Do Memes Matter?
Breaking down Sappy Seals decision to create a meme maker....
In today's edition of The Ground Floor we will be breaking down Sappy Seals decision to build a meme maker to support the Web3 World.
Do Memes Matter?
"Who controls the memes controls the universe"
This quote from Elon Musk perfectly captures how we communicate online in 2023.
What Is A Meme?
The word "meme" originates from Richard Dawkins book The Selfish Gene whereby he described the term as a noun that conveys the idea of a unit of cultural transmission, or a unit of imitation.
While Dawkins is credited with coining the term, many have argued that memes have existed long before this book was written some 47 years ago, with memes dating back to the days when humans painted pictures in caves to spread messages.
Much has changed in the 47 years since this term was coined, and in the age of the internet, memes are now best defined as "a piece of media that is repurposed to deliver a cultural, social or political expression, mainly through humor" — sainthoax
💸 Benefiting Businesses
Memes have become a critical component of brands ability to receive attention and achieve cultural relevance on the internet, with breakout movies such as the Rise of Gru owing a meaningful amount of its $930 million in box office sales to memes.
On Twitter & Reddit, the primary social media platforms the Web3 community utilizes — memes play a very important role in building brand awareness and spreading ideas.
There are multiple examples of Web3 brands successfully adopting memes as a method of building brand awareness with Goblintown by Truth, Cryptoadz by Gremplin & Nouns by NounsDAO all rising to prominence thanks to their collectors combined meme making skills.
The Attention Economy
Sappy Seals is another prime example of a project that has risen to prominence throughout the bear market thanks to the persistence & meme making abilities of the projects founder Wab.eth who has continuously appeared in people's Twitter timelines.
Why does attention matter?
Attention is a prerequisite to adoption.
Before any NFT collector can even consider purchasing an NFT, first things first the project needs to capture said collectors attention.
While collections such as Doodles have perused in person events to captivate collectors attention, the Sappy Seals team has continued to double down on memes as a means to build brand awareness with collectors — to great effect.
At the time of writing, the project has achieved a new all time high floor price which signifies a significant milestone for this meme making strategy.
📡 Looking Forward
Creating memes as a means to build brand awareness might come across as a silly strategy to succeed in Web3, however, in a world whereby capturing consumer attention is a prerequisite to gaining adoption — good memes are invaluable.
The Sappy Seals team understands this better than anyone, with much of their recent success owed to their unique ability to make high quality memes.
Building on this success, the Sappy Seals team has made a big bet that creating tools to help other projects create memes will also benefit their brand.
While I haven't had the opportunity to test this tool for myself, should this software application gain traction — which I suspect it will, it's hard to foresee a future in which Sappy Seals won't benefit from the success of this meme making tool.
💡 Web3 Roundup
This chart looks at new wallets making a first NFT buy
For prices to do well, we need new collectors entering the space, or it's just the same people jumping from project to project
Interested to track this metric & see what might bring new people to the space in 2023
— NFTstatistics.eth (@punk9059)
Jan 2, 2023
P.S. What did you think of today's newsletter?
See you next time! — OB1👋
This newsletter is for informational purposes only and does not constitute financial or business advice to any person or entity.