Web3 Project from 9GAG Hits $12.5M in Token Presale

Credit: Memeland

Memeland, the Web3 project from meme-company 9GAG, has been a darling in the NFT space all year along. From Captainz and Potatoz, the collections have held up well amidst the struggles in the bear market, outperforming even some top collections from 2021-2022. Now, it’s much-awaited MEME token is preparing for launch and the presale has been a doozy.

According to the statistics on the MEME official website, waitlisted holders of Memeland NFTs have bought a total of 12.5 billion of the 7.6 billion presale tokens. The tokens were purchased at $0.001 per token, meaning that Memeland has raised $12.5 million in the presale so far, even more than anticipated.

The launch of MEME appears to have been well-worth the wait for Memeland NFT holders, even though the debut of the token has suffered its share of delays. According to the description of the token on the official website, certain NFT holders were entitled to more waitlist spots than others, with “You the Real MVP” holders amassing the most.

In addition, the Memeland team appears to have covered its liability amid SEC scrutiny in the space. It wrote on X and in its whitepaper that the MEME token has no functions, utility, or intrinsic value. It also comes with no roadmap or the promise to develop an ecosystem surrounding it and should not be considered a financial instrument of any kind.

It is simply for the memes.

Memeland was created by the founders of 9GAG, one of the most popular websites in the world and a source of memes that often go viral. The project has received support from some major players in the field, including Y Combinator, a startup accelerator company. According to the token website, the total supply of the token (69 billion) will be unlocked over the 18 months after launch.

Memeland Makes News in Web3

Memeland has been one of the top projects in Web3 this year, and that perhaps should come as no surprise. The fact that it was founded by the creators of 9GAG gave it instant credibility when it launched, and its NFT collections have also performed well. All in all, the project was a much-welcomed addition to the space and the enthusiasm from holders has shown that.

So, what has Memeland done this year to create such applause? Here are two stories about it that we have covered, both from the past six months.

First, four months ago, Memeland revealed the artwork for its Captainz NFT collection, showcasing clean, animated PFP characters. Although some people on X criticized the artwork, others believed it would be “starter art” that would evolve over time. Memeland shared that the characters would soon have tradeable and swappable traits, an innovation at the time.

Lastly, six months ago, we wrote a detailed piece about how that very same collection had managed to succeed during a difficult bear market. In the seven days prior to that article, the Captainz collection had racked up 2,429 ETH in trading volume, with the floor price rising 18% to 7.89 ETH. The burst showed the power of the 9GAG company brand and its moves in Web3.

Memeland has been successful this year, adhering to its philosophy of “under promising and overdelivering.”  Rarity Sniper will keep an eye on the token drop and update this story if needed.