Binance Labs Invests in Memecoin
Binance Labs, the venture capital arm of Binance, has invested in MEME. The memecoin is the native token of Memeland, and the move suggests that crypto VCs are seeing value in the tokens that many believe have no utility.
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Binance Labs, the investment arm of Binance exchange, has invested in MEME, the native token for the Web3 ecosystem Memeland. According to its announcement, Memeland is a Web3 venture studio focused on building and investing in SocialFi and creator economies. Although Binance Labs doesn’t specify the nature of the investment, it represents another example of a crypto venture fund supporting a memecoin project.
Last week, the Avalanche Foundation announced that it would invest a portion of its $100 million Culture Catalyst fund into memecoins based on the Avalanche network. At the time, the foundation said meme coins represent the collective spirit of diverse crypto communities.
According to the Memeland page, Memecoin (MEME) has no utility or roadmap. It has a total supply of 69 billion tokens, with 30% going to the ecosystem, 25% to airdrops, 17% to contributors, and 2% to Binance launchpool. The tokens are locked in seven pools with different unlocking schedules. MEME is currently trading at $0.02385.
What to Know About Memeland
Memeland is the 39th project on Binance launchpool. It is the Web3 venture studio of the internet meme pioneer platform 9gag. Despite its affiliations with 9gag, Memeland is an independent entity with a roadmap that will see it become decentralized and governed by a decentralized autonomous organization (DAO) with time. Its long-term goal is to leverage meme culture to connect creators and communities.
The core features currently revolve around non-fungible tokens (NFTs) and the MEME token. It has three NFT collections that serve as tickets to the community. This means only holders of these NFTs have access to its features and services. But that is expected to change as the community becomes an all-inclusive Web3 space. The NFT collections in Memeland are:
You the Real MVP
It is the most exclusive and most valuable within the Memeland ecosystem. It consists of only 420 gold trophies in different shapes. All the NFTs have the inscription: "In i dór -o i greatest memes lies i greatest mir, " meaning "In the Land of the Greatest Memes lies the Greatest Treasure." MVP NFTs come with perks such as access to a network of crypto stakeholders with exclusive information and updates. The collection has been around since June 2022, so its holders get early access to other Memeland NFTs, allowlist spots, and more. It also boosts the utility of other features.
The Captainz
This is a collection of 9,999 NFTs featuring pirate characters. It launched around the same time as the MVP collection but was free to mint. The Captainz characters come in multiple forms, from humans to aliens, and the avatars are customizable.
The Potatoz
This least expensive NFT collection on Memeland also serves as an entry-level ticket into the ecosystem. There are 9,999 NFTs in the collection, with several traits inspired by memes. The Potatoz are usually companions to the Captainz NFTs and have benefits such as non-custodial staking.
Memeland has only been around for about two years with its token launching in November. It is too early to tell what the platform will grow into. However, it has an experienced team and the backing of a major exchange which are positive signs. The project also plans to introduce several features and services. These include NFT staking, liquid ETH staking, a social network for community members, and more.
