Entrepreneur Proclaims Meme Technology as the Upcoming Trend

Alex Taub, an accomplished entrepreneur known for several successful ventures, has recently expressed his anticipation for memetech to surge as a dominating trend.

“I firmly maintain the memetech wave is on the horizon,” Taub discussed in an interview with TechCrunch. “You have myriad sectors like healthtech, proptech, adtech, and fintech… Memetech is poised for its critical breakout moment.”

To some, Taub’s claim may seem like an inside joke shared among content creators. Nevertheless, his argument has merit. Consider how you might share a specific Spongebob meme with a friend; do you resort to a generic online search? Memes are integral to digital interaction—we see a range from minions memes popular among boomers to the alpha generation’s takes on toilet humor. Yet innovation in meme sharing has been stagnant.

Innovation isn’t inherently beneficial. For instance, not everyone sees the need for a connected refrigerator or AI-assisted wearables. But the way we classify and disseminate memes hasn’t progressed much since 2009 when saving reaction gifs on our desktops was popular; we’ve merely transitioned to storing them on mobile devices. There’s room for improvement in how memes are recognized and managed digitally, especially when search functions like those on iPhones don’t recognize specific meme characters.

“If we examine what constitutes current memetech, it seems confined to offerings like Giphy—which Facebook acquired before its decline to Shutterstock. There are long-standing entities such as Know Your Meme and Cheezburger, but those are more media-oriented,” Taub shared, highlighting the potential in meme organization.

Recently, Taub unveiled Meme Depot, with a goal to establish a far-reaching repository for every conceivable meme.

“Picture collections akin to Subreddits,” Taub likened, describing how users might seek out a specific character’s memes like those of Kim Kardashian in their dedicated collection. “Just like handling Pinterest, it’s user-friendly and visually navigable.”

Monetization is vital for sustainability, and this is where Taub’s vision gets contemporary. He wraps the revenue model around cryptocurrency.

“My association with crypto spans 12 years, and despite its complexities due to speculation and questionable entities, it represents a revolutionary take on the internet,” Taub articulated. Influenced by platforms like Friend.tech, Meme Depot introduced ‘meme party,’ transforming certain meme categories into digital congregations. Users can acquire depot passes via crypto to participate in these ‘parties’ which are essentially cursor-based chats that may not require any crypto-related financial commitment. Pass holders of meme collections stand to benefit financially as the community grows.

Aware of the potential backlash, Taub recognizes the contentious topic of meme monetization—whether it’s the creators or subjects of the meme who are entitled to profits. With Meme Depot’s projected growth, these dynamics could shift, fostering discussion, which to Taub, is positive engagement.

Notables such as Scumbag Steve, Disaster Girl, and Overly Attached Girlfriend monetized their viral images for the first time during the NFT craze, reaping significant financial rewards.

Taub suggests monetization could focus on the community aspect rather than the meme itself, especially in cases like Pepe the Frog where an image transcends its origins.

Meme Depot, a facet of Truth Arts, is funded through a combination of venture capital, revenue from the Goblintown NFT collection, and the sale of prior enterprises like SocialRank. Why focus on memes? Taub simply states, “Memes represent culture, and culture equates to entertainment.”

Updated, 5/29/24, 1:20 PM ET with additional details on Meme Depot’s financial backing.