imagine a world where you could buy memes... oh wait...
hello! This is day 4 of the 14 day urspace blog challenge. The prompt for today is: What are your thoughts on internet culture? (Memes, Tik Tok, Gen Z, Zoom)
I'll be honest - it's been a long time since I have browsed meme economy and it's changed so much since then. But i'll try to break it down for you.
What is MemeEconomy?
MemeEconomy is a subreddit. These "traders" buy and sell shares, invest in each-other, and create investment firms; and their currency is memes. memeEconomy is the largest underground economy that you have never heard of. Their total users currently sit at 1.3 million people, and at this moment (11 PM at night) there are "1.2k investing their life savings".
Here is a short description of meme economy (their subreddit description):
/r/MemeEconomy is a place where individuals can buy, sell, share, make, and invest in memes freely. You'll also get updates on the meme market, and be able to collaborate with other fellow meme traders analyzing the new memes on the block.
This subreddit runs a bot they call the "meme investor bot" and this is what facilitates the custom actions they support(buying, selling, etc.) Besides the normal actions you would expect from a subreddit economy - meme economy is backed by a very complex system that has built in taxes(short term gains), tax brackets, firm upgrades (upgrade size of firm), and much more. Their wiki
is very in-depth, kind of an interesting study for economists. If there are any economists out there - I would love to know what you think about r/MemeEconomy(is this thing smart? dumb?).
M¢ is their currency and is how they track balances. The subreddit holds all of the information/bots you would need to participate in meme economy. However, there is a website
as well that tracks the central bank balance, leaderboards, etc.
If you are curious - the centeral bank balance is currently 998,263,565.74 M¢ ahah.
Who does this and why?
People invest in memes for different reasons. Sometimes they like the template/form of the meme, sometimes they presentation is funny, other times they are buying into the hype - just like stocks. Below is a meme that is trending for the past week I found on the subreddit. It's currently worth 108.83 M¢.
screenshot from r/memeEconomy
The thread is filled with people buying, selling, and checking their balances. To do anything on memeEconomy, you have to comment on a post. This generates dozens (if not hundreds) of comments on each post. Each trade contains an order number, stock name, number of shares, required bank fee, and total charge. See the full confirmation below.
Order successful! Please review the order confirmation below:
Order number: B-00004778
Stock name: FLOLLC:SUBM
Number of shares: 2
Charge before fee: 227.16 M¢
Required bank fee: 0.00 M¢
Total charge: 227.16 M¢
To be honest, I'm not exactly sure why anyone is doing this - or would do it. I can speculate though. It seems like a fun way to make bets/discover memes/play with an economy. There is definitely a niche group of people that this subreddit attracts (1.3m - maybe not so niche?) that enjoy the environment that the subreddit creates.
After looking at meme.market some more - I was amazed at the leaderboard of investors. poopo0stinky is currently in first place with a balance of 6,399 M¢. According to the wiki, you start with 1000 M¢ and with a debt of 1000 M¢. It's unclear what this payback period is but after checking his profile I can see he paid back the debt. This totals his return to 639.9% (since Feb 2020).
At one point in time (I'm not sure if this still happens) memes would go corporate. Meaning, a large company would post in a common meme format. The subreddit would lose it's mind and people would tag the post as "SELL SELL SELL" causing some fake, but funny panic.
It's funny to think about who these people are, what their day jobs are, and their reason to browse the subreddit. memeEconomy is a surprisingly advanced economy, with a very active subreddit, and loyal users. I linked to the subreddit a few times but you can find it here
if you are interested. Thanks for reading and let me know what memes you invest in!!