Polygon set to throw massive treasury fund at meme-based token market
Polygon Studios is to plough a $100 million war chest into Meme.com to hand the NFT platform access to investment, marketing, technology, and a community base.
Following an exciting IDO, Polygon is set to put the huge treasury fund to work with the meme-centric platform for NFT investing which allows users to track the perceived value of memes and trade tokens.
The platform enables users to build their meme token portfolio, sponsor their favourite memes, and earn rewards for supporting the best market performers.
Freshly-minted token pricing will be based on the perceived value of the meme they represent, and the platform enables staking of tokens for additional rewards. Some of the most popular memes will be available to invest in, including the likes of Doge, Harold, Pepe and Grumpy Cat.
Polygon Studios was recently launched by Polygon to boost awareness and adoption of NFTs. The studios shipped with a $100 million fund dedicated to supporting gaming-related NFT projects.
Head of Gaming & NFT at Polygon, Shreyansh Singh said the team were excited to collaborate on a fun innovation in the NFT space that will engage new users and promote the potential of Polygon Studios’ scalability.
“We’re proud to be facilitating a wealth of opportunity for NFTs through Polygon Studios,” he said.
“Meme.com represents an innovative avenue for the monetisation of memes.
“And given the importance of scalability and reliability in the world of decentralised finance (DeFi), gaming, and NFTs, Polygon fits the bill perfectly.”
While seemingly all fun and games, meme NFTs are serious money. This year, many classic memes have been sold as NFTs for staggering sums including the iconic and beloved Doge — the original characterisation of the original Dogecoin meme.
The Doge meme sold for $4 million in Ethereum – the most expensive ever sold, while the similarly popular “Nyan Cat” meme sold for $590,000.
Meme.com earlier this year raised $6m from blockchain-focused venture capital funds including Outlier Ventures, Digital Finance Group, Morningstar, Blockhype, and Spark Digital Capital, among others. Angel investors Gabby Dizon (CEO of Altitude Games) and Polygon co-founder Sandeep Nailwal also invested to support the future of the platform.
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