quality of the artwork associated with the NFTs, describing it as "low-effort," which could reflect negatively on the perceived value of these tokens.

This lukewarm response serves as a reality check on 9GAG's Web3 approach. While the platform has significant potential to provide value to its users through the use of NFTs, their first steps have shown that successful execution requires more than just the implementation of Web3 technologies. It demands a deep understanding of user expectations, quality content, and a keen eye for detail that meets or exceeds the community's standards.

While adopting Web3 technologies can be a commendable move for established platforms, they must ensure meaningful innovation and tangible benefits for their community. 9GAG's Web3 approach will be under scrutiny as it continues to explore the world of blockchain and decentralization. It's up to us, as users and contributors, to maintain a healthy skepticism and demand substance over form in the ever-evolving Web3 space.

Writer and Redlion's community manager. A big PixelArt lover and believe it or not I used to do some song writing as well 🥁

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