Function X launches its first Meme and Culture Fund
Memes are as old as the Internet itself.
Ever since the Internet has existed, memes have existed. We can trace the first Internet memes to the Dancing Baby and Hampster Dance from the late 90s to the lolcat and Nyan Cat memes from the 2000s.
Web3 and crypto being such an Internet-native technology is therefore fertile ground for meme culture to develop and flourish. One can see crypto memes as an extension of Internet meme culture.
Of late, memecoins have captured the imagination and attention of crypto-natives and where it was once a niche area of interest for degens, memecoins are now taken seriously. Why?
Because memecoins have demonstrated that they can be a Schelling Point for communities. People can rally around a memecoin. This is why memecoins’ unique community-centric Schelling Point is especially valuable for projects that seek user stickiness and brand loyalty.
Recognizing this, the Function X Foundation has decided to launch its first Meme and Culture Fund.
The aim of the fund is to accelerate meme culture on Function X by backing 10 memecoin projects with US$50K each.
Eligibility Criteria for Community Coins
The eligibility criteria are designed to identify memecoin projects that show stability, growth potential, and a commitment to fair and secure practices.
1. Fairly Launched: In order to ensure an equitable and egalitarian start, community coins should be launched using the following mechanisms.
- Ownership of the community token contract was renounced.
- Initial liquidity burned or adequately locked.
- Initial whale protection measures, such as a purchase limit per address, were employed.
- No allocation reserved for the team.
2. Secure: Memecoins should embody best practices at every step of the development process. Contracts must be verified. The contract creator’s address should have gone through community due diligence.
3. High Holder Count: The memecoin needs to be widely held by a large number of users.
4. Low Concentration: Whales should not possess large chunks of the token supply.
5. Daily Trading Volume: The project should have active interest from the community, evidenced by metrics such as daily transaction volume from diverse numbers of account holders.
Interested to launch a memecoin on Function X?
Apply here.
We will only reply to serious applicants (but the meme project has to not be serious 😝).
