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With the recent overall rise in the cryptocurrency market, the NFT sector has also regained momentum.

According to the data chart from NFTGO, the NFT sector has shown an overall upward trend since mid-month. This week, NFT sales reached 39,260 ETH, an increase of 23.8% compared to the previous period. The floor price and sales volume of blue-chip NFTs have also risen to a certain extent. The floor price of BAYC has risen by 13.75% this month, currently at 27.32 ETH, with a sales volume of 1470 ETH in the past 24 hours; the floor price of Azuki has risen by 29.73% this month, currently at 5 ETH, with a sales volume of 199.74 ETH in the past 24 hours.

Of particular note this week is the issuance of the MEME token by MemeLand, which temporarily drove up the on-chain gas fees.

Since last year, Memeland has issued three NFT series, namely YoutheRealMVP, ThePOTATOZ, and TheCaptainZ. The successful issuance of these three NFT series has brought good popularity to Memeland and provided a solid community foundation for the project's future development.

As early as April of this year, Memeland had disclosed its plan to issue tokens, but had not revealed the token economic model. It wasn't until recently that Memeland disclosed the token distribution rules in its official Discord and conducted a presale on October 26th and 27th.

MEME Token Distribution Rules

When introducing the token, Memeland's official emphasized that the token has no specific meaning and lacks a detailed token economic model, which is in line with the "Meme" coin concept. The total supply of MEME tokens is 6.9 billion, with an initial price of 0.001 USDT and an initial FDV of approximately 69 million USD. See the token distribution details in the image below.

● Community Airdrop (25%): Unlocks 1/5 at TGE for all Memeland NFT holders, with the remaining 4/5 locked in the NFT and nonlinear unlocking.

● Ecosystem Fund (33%): Unlocks 1/11 at TGE, with the remaining portion unlocking gradually over 24 months to reward future community initiatives.

● Community Power Sale (approximately 11%): Unlocks 1/4 at TGE, with the remaining portion unlocking gradually over 18 months.

● Private Sale (approximately 11%): 6-month lockup period, with 1/10 unlocking after 6 months, and the remaining portion unlocking gradually over the next 18 months.

● Contributors (20%): 12-month lockup period, with the remaining portion unlocking gradually over the following 12 months.

Within the community airdrop rules, the Captain series NFTs have different quantities of airdrops based on their rarity. Additionally, the airdrop is not distributed all at once—after the snapshot, the first 1/5 is claimed, and the remaining portion is locked in the NFT. There may be periodic snapshots for further distribution, which can help extend the lifespan of the NFT and prevent early speculators, as seen in the "Monkeys" (BAYC) airdrop, effectively prolonging the lifespan of the NFT.

The community power sale (i.e., the initial presale) was priced at 300 USDT by the official, based on the ETH price at the time, ultimately set at 0.169 ETH to purchase 300,000 tokens.

The presale qualification is divided into two parts: whitelist and waitlist. The whitelist allocation varies based on the distribution of different NFTs, while the waitlist comes from invitation codes from NFT holders. Holders of different NFT series have different numbers of invitation codes (community viral mechanics).

The presale phase of Memeland has ended, raising approximately 8737 ETH, oversubscribed, with the excess to be refunded by the official within 48 hours. After a successful subscription, buyers need to claim the tokens within 14 days, otherwise the tokens will be allocated to the ecosystem fund. Successful subscribers can choose not to claim the tokens within 14 days and receive a full refund.

Considering the aforementioned token unlocking schedule, the initial market circulation is approximately 7.42 billion tokens, accounting for 11% of the total supply, with an initial market value of 7.42 million USD; of which 2.07 billion tokens belong to the ecosystem fund, which may be used for market-making.

From the chart above, it can be seen that the circulation of MEME tokens steadily increases from TGE to 12 months of unlocking; thereafter, the contributor allocation of tokens unlocks, leading to a significant increase in token circulation. The overall upward trend is relatively stable, but attention should be paid to one-time token unlocks at key points, such as the private sale portion at 6 months, the contributor unlock at 12 months, and the airdrop unlock locked in the NFT, which may create some selling pressure.

Memeland is adept at value-bound sales strategies, from NFT sales airdrops and whitelist acquisition to token airdrop rules, which demonstrate the scalability of Memeland's sales strategy. Overall, this has a positive impact on the project's future development, avoiding significant "diving" of NFT prices due to speculative behavior; the ongoing nature of token airdrops also ensures the binding of its NFTs and tokens, preventing the loss of future value after token issuance.

Potential Demand Scenarios for MEME Tokens

Although the official has not introduced the token's future utility, it can be speculated based on two aspects of information.

Firstly, the currently sold NFT types include portraits, items, animals, etc. Based on the disclosed information on the official website, the future NFT series types will include islands. Based on the operational experience of other NFT projects in the past, Memeland's overall direction seems to be to create a Metaverse for Memeland, so the demand scenario for MEME tokens may be somewhat related to the Metaverse.

Secondly, the team behind Memeland is 9GAG, a social media website with over 200 million fans worldwide, mainly in Europe and the United States, and is one of the main sources of MEME culture creation.

From entering the NFT market last year to issuing the MEME token now, combined with the information disclosed by the CEO of 9GAG in the Discord community yesterday, the launch of a new SocialFi product may be linked to the MEME token.

In the field of Web3 social networking, 9GAG combines its Web2 social fan base with a new operational model for Web3 social networking, providing a new creator economy platform for Meme culture.

In summary, in the short term, MEME tokens may not have a demand scenario, but they have some potential for imagination in the future. Whether as a social Metaverse for Meme culture, as a token for the creator economy of new SocialFi, or a combination of both, there is a certain possibility of realization. However, based on the related documents of its presale, there is no explanation for the token sale and future expectations, which may lead to certain regulatory pressures.

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