District0x Meme Factory Urges Users into Crypto Space with Dummy Tokens
District0x Meme Factory’s Urges Users into Crypto Space with Dummy Tokens
Memes have become increasingly popular on social media as a way to get out information in a way that attracts attention. As such, they have become necessary within the crypto community, providing an outlet for many enthusiasts of crypto to express both hilarious comments and passive aggression. District0x Meme Factory is a company that is cashing in on this solution.
District0x held an initial coin offering (ICO) last year, which was responsible for bringing in $9 million for the company. They have been backed by Boost VC and CoinFund, though there have been many others. The biggest group that has been making a change in the project’s future have been the ones already holding the DNT tokens.
Still, the application has not been officially launched. Voters are basically voicing their opinions through a Testnet-style environment that involves in influx of new memes. The styles vary, from flashing text that says “HODL” with fire around it, to an edited image of Vitalik Buterin with full Joker makeup, in the style of Jared Leto. These memes will end up being sold later on in an online marketplace.
The community is still new, but they have had to reduce over 100 options down to the 12 limited-run memes. These memes will be available for purchase when the website launches. One of the founders of the company, Joe Urgo, said,
“Everyone has kind of suffered through the bear market. Communities have dwindled in general, but I'd like to think ours have held up better than most due to that level of engagement that they might not have had otherwise.”
To help the community to learn more about their mechanisms and the possibilities, District0x said that they would start conducting polls back in May. However, those polls have gone beyond memes, offering the chance to impact the whole design of the company.
Along with the memes and the DNT tokens, there will also be the DANK token, which is meant to encourage users to get involved with these voting opportunities. Though there are 1 billion tokens, community members will only have access to 80% of them. Once live, DANK will be involved with the curated registry of memes.
With the DNT token, consumers will need to start by waiting until the platform is built. Then, other people will have a change to establish “districts,” which are simply additional websites on the network. All of the districts will be entirely decentralized, though they will be able to use the District0x software to make it possible to post, search, and make payments on their websites. Then, the DNT token becomes a stake for users, allowing users to “put up or shut up.”
The biggest advantages to users is how involved they are in this process, considering their voting stance. Every meme looks like a digital version of a trading card, and the first thing that token holders get to vote on is the size of each card and how the back of them look. One of the first people to be hired by District0x, Alexander Khoriaty, said,
“On one hand, it’s very early days for us, but on the other hand, we’re seeing what DNT was originally proposed to do.”
Still, despite this balanced stance, Khoriaty believes that the team should have considered more factors in interdependencies. One perfect example is how the company has been accumulating memes for quite a while, though the designers did not have any information about what the proportions would have been. Now that the sizing is being altered, the creators are being forced to change their original artwork to fit those dimensions. Though this issue has not impacted all of the 12 selected memes, it would not have been a problem if they considered the order of decisions that the community was able to impact.
When users vote on these memes after the launch, their DNT tokens are locked up until the poll is over, ensuring that the tokens cannot be used on other exchanges. However, right now, users can apply a fake DNT token in the polls, though none of their coins are actually locked. Khoriaty said,
“We gave a lot of elementary low impact votes for people to participate in – things that don't really affect the inner workings of the app.” Urgo agreed with Khoriaty’s comment that the questions for the polls should include more fundamental concerns.”
The Meme Factory still has not set a live release date, this “test” is giving the founders a greater understanding of their community and how to serve them. Khoriaty commented,
“Our users are basically challenging us to come up with details that we didn’t even realize we were missing.”