The overnight success of NFT project Nakamigos has spawned copycats like Nakamigas and most recently, Magamigos. These projects offer a valuable real-time lesson in understanding NFT trends and risks. RosiePerper and camgthompson dig in:
Not all memes are bad. Pepe the Frog, for example,from a racist dog whistle into an emblem of crypto resilience and has been splattered across many NFT projects.
“A meme is this idea that through its virality, it becomes socially accepted that it represents something,” said Silva. “In the world that we live in with NFT communities mostly congregating around visual objects or JPEGs, memes in crypto become different illustrations of different things that we are constantly repeating to ourselves, which we are using whether we do it consciously or subconsciously to propagate the culture.
On one end, the highly speculative nature of digital assets that are tethered to memes can create massive onboarding ramps for NFT adoption, as non-natives who identify with the meme in a collection may finally feel a strong enough connection to buy their first NFT.
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