#memeland #meme #binance #bnb #Launchpad
Binance will launch a new Launchpool project Memeland on November 3. The project attracted more than 10 million US dollars in public offerings and is a very popular project in the bear market. Through the analysis of Binance's recent Launchpool data, based on the opening market value of MEMECOIN of 8.79 million US dollars, we believe that a 10x to 15x increase is a more reasonable price range, corresponding to a market value of 87.9 million US dollars to 131 million US dollars, and a token price of 0.01 US dollars and 0.015 US dollars.
1. Project Introduction
Memeland is a Web3 project of 9GAG. Through this project, 9GAG hopes to transfer the huge traffic in the Web2 field to the Web3 field. In 2008, brothers Chen Zhancheng and Chen Zhanjun from Hong Kong created the 9GAG sharing website with the mission of making the world happier. Users can upload and share their own images on the website.
The influence of the 9GAG community is very extensive in the Internet world, and it has a huge fan base in social software such as Facebook and Instagram. The team has been building community-based products for more than 15 years, working with hundreds of brands, thousands of creators and millions of fans. Currently, 9GAG is a Fortune 500 website and has received support from Y Combinator.
Memeland was launched in mid-2022 and issued three types of NFTs to raise funds, namely: MVP series, The Potatoz series and The Captainz series. Each type of NFT is limited and has different rights. The token listed on Binance Exchange this time is Memecoin, the token of Memeland ecosystem, but according to its official website, this token will not have any use: no empowerment, no roadmap, no commitment, 100% MEME.
2. Current status of 9GAG
Through the SimilarWeb website, we can see the current status of Memeland's parent company 9GAG website in terms of data. The total number of visits last month was about 103 million times, ranking 475th in the world, and the annual income was between US$5 million and US$10 million.
Judging from the circulation data of the past three months, the traffic is relatively stable without much fluctuation, and the average visit time is 9 minutes and 5 seconds.
From the perspective of the audience, the main users of the website are male, accounting for 67.85%, and female, accounting for 32.13%, and the age distribution is concentrated between 18 and 34 years old.
In terms of geographical distribution of users, the main users are concentrated in Europe and North America.
3. About Memeland Products and NFTs
The story of Memeland is set on a small island, an adventure story between different characters. Different characters are various types of NFTs, and the officially designed economic system will affect various types of interactions on the island.
Memeland’s NFTs
Memeland has currently issued three NFTs, namely, YOU THE REAL MVP series 420, The Captainz series 9999, and The Potatoz series 9999. Each series has different empowerment and application scenarios for the Memeland ecosystem.
YOU THE REAL MVP Series
YOU THE REAL MVP series is the first NFT series issued by Memeland. It was issued in the form of a blind auction in June 2022. The final price was 5.3ETH at that time, and the total number was 420. As the first NFT series issued, the MVP series NFT has the highest NFT level, officially defined as Alpha level, and can enjoy all subsequent rights and interests of Memeland, including whitelists, NFT airdrops, IRL activities, etc.
From Opensea, we can see some recent data performance of the MVP series. The total transaction volume of the entire series is 5619 ETH, which corresponds to about 10.11 million US dollars at 1800 USD/ETH. The current floor price is 45 ETH, the best offer is 40.69 ETH, the total holders are 272, and the sole holder rate is 65%.
Pulling the recent transaction data of the MVP series, we can see that since mid-October, the transaction volume of the MVP series has increased significantly, resulting in a slight increase in the floor price.
From the distribution of holders, 93% of holders hold 1 MVP series NFT. In addition to the official address holding 28.1% of the NFTs, the number of NFTs held by unofficial addresses is relatively scattered.
The Captainz Series
The Captainz series is the second NFT issued by Memeland. Its equity level is second only to the MVP series. This series will be released in January 2023, with a total of 9999 pieces. Each MVP holder can mint 2 pieces for free, and the remaining qualifications are only open to whitelisted and Potatoz holders. There are 6 types of Captainz, from low to high scarcity: Human, Shark, Kraken, Kong, Kaiju, Alien.
From Opensea, we can see some recent data performance of The Captainz series. The total transaction volume of the entire series is 62,375 ETH, which is about 112 million US dollars if calculated at 1,800 USD/ETH. The current floor price is 5.69 ETH, the best offer is 5.26 ETH, the total holders are 4,150, and the unique holder rate is 42%.
Pulling the recent transaction data of The Captainz series, we can see that the transaction volume of the MVP series has increased significantly since mid-October, especially after the public offering, the floor price of NFT has also increased significantly.
From the distribution of holders, 69% of holders hold 1 MVP series NFT, and 20% of holders hold 2-3 NFTs. Unlike MVP, the holding addresses of The Captainz series are more scattered, with the official holding number being only 1.02%, corresponding to 102.
The Potatoz Series
The Potatoz series is the third-level NFT of Memeland, officially defined as the Base level. The series will be sold in July 2022 using Free Mint, with a total of 9,999 pieces, of which each MVP holder can mint 2 pieces for free, except for the whitelist. The Potatoz series is the most basic membership in Memeland. In the story background of Memeland, it exists as the captain's helper. Generally, a captain will bring 2~3 Potatoz to participate in treasure hunts.
From Opensea, we can see some recent data performance of The Potatoz series. The total transaction volume of the entire series is 45,384 ETH, which corresponds to about 81.69 million US dollars at 1,800 USD/ETH. The current floor price is 2 ETH, the best offer is 1.8267 ETH, the total holders are 2,924, and the sole holder rate is 29%.
Pulling the recent transaction data of The Potatoz series, we can see that its trend is similar to that of the other two series of NFTs. Since mid-October, the transaction volume of this series has increased significantly, and after the public offering, the floor price of NFT has also increased significantly.
From the distribution of holders, 55% of holders hold 1 MVP series NFT, and 32% of holders hold 2-3 NFTs. Unlike the other two categories, The Potatoz series holding addresses are slightly more concentrated, with the official holdings being the largest, at 329, accounting for 3.29% of the total.
4. Financing History
Memeland project's revenue mainly comes from two aspects: NFT sales and pre-sales, with a total financing amount of approximately US$29.8 million. NFT sales include sales of two NFT series: MVP series NFT revenue of approximately 1,600 ETH, and Captain series NFT revenue of approximately 9,800 ETH, which is approximately US$14 million in total converted to US dollars based on the ETH price at the time. Pre-sales include sales from investors and sales from the Memeland community, totaling approximately US$15.8 million.
V. Community Situation
Memecoin Twitter (700K followers)
Memeland Twitter (1MM followers)
Memeland Discord (260K members)
Memecoin Telegram
9GAG Instagram (58MM followers)
9GAG Facebook (41MM followers)
9GAG Twitter (17MM followers)
9GAG Pinterest (4MM followers)
9GAG TikTok (3MM followers)
6. Token Economy
Memeland has a total of 69 billion tokens, and the token distribution is as follows:
Through the token release method, we can see that on the opening day, the circulation of tokens was about 8.79 billion, accounting for 12.5% of the total, including Binance Launchpool 2%, community 2.75%, airdrop 5% and ecology 3%.
7. Online performance prediction
Binance launchpool historical performance
From the figure below, we can see the performance of Binance’s recently launched tokens through Launchpool and Launchpad. We can see that Launchpool-type tokens have a significantly lower ROI than Lanchpad projects and are showing a slight downward trend.
Opening funds face comparison
Judging from the opening funds, the recent Launchpool projects have performed relatively averagely, with low turnover multiples at the opening and limited corresponding market value growth.
Comparison of similar projects
Since Memeland is a Meme-type project, it has a series of NFTs to empower the ecosystem. From the comparison of MEME-type projects that have been listed on Binance, APE is closer to Memeland in terms of community and narrative. However, APE is an old NFT project that started in the middle of the bull market. The land was extremely popular during the pre-sale, and it has a larger brand value premium compared to Memeland.
According to the comparison with the above-mentioned MEME projects, the opening market capitalization of Memeland is far behind that of similar projects. In view of the recent opening trading volume of Binance Launchpool between US$70 million and US$200 million, and based on the opening market capitalization of MEMECOIN of US$8.79 million, we believe that a growth of 10x to 15x is a more reasonable price range, corresponding to a market capitalization of between US$87.9 million and US$131 million, and a token price of US$0.01 and US$0.015.
8. References
Wu said blockchain, “What is Memeland, the popular project launched by 9GAG?”
https://new.qq.com/rain/a/20230111A01XOU00
Binance Research，Memecoin Report
https://www.binance.com/en/research/projects/memecoin
First Class Research Report "Memeland Project Report"
Note: This article does not constitute any investment advice and investors should be aware of investment risks.
Chain Capital is a new digital fund company that focuses on investment in top quality blockchain projects and professional digital asset management. By combining traditional financial wisdom with new blockchain technology applications, it is committed to exploring and incubating a number of world-class classic investment projects. The core team has many successful cases of blockchain industry investment:
